Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 2,009.07 yesterday at 5 pm (GMT) and has since dropped by 0.37%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $3,961 representing a gain of 7.8% in the last 24 hours. More than $710 M worth of BTC were exchanged in the BTC/USD market representing a 24% share of the global daily volume. The BTC/JPY pair represents an 8% share.

The Ethereum price has increased 2.68% over the past 24 hours and is currently sitting at $114, with over $219 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 17% market share of the daily trading volume.

See live charts here and here

Ohio to Start Accepting Bitcoin Payments for Tax Bills

The state of Ohio is reportedly set to become the first in the United States to start accepting Bitcoin payments for tax bills, in what appears to be a move to support the flagship cryptocurrency as a payment method. According to a report published by The Wall Street Journal, local businesses will have to register on the OhioCrypto.com website to be able to pay taxes with BTC. After registering, they’ll be able to pay their taxes in crypto, including sales and employee withholding taxes.

The move first came from state Treasurer Josh Mandel, who has been in the office since 2011 and reportedly gained an interest in cryptocurrencies several years ago. Mandel, according to the WSJ, believes the program will help Ohio stand out in crypto adoption. He was quoted as saying:

"I do see Bitcoin as a legitimate form of currency."

Read more here

Mt Gox Trustee Seeks to Extend Civil Rehabilitation Deadline

Nobuaki Kobayashi, the trustee of the collapsed Bitcoin exchange Mt. Gox, is seeking to extend the deadline for filing civil rehabilitation claims to December. Kobayashi announced Thursday that he will make “efforts to request the court to accept proofs of rehabilitation claims received by December 26, 2018.” The earlier deadline of Oct. 22 has already passed, but as the creditors are located worldwide, the trustee said more time is needed to collect proof of claims and ensure that all forms are delivered. The online filing system for rehabilitation claims is still accessible, and creditors who are unable to access the system can also manually fill and send the forms to the office of the trustee, not later than Dec. 26. The trustee explained:

“Whether proofs of rehabilitation claims filed after the deadline will be accepted is determined by the court."

Read more here

600K Bitcoin Miners Shut Down in Last 2 Weeks

Between 600,000 and 800,000 Bitcoin miners have shut down since mid-November amid declines in price and hashrate across the network. Mao Shixing, founder of F2pool, said his firm’s estimate takes into account the total network hashrate drop and the average hash power of older mining machines that are having a hard time generating profits. According to data from blockchain.info, the Bitcoin network’s entire hashrate, which captures the aggregated computing power on the world’s first blockchain, has dropped from around 47 million tera hashes per second (TH/s) on Nov. 10 to 41 million on Nov. 24 – an almost 13% decline.

Mao explained most miners that may have halted operations are likely those using older models, such as the Antminer T9+ made by Bitmain and AvalonMiner 741 by Canaan Creative. These miners have an average hash power of around 10 TH/s and are estimated to be losing money right now, according to F2pool’s miner revenue index. Mao said:

“It’s hard to calculate a precise number of miners connected to us that had unplugged. But we saw over tens of thousands of them shut down in the past several days based on conversations we had with larger farms that we are in regular contact with."

Read more here