The new week started with good news: on Monday, almost all cryptocurrencies were in the green zone. The Litecoin network set a new hashrate record: on April 4, total capacity reached 359.43 TH/s, and the price also reached its annual maximum at $99 before starting to fall. At present, the cryptocurrency is being traded at $81.86.
Ethereum developers consider new ways of improving the cryptocurrency
At a regular meeting, developers discussed the option of conducting a hardfork every 3 months.
Not everyone agreed with the idea: some team members thought it would be impossible to prepare for a hardfork in just 3 months, as the previous hardforks had all required at least six months’ preparation. One thing that everyone agreed on was that minor updates need to be conducted as frequently as possible in order to ensure efficient development of the Ethereum network.
Binance research: Maximum correlation between Bitcoin and altcoins indicates changing trend
Specialists at the major crypto exchange Binance have released a study called ‘Investigating cryptoasset cycles’ which showed that a significant market correlation in 2018 pointed at prices on Bitcoin and altcoins reaching their minimum values. The study also showed that changing trends in the crypto market are linked with the degree of correlation between altcoins and Bitcoin. The digital asset market is heavily dependent on collective thinking that often occurs in late bull and early bear stages.
According to a report released by analysts at the exchange, the prices have reached their minimum value. This is prominent in the market’s steady rehabilitation which has been going on since early April. The authors believe that the fall of Bitcoin in November 2018 became a step in its long term movement towards another bull stage in the market.
Using data collected between February 2014 and March 2019, the research group identified that when correlation between altcoin and Bitcoin prices relative to USD reaches a certain positive value (between 0.8 and 1), the trend for Bitcoin changes: it stops moving in the previously defined direction.
Bitcoin SV is in trouble
Many exchanges are refusing to work with the cryptocurrency released by Craig Wright. Note that Bitcoin SV is a cryptocurrency that resulted from the hardfork in the Bitcoin Cash network on November 15. Back then, the blockchain was divided into two chains: BCH ABC and BCH SV. At the time, the community was separated into two camps. We have already covered the details of the ‘war’ between supporters of the two cryptocurrencies on our
blog. Fans of Bitcoin SV became a sort of liberal camp. As a result, both coins were added to exchanges: the ABC blockchain was named Bitcoin Cash under the BCH ticker, while Craig Wright’s blockchain was called Bitcoin SV with the BSV ticker.
Anyway, at present the major crypto exchange Binance, ShapeShift and wallet Blockchain.com have all announced their decision to delist Bitcoin SV.
— Erik Voorhees (@ErikVoorhees) 15 апреля 2019 г.
‘We are agree with the decision made by Binance and Changpeng Zhao. We will delist Bitcoin SV from ShapeShift within 48 hours,’ wrote ShapeShift CEO Voorhees. Later, the cryptocurrency platform Kraken joined the movement, launching a Twitter poll to determine whether or not they should delist Bitcoin SV. 72% of 61 thousand respondents deemed BSV to be toxic and voted to take the asset off the platform.
Should Kraken delist Bitcoin SV (BSV)? #delistbsv
— Kraken Exchange (@krakenfx) 15 апреля 2019 г.
The negative response in relation to Bitcoin SV is also linked to the fact that mining the cryptocurrency turned out to be unprofitable. According to Bitmex analysts, the profitability of mining this altcoin is currently at -12%. This figure was determined based on information about the number of mined coins, their price and the minimal cost of electricity.
Based on our estimates and current coin prices, since the November 2018 split, Bitcoin Cash SV miners have accumulated gross losses of US$2.2m (a negative gross profit margin of 12%). This is accounting for mining electricity costs onlyhttps://t.co/U9hbK4peip pic.twitter.com/LE5elvKDge
— BitMEX Research (@BitMEXResearch) 12 апреля 2019 г.
In 24 hours, the price of Bitcoin SV fell by 21%.
Telegram opened access to the test version of TON
Only a limited number of teams have been granted access at present. It was given to both Russian and foreign companies working on blockchain. Developers will be able to install a node from the TON blockchain network in their systems.
Testing will give the opportunity to study the functionality and readiness of the network, as well as available transaction types and speed.
The number of processed transactions in the Bitcoin network exceeded 400 million
In the entire history of the first cryptocurrency, the network has processed over 400 million transactions. Today, the network processes around 350 thousand transactions per day, or 14.9 thousand per hour. The average transaction is valued at 5.44 BTC.
The Bitcoin blockchain has processed more than 400 million transactions, and it didn’t need anyone’s approval. Suck it, central banks!
— Hard Fork | by TNW (@HardFork) 9 апреля 2019 г.
French insurance companies will be able to invest in cryptocurrency
A new bill passed in France (‘Action Plan for Business Growth and Transformation’) will allow insurance companies to invest in cryptocurrencies and tokens. The French market is evaluated at 2 trillion dollars. Insurers will be able to invest in cryptocurrency using specialized professional funds. They will also be able to offer products based on cryptocurrencies to their clients.