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The crypto market is alive

Feb 13, 2019

Over the past seven trading days, 11 out of 12 cryptocurrency capitalization of more than $1 billion, has been showing growth. The leader is Litecoin (LTC), adding more than 31%. At the same time, EOS shows an increase of more than 24%, and Ethereum (ETH) almost reached the level of +20%. These are good indicators, especially considering that two weeks ago the market was not quite successful. The SEC may approve Bitcoin-ETF which continues to support cryptocurrency.

EOS updated the price high of  2019

The price of EOS came close to the psychological resistance level of $3. Growth over the past seven days almost reached 30%, which allowed buyers to update the high of the current year. However, further growth requires the breakthrough of the technical and at the same time psychological resistance level of $3.00.

This growth may be due not only to general optimism in the cryptocurrency market but also to the fact that EOS continues to grow rapidly and capture the market. Last week, analysts at Weiss Rating reported that only three of the decentralized applications (dApps) out of 50 are operating on the Ethereum blockchain. In this case, 26 out of 50 operates on EOS and  21 – on TRON. At the same time, the volume of EOS transactions noticeably exceeds transactions of BTC, ETH, and TRX.

Bugs of  Constantinople hard fork

The developers of the Ethereum Foundation reported a new bug in the upcoming Constantinople network update. This vulnerability is not related to security, so the market reacts quite restrained to this news. Recall that ETH shows growth over the past seven days within 20%. At the same time, the demand for ETH above the psychological level of $ 130.0 remains weak.

The discovered vulnerability is related to the Create2 function, which can replace a self-destructed smart contract by changing the rules specified in it. All this can lead to loss of funds. At the same time, there is still a high probability that developers will be able to eliminate this vulnerability before activating hard forks, which should take place between February 26 and 28.

$1.7 million for SendFriend

This amount is not large, but the fact that such giants as Barclays, Ripple, and Mastercard are investing in SendFriend is worth noting. It is also necessary to take into account that the payment startup got into the business accelerator “Barclays powered by TechStars” in September 2018. This significantly increases the chances of its growth.

SendFriend claims that their commissions will be 65% below the average in the traditional industry of cross-border transfers. In this case, the conversion of US dollars into XRP tokens, and then into the necessary currency (for example, in euros or the Philippine peso), will be carried out in seconds.

There are more and more examples with successful fundraising from large investors. Therefore, institutional investors are becoming more loyal to new technologies.  

Bitcoin-ETF approval can provide strong support not only for BTC but to the market as a whole.

Creating an investment tool for investors from the United States is an important fundamental factor for the cryptocurrency market and blockchain technologies.

The loss of GMO Internet from mining for 2018 was $11.75 million.

Japanese IT giant, GMO Internet reported its operating losses, which amounted to 1.36 billion yen (about $11.75 million).

It is noteworthy that the exchange business brought GMO a profit of almost $ 7 million. At the same time, the total loss of the mining division amounted to $ 18.3 million. Accordingly, the IT giant ended the year with losses. However, the company notes that the profitability of the mining division will increase due to the move to a new location. At the moment the place is not disclosed.

“The electricity cost in the new location, which is confidential, is less than half of that in Northern Europe, which is 7-8 cents per kWh including running costs. We believe the relocation will impact our earnings this summer,”  the company said.

It is obvious that a further decline in the cryptocurrency market will reduce the profitability of mining in most countries of the world.

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