bitcoin shows strength relative to the 2013 bear market, as IBM works with Stellar, Amazon gains two patents, XRP continues its security classification battle, and traders bet on the future of bitcoin Cash. Catch up on today’s info.
bitcoin Shows Large Growth In Many Areas From Previous Bear Market
It’s no secret that this year has been tough for crypto. The industry’s largest market cap player bitcoin is in the spotlight, as people look back to last year’s exuberance of almost $20k per BTC.
The current market is in some ways comparable to the 2013 bitcoin bear market. Although this time around highlights some of the growth bitcoin has seen since 2013.
Crypto Insider explains bitcoin in relation to the Gartner Hype Cycle – meaning bitcoin grows in strength after each crash cycle.
For example, Google trends search term “bitcoin” is still more than twice its size comparative to post-crash 2013.
IBM And Stellar Challenging Ripple With Global Payments System
Ripple has made numerous this year with news of innovation in the banking world. However, competitor Stellar (XLM) also looks to bring revolution.
Tech giant IBM has chosen to work with Stellar in the global banking sector.
“Stellar offered the combination IBM was looking for in terms of non-profit status coupled with an open source codebase, a well-developed software API, and the technology to make it work”, explained Crypto Insider.
Stellar is also stated to have the necessary scaling potential.
Amazon Wins Patents For Cryptography And Distributed Data Storage Solutions
Today brought news of Amazon’s noise in the patent world. The company has received two patents today in the areas of digital signature integrity and distributed data storage.
The explains – “[p]rotecting the integrity of digital signatures and encrypted communications is an important problem”. The patent describes solutions to these problems, including “one-time-use cryptographic keys”, as reported by CoinTelegraph.
The includes “[T]echniques for extending grids in data storage systems”. CoinTelegraph explains how these methods may have the potential to optimize storage.
Ripple Lawyers Try To Move Securities Lawsuit To Federal Court In ‘Slick’ Move
seems like it has been one giant game of “is it a security or not?” guessing. Ripple (XRP) is a major crypto player still hanging in the balance, in terms of classification.
Recent news shows courts elevating the XRP case to federal status. This means XRP could be free of the security label if Ripple sees a victory in the judiciary system.
Traders Now Betting 2-to-1 bitcoin Cash Fork Will Cause Price Decline
The upcoming BCH fork on November 15 is a hot topic in the crypto space right now. According to CoinDesk, “[n]ew data is offering insight into how crypto traders are pricing in a coming technical update to bitcoin cash”.
There are twice as many people betting against the price of BCH than those going long BCH. Bitfinex shows 89,457 open shorts for bitcoin Cash currently, and 53,322 open longs. The data is given by CoinDesk and corresponds to press time.
Available information currently shows a downward price move for BCH as the crown favorite.
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bitcoin on Tuesday extended its downward momentum, dropping 0.67-percent against the US Dollar. The BTC/USD trading pair opened the Asian trading session at 6288-fiat and attempted an upside correction to as high as 6309-fiat. The selling pressure around the 6309-level resumed the downtrend. As a result, the pair kept forming red candles for the rest
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