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Key points:
- Bitcoin Cash Fork Chaos that has brought down the markets,
- XRP is now ahead of Ethereum in second place by market capitalization,
- The opposing view of regulators like IMF says governments should set up their own cryptocurrencies while the European Commercial Bank calls Cryptos a bad Swamp,
- Finally, a product marketed by Crypto Exchange will go live on the Swiss stock exchange next week.
- OKCoin launches in Latin America
Among the most important news this week, Bitcoin Cash, the project that came out of the blockchain Bitcoin in August 2017, "hard fork" (split) in two different currencies: "Bitcoin Cash ABC" (BCH ABC) and "Bitcoin Cash SV "(BCH SV). In the aftermath of the fork, the Bitcoin Cash ABC chain has more accumulated labor evidence, and its native currency, BCH ABC, has been traded higher on futures. Most of the supporters of Bitcoin Cash ABC, therefore, felt victorious, even though many Bitcoin Cash SV supporters have not yet suffered defeat. Although, just before the fork, the cryptos eventually broke their stability, only to collapse by 10%. Almost all the major currencies took the beating, but they saw a slight recovery post fork.
This BCH fork has brought the downpour in the crypto market and the low prices in recent months, has led Ethereum to lose the second place in XRP. The value of Ethereum dropped 38.6 percent in the last three months, dropping the market capitalization to $ 18.1 billion. The value of XRP increased by 61.1% over the same period, bringing its market capitalization to $ 20.5 billion.
Among regulators, Christine Lagarde, head of the IMF, said: "Governments should consider the idea of offering their cryptocurrencies to prevent systems from becoming havens for fraudsters and money launderers. Guardian, Lagarde said that central banks had to work quickly to establish digital money for thriving private financial transaction networks or risk their proliferation in commercial networks that were inherently unstable.
While the IMF had a positive opinion, Benoit Coeure, a member of the board of the European Central Bank (ECB), stated that cryptocurrencies like Bitcoin are the evil progeny of the 2008 financial crisis, Bloomberg said. He also added that it was an extremely intelligent idea, but a not very smart idea is a good idea. Speaking at the Bank of International Settlements in Basel, Coeure has seconded the idea of the Head of the Bank for International Settlements (BIS) Agustin Carstens that Bitcoin is a "combination of a bubble, a Ponzi scheme and an environmental disaster "and he said:" Few remember that Satoshi incorporated the genesis block with a Times title from January 2009 on bailing out UK banks In more than one way, Bitcoin is the evil spawn of the financial crisis. "
Finally, an exchange-traded product that tracks an index of five major cryptocurrencies will start trading on the Swiss stock exchange next week. The product will be available to both retail investors and institutional investors. The Financial Times reported on Friday that the Swiss exchange of six gave the green light to a product traded on the stock exchange with cryptocurrency (ETP). The newsletter elaborated: "The Amun Crypto ETP, which will start trading next week on the Sei market in Zurich, is designed to track an index based on the movements of five major cryptocurrencies"
Among international expansions, OKCoin, based in the United States, recently announced the launch of its authorized exchange platform in Latin America, offering fiat-to-crypto trading between the Argentine peso and various major cryptocurrencies. The exchange offers cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, Cardano, Stellar, Zcash and 0x. The exchange involves the opening of an office in Buenos Aires and the establishment of a team to support its business throughout Latin America.
Bitcoin (BTC):
Bitcoin eventually broke its stability as the collapse of the pre-BCH fork reduced the coin by 10%, surpassing the support of USD 600. Prices hit the highest point of 6,434.2 USD and the lowest point of 5.358.38 USD during the week. The most active trades, in volumes, with BTC on several pairs this week were, BitMex (15.24%), CoinBene (3.85%) and Binance (2.48)
Among the prominent voices, the eminent cryptic analyst Tom Lee, who had once bet on Bitcoin to reach $ 25,000 by the end of 2018, is reducing his forecast to $ 15,000.
Ethereum (ETH)
The prices of the ether took a big hit and lost its long-standing second place for XRP. Ethereum at the summit, this week was at 212.62 USD and was at lows of 170.19 USD challenging the USD 200 mark away. The markets that were most active, in volumes, with ETH on various pairs this week were OEX (4.90%), BitForex (3.83%) and LBank (3.80%)
Among the news surrounding Ethereum, Mike McDonald, creator of MKR Tools, revealed that 1,000,000 ETHs – about 1% of the total supply of Ether – are blocked in the intelligent contract of MakerDAO.
Ripple (XRP)
XRP passes in second place while Ethereum suffers a beating. At the top, this week XRP prices were 0.525536 USD and down they traded 0.430398 USD. The most active trades, in volumes, with XRP on several pairs this week were Bitbank (14.20%), Binance (8.08%) and UpBit (5.72)
For XRP this week, the CEO of Binance, CZ, suggests how XRP can become a base currency on the platform
The Other Movers and Shakers
The other coins that entered the top and bottom this week according to the Coin Market Cap (available November 18 at 1:30 pm IST) were
Movers
– Nasdacoin – Showing an increase of 222.89%
– On.Live: shows an increase of 71.43%
– Fox Trading – Showing an increase of 68.88%
Shakers
– Olives – with a decrease of 84.64%
– Provoch Token – Showing a decrease of 70.71%
– InvestFeed – Showing a decrease of 59.04%
What do you think the feeling of the cryptic markets would be like next week? Let us know your opinions on the same
Summary
Item name
Price analysis of cryptocurrency for the week from 12 November to 18 November
Description
Bitcoin Cash Fork Chaos that has brought down markets, XRP is now ahead of Ethereum in second place by market capitalization, opposed by regulatory bodies while IMF says governments should set up their own cryptocurrencies while the European Commercial Bank calls Cryptos a swamp bad, finally a Crypto Exchange-Traded Product will live on the Swiss Stock Exchange Next week, OKCoin will be launched in Latin America
Author
Nilesh Maurya
Publisher name
CoinGape
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