In the latest crypto news, we have XRP which is the native cryptocurrency of the Ripple network with an impressive surge of 12% in less than 24 hours. According to analysts and traders, the positive movement of XRP will continue in the short-term given the sheer magnitude of the asset’s bullish run.
It all started last week when Ripple’s altcoin XRP started seeing progress in regards to the adoption and integration of its blockchain-based liquidity products. The global head of infrastructure at Ripple, Dilip Rao, was present at the Global Islamic Economic Summit 2018 and announced the company’s plans to expand in the Middle East by establishing an office in Dubai.
As he stated:
“I think the UAE government saying that 50% of all government transactions will be on distributed ledger technology by 2020 is a fantastic way to encourage innovation, to bring fintech to your market and then to then build the capability locally to iterate on those solutions that the fintech bring to you.”
Rao also stated that the financial institutions in countries like Saudi Arabia, Kuwait, Bahrain and Oman all have started their plans to utilize XRP to process cross-border payments and run pilot tests on Ripple’s blockchain network.
According to traders, this strong run of XRP is not unexpected given its 20-day consolidation period. However, while the run remains strong, analysts are uncertain whether it can be extended throughout the next 12 to 24 hours.
The 30% Share Battle: Hundreds Of Crypto Exchanges Compete For Market Share
“In a stagnant market, the head effect (a Chinese market concept similar to the 80-20 effect) is now more evident for cryptocurrency exchanges. The top 6 exchanges have over 3 billion in trade volume each and takes up 58.9% of the total trade volume. The top 14 exchanges have over 100 million in daily trade volume and takes up 73% of the total trade volume.”As we can all conclude from the above mentioned, the rest of the two hundred (or so) cryptocurrency exchanges only have in total - less than 30% of the entire market share. Moreover, the visits to these exchanges are declining month by month, just like the bitcoin and altcoin trading activity. Bloomberg had recently reported that the leading exchange, Coinbase, has been hit hard and that its consumers trading activity has decreased by around 80% compared to last December. According to other statistics from CoinMarketCap, Binance trading volume peaked in January 2018 and has fallen 80% since then.
Researchers At McAfee Spot A New Russian Malware That Mines Monero And Zcash
“On x86 systems, it injects Cryptonight miner code into a running process and launches a process monitor. On x64 systems, it checks the GPU configuration and downloads and executes Claymore’s Zcash miner from a remote server.”Even though the malware was created in Russia, researchers claim that it has spread around the world - and there have been infections found in Brazil, South Africa as well as the United States. McAfee Labs also warned the users to look out for potential signs from their computers, stating:
“Once a machine is compromised, a malicious app runs silently in the background with just one sign: performance degradation. As the malware increases power consumption, the machine slows down, leaving the owner with a headache and an unwelcome bill.”This attack is another clear example of why the stockpiling of vulnerabilities by governments is a problem, according to many experts in the field. Meanwhile, cryptojacking has surged by 459% this year alone, according to recent research.
New $3 Billion Wipeout: Altcoins Start The Week Poorly
South Korean Exchange UpBit to Launch In Thailand And Indonesia
“Both countries appreciate the growth potential of the cryptocurrency industry. Thailand and Indonesia are very interested in blockchain and cryptocurrency, so we thought it would be a good thing to have an online presence before launch.”Operated by Dunamu Inc. which is an affiliate of Kakao Corp. which operates the country's most popular chat app Kakaotalk, Upbit is affiliated with the US exchange Bittrex. As the news outlet shows, the exchange was also planning an expansion move overseas, quoting the CEO stating:
“From the outset of the Upbit business, the company had a blueprint to become a global foreign exchange, not limited to the domestic market.”The current websites confirm that Upbit will be available in Thailand and Indonesia soon. For Thailand, there will be 131 coins and 241 pairs listed - while Indonesians will benefit from 156 coins and 276 trading pairs, accordingly.
Join us on Facebook
- China’s Ping An Insurance Group To Build A ‘Smart City’ By Using Blockchain Technology
- Blockchain ‘Smart Money’ Trialed By Australia’s Science Agency And Commonwealth Bank
- The 30% Share Battle: Hundreds Of Crypto Exchanges Compete For Market Share
- Researchers At McAfee Spot A New Russian Malware That Mines Monero And Zcash
- New $3 Billion Wipeout: Altcoins Start The Week Poorly
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
wed05dec9:30 am5:30 pmDigital Asset Investment ForumExploring the Emerging Asset Class.9:30 am - 5:30 pm The St. Regis Washington, D.C, 923 16th and K Streets, N.W., Washington, District Of Columbia 20006 USA
Bitcoin News4 days ago
Tim Draper Is Confident: Bitcoin Will Reach $250k In 2022
Blockchain News4 days ago
ConsenSys Creator: Blockchain Is Much More Complicated Than The Internet And Will Take A Little Longer To Develop
Blockchain News4 days ago
Colorado State Securities Commissioner Issues A Cease Order To Four ICOs
Altcoin News2 days ago
Australian Exchange Co-Founder: ‘Stablecoins Are A Game Changer’
Blockchain News5 days ago
Swedish Man Found Guilty After Sending A Mail Bomb To A London Based Bitcoin Firm
Bitcoin News3 days ago
Bitmain Releases The Antminer S15 Bitcoin Mining Chip: How It Ranks Among The Competition
Bitcoin News3 days ago
20% Of UK Residents Think that Bitcoin Will ‘Inevitably’ Be As Common As Cash
Altcoin News4 days ago
The ‘NEO Super’ Fork: A Scam Or A Promising Blockchain?