Market Analysis Report

20 October 2017

Bitcoin Wallet Blockchain.info - Will Follow the Most Difficult Blockchain

As the SegWit2X hard fork approaches, cryptocurrency wallet Blockchain has announced its intention to follow the Bitcoin blockchain with the most accumulated difficulty. The wallet service advised its users to “buy some Ether” if they intend to make transactions immediately after the fork takes place.

Blockchain.info chief executive Peter Smith made the announcement in a recent blog post, stating that the service will provide users with access to the coins on the minority chain if they have “significant value”. The announcement reads:

"There is a significant possibility that the planned hard fork will result in two bitcoin block chains. In this case, we will follow the chain with the most accumulated difficulty and refer to that chain as Bitcoin. If the minority chain has significant value we will make that value available for customers to hold or exchange for a period of time, as we did with Bitcoin Cash. If the minority chain is the one with 1MB blocks, we plan to call it BC1. If the minority chain has 2MB blocks, we plan to call it BC2."

Read more here

Merrill Lynch Report: Bitcoin's Value 'Impossible to Assess'

Analysts at Bank of America Merrill Lynch wrote a report regarding the value of Bitcoin. The report states that a potential move by global brokerages to offer products around cryptocurrencies could have a big impact on the wider market.

Notably, the report touches on the possible factors that could shape the cryptocurrency market in the future – including financial products based on the tech. The bank's analysts suggest that a move by brokerages to begin offering such services to their clients could affect both the overall liquidity of the market as well as the market capitalization for the relevant cryptocurrencies like Bitcoin and Ether

"The coin universe is dynamic, innovative and volatile; while a true value for cryptocurrencies may be impossible to assess, one factor which we believe could affect their liquidity and market capitalization would be if one or more global broker/dealers decided to offer institutional-like products."

Read more here

Dutch Bank Complains About the Electricity Used on Bitcoin

Dutch Bank ING released a report in which it complains about the amount of energy that the average Bitcoin transaction consumes. The report states that the excessive use of electricity when verifying transactions makes the process costly. Dutch Bank ING notes, however, that this high cost also serves as a deterrent to those who would seek to disrupt the network. ING senior economist Teunis Brosens said:

"By making sure that verifying transactions is a costly business, the integrity of the network can be preserved as long as benevolent nodes control the majority of computing power. Together, they will dominate the verification (mining) process. To make the verification (mining) costly, the verification algorithm requires a lot of processing power and thus electricity."

Read more here

Gold Miner Backs Blockchain Company and Starts Mining Bitcoin

A Canadian mining guru, Frank Giustra, has begun mining Bitcoin and other cryptocurrencies instead of just gold. He has recently backed a Vancouver Blockchain company, called Hive Technologies Inc, to oversee these mining operations and offer first-ever mining stock options.

After Gisutra brought Hive Technologies into the foray, the company’s shares have skyrocketed, rising over 630%, according to Bloomberg.  

Read more here

Recently Added:

ArcBit was added to Wallet List

LEV was added to Upcoming ICO List

ARN was added to Ongoing ICO List

Press Release

State of the Crypto

Bitcoin is up 0.67% at $5,664.890 with a volume of $76.3k - $434.4M on the USD pairs.

Litecoin is down 1.88% against the dollar for the day at $62.2 and down 2.58% to Ƀ0.01095 on volumes of Ƀ5.6k.

Ether is down 4.29% against Bitcoin at Ƀ0.05781 per Ether and down 3.73% against the dollar to $327.97 with average volume Ƀ18.7k on the ETH/BTC pair.

Dash is down 3.18% at Ƀ0.05302 with Ƀ2.6k volume and down 2.57% against the dollar at $299.93.

Ripple is down 7.61% to Ƀ0.00004505 with volumes of Ƀ20.7k and down 7.1% against the dollar at $0.255.

Zcash is down 1.98% for the day to Ƀ0.04072 per ZEC and down 1.31% against the dollar to $230.3 with an average volume of Ƀ1.8k for the 24 hour period.

Monero is up 0.39% against the dollar at $94.9 and down 0.06% against Bitcoin at Ƀ0.01675 on volumes of Ƀ3.1k.

Ether Classic is up 1.14% to Ƀ0.002133 with volumes of Ƀ845.25 and up 1.68% against the dollar at $12.09.

Waves is up 5.82% to Ƀ0.0006954 on Ƀ654.948 volume.

Stratis is down 0.31% to Ƀ0.0005139 on Ƀ1.1k volume.

Market risers
1 CHC +64.71%
2 ORME +61.66%
3 XWC +46.76%
4 BIZ +44.44%
5 KRB +30.27%
Market losers
1 CRUR -46.04%
2 LTD -36.36%
3 ARN -30.69%
4 BCPT -30.10%
5 BT2 -27.83%
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