The crypto market retraced today after yesterday’s rally, as bears regained control. However, the losses were minimal. None of the top 10 cryptocurrencies lost more than 5% in the last 24 hours. Bitcoin dipped below $6,500 for some time, while Ethereum maintains its price above $210. Bitcoin Cash lost the most, dropping below $600 once again.
In other news, Huobi Pool surpassed all expectations in Q3 and experienced 287% growth. It recorded operating profits of $825,744, while it only made $213,243 in Q2. Also, CFTC chairman J. Christopher Giancarlo said that advances in financial technology could be helpful for improving the oversight and regulation of derivatives markets. Giancarlo referred to distributed ledger technology (DLT) as a force that could be used to automate regulatory processes. Automated DLT which Giancarlo calls “quantitative regulation” could also “reduce cost and bring efficiency to trade matching, processing, and clearing” in financial markets.
1) Cryptocurrency wallet provider Blockchain is planning to host the largest crypto giveaway in history. The company intends to disperse $125 million in Stellar Lumens (XLM) to Blockchain wallet users who sign up for the airdrop. It is reported that the first batch of coins will be distributed this week. Blockchain president and chief legal officer Marco Santori said that “airdrops have the power to decentralize networks without the investment risks inherent in ICOs and the complexity inherent in mining.” Blockchain hopes that the XLM giveaway and its airdrop program will raise awareness about cryptocurrency and its versatility. (Read More)
2) Money transfer app Square released its Q3 earnings, recording a revenue of $431 million. It beat its street estimate of $413.9 million, bringing its market cap to $30 Billion. With this, it went past the market cap of Twitter, which is at $25 Billion. Jack Dorsey is the founder and CEO of both the companies. The extra earnings came from its crypto business, which was launched late last year. It generated $43 Million this quarter, making up 10% of Square’s total revenue. (Read More)
3) American technology giant IBM has partnered with hardware manufacturer Seagate to use blockchain in combating fake hard drives. Hard Drives manufactured by Seagate would be logged on IBM’s blockchain platform, which would ensure that counterfeits are not sold to end consumers as genuine products. Initially, it will be tested on the drives used in IBM servers. Seagate will produce an electronic marker on each hard drive, which would include an electronic key to prove its authenticity. Seagate also hopes to streamline its supply chain processes by using blockchain to replace paperwork. (Read More)