This Week in Crypto – November 16th, 2018
Welcome to your weekly round-up of the biggest and most interesting news pieces from the last seven days from around the world of blockchain and crypto.
Bitcoin traded at $6,440 a week ago, and was trading at $5,560 at the time of this writing. Largely the result of a Bitcoin Cash fork that was planned for November 15 — and the resultant uncertainty that it caused throughout crypto markets — the market cap of all cryptos fell over $30 billion, from $214 billion a week ago to $183 billion today, with the most pronounced fall being in the price of Bitcoin (almost $1,000) and the majority of the other top-10 alts trading significantly lower than their prices from last week.
Gainers and Losers
Despite all the uncertainty surrounding November 15th’s Bitcoin Cash fork, there were plenty of projects that saw their native tokens jump during the week.
- Nasdacoin (NSD) is a highly integrated financial services project that helps users trade, invest, and participate in money markets using the NSD token. Nasdacoin enjoyed a week-to-week rise in price of over 470%!
- Gold Bits Coin (GBC) is an online trade and shopping project that saw a price rise of almost 150%.
- As far as losers go, Olive (OLE) was the week’s biggest loser, losing over 80% of its value over the last seven days. This project aims to connect online payments, entertainment, purchases, and value generated from broadcasting in a comprehensive blockchain solution.
Adoption and Industry News
- Besides the catastrophic losses across the cryptocurrency space as a whole last week, one of the biggest news items was the losses suffered by graphics card manufacturer Nvidia. Since its hardware is often used to mine cryptocurrencies, the company’s fortunes have often risen and fallen in tandem with the crypto market. With low prices and a great deal of volatility over the last few days, coupled with less-than-stellar earnings reports, Nvidia reported share losses of over 20% this week.
- In a groundbreaking piece of legislation, two crypto companies were ordered to pay back to investors money that was raised during the companies’ ICOs. Paragon Coin and CarrierEQ, a transportation company also known as AirFox, were found guilty of defrauding investors and are faced with fines and other penalties levied by the SEC.
- Another piece of positive legislation news is that Japanese authorities are in the process of developing rules and regulations that will govern the use of wallet services. From audits, publication policies, the maintenance of internal control systems, and funds requirements, these rules will hopefully play an important role in maintaining the integrity of online exchanges and wallet services and help customers avoid many of the pitfalls that are faced in the crypto space, such as lost funds and market volatility.
Last but not least, here are a few ICOs worth looking into over the weekend. While we review promising ICOs every Monday in our “ICOs to watch” series (you can read Monday’s reviews here), here are two more that investors may find interesting.
- Mix.rent (MIX): Mix.Rent is an international blockchain-based marketplace for renting and sharing vehicles. The platform has been in operation since 2017. The service is currently available in the USA, Russia, Canada, Mexico, and is prepping for launch in Australia. The platform unites owners of various vehicles and renters, enabling people both to rent out and rent vehicles from owners at favorable prices. The project has gathered more than 6,000 units of vehicles with daily bookings in different cities. Two investors have invested in the project. Unlike many blockchain startups, this project works on a real-life business problem and allows people to rent out cars, motorcycles, bicycles, yachts, power boats, helicopters, and other vehicles in different countries across the world.
The Mix.rent token sale ends November 17.
- Beatrix (RIX): BEATRĪX is a green, affordable, and sustainable energy project aiming to resolve the energy and telecommunication crisis and shortage across Africa. Their proposed solution is to build decentralized energy towers using buoyancy technology that efficiently produces green electricity. These energy towers are a patented technology that is as efficient — if not more so — than wind or solar systems. The towers are distributed all over the continent through a Decentralized Energy and Telecommunications Distribution (DETD) ecosystem which is managed by German and Swiss companies. The generated energy is stored in the RIX token which is a fully ERC-20 compliant Ethereum utility token. RIX is a green and self generated token, making it independent of third party providers. RīX has an initial charge of 5kWh and will be the only form of payment or consumption method for energy generated by the DETDs.
The Beatrix token sale ends November 18.
Disclaimer: This is not investment advice and is only meant to be used for FYI purposes. That said, may the odds be ever in your favor!