What Happened Today in Crypto?

Binance and Coinbase support upcoming Hard Fork of Bitcoin Cash

It will go down in cryptocurrency history that November 15 is the date of Bitcoin Cash (BCH) hard fork. This upcoming division will lead to a price increase of the coin. Reports have already indicated that within the past 24 hours Bitcoin Cash has increased by 4.21% thereby costing $564. Consequently, the two biggest exchanges in the cryptocurrency ecosystem – Coinbase and Binance have released statements as regard this latest incident.

Binance in its blog indicated its willingness to support the upcoming hard fork. According to the blog, “We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC). Deposits and withdrawals of Bitcoin Cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC). “

Coinbase, on the other hand, expresses their desire to watch the current situation and try as much as possible to reduce the risk of customers’ disruption. Furthermore, it will also suspend trading with Bitcoin cash. According to the statement, “beginning at 8:00 AM PST on 11/15/2018 (approximately 1 hour before the fork). Please be sure all BCH sends and receives are completed prior to that time. During the pause, your BCH will remain safely at Coinbase.”

XRP breaks through the $0.5 resistance after a long period

Within the past few days, there has been lots of intriguing cryptocurrency momentum with numerous markets experiencing gain in value while others are less impressive as expected. In spite of this, the case of XRP seems different, as things are looking promising with its asset finally breaking through the $0.5 resistance. The price has remained stagnant at $0.46 for a long period.

Over 25 hours now, the value of XRP to USD has experienced a net gain of $1 combined with a slightly bigger profit over Bitcoin. Speculators and traders are continuing to get profits throughout the markets and XRP seems the best opportunity. Well, staying above that $0.5 market will be its first test; however, it shouldn’t create any major problems considering the current circumstances.

TRON get approval to replace Genesis Representatives with Super Representatives

During 25 June, which was the Independence Day of Tron (TRX), there was a special group of Representative assembled together with the aim of launching the Genesis block. The group known as Tron Independent Group (TIG) was a community consensus-based group comprising of 27 unidentified, volunteer Genesis Representatives.

The duty of the TIG included providing Super Representatives with a fast track for TRX migration. The plan was then to substitute the Genesis Representative with the newly elected Super Representatives after their first SR elections, which began a day after its independence. Finally, the plan to replace the Genesis Representatives was approved after the first vote was disapproved because it failed to achieve the required 19 votes. However, another vote was conducted and it got 20 votes, which surpass the required 19 votes to remove the power of the Genesis Representatives.

HSBC executes the first blockchain payment in India for Major Companies

Regardless of the current tension facing cryptocurrencies in India, HSBC has purportedly unveiled its first oversea financial transaction, which used blockchain-based technology. HSBC achieved this feat by collaborating with Tricon Energy, a US-based company, and India’s Reliance Industries, which is the second largest publicly traded company in India.

This new feat has received various commendation considering the fact that it will significantly reduce the timelines involved when exchanging export documentation from 7-10 days to less than 24 hours. It is quite doubtful if HSBC actions to use the blockchain technology for the transaction are in violation of the current position of the Indian government.

China Plan to strengthens supervision on Blockchain related activities

China’s Central bank have indicated that bubbles in blockchain financing are inevitable and the government will strengthen its supervision to fend off financial risks. Market manipulation, speculation, and other irregularities in blockchain related financing and investment are common in China and the central bank indicated this in a working paper released earlier today.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.
Ali Raza is finance editor at TheOofy. He is a journalist with experience in web journalism and digital marketing. Ali holds a master degree in finance and enjoys writing about cybersecurity, cryptocurrencies, and technology.