SCI Daily: Hanging on
August 13, 2018
Bitcoin (BTC) swung wildly over the weekend only to end nearly unchanged versus Friday’s close. BTC fell below $6,000 before recovering and returning to ~$6,300. The total market cap of all coins also hit a new YTD low at around $208 billion before recovering a bit to $213 billion.
Support is at $5,800, while resistance levels are at $6,500 and $6,800.
BTC/PHP: 347,670 / 333,210
USD/PHP: 53.40 BTC
Market Cap: $109B
Crypto Market Cap: $215B
News:
In a paper published last week, Ethereum co-founder Vitalik Buterin, proposed a new consensus algorithm that aims to tighten security by preventing potential attackers from carrying out a 51% attack. The new algorithm introduces new nodes to act as “independent observers,” which will observe the blockchain in real-time and detect inconsistencies. Although there is no timeline for its implementation, it is likely that we will see it in action when Ethereum eventually makes the switch from Proof-of-Work (POW) to Proof-of-Stake (POS).
Bitconnect Coin (BCC) will be removed from TradeSatoshi, a small cryptocurrency exchange which served as one of the last places to trade Bitconnect’s infamous token. The company was a Ponzi scheme that promised investors extremely high returns via its investing and lending platform. It was shut down last January due to several class action lawsuits brought forth by disgruntled investors.
DappRadar, an organization that tracks decentralized apps that run on the blockchain, reports that gambling ranks second only to crypto exchanges in terms of the amount of money received. Fomo3D for example has received over $40 million since its creation, and now has five times the users of CryptoKitties, a Dapp whose popularity clogged the Ethereum network last year.
David Marcus, the former President of Paypal and current Vice President of Facebook, is leaving popular cryptocurrency exchange Coinbase, which he joined just this past December. Before his resignation from the board of directors, Marcus was originally going to utilize his experience in the mobile payments space to assist with Coinbase’ various services.
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