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    “War of Infinity” in the cryptocurrency market, Ethereum at $ 13 on Coinbase and other key events of the week

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    By on News

    In the traditional Sunday digest, the market has updated the annual minimum, Ethereum has decided on a hard knob, and the complexity of mining Bitcoin has undergone the second largest decline in history.

    The slaughter continues

    At the beginning of the week, Bitcoin was trading at $ 4,100 and some traders cherished the hope that they could break through the next resistance levels and continue the upward movement, but then the price of the first cryptocurrency again dropped below $ 4,000 and soon updated the annual minimum.

    At the same time, the number of short positions on Bitcoin on the Bitfinex exchange reached a six-week high at 37,891 . Huge transactions worth 199,000 BTC were also recorded , subsequently distributed at different addresses in batches of 8,000 BTC.

    The total capitalization of the cryptocurrency market, meanwhile, has almost halved in just one month.

    At the time of publication, Bitcoin is trading around $ 3,400- $ 3,450.

    Bitstamp data

    Against the background of the hash rate fall, the first largest cryptocurrency currency underwent the second largest decline and complexity of mining, falling by 15.13%. Note that the new price minimum provoked a fall in the hashrate to 31 EH / s, but then the indicator showed a moderate recovery to 35.5 EH / s.

    Data Blockchain.com

    It is noteworthy that it is the miners who can stand behind a significant number of short positions, since they are less likely to retain mined coins, preferring to hedge risks.

    So, losses of the leading manufacturer of mining equipment Bitmain in the third quarter could reach $ 740 million due to a significant drop in the price of Bitcoin Cash [ABC], “ hashrate war ” and weak sales. If the information is confirmed, the company's IPO will be at risk.

    Nevertheless, there were positive news. Earlier this week, the number of subscribers to Subreddit r / Bitcoin exceeded 1 million, while the Nasdaq Stock Exchange top manager Joseph Chistinat confirmed plans to launch Bitcoin futures in the first half of 2019, despite market conditions.

    Despite a depressing situation, venture capital firm Morgan Creek announced that it was ready to bet $ 1 million, that within 10 years the yield of cryptocurrencies would surpass the S & P 500.

    Taking advantage of the market situation, Grayscale Investments, through its Bitcoin fund Grayscale Bitcoin Investment Trust (GBTC), increased its assets and established control over 1% of the emission of the first cryptocurrency in the amount of 200,000 BTC.

    We will also add that the final decision on the application of VanEck and SolidX companies to launch Bitcoin-ETF with the support of the Chicago Option Exchange (CBOE) will be made by the US Securities and Exchange Commission (SEC) until February 27, 2019.

    Ethereum on fire

    The third cryptocurrency capitalization suffered even more and BitMEX BitMEX CEO Arthur Hayes’s forecast came true: the price of Ethereum dropped to May last year, falling below $ 100, and the price for Coinbase Pro briefly fell to $ 13: probably due to negligence of one of the traders . At the time of publication, the coin is trading at around $ 93.

    TradingView data

    Nevertheless, all this did not prevent the whales from increasing the stock of ETH by 80%. If at the beginning of 2017, there were 5 million ETH in whale wallets, a year later – 11 million ETH, by December 2018 – 20 million ETH (20% of all coins in circulation).

    Note that the co-founder of Ethereum, Joseph Lubin, notified the ConsenSys startup staff about large-scale changes in the organization’s work. In particular, he stressed that in the face of growing competition, ConsenSys will tighten the standards that supported start-ups must meet.

    ConsenSys 2.0 will be based on five pillars: a culture of excellence and control focusing on creating real value, developing Ethereum infrastructure, financing decentralized applications through the venture division of ConsenSys, selling blockchain solutions to corporate clients and providing consulting services, and developing technology and the public. blockchain As part of the new strategy, the company will cut 13 employees.

    This week, the developers also decided on the number of the block on which the hard forks of Constantinople will be activated. Block # 7,080,000 should be mined from January 14 to January 18. The update will include a so-called “emergency switch”, which will postpone the upgrade if something goes wrong. Recall, Constantinople will transfer the “bomb of complexity” for 18 months, and also reduce the reward to miners from 3 ETH to 2 ETH.

    At the same time, the collapse of the market knocked out the leading development team of Ethereum Classic ETCDEV, which the community refused to finance.

    “We turned to investors in the ecosystem and external sources. We also appealed to the public fund, but these measures were not enough to ensure short-term financing. ”

    ETCDEV led such projects as Classic Geth client, Emerald and SputnikVM cryptocurrency wallet.

    The price of Ethereum Classic dropped to $ 4, losing more than 90% of the cost since it reached the absolute maximum.

    TradingView data

    Coinbase expanded listing

    Coinbase, the leading US platform for trading digital assets, has significantly expanded its listing. So, Civic (CVC), district0x (DNT), Loom Network (LOOM) and Decentraland (MANA) tokens appeared on Coinbase Pro.

    At first, new tokens will be available to users from the United States (with the exception of New York), the EU, Canada, the UK, Singapore and Australia. Representatives of the company do not exclude that in the future this list of countries will expand.

    The company also continues to explore the possibility of adding support for 30 cryptocurrencies and is in dialogue with regulators.

    Application release from R3 with Ripple support

    R3 Blockchain Consortium launched the Corda Settler application for international cryptocurrency payments in corporate distributed networks with support for the XRP token.

    Corda Settler is a opensource application in the CorDapp package and allows you to make payments for payment obligations in the Corda network through any parallel means with support for cryptocurrencies or traditional payment mechanisms.

    When a payment obligation arises in the Corda system, one of the parties may request payment in XRP tokens. The other party will receive a notification of such a request and that it must configure the payment to be sent to the specified address before a certain date. As soon as the oracle service confirms the payment, the parties may consider the obligation fulfilled.

    Blockchain Binance on the way

    This week, the Binance Coin token stood out from the crowd, demonstrating a short-term rally against the backdrop of CEO ChanPeng Zhao's statements.

    The head of the exchange said that Binance Chain will be launched in a few months and on its basis there will be millions of coins and thousands of blockchains.

    Binance also showed the full-fledged trading interface of the future decentralized platform, the process of creating accounts and the browser of its own blockchain.

    Nevertheless, Binance Coin is still trading below the price of Monday at $ 4.7.

    TradingView data

    Bitcoin Cash and Void

    The conflicts around hardforka Bitcoin Cash do not subside. This time, the technology company United American Corp (UnitedCorp) sued Bitmain, the Kraken exchange, Bitcoin.com portal, Roger Vera and others, accusing them of taking over the Bitcoin Cash network, violating Satoshi Nakamoto’s rules of consensus and enrichment.

    UnitedCorp requires a court order prohibiting defendants from engaging in future activities that harm the Bitcoin Cash network. In addition, the company intends to receive compensation for damages, the amount of which will be established in court.

    In the meantime, Bitcoin Cash was able to regain the 5th line of the CoinMarketCap rating, while the competitive Bitcoin SV coin returned to the 7th place.

    CoinMarketCap data

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