OKEx Intelligence Bureau: Bitcoin fell below $9,800; BM's "broken mouth" caused the cryptocurrency market to plummet across the board?
【Currency Circle】
Crypto Markets Continue Downturn, Bitcoin Drops Below $9,800
Over the past 24 hours, the crypto market extended the previous day’s decline. Bitcoin, the largest cryptocurrency by market capitalization, fell below $9,800, and other major cryptocurrencies followed the downward trend of Bitcoin, with Bitcoin Cash, Bitcon SV, EOS, Tron and Stellar all down around 10%.
The total market value of the current cryptocurrency market is 2.12 trillion US dollars, and BTC has fallen by 1.93%. In the past 24 hours, only 1 of the top 20 cryptocurrencies by market value has risen, and 8 of the top 100 cryptocurrencies by market value have risen . The cryptocurrency market as a whole is in a downward trend.
Remind everyone that investment is risky and investment needs to be cautious.
The total number of Bitcoin ATMs in the world is close to 7,000
Coinatmradar data shows that in January 2020, a total of 432 Bitcoin ATMs were newly installed worldwide, and 104 Bitcoin ATMs were closed. At the beginning of the month, there were 6,377 Bitcoin ATMs worldwide. At this point, the total number of Bitcoin ATMs worldwide is approaching the 7,000 mark. And over the past three years, the Bitcoin ATM industry has grown exponentially.
BM was "broken", the beta version of Voice was launched, and the benefits were realized, until EOS plummeted
During the day on February 15th, the mainstream currencies were still rising steadily, but at night there was a sudden big waterfall. It is said that BM released false remarks against the epidemic, which caused a sharp drop in EOS and the entire market.
The EOS crash may have something to do with BM, but BM’s remarks were made on the 10th, and why those who used BM to short-sell did not choose to start their actions on the 10th, but chose the 15th, this is also worth pondering a question of .
The beta version of Voice was launched on the day when BM's remarks were widely spread. The sharp drop of EOS has a lot to do with the realization of the benefits of Voice’s online beta version. Similar problems have occurred before. After EOSIO V1.8 was launched, EOS experienced a sharp drop after the B1June event. After the good news is realized, if there is no continuous good support, the price will definitely fall sharply.
BM’s inappropriate remarks and the temporary benefits realized after the launch of Voice were exploited by the Air Force, which led to a sharp drop in EOS and a sharp drop in other currencies. Although BM realized the seriousness and apologized, the big drop has become a fact, and those who lost can only drink the bitter water.
【Currency circle project progress】
JPMorgan Accelerates Acquisition of Ethereum Software Developer Consensys
Banking giant JP Morgan is currently pushing for a merger between its internal blockchain unit Quorum and ethereum software developer ConsenSys, according to a related media report. The deal is currently under negotiation and could be finalized by the end of the third quarter of 2020.
At the end of a bear market cycle, mergers and acquisitions are often the most profitable way out for many companies. This is a symbolic signal that a new market cycle is about to begin.
JPM Coin, a digital asset created by JPMorgan to facilitate transactions in national currencies, is built on Quorum’s digital infrastructure network. A recent article published by Reuters claimed that through the merger with ConsenSys, JPMorgan Chase not only hopes to solve a series of real-world financial problems, but also hopes to expand the user coverage of its Quorum platform.
With Quorum already using the Ethereum network, once the deal is finalized, JPMorgan will likely roll out its blockchain system to many of its existing users, which Danny Lewski believes prompted Joseph Lubin. Lubin) contributed to the deal. He further added that the deal could also bring more validity to JPMorgan’s JPM Coin and expand the overall usage of the bank’s stablecoin.
Ethereum EIP 2515 Proposes to Replace "Difficulty Bomb" with "Difficulty Freeze"
As reported by AMBCrypto, Ethereum’s transition from proof-of-work to proof-of-stake is taking longer than previously expected. Ethereum developers recently released EIP 2515, suggesting to replace the "Difficulty Bomb" with "Difficulty Freeze".
According to Hancock, "The difficulty freeze is an easily predictable and modelable mechanism, and core developers and client maintainers are more likely to feel the pressure to lose it. Client maintainers are also positioned as the most equipped to deal with the upcoming difficulty Frozen groups."
The motivation behind the EIP, Hancock explained, was to simply remove the complex model of the difficulty bomb, which popped up at unexpected times and created technical difficulties that negatively impacted miners. If the new EIP is implemented, the blocktime retargeting mechanism will be simplified. Hancock also mentioned some security considerations that this EIP would have an impact on. However, not everyone is happy with the new EIP, with some critics leaning towards the old ways.
Jiang Zhuoer Updates BCH Miner Donation Preliminary Plan
Regarding the miner donation plan, in the original version released by Jiang Zhuoer, the miner donation ratio was set at 12.5%. He also updated his plan on miner donations on February 1. He believes that a donation ratio of 2-3% is sufficient in the middle or end of 2020. Subsequently, in the latest version of Bitcoin ABC, the miner donation ratio was changed to 5% to support the software infrastructure development of Bitcoin Cash.
On the evening of February 16, Jiang Zhuoer also updated the preliminary plan for BCH miner donations again. He posted on Weibo that he would update the initial plan for BCH miner donations: 1. Started by computing power voting, if 2/3 computing power If you agree, donate. 2. Miners donate 5% of the output, and miners can choose several donation targets: General Fund, ABC, BCHD, and ElectrionCash. 3. Donations last for 6 months (one version is only valid for 6 months). I recommend stopping the donation after 6 months and then turning it on again to prevent it from becoming a permanent rule. 4. There are still many objections. I tend to start donating after the community reaches a basic consensus. If it cannot be achieved, you can build a general fund first, rely on donations to see the effect, and then conduct the next computing power vote.
Libra is considering switching to a dollar-only stablecoin
According to related news, the Libra Association is considering major adjustments to its stablecoin asset backing model.
As we all know, Facebook officially released the Libra white paper in June last year. Libra's value has been described as pegged to a basket of fiat currencies, as well as other assets. Two sources familiar with Libra's progress said that the Libra Association is considering whether it should abandon the proposed "basket of legal currency + other assets" model and switch to a "pure dollar" backing model.
"I think it's a welcome change," Kristin Smith, head of the Blockchain Association, which promotes blockchain technology, said in a phone interview. Lawmakers' main concern about Libra is that Libra could weaken the dollar, So if Libra does switch to only being backed by the U.S. dollar, it can solve a lot of concerns.”
If Libra turns into a stable currency backed only by U.S. dollars, in my opinion, it will be of great benefit to his way of issuing coins. If no changes are made, Libra will go even harder.
ETC official: Aztlan and Phoenix hard forks will be upgraded on the same mainnet block
According to official news, Aztlán (ECIP-1061) and Phoenix (ECIP-1078) hard forks will be upgraded at block 10,500,839. If the developers do not find any bugs or issues during testing, Aztlan & Phoenix will be activated on the same Ethereum Classic mainnet block, around June 10th, which will also be known as PhoenixDay.
【Blockchain policy and project progress】
Li Lihui: Epidemic prevention and control may accelerate the issuance of digital currency
On February 17, Li Lihui, the former president of the Bank of China, said in a recent interview with China Daily that "under the current situation of epidemic prevention and control, the issuance of digital currency should be accelerated."
He pointed out that my country's modern and emerging electronic payment platforms are very mature, and WeChat Pay and Alipay online payment platforms have ranked first and second in the world. The development prospects of digital currency applied to retail business scenarios will depend to a certain extent on the choice of the market, as well as on the efficiency, cost and convenience of digital currency, and the resulting economic scale with commercial value.
Yang Dong, director of the Financial Technology and Blockchain Research Center of the Future Rule of Law Research Institute of Renmin University of China, said that the main reason is that the frequency of direct contact between people has been greatly reduced due to the epidemic virus, and cash has been 'repelled' as a transaction medium. Thereby further reducing the use of "banknotes" that need to be paid face to face.
IRS Waives Taxpayers From Cryptocurrency Game Transactions
The Internal Revenue Service (IRS) recently revised the wording on its webpage, and U.S. taxpayers have been exempted from paying taxes on gaming transactions using cryptocurrencies. The IRS website dropped Fortnite and Roblox’s Robux and V-bucks in-game currencies from the list of taxable currencies, which also includes bitcoin (BTC) and ethereum (ETH). According to a report by the U.S. Government Accountability Office (GAO), U.S. taxpayers remain in the dark about how to handle cryptocurrency holdings and transactions.
A Collection of National Policies
Brazilian investment bank Banco BTG Pactual plans to apply for a Colombian banking license; Swiss cryptocurrency bank SEBA executives said that an encrypted bank is needed to let people understand the use cases of blockchain in the banking sector; German chemical company BASF SE will launch a blockchain platform in Canada Pilot; U.S. Bitcoin and Fiscal Investment Trust submits Registration Statement Amendment 6 to SEC; IRS refuses to clarify that part of its crypto guidance is not binding and authoritative; U.S. government agency recruits postdoctoral researcher with research on cryptocurrencies; The New York State Senate is moving forward with a blockchain bill...
China's blockchain + projects come together
Hundreds of associations across the country jointly launched the "Blockchain + Public Welfare Charity" project; OneConnect uses blockchain and other technologies to build smart financial supermarkets to provide loan support for small and micro businesses; the charity donation traceability platform developed by Qulian Technology Tracking has been officially launched; Alipay has launched an information service platform for epidemic prevention materials, using blockchain to realize full traceability; Xiamen International Bank provides a "Public Welfare and Charity Sunshine Chain Platform" based on blockchain technology; Xi'an Beilin Huanda Xi'an Innovation Design Center launched an application A personal health information status registration platform based on blockchain technology; Beijing's blockchain-based supply chain creditor's rights and debts platform has been officially launched; Shandong University of Finance and Economics has developed a new crown pneumonia epidemic collection and monitoring system using blockchain technology; enterprises in Nansha District, Guangzhou have resumed work The reporting information will be recorded in the blockchain simultaneously; multiple departments in Beijing have newly launched 7 application scenarios of "blockchain + real estate registration"...
