The Sky Is Falling!

Okay, maybe we’re being a little dramatic. But, this week was a bloodbath for the cryptocurrency market. For the first half of the week, the market seemed to be continuing the non-volatile movement we’ve gotten accustomed to over the last few weeks. However, on Wednesday, things turned south with an almost immediate seven percent drop in the market cap. Several events may have contributed to this steep dropoff, but the infighting and subsequent hard fork of Bitcoin Cash certainly didn’t help.

Since this time last week, the entire cryptocurrency market fell just over 13 percent, currently resting at about $184B. A drop like that makes us hesitant to check in on the top coins.

Bitcoin fell to 2018 lows this week, losing 12.24% of its value.

XRP jumped over Ethereum in the rankings but still dipped 5.83%.

Ethereum took a heavy tumble as well. A 15.43% tumble, to be exact.

It’s worth noting that the Bitcoin Cash drama has greatly affected the price, with the Bitcoin fork falling 28.88% this week.

Cryptocurrency Market Stats (11/16/2018)

Domestic Cryptocurrency News

Microsoft Combines SDK with DLT: Yesterday, Microsoft released a blockchain development kit (BDK?) as part of the Azure Blockchain Workbench platform. The company intends for the blockchain SDK (we like BDK better…) to help businesses quickly integrate distributed ledger technology (DLT) into their existing systems and workflows.

The initial release includes capabilities such as connecting interfaces like mobile devices and IoT, integrating data that resides off-chain, and executing smart contracts. Microsoft plans to continue to expand the BDKs offerings as additional use-cases come to light.

Trump’s Acting Attorney General has Strange Crypto Ties: And we’re not talking about the ones you wear around your neck. President Trump’s temporary Attorney General, Matthew Whitaker, has a colored history, to say the least. Whitaker previously sat on the advisory board of World Patent Marketing, a firm most notably known for being shut down by order of a federal judge.

It’s unclear just how involved he was with the business, but the list of the company’s clientele is something to behold. They worked with a toilet for well-endowed men, a Sasquatch doll, and most importantly, a time travel cryptocurrency. If only that were the worst idea involving cryptocurrency we’ve heard…

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Cryptocurrency News from Around the World

Oxfam Blockchain Helps Cambodian Farmers: On Thursday, Oxfam officially launched BlocRice, a blockchain-based solution giving farmers more bargaining power when dealing with buyers. The platform provides smart contracts between Cambodian rice farmers, Cambodian exporters, and Dutch buyers.

BlocRice started as a pilot program last April and is set to expand in March 2019. Oxfam hopes to reach beyond the Cambodian rice industry into other countries as well as other verticals.

Tokyo Police Bust Cryptocurrency Pyramid Scheme: Another day, another crypto scam. This time, eight people were arrested for their involvement in a pyramid scheme that cheated thousands of people out of nearly $70 million dollars. The crew convinced several people to give them money to buy Bitcoin on their behalf, claiming up to 20 percent monthly returns. They also promised additional investment returns if current investors referred new people.

Six of the eight accused have already admitted guilt.

The post This Week in Cryptocurrency: November 16, 2018 appeared first on CoinCentral.

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