Bitcoin Price Drops Below $4,500
Bitcoin prices have dropped below $4,500 today, extending losses suffered earlier this month and causing the digital currency to decline around 75% from its peak. According to our data, the cryptocurrency price has reached as little as $4,480, the lowest in more than a year. Recently, several events occurred which may be related to the following price drop, such as the bitcoin cash hard fork, which split bitcoin cash into two distinct blockchains, bitcoin cash ABC and bitcoin cash SV, as well as the ongoing scrutiny being applied to the ICO market. Joshua Frank, Co-founder of TheTie said:
"The Bitcoin Cash fork, and the infighting within the crypto community has definitely had a negative impact on price(...)We see conversations around the BCH fork making their way into discussions around all cryptos across the board."
Read more here
Traders Claim Losses After OKEx Suddenly Settles Bitcoin Cash Contracts
Last week, OKEx exchange decided to settle the bitcoin cash future contracts one day before the bitcoin cash fork. According to a Bloomberg report, this decision taken by OKEx exchange with such a short notice resulted in significant losses for multiple investors. On Nov. 14, the day before the hard fork of the bitcoin cash blockchain, OKEx posted an announcement on its blog, giving short notice that all BCH futures would stop trading “at 9:05am and be delivered at 10:00am Nov 14, 2018 CET (UTC +1) due to the upcoming hard fork." Many traders claim to have lost a considerable amount of their funds due to the exchange's decision to close the contracts at a level that did not reflect market prices at the time. Later on, OKEx justified their decision:
"It has come to our concern that an early announcement may make room for market manipulation and cause loss to our users. Therefore, we decided to give a short notice in order to maintain the fairness and stability of the market.”
Read more here
Singapore Finalizes Regulatory Framework for Cryptocurrency Payment Services
Yesterday, the Monetary Authority of Singapore (MAS), the country's central bank, announced that it has finalized the country’s new regulatory framework for payment services, which now includes cryptocurrency technology. According to the announcement, the bill was submitted to the parliament by the Minister of Education and MAS board member Ong Ye Kung and comprises two parallel regulatory frameworks, the first enables the central bank "to regulate systemically important payment systems for financial stability as well as efficiency reason" and the second consists of a mandatory licensing regime for payment service providers. The central bank explained:
"The Payment Services Bill will provide a more conducive environment for innovation in payment services, whilst ensuring that risks across the payments value chain are mitigated.”
Read more here
MJAC Conference
Dear users, it’s with great pleasure that we invite you to attend the MJAC blockchain conference.
Hosting the biggest and brightest blockchain leaders, the MJAC conference will be the perfect place to learn, network and discuss the future of the crypto industry.
The event counts with a long list of sponsors and media partners. You can count on a great variety of exhibitions booths and many prominent speakers. The list of speakers includes the founder of Atlas Neue and former CCO of Ethereum Stephan Tual, Circle’s European Legal & Business Director Claire Wells, Global CMO and EMEA Managing Director at Circle Marieke Flament, Ripple’s Head of European Regulatory Relations Dan Morgan, founder of Atlas Neue Cassius Kiani, Head of ICO Advisory at NKB Group Marina Titova, CEO and Co-founder of Coinfloor Ltd Obi Nwosu, and European Marketing Lead at Coinbase Joseph-Daniel Millwood, among many others.
The event will take place November 30th on Old Billingsgate, a historical event venue located in the heart of London.
Get your tickets here (use the CC30 discount code to get 30% off)
