November 8th News On The Cryptoverse
The Cryptoverse news with Chris Coney on ALTCOIN MAGAZINE
On today’s episode of The Cryptoverse…
- As I mentioned in previous videos we not only have hit resistance at 220B market cap but have now bounced to the downside
- A cybersecurity firm has started rating crypto exchanges based on safety
- Poloniex have decided to allow customers to trade the Bitcoin Cash split coins they don’t exist yet
- Venezuela sets a new weekly record for peer to peer Bitcoin trading volume
- And there are some chickens that need feeding if you can spare 50 cents worth of Bitcoin Cash.
Market cap stalling at 220B resistance
The total market cap continues to follow the comments I made in the last few videos. We reached a line of resistance at 220B and have now bounced to the down side.
We’ve shaved 4B of that market cap in the last 24 hours.
By my time zone Dash is the only survivor in the top 20.
One coin that has established itself an uptrend that is coming up to a month long, is WAX…
Granted WAX has less than 1m per day in volume but it is now nicely above it’s 80 EMA.
At over 6,600 WAX has the highest Activity Valuation Index which is market cap relative to actual network usage. Basically WAX has a $95m market cap but averages 4.6m transactions per day.
So using the AVI as an indicator of adoption, it’s undervalued compared to other blockchains.
EOS has an AVI of just 125. It does about the same number of transactions as WAX but has a MUCH higher market cap.
Bitcoin still respecting it’s 80 EMA as I mentioned yesterday, and also in line with it’s behaviour over the last 2 months so for Bitcoin to get my attention I want to see a daily close above the 80 EMA.
If we ask the short sellers what they think to the outlook for Bitcoins price…
They tell us that they expect the price to rise, which we can infer by the significant drop in short positions, which are at a 2 month low.
A Moscow based cybersecurity firm has developed a ranking system to grade cryptocurrency exchanges by the level of safety they offer their clients…
So the real purpose for them doing this is so insurance companies can decide what to charge exchanges who want to take out a policy.
It says here that when testing these exchanges they don’t just attack the technology, but they also attempt several social engineering attacks to trick exchange staff members… which is what a real attacker would do, so you can’t leave that untested.
Now you know me, I want the primary source whenever I can get it, so I went to this companies website, found the report but I had to fill out a form to request a copy of it.
I’ve done that but now I’ve got to wait for a reply.
For now we’ll have to rely on https://bitcoin.com who give us the best and the worst.
The safest exchange was Kraken with Coinbase Pro and Bittrex following next.
Surprisingly Binance was in the middle.
Poloniex have decided to allow users to trade the Bitcoin Cash split before it happens…
I’ve mentioned in previous videos that Bitcoin Cash is facing a potential split into Bitcoin Cash ABC and Bitcoin Cash SV on the 15th of November unless the community resolves it’s disagreement.
With just 7 days to go Poloniex have created 2 markets:
One where Bitcoin Cash ABC trades against the Circle dollar and
One where Bitcoin Cash SV trades against the Circle dollar.
Just to be clear, neither of these Bitcoin Cash variants exist yet, which means trading them is highly speculative.
Poloniex are not at any risk themselves since they make money on trade volume, not based on the value of any crypto asset.
So if you take $1,000 circle dollars and buy Bitcoin Cash SV, there is a possibility that the Bitcoin Cash community resolved their dispute in the next 7 days, the network doesn’t split, Bitcoin Cash SV never comes into existence and is therefore worth nothing.
The same goes for Bitcoin ABC. And even if the network does split, we have no idea what their respective values will be.
Bottom line, I personally would not recommend trading these assets ahead of the split. But that’s just me.
Venezuela sets another person record for peer to peer Bitcoin trading volume…
If you measure it in BTC it’s 1,076 coins in a 7 day period.
If you measure it in Bolivars it’s over 1.6b in a 7 day period.
Despite the government continuing to encourage the use of the Petro (and in some cases insisting on its use), a whole bunch of citizens prefer to use Bitcoin.
And for the fun story today, I have to ask you if you like chickens…
If so you might like to feed some.
Here’s what I mean. If you go to this Twitch channel:
You find a 24/7 livestream showing the inside of a chicken coop and a feed dispenser that activates when 50 cents of Bitcoin Cash is sent to the address provided.
According to a reddit user, approximate $500 of Bitcoin Cash has been pledged over a 1 week period.
Now that’s what I call a real world use case for a bock, bock, bockchain.
And that’s all I’ve got for you today…
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Other than that I’ll be back with the next episode of The Cryptoverse, so until then it’s me Chris Coney saying bye for now.
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