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Ethereum Classic pulled out!

Ethereum Classic pulled out!

January 8, 2019 6:51 am,

If there is one guarantee that cryptocurrency provides, it’s that no one can spend the same coin twice. Every transaction ever made with Bitcoin, is recorded in a database that anyone can access. The database is called a blockchain and it’s supposed to keep everyone honest. But Ethereum Classic had allowed in an attack for someone to use the same coins twice.

The attack highlights a problem that blockchain experts have known since the beginning of cryptocurrencies. Virtual currencies are only secure as long as people remain honest while maintaining the blockchains that recovers cryptocurrencies. It’s also a big blow to the ETH Classic, which can no longer be traded on CoinBase a major exchange for all kinds of cryptocurrencies.

The attackers could spend the coin twice because of whats called a 51 percent attack. To do this, attackers too control of more than half of the processing power that computes and stores the ETH Classic blockchain. That lets the attackers create alternative transactions for some coins, essentially spending them twice. The coins spent twice were worth about $460,000.

As the whole cryptocurrency is waiting for the approval of a Bitcoin ETF by the US SEC, with hopes to drive up the institutional investors in the space. As the commission continues to prolong the approval of the exchange traded products, other countries have started to step up and look into the benefits of a Bitcoin ETF.

Japan, being one of the leading countries in terms of cryptocurrency adoption. Japan is not the only country interested in exchange traded fund. Switzerland regulatory bodt approved an ETP, making it the very first country to do so. SIX Swiss Exchange, Switzerland’s main stock exchange. ETP is designed to track an index of the major 5 cryptocurrencies in the market, BTC, XRP, ETH, LTC and BCH.

With a $7 billion increase in the combined value of cryptocurrencies, the market has initiated a decent short term price movement. But, as the cryptocurrency trader with an online alias said, the valuation of cryptocurrencies would have to break out of the major resistance levels in the range of $160 billion to $180 billion to call for a convincing short term rally.

For three months, the market has hovered between $100 and $140 billion. As seen in the yearly chart below, short term volatility in a low range doesn’t present a proper accumulation period. Many traders anticipate an increase in market capitalization to $180 billion as a potential catalyst for a mid-term rally. Even a recovery to $200 to $250 billion range could still leave the market vulnerable to a future additional drop in value. There exists several catalysts in the likes of the schedules launch of Bakkt, the US SEC’s decision on the VanEck BTC exchange traded fund (ETF) filing, and the development of Nasdaq’s BTC futures market that may contribute to a potential rally of cryptocurrencies in the 1st quarter of 2019.

However, the probability of the three events materializing within the next two months is slim. Bakkt is already delayed the launch of its futures market. Hester, a pro-crypto commissioner, said the investors should not wait on the approval of the ETF as it could be days or years.

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