This Week in Crypto – Crypto market performing poorly, Bitcoin price drop, Crypto storm coming

Crypto market performing poorly

In 24-hours, $3 billion has been dropped from the value of cryptocurrencies as some of the major ones have declined between 3% and 6%.
What is strange though is that 2 of the fallers, Stellar and Cardano are among 3 cryptos with Zcash that are expected to soon be integrated into the world’s fourth-largest fiat-to-crypto exchange, Coinbase.

Before their listing on Coinbase, there was a drop of more than 36%. The Coinbase listing offers confirmation a token isn’t considered a security under any current regulations. This seems to have had an adverse effect in the case of these cryptos.

Bitcoin price drop will last until next year – analyst says

In October the BTC price hit $6,500, and a lot of analysts thought that would be the bottom of the trend. Adding to this, it was assumed there was going to be a December rally, but Willy Woo, a technical analyst, and trader doesn’t believe BTC has an immediate rosy outlook.

He has stated on social media, he reckons the BTC price has yet still to find a low point somewhere in mid-2019. This means there is another 7-months of pressure and a downward slope for the top cryptocurrency.

A contradiction to this is, the bulls saying there is an increased number of transaction rates, which are indicators to justify the increase that is expected. These are in a total contradiction to the signs that Woo showed, and his much darker picture for the short-term.

Cryptocurrency

AurumCoin in 51% attack

There are hundreds of altcoins around, and one such one has made some news. AurumCoin (AU) has stated it was the victim of a 51% attack, and Cryptopia, where it is listed, has lost $550,000.

Further to this, the crypto has pushed blame on the exchange, and on their website, they state they aren’t to blame because they have an open-source distributed currency. Strangely, Cryptopia hasn’t yet said there has been a loss.

AurumCoin is a gold-backed coin where each token is linked to the value of 24k gold (pure). It also says that 0.75 grams of gold is stored in secure vaults to back up each AU coin. There is a hard cap on the coins of 300,000, and the company has been running their own blockchain since 2014.

The blame was shifted to Cryptopia, but it has been seen, AurumCoin lacked any hash rate that could have prevented such a 51% attack. As an aside, Bittrex has delisted Bitcoin Gold after it to lost some funds from the same type of attack.

Is there a crypto storm coming?

The crypto market has been running at a snail’s pace for a few months, and more recently it has all but come to a stop. Many analysts are saying, this is the level that the crypto market is going to stay at, while others are eagerly shouting there is a ‘crypto storm’ coming.

Some analysts are saying there will be a massive surge in value because BTC has lost most of its volatility. This analyst’s thought was shared by many others, and are saying there is an incremental silver lining developing. This contradicts other reports that state there isn’t much retail interest, and it is on its last legs.

It has also been said that the dominance of BTC will be here for a while, this is because there is a liking for Bitcoin rather than for other altcoins. As always, others differ with this rationale, but what it shows is, investors will stick with what suits them, and this could have minimal relation to the entire market value.

Judge sides with the bank in crypto exchange dispute

QuadrigaCX and the Canadian Imperial Bank of Commerce (CIBC) have been in dispute to the sum of $19.6 million. This was presented to the Ontario Superior Court. All this came to light when QuadrigaCX was experiencing difficulties when trying to access the $16.3 million it had in funds.

It was found the CIBC had frozen 5 accounts which belonged to Costodian Inc. who was the exchanges payment processor. These accounts were frozen according to the bank because they were unable to determine the owners of the accounts.

With a little toing and froing between QuadrigaCX, the CIBC, and the court. The judge has now ruled in the court’s favor, and that the owners of the accounts are not clearly established.

What this now means is, the CIBC needs to pass all of the funds to the Accountant of the superior court, and then they will identify who the account owners actually are. This tangle doesn’t appear to be over so there might be more exciting news coming.

Revisions to electronic documents patent won by Xerox

Xerox has been awarded a patent for a blockchain driven auditing system that checks electronic files, as per patent on November 13.

Xerox is one of the forerunners of printing and digital copying devices, and they first applied for this patent back in August 2017. This described technology by Xerox can supposedly detect if a file has been altered in any way and also tracks these changes that are made.

The technology was further described by Xerox who said, there is a series of blockchain nodes which can approve or dismiss each amendment to the document. While doing this, the management network alerts users when a node has failed to pass the record, or that there is a difference to the original file.

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