Today the cryptocurrency market crashed and analysts will probably spend the rest of the week attempting to determine the sources responsible for the turmoil. At the time of writing, Bitcoin is down 7.76% and trades at a new 3-month low below $6,000. Ethereum has dropped 11.62% and is currently priced well below $200. XRP also shed its bullish bias and is down 13.63%. Currently, the total market cap is $189.7 billion and Bitcoin’s market cap is also on verge of falling below $100 billion.
1) Bitcoin SV recently outpaced Bitcoin ABC (BCH) in the Bitcoin Cash futures market. A Bitcoin Cash fork is scheduled for November 15 and investors are already trading the yet-to-be forked cryptocurrencies. On one side, there is BCH-SV, led by Craig Wright, and on the other side, there is BCH-ABC led by Rover Ver and Jihan Wu. BCH-ABC was trading above BCH-SV when a flash crash occurred last night, dropping BHC-ABC by over 38%. Meanwhile, BCH-SV gained nearly 100%. BCH-SV is expected to win the fork war with a significant amount of the hash rate. Currently, Bitcoin Cash (BCH) is priced at $428.01, losing 19.10% in the last 24 hours. (Read More)
2) Christine Lagarde, the head of the International Monetary Fund (IMF), believes that central bank digital currencies have value and a strong use case. Lagarde made the comments while speaking at the Singapore Fintech Festival and Lagarde suggested that the international community should be open to central bank issued digital currencies (CBDCs). Lagarde said the state could play a crucial role in the regulation of digital economies. Just yesterday, the IMF published a detailed report on the advantages and disadvantages of CBDCs. Lagarde also added that various countries are already considering state-sponsored tokens. However, the IMF recently warned the Marshall Islands against issuing their own digital currency. (Read More)
3) According to an analytical report published by US-based global trading and technology firm Susquehanna, it is no longer profitable to mine Ethereum on graphics processing units (GPUs). After hitting an all-time high of $1,350 in January 2018, Ethereum has suffered significantly throughout the crypto bear market. Susquehanna’s analysis claims that the profit per month for Ethereum miners using GPUs dropped to $0 this month. Susquehanna found that declining hash rates were the primary reason for the profit decrease and Susquehanna analyst Christopher Rolland told CNBC that Nvidia’s revenue from its crypto wing could be close to zero for Q3, 2018. Ethereum (ETH) is priced at $184.12, losing 12% over the last 24 hours. (Read More)