Over the last 24 hours, we saw another drop as monitored on our DC Forecasts crypto news site. The prices of Bitcoin as well as many altcoins combined lost $4 billion in total, reducing the total market cap once again to a number of $181 billion.
After what seemed like one of the worst single-day corrections that occurred last Thursday (November 15th) and where the crypto market saw a wipeout of more than $27 billion, the drop is extending.
Bitcoin Cash is one of the main sufferers here. Even though the fourth largest altcoin forked into two new cryptocurrencies named Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC), it managed to fall by more than 7%. Before the fall, Bitcoin Cash managed to drop by more than 15% to $250.
Currently, analysts are asking if the $4,800 margin is the real bottom for Bitcoin – or it will increase in the coming days. While both major cryptocurrencies and small tokens started to demonstrate independent price movements by breaking their correlation with BTC, a new 12% drop could result in intensified downward movements for cryptocurrencies with lower daily volumes.
All in all, the sentiment around cryptocurrencies has been negative this week mostly because of the sheer intensity of the crash of the market in the past few days.
MakerDAO Token Holders Vote On Whether To Lower Stability Fees By 2%
"The Maker Foundation Interim Risk Team has placed an Executive Vote into the voting system, which will enable the community to enact a new Dai Stability Fee of 17.5%. The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote," is what the announcement shared in our latest cryptocurrency news notes.If the decision is approved and the vote comes out positive, the proposal would decrease the stability fee by 2% to 17.5% per year. As the announcement outlined, the need to decrease the fee was discussed by the project's governance and now the MakerDAO token holders need to decide on it. For those of you who don't know, MakerDAO is looking to change the yearly stability fee in an attempt to improve the token's peg to the US dollar - especially after the exchange price has been hovering above the $1 level. The stability fee was a hot topic in the altcoin news and is seen as a charge that is levied by Maker participants when DAI is used for loans. In March, the MakerDAO token holders already decided to raise the stability fee (even twice), first to 3.5% and then to 7.5% per year. In April this year, this fee was further increased by another four percent in the fifth such vote this year which brought it down to 11.5%. The further votes brought the rate up to 19.5% at the beginning of the current month. As we already reported (and many best cryptocurrency news sites did too) at the end of the previous month, DAI has been struggling to maintain its peg. Aside from the MakerDAO token holders and their decisions, the president and chief operating officer claimed that DAI's value had been stabilized as of the beginning of May. On top of this, at the end of April, the chief technology officer at MakerDAO, Andy Milenius, published an open letter dated April 3 to explain his concerns over the project's internal conflicts.
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Ripple’s CEO Says 6% Of SWIFT Transactions Involve Human Intervention
“.. instead you can use a digital asset to have global liquidity on demand now we build upon a tech stack of an open-source technology called XRP”Brad praised the digital coin of Ripple and stated that XRP is much cheaper and faster on a ‘’per transaction basis’’ than Bitcoin ever was by a ‘’thousand times.’’ According to him, global payments today are not into the age of the Internet. He also pointed out in the latest cryptocurrency news that the blockchain technology has the ability to change all of the existing payments settlements dynamics by removing the ‘’central counterparty’’ and due to its unique ability to ‘’transact without the need for trust.’’ While he was explaining the subject of interoperability, Garlinghouse said that it was an important factor and noted:
“We’re trying to solve a problem, selling technologies to banks and financial institutions to solve a cross-border payments problem.”Ripple’s CEO outlined that the company is not focused on the Central Bank Digital Currency issuance and said that interoperability is much more important. Garlinghouse argued that in a world full of central bank digital currencies, interoperability is much needed to solve the cross-border transactions dealings issue. He had earlier dismissed the JPMCoin by the financial giant JPMorgan saying that it suffers from lack of interoperability.
Bitcoin Cash Hashrate May Be ‘Dangerously’ Controlled By One Mining Pool
“Someone is clearly attacking BCH, which I would speculate to be Calvin and his dipshit lapdog. Some mystery miner pumped up the “unknown” side up by 10-15% which backed off right after the fork. Then the zero-day bug exploit on fork day that coincided with a massive short position… “A tweet from Bitcoin)ABC also described the Bitcoin Cash hashrate stating:
“This release adds deep reorg protection to ensure that transactions are immutable after 10 confirmations. This safeguard helps users, businesses, and exchanges stay secure and free from disruption.”In comparison to Bitcoin, the original blockchain from which Bitcoin Cash forked off has the hashrate spread out between different entities, as many best cryptocurrency news sites already noted.
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