General Market Outlook

The market continues to dip. Nearly all coins are down and trading volume continues to rise, now at almost $18 billion in 24 hours. The only stand outs of the top 100 coins by market cap is Monaco (MCO), which announced a new banking partnership to offer cryptocurrency debit cards - up over 7% in the past 24 hours. Bitcoin (BTC) is right around  $6,400 for -8% and a total market dominance of about 54.7%, and Ethereum (ETH) is right at $225 for -11% change in the past 24 hours. Market cap for the overall cryptocurrency market lost over $18 billion dropping down to about $204 billion total.

Major Headlines

IBM Blockchain Work Expands To Identity

Hu-manity.co is now working with IBM to further develop their app “#My31.” The name comes from the idea that "self-sovereign identity" should be the 31st right added to the list dictated by the United Nations. technology designed to give individuals greater control over their personal data. The app is available on iOS and Android mobile devices, focusing on an individual’s legal ownership of their general citizenship and any associated data. IBM is already working with a company for identity in relation to an individual’s banking data, and by Q1 next year will bring #My31 to the healthcare industry. Upon claiming their data property rights, users receive a title of ownership, similar to a property deed. Their signature and photograph is added to the blockchain, along with their data-sharing preferences.

Ethereum Decides On 33% Block Reward Reduction

The network of Ethereum developers, investors and general users have been involved in the debate over three major topics: the difficulty bomb, ETH issuance and ASIC resistance. Today they announced consensus on a block reward reduction of 33%. This means that miners are less incentivized to run mining for the network, however the ultimate result is deflation of the ETH cryptocurrency and eventual rise in price. A similar instance occurred when the Bitcoin reward was halved from 25 BTC to 12.5 BTC. The price rose sharply following the change. This change also gives the network more time to develop a solution to whether or not, and how, the network will change from a Proof-of-Work mechanism to a Proof-of-Stake system.

Bitcoin and Emerging Markets Correlation

Fundstrat Global Advisors’ Tom Lee spoke on CNBC recently, explaining that a similar rise and fall of crypto and emerging markets suggest that investors aren’t engaging with these areas at this time. However, he presses that this could all change if and when the dollar weakens and the Federal Reserve’s interest rate policy slows down. “Both really essentially peaked early this year, and they both have been in a downward trend. Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying Bitcoin.” - Tom Lee

Top 5 Gainers

ContractNet (CNET) +107.30% at $0.038657

Fargocoin (FRGC) +96.04% at $0.200370

Webcoin (WEB) +67.11% at $0.011624

OptiToken (OPTI) +35.75% at $0.268059

ABLE (ABLX) +32.36% at $0.002949

Top 5 Losers

HollyWoodCoin (HWC) -44.93% at $0.230154

Credit Tag Chain (CTC) -29.37% at $0.060065

Bitcoin Diamond (BCD) -29.28% at $2.05

NewsToken (NEWOS) -28.92% at $0.002637

BingoCoin (BOC) -26.70% at $0.116196

New Coins Listed

Masternet (MASH) listed to Livecoin

FTEC Foundation (FTEC) listed to Cryptopia

TokenCard (TKN) listed to Ethfinex

Universa (UTNP) listed to Ethfinex

By: BGN Editorial Staff
















 

News:

Bitcoin (BTC)

Monaco (MCO)

Ethereum (ETH)

Blockchain

ContractNet (CNET)

Fargocoin (FRGC)

Webcoin (WEB)

OptiToken (OPTI)

ABLE (ABLX)

HollyWoodCoin (HWC)

Credit Tag Chain (CTC)

Bitcoin Diamond (BCD)

NewsToken (NEWOS)

BingoCoin (BOC)