Here’s what you need to know on Tuesday
Markets:
- The BTC/USD is currently trading at $7,315 (-3.4% on a day-to-day basis). The coin has retreated from the recent high of $7,689. During early Asian hours, the first digital coin has been range-bound around $7,300.
- The ETH/USD pair is currently trading at $128.20 (-3.2% on a day-to-day basis). The Ethereum tested area below $127.00 during early Asian hours before recovering above $128.00.
- XRP/USD continued the decline after a move below $0.20. At the time of writing, the coin is trading at $0.1910, down 1.4% since this time on Monday.
- Among the 100 most important cryptocurrencies, the best of the day are Bytecoin (BCN) $0.00036 (+27.5%), VeChain (VET) $0.0061 (+12.5%) and MaidSafeCoin (MAID) $0.0866 (+10.9%). The day’s losers are Aidos Kuneen (ADK) $1.32 (-11%), Aeternity (AE) $0.1337 (-9.3%), V Systems (VSYS) $0.0362 (-7.4%).
Chart of the day:
TRX/USD, 4-hour chart
Market:
- Bitcoin network witnessed a sharp hash rate increase amid growing prices. Mining activity recovered from 86 EH/s and reached 111 EH/s, which is the highest level on record. Experts believe that miners have started to ramp up their activity due to market recovery. Also, the difficulty increased only by 0.56% during the last week, which means that it was easier for miners to discover blocks.
- Cryptocurrency industry experts are cautious about the launch of Bitcoin options. They fear that it may lead to the same unwanted consequences as with futures launch. According to McCourt, global head of equity index products at Chicago-based CME, it isn’t very easy to predict how things will come out until the instruments are launched. He reminded that in December 2017, the trading volume on Cboe grew above expectations and triggered trading halts; however, a year later, the platform stopped listing Bitcoin futures due to the lack of demand.
Industry:
- Ethereum Foundation published details of the upcoming hardcore that will take place on January 2 on block 9,200,000. This update, called Muir Glacier, will be used to postpone the activation of the difficulty bomb. The lead developer of Ethereum Foundation Hudson Jameson urged nodes operators to update their software until December 20, 2019.
- The developer of EOSIO blockchain, Block.one, published an official proposal to change the existing resource allocation model in the EOS network. Under a new system, a user will receive 30 days’ worth of CPU/NET from the total supply for a resource rental fee paid via a smart contract. “After 30 days, the rental must be renewed and pricing is automatically adjusted using a market-based mechanism, based on changes in supply and demand for CPU/NET resources”? according to the proposal.
Regulation:
- The Chinese central bank issued a warning that Facebook’s Libra can undermine the process of yuan internationalization. Also, the officials are concerned about the risks to the financial stability created by the launch of stablecoins. Meanwhile, in a separate development, the People’s Bank of China announced that the digital yuan could soon be launched in a test mode. Notably, the authorities embarked on its project to undermine Facebook’s initiative.
- The Monetary Authority of Singapore (MAS) has initiated a consultation process on “E-money and digital payment tokens (DPTs).” The regulatory authority. Known as a global finch hub, Singapore enacted the Payment Service Act earlier this year, intending to create a favorable environment for finch innovations. Meanwhile, as a side effect, some of these innovations led to the emergence of potentially risky financial instruments. Thus, the regulator has come up with a consultation paper to gather information on the subject matter from interested parties.
Quote of the day:
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