Market Update 8.11.18 – IOTA Foundation Seriously Disrupted
IOTA Foundation Seriously Disrupted
The IOTA Foundation has been going to some serious turmoil in recent weeks, as was revealed by a leaked transcript of a discussion between the Foundation’s Board of Directors and the founders. According to the transcript, the two founders of the German registered non-profit, Serguei Popov and Sergey Ivancheglo, were not given access to the Foundation’s Board of Directors.
The two founders had been waiting for the last four months to be given the promised seats on the Foundation’s Board. However, this would only be possible (according to German law) by a supervisory board resolution. Since the Foundation’s Supervisory Board has not yet met, this decision is still pending, which has led to bad blood between the founders and the Board.
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Bitmain’s IPO May Be as High as $18 Billion
According to documents obtained by the media, Bitmain Technologies Ltd., the mining hardware giant, is filing for an IPO (Initial Public Offering) which could be as high as $18 billion. The IPO, due to be filed in September, is potentially coming in with a market cap of $40 billion to $50 billion.
The company will be listed on the Hong Kong Stock Exchange and is expected to launch its IPO in the last quarter of this year or the first quarter of 2019. This IPO will be underwritten by China International Capital Corporation.
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Facebook: No Partnership with Stellar
Business Insider had reported on August 10 that Facebook and cryptocurrency project Stellar were joining hands to develop a Facebook type of a Stellar Blockchain. However, Facebook immediately refuted these claims, saying it was not going into any partnership with the crypto startup.
According to sources, Stellar reportedly told Business Insider that the two companies had been discussing creating a fork in Stellar’s Blockchain network. Stellar, it seems, stated that it would make sense for a social media giant like Facebook to want to record its payment transactions on their Blockchain.
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Total Market Cap: August 11
Trading volume in the market has inched up to $12.99 billion, but the value of the cryptocurrency market continues to drop, falling another $16 billion in the last 24 hours to $210.49 billion.
Bitcoin Price Analysis: August 11
Bitcoin’s price dropped 4.81% in the last 24 hours to $6155.88. The volume of trade in the crypto is $4.43 billion and its market value is $105.65 billion.
Ethereum Price Analysis: August 11
Ethereum plunged 10.80% to a price of $322.51. Ether’s trading volume at this time is $1.70 billion and its valuation in the market is $32.55 billion.
State of the Top 10 Cryptocurrencies: August 11
After a single day’s reprieve, the cryptocurrency market continues its plunge with all the top ten cryptocurrencies in the red. The biggest mover was TRON, which re-entered the top ten list, pushing IOTA down to 11th place. IOTA lost another massive 15.33% in the last 24 hours to be pushed out of the top ten rankings.
- Bitcoin slid 4.81% to a price of $6155.88. The asset’s market value is now $105.65 billion.
- Ethereum slid 10.80% to a price of $322.51. The asset’s market value is now $32.55 billion.
- Ripple slid 10.32% to a price of $0.304689. The asset’s market value is now $11.97 billion.
- Bitcoin Cash slid 8.01% to a price of $554.09. The asset’s market value is now $9.57 billion.
- EOS slid 9.61% to a price of $5.17. The asset’s market value is now $4.68 billion.
- Stellar slid 2.94% to a price of $0.212867. The asset’s market value is now $3.99 billion.
- Litecoin slid 8.03% to a price of $57.67. The asset’s market value is now $3.33 billion.
- Cardano slid 7.95% to a price of $0.112690. The asset’s market value is now $2.92 billion.
- Tether slid 0.02% to a price of $1. The asset’s market value is now $2.41 billion.
- TRON slid 7.57% to a price of $0.0.023379. The asset’s market value is now $1.53 billion.