Market Update 11.18.18 – Stablecoin Purchases Go Up Despite Crypto Drop

| Publish date: 11/18/2018
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Stablecoin Purchases Go Up Despite Crypto Drop

The crypto market took a turn for the worse when it lost nearly $30 billion in total market capitalization – but not every asset struggled to find buyers. In fact, certain stablecoins like USD-C, TUSD and DAI each witnessed a more than 200 percent increase in 24-hour trading volume amid the broader market sell-off as traders flocked to what they may have perceived to be safer alternatives in an effort to escape market volatility.

The surge in stablecoin trading volume is not exactly surprising, given their main use case is to provide cryptocurrency users with the ability to convert volatile crypto positions into anti-fragile or “stable” alternatives. Due to regulatory constraints, USD or other fiat currencies are not readily available on most exchanges, thereby leaving stablecoins as an option.

Read the full report here.

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ICO Issuers Settle SEC Registration Charges

Two cryptocurrency startups have agreed to register their initial coin offering (ICO) tokens as securities after settling charges with the U.S. Securities and Exchange Commission. The SEC’s announcement centered on two firms: CarrierEQ Inc., also known as Airfox, and Paragon Coin Inc., both of which conducted token sales last year. Airfox raised $15 million through its sale, while Paragon raised $12 million, according to statements.

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The U.S. securities regulator contended that neither startup registered their ICOs as securities offerings, and neither qualified for registration exemptions. In addition to registering their tokens as securities, both companies will refund investors, file periodic reports to the SEC and pay $250,000 apiece in penalties. The SEC’s statement noted that these two cases are the SEC’s “first cases imposing civil penalties solely for ICO securities offering registration violations.”

Read the full report here.

Largest Exchanges Trade New Bitcoin Cash

After the recent split of the Bitcoin Cash blockchain, several top exchanges have already accommodated the resulting two tokens. While the scheduled hard fork was originally intended as an upgrade to the network, the long-standard Bitcoin ABC version found itself with a rival network and token, Bitcoin SV, after it managed to garner enough support from miners.

The event soon saw both networks producing new blocks, though Bitcoin ABC took an early lead. At press time, ABC has mined 34 blocks more than SV and has 59% of hash power. In an announcement, Binance said all eligible users have now received both BCH ABC and BCH SV – the tokens that arose as a result of different stakeholders providing support for competing versions of the bitcoin cash software.

Read the full report here.

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Total Market Cap: November 18

The volume of trade in the crypto market sat at $13.17 billion. The market’s capitalization, on the other hand, reached $185.30 billion.

Bitcoin Price Analysis: November 18

In the past 24 hours, Bitcoin jumped 1.03% to trade at $5,599.68. The leading cryptocurrency’s trade volume trickled to $4.13 billion, while its market slid to $97.33 billion.

XRP Price Analysis: November 18

XRP’s price jumped 7.89% to trade at $0.509738. As for the altcoin’s trading volume, it reached $850.03 million; whereas its market capitalization hit $20.53 billion.

State of the Top 10 Cryptocurrencies: November 18

In the past 24 hours, all prices were up except for Bitcoin Cash’s. Meanwhile, Monero continues to dethrone TRON at the 10th spot.

  • Bitcoin’s market price jumped 1.03% to $5,599.69, and its value in the market is $97.33 billion.
  • XRP’s market price jumped 7.89% to $0.509738, and its value in the market is $20.53 billion.
  • Ethereum’s market price jumped 0.72% to $176.16, and its value in the market is $18.19 billion.
  • Bitcoin Cash’s market price fell 1.72% to $381.12, and its value in the market is $6.66 billion.
  • Stellar’s market price jumped 3.56% to $0.248714, and its value in the market is $4.79 billion.
  • EOS’ market price jumped 1.14% to $4.60, and its value in the market is $4.17 billion.
  • Litecoin’s market price jumped 0.99% to $42.46, and its value in the market is $2.51 billion.
  • Tether market price jumped 0.08% to $0.988859, and its value in the market is $1.74 billion.
  • Cardano market price jumped 1.49% to $0.061595, and its value in the market is $1.69 billion.
  • Monero dethroned TRON at the 10th spot, with its market price jumping 3.16% to $89.22. As for its value in the market, it is $1.48 billion.
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