Market Update 1.06.19 – ETH Devs Give ‘Tentative’ Greenlight
Market News
ETH Devs Give ‘Tentative’ Greenlight
Members of Ethereum’s open-source development community tentatively agreed recently to implement a new algorithm meant to block specialized mining hardware, or ASICs, pending further testing on the proposed code. If accepted by the network of users that run the ETH software, the code change, dubbed “ProgPoW,” would block ASICs, such as those made by major mining firms like Bitmain.
In its place, the new software would allow general purpose, or GPU hardware – which is typically phased out by ASICs – to compete for rewards on the platform. Speaking in the developer call, security-lead Martin Holst Swende said that he prefers the switch as it will help ensure the safety of the cryptocurrency’s eventual transition to proof-of-stake, a new system in which users mine the digital currency not by burning electricity, but by setting aside coins they hold.
Read the full report here.
Coinbase Bans Personal Account Gab Founder
The personal Coinbase merchant account of Andrew Torba, who is social media platform Gab’s founder, has been terminated. Gab’s business account on Coinbase was allegedly closed in December. The official report puts forward that a possible reason why it is hard for Gab to obtain a payment processor is its reputation for being the social network for people banned from mainstream platforms for hate speech.
In October, it was reported that Gab as a social network used by the shooter in Pittsburgh to post a final message before he attacked a synagogue. After the shooting, Torba stated that the Pittsburgh shooter did not represent the broader user base of the social media site. Gab describes itself on its website as a “social network that champions free speech, individual liberty and the free flow of information online. All are welcome.”
Read the full report here.
McKinsey Says Little Evidence Of Blockchain Use
Major financial consulting company McKinsey & Company said that there is little evidence of practical use for blockchain. The firm, which was founded in 1926, has a revenue for 2018 over $10 billion and is made of over 27,000 employees globally.
The firm notes that the “evidence for a practical scalable use for blockchain is thin on the ground,” explaining:
“Blockchain has yet to become the game-changer some expected […] given the amount of money and time spent, […] little of substance has been achieved.”
Furthermore, the post notes that “the stuttering blockchain development path is not entirely surprising [since] it is an infant technology that is relatively unstable, expensive, and complex.”
Read the full report here.
Total Market Cap: January 6
The volume of trade in the crypto market sat at $15.98 billion. The market’s capitalization, on the other hand, reached $130.96 billion.
Bitcoin Price Analysis: January 6
In the past 24 hours, Bitcoin fell 1.08% to trade at $3,833.03. The leading cryptocurrency’s trade volume trickled to $4.93 billion, while its market slid to $66.95 billion.
Ethereum Price Analysis: January 6
Ethereum’s price fell 3.14% to trade at $152.47. As for the altcoin’s trading volume, it reached $3.03 billion; whereas its market capitalization hit $15.89 billion.
State of the Top 10 Cryptocurrencies: January 6
In the past 24 hours, all prices were up except for Bitcoin SV’s. Meanwhile, TRON continues to dethrone Cardano at the 10th spot.
- Bitcoin’s market price fell 1.08% to $3,833.03, and its value in the market is $66.95
- Ethereum’s market price fell 3.14% to $47, and its value in the market is $15.89 billion.
- XRP’s market price fell 0.62% to $354559, and its value in the market is $14.46 billion.
- Bitcoin Cash’s market price jumped 18% to $159.97, and its value in the market is $2.80 billion.
- EOS’ market price fell 40% to $2.68, and its value in the market is $2.43 billion.
- Stellar’s market price fell 23% to $0.113576, and its value in the market is $2.18 billion.
- Litecoin’s market price jumped 48% to $35.41, and its value in the market is $2.12 billion.
- Tether’s market price fell 0.33% to $1.02, and its value in the market is $1.90 billion.
- Bitcoin SV’s market price jumped 35% to $87.81, and its value in the market is 1.54 billion.
- TRON dethroned Cardano at the 10th spot, with its market price jumping to 2.50% to $0.022573. As for its value in the market, it is $1.50 billion.