This Week in Crypto – Bitcoin’s losing streak, Sia Hard Fork, $50k BTC?

Another Stablecoin?

It is time for another Stablecoin to be released, and this time it is from a blockchain startup which has been founded to take on the dominant, but somewhat controversial Tether (USDT) token.

It was announced on Thursday, Nov 1, 2019, by Stably their StableUSD (USDS) is ready for purchase and redemption. Prime Trust is in charge of the escrow service which backs up the USD side of things. This trust company is fully regulated in Nevada and has made a name for itself for offering full support for stablecoin projects.

Any users can now apply for Stably’s early-access scheme, but first, they must go through the KYC (Know your customer) process of verification before they can generate or redeem USDS.

Sia Makes a Hard Fork

Sia, the company behind the cloud storage blockchain network, has just completed a successful planned hard fork. In doing so, they changed some of the consensus rules that will prevent some (specialized) hardware from being able to mine on the network.

The fork was initially planned to take place at block number 179,000 in the Sia chain. Sia miners found they were stuck at block 178,999 for several hours. This was due to an error in the code, and the miners had to mine one block at full difficulty before any adjustment would start. This could take anywhere between 6 to 48 hours.

Once this hurdle had been overcome, miners could resume finding blocks on an average of 10 minutes.
After the fork, there were fewer miners, and this was part of the reason for the change. The new consensus rules were put in place to disable (brick) some specialized mining hardware which has been manufactured by Bitmain (Innosilicon).

The result now is, there is only the Obelisk mining equipment which is fast enough to compete and crunch through Sia’s new hash algorithm.

Binance

Binance Signs Up 40,000 Ugandan Crypto Traders

It doesn’t matter about the ups and downs of the global crypto market. In Uganda, demand for cryptocurrency looks to be booming. This might be the fact that almost 3 out of 4 people don’t have access to banking services.

Binance Uganda has signed up 40,000 users in its first week of operation. These figures show a very strong appetite for the unbanked Ugandans who wish to purchase either Bitcoin or Ether.

There is one difference between the Binance operation in Uganda to its other global trading platform. Rather than only allowing crypto to crypto trading in other parts of the world. In Uganda, they have teamed up with a local payment provider that offers the service of converting Fiat to crypto or crypto to Fiat.

Such is the demand for Binance, and the numbers of individuals who are still processing their KYC onboarding verification. There is a lot of other interest from several other global exchanges that wish to populate the Ugandan space.

Bitcoin Three-Month Losing Streak

October ended weak for Bitcoin. This confirmed it had its first three-month losing streak for the past 3-years since 2015. It closed at the end of October down 4.32 percent from October 1.

Going back through historical data shows, BTC has always reported gains in November apart from 2011. On the other side, in 2013, prices for BTC showed their best ever increase of 467%.

For the fifth month in a row, Bitcoin has defended its exponential moving average (21-month), this could signal a bottom close to $6,000 could be in place.

It should be considered, the longer that this narrow trading continues, the lower the price volatility might go. Numbers of volatile measures have already hit a yearly low in the past two months.

UK Report – Don’t be too Hard on Crypto

A new report on UK regulation of cryptocurrencies has said “bad regulation is worse than no regulation at all.”

If there is a strong crackdown on crypto, it could lead to the UK crypto market being broken up. As with Brexit, this could force companies to seek other operating pastures. As a result, this would make a severe dent in the reputation the UK has for being at the forefront of fintech advancement and innovation.

MP’s want to use the FCA (Financial Conduct Authority) who is an independent UK regulator to come forward with stricter rules governing cryptocurrencies.
This along with other things has the UK on a tipping point. The UK can become another global crypto hub, but at the same time, because of the volatile nature of BTC, it has forced banks to distance themselves from both crypto and other digital assets.

The FCA has said it will provide guidance on which of these digital assets fall under its scope, and they will be conducting a separate consultation in the first quarter of 2019. This would look at the sales of derivatives in reference to crypto assets, and if they should be prohibited or not.

Crypto Analyst – $50K BTC Prediction Retracted

Back in February 20018 the host of the CNBC “CryptoTrader” show predicted that BTC would be valued at $50k.

Via a Tweet on November 1, 2018, Ran NeuNer has retracted his previous prediction. Such is his turnaround on his thoughts, he pinned his tweet with the exact opposite.
“For the record, I am pinning this tweet. Bitcoin will not finish 2018 at $50,000.”

The change in the decision has come from the current state of the crypto market, and as it is a bear market, there is no good news arriving to lift the market.
To further go away from being clear on his decision, Ran NeuNer has said he has no alternative prediction for BTC come to the year-end. A quick “Nope, too complicated.” Was his blunt answer to the question posed to him.

If well-known analysts, who profess they know what is going to happen in the crypto market, don’t know, then there could be some exciting times, or some real doom and gloom in some regions of the crypto space by the end of 2018.

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