Huobi published its report for the week running from Nov. 11th to Nov. 18th and it is marked by a decrease in digital asset prices. The report also focused on several other issues including the industrial application of blockchain technology, the use of cryptocurrencies by risky personalities, the possibility of paying taxes using cryptocurrencies, and the use of blockchain technology in elections. The 25-page report also touched on how the crypto community interacted on social media.
Market and Technical Statistics
The majority of digital assets registered price decreases. The market capitalization of the top 100 projects tumbled by 13.98 percent during the specified week to $175.8 billion. HC registered the largest decrease of 36.69 percent and was relegated to the 100th position. Nine projects entered the top 100 list with FCT increasing by 86.75 percent and claiming the 71st spot. Other newcomers include SRN, ODE, DGTX, ELA, BOS, PAY, INB, and THETA.
As of Nov. 18th, Bitcoin was trading at $5,563.68, 13.16 percent less than its last week price. Ethereum suffered the same fate as it dropped by 19.15 percent in the same period to trade at $170.80. Due to its price drop, Ethereum was overtaken by Ripple’s XRP as the world’s second largest cryptocurrency by market capitalization.
The top 10 cryptocurrencies which accounted for nearly 86 percent of the entire market cap, dropped by 13.39 percent from the previous week to $157.06 billion. Bitcoin’s dominance on the market cap increased by 0.7 percent from the previous week to reach 52.94 percent.
The Bitcoin hashrate increased while that of Ethereum decreased. The difficulty of Bitcoin mining remained relatively stable from the previous week and that of Ethereum increased by 0.66 percent. The top 5 Bitcoin mining pools – BTC.com, Slushpool, AntPool, F2Pool, and, ViaBTC – accounted for 60.8 percent of all Bitcoins mined in the week.
Bitcoin, Ripple, and Ethereum, the top 3 cryptocurrencies by market capitalization were the most popular digital assets on Facebook and Twitter.
Weekly Blockchain News
The State of West Virginia reported that the first instance of blockchain voting for military personnel stationed overseas in 24 countries in the U.S midterms elections was a success.
Mac Warner, the Secretary of State of the U.S. state of West Virginia was quoted as saying:
“This is a first-in-the-nation project that allowed uniformed services members and overseas citizens to use a mobile application to cast a ballot secured by blockchain technology.”
Still, with elections, the Democratic Party, the main opposition party in Thailand became the world’s first major political party in the world to “carry out primary elections entirely on the blockchain.”
The Canadian House Finance Committee discussed cryptocurrency regulation in a bid to curb money laundering. Cryptocurrencies are anonymous and difficult to trace making them a favorite choice for some criminal actors. According to iPolitics, cryptocurrencies “have a history of being used by risky personalities such as Edward Snowden and Julian Assange.”
The Monetary Authority of Singapore, Bank of England, and Bank of Canada released a joint report that “singled out central bank digital currencies as being one of the solutions that can be implemented in order to solve the challenges encountered when making cross-border payments.”
Amid the nosedive in the prices of digital assets, Switzerland became the first country in the world to launch an exchange-traded product (ETP) that tracks multiple cryptocurrencies.
The Internal Revenue Service Advisory Council believes that taxpayers should be allowed to pay their taxes in cryptocurrencies and this could help the “agency strengthen its collection enforcement.”