Bitcoin & Cryptocurrency Roundup: July 2018

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July 31, 2018

Following is a graph dictating the market dominance of cryptocurrencies for the month of July. Our top gainers, in terms of Total Market capitalization percentage are Bitcoin (BTC) , Ethereum (ETHR) , Ripple (XRP) , Bitcoin cash (BCH) and Litecoin ( LTC).

Bitcoin, the most famous cryptocurrency, holds a steady and prominent lead all through the month. Followed by Ethereum, which holds a fluctuating place between 18-16% of total market dominance. The rest of our currencies seem to be in a tooth and nail fight, with Bitcoin cash leading among the three.

I thought of tracking news on top cryptocurrencies, would make the most sense and value for anyone with any kind of interest in cryptocurrencies. From new development projects, tokenization, to price deviations and causes, following is a news update on cryptocurrencies for the month of July 2018.

Ethereum Fees Rose Higher Than Bitcoin For the First Time Since 2015!

Ethereum traders under stress as the average transaction fees on Ethereum’s network surpasses Bitcoin’s network for the first time in history. To concrete the claims, the data from Coin Metrics confirms this reversal of fees.

The reason in this spike seems to be scam transactions.

Vitalik Buterin, the Co-founder of Ethereum, estimated the additional cost to the network from scam transactions at around $15 million!

In light of these events, experts deduce that Ethereum might suffer further. Ether traders beware!

The THAI SEC has decided to allow seven cryptocurrencies to be traded as trading pairs.

They are bitcoin, ethereum, bitcoin cash, ethereum classic, litecoin, ripple, and stellar. This announcement follows the decree, which went into effect on May 14, putting the Thai SEC in charge of crypto regulations.

Alleged ICO Fraudster forced by Judge to Fork over $3.7 Million in Bitcoin

According to ICI Quebec, Dominic Lacroix, was charged with ICO fraud and ordered by the judge to transfer $3.7 million worth of Bitcoins to a court-appointed administrator, in a Quebec City courtroom on July 6.

Malta Launches First Two-Way Bitcoin ATM As Global Acceptance Rises

Malta just launched its first two-way Bitcoin automatic teller machine. This Maltese ATM machine is located at the Quickelts head office on the Sliema seafront. It was opened in an event which was attended by a variety of market experts and blockchain enthusiasts. In the same event, they also demonstrated on how to use the island nation’s first Bitcoin ATM machine.

$ 46 Million of Etherium Is Stuck In Ponzi Dapps

The Ethereum network is host to another pair of mind-boggling dapps (decentralized applications). Both these decentralized applications are a proven viral success. They have amassed more transactions than IDEX and have accrued seven-day trading volume of 180,000 ETH. You must be wanting to get in on this hype, well before you do that, let me tell you: both the dapps are ponzi schemes. Everyone who plays, looses.

Hashflare Shuts Down Bitcoin Mining Services, Users Struggle To Withdraw Funds

Hashflare no longer offers Bitcoin mining service. They are a company that offers cryptocurrency cloud mining services. It is strange for them to do so. They also terminated all related Bitcoin mining contracts.

Citadel CEO Denies Shows No Interest In Bitcoin

Ken Griffin, the founder and CEO of the Citadel hedge fund, denies having any interest in cryptocurrencies. He thinks the whole hype is preposterous and even called cryptocurrencies “a solution looking for a problem”.

His ill-informed criticism comes amid a wave of positive developments in the cryptocurrency market.

Encrypted Email Service Tutonata Tests Cryptocurrency For Payments

Tutanota, an encrypted email services provider, operates by accepting donations in Bitcoin, Ethereum, Bitcoin cash and Monero. Due to a recent code change, they have temporarily stopped accepting payments in Bitcoin. The company recreated their email client to upgrade the performance and also introduced new features.

Five Crypto Heavy Hitters Make Fortune’s ’40 Under 40′ List

Five crypto disruptors have been featured in Fortunes ’40 under 40′ list

Vitalik Buterin, the co-founder of Ethereum , sealed the 22nd spot on the list. This time he was hailed as a “skinny visionary”.

Brian Armstrong, CEO of Coinbase, one of United State’s major crypto exchange and wallet service, has made the list for the second time, and stands on the 20th spot.

The Russian developer, Pavel Durov, is ranked at 25th position. He has appeared on the list for the first time. Durov is behind the famous social networking site VKontakte, and Telegram, the encrypted chat app.

At the 24th place , we have Vlad Tenev and Baiji Bhatt, the “Stanford math whizzes” . They are the co-CEOs of the brokerage app Robinhood. An app that offers a zero-fee crypto trading platform in selected states of the U.S.

Google Co-Founder Sergey Brin, Found Mining Ethereum as well

Sergey Brin, the president of Alphabet and co-founder of Google, has joined the crypto-mining bandwagon. The Forbes reporter Michael del Castillo, encountered him at the blockchain summit and tweeted that Sergey Brin is mining Ethereum with his son.

Elon Musk is impressed with the twitter scam bots that steal Ethereum

The Twitter-Ethereum scam has risen to interest Elon Musk. He called the scam “mad skillz” and seemed very much impressed by the developer.

Ripple Adds Facebook, Mastercard And Citibank Veteran To Leadership Team

Ripple has added “Kahina Vandyke” to its leadership, adding her experience from heading top three firms with her. She was team lead at Mastercard and Citibank. She also served as a leader for Facebook’s Global Financial Services team.

Ripple Takes up a fight with Bitcoin in India

Ripple, the biggest bank-targeted blockchain protocol, is trying to undertake 50% of India’s finance sector. They aim to do that by processing payments with lower fees and providing an efficient system. The Vice President, Asheesh Birla, said that, “The company envisions surpassing the adoption rate of Bitcoin to ensure our cryptocurrency becomes the dominant one in the region.”

Ripple making way in India – Kotak Mahindra Taps Ripple For Instant International Remittance

Ripple Network is joined by yet another Indian bank, Kotak Mahindra. They intend on using Ripple’s blockchain technology to power inward remittance in India.

To elaborate, Kotak will use Ripple’s enterprise blockchain software, xCurrent, to enable end-to-end tracking of instant payments and settlements over RippleNet, the company’s enterprise blockchain network.

Crypto Market Spirals downwards. Ripple Price Down By 5%

Some of the major digital assets such as Bitcoin Cash (BCH), Ripple (XRP), Ether (ETH) and Cardano (ADA) have been recorded to perform poorly against both bitcoin and the US dollar. All the mentioned cryptocurrencies dropped 5 % in the past 24 hours.

Ripple Encounters yet another Law Suit Alleging, XRP As A Security

Ripple faces another securities fraud lawsuit in California. The lawsuit is lead by the plaintiff, David Oconer, who is trying to have Ripple classified as a security.

Litecoin Founder Positive on Acquiring Bank Stake Could Result In Crypto Services

Charlie Lee, the founder of Litecoin foundation, talks about the German WEG Bank offering crypto services. Lee also expects a seat in the board of the bank and thinks he could further influence the bank’s decision in adoption of cryptocurrencies.

Bitcoin Cash Development Is A Dead Zone

Bitcoin Cash faces heavy criticism as BitPico’s “stress test” reveals alarming BCH network usage. Bitcoin Cash’s performance in comparison to Bitcoin seems highly questionable with a lot of “zero” activity.

Startup Of Self Proclaimed Bitcoin Creator Recieves Three Bitcoin Cash Related Patents

nChain, a Blockchain startup, has been granted three Bitcoin Cash (BCH)-related patents by the European Patent Office (EPO). The startup is associated with a man who once proclaimed himself to be Bitcoin’s creator.

Bitcoin Cash Set To Welcome More Token Assets

The Bitcoin Cash (BCH) community and developers have been working up on the idea of tokenization on the BCH chain. From a pile of different and exciting new ideas, two concepts really hit the mark. One of the ideas is a concept from the “” developers team, and the other one is the proposal, “Simple Ledger Protocol”, which is written by a group of six developers namely Jonald Fyookball, James Cramer, Unwriter, Mark B. Lundeberg, Calin Culianu, and Ryan X. Charles.

Robinhood Crypto App Adds Bitcoin Cash And Litecoin Trading

The famous Robinhood Crypto app, was operating with a healthy user base of approximately 3 million people. After they announced, acceptance of trading in Bitcoin cash and Litecoin, they increased rapidly to an even stronger user base of 5 million people.

Litecoin Foundation Partners With Token Pay To Acquire A Percentage Stake In German Bank

The Litecoin (LTC) Foundation has acquired a 9.9 percent stake in Germany’s WEG Bank AG. The partnership with the firm “Crypto fiat payments” resulted in this acquisition, as Litecoin would provide the blockchain and related services and in return, Litecoin recieved Token Pay’s share of stake in the WEG Bank.

Ripple Donates $2 Million To Texas University’s Blockchain Initiative

University of Texas has been selected as one of the 17 institutes included in Ripple’s $50 million academic pledge. The university will receive $2 million from San Francisco-based industry giant, Ripple.

French Startup Offers Idle Servers Part-Time Job To Power Ethereum Dapps

To become attractive for current cloud and HPC users, iExec aims to create a formidable network that can deliver substantial computing power, in order to grab current cloud and HPC users. To achieve that purpose, iExec has decided to utilize blockchain DApps (decentralized applications) as the first step of its adoption strategy.

If you look at the user interface of iExec, it closely resembles a cryptocurrency exchange. The company says that is so because they intend on making things more familiar for blockchain users.

Bitcoin Price Hits $7700 As Other Coins Remain Relatively Sluggish

Bitcoin experienced an overnight price rise by nearly 5% on Sunday and touched a $7700 mark. This unexplained rise in price could likely be due to investors taking their money out of other crypto currencies and putting them into the top cryptocurrency.

Apart from Bitcoin, other crypto currencies did not experience any good changes. They were still relatively low. Except for Ethereum, its trading started at around $466 and went up a mere 1% ,while Ripple and Litecoin stood still at $0.46 and $86 respectively.

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