The State of the Market: Today the total cryptocurrency market capitalization fell to a new 2018 low of $188.6 billion. This means that $642 billion has left the market since the cryptocurrency market hit an all-time-high of $830 billion in December 2017. Earlier this week Ethereum dropped to its lowest price in a year, and today Litecoin dipped below $50 for the first time in 2018. Fortunately, there is a bit of positive news. Canada’s Ontario Securities Commission (OSC) will allow First Block Capital Inc. to provide the first regulated Bitcoin Trust in the country. The fund permits investors to invest in Bitcoin through their retirement savings plan and tax-free savings accounts. Currently the cryptocurrency market capitalization stands at $188.6 billion.
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Vitalik Buterin, co-founder of Ethereum recently said that the market has slowed down and there’s no room for massive growth. Changpeng Zhao, the CEO of Binance responded that a massive 1,000x growth is completely possible if the market size reaches that of US dollar. He also added that new technologies should not be compared with traditional markets. However, he agreed with Vitalik that the actual growth will come from actual usage, and not more attention. (Read More.)
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According to a recent report published by researchers from Xi’an Jiaotong University in northwest China’s Shaanxi Province and representative of Netta Lab, more than 90% of the projects had stolen at least 80% of their code from other projects. The publication analyzed 488 different projects before arriving at this conclusion. The report further added that over 66% of the projects had more than 95% of their code similar. Only 8% of the projects had less than 80% of their code similar. The research blamed this disturbing trend on projects shifting their focus to marketing instead of technology. (Read More.)
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Bitmain CEO Jihan Wu has made damning allegations against SBI group, a Japanese financial service company. He has accused SBI of having a hand in the cryptocurrency hard fork. He took to Twitter to accuse SBI holdings of attacking Bitcoin Cash by helping Craig Wright have control of BCH Network. This comes amid a recent warning from Mr. David Jerry who foresees doom if BCH network would fork. SBI group has dismissed the allegations saying the firm is neutral and supports the longest chain. Jerry further said that it would be unfortunate for BCH if a split happens as the platform will no be used for real business. BCH is planning to execute a fork which would allow for the integration of smart contracts with new upcodes. (Read More.)