Crypto Market Update (30 July 2018)

Bitcoin Global News (BGN)

July 30, 2018 -- ADVFN Crypto NewsWire

General Market Outlook

The market is dipping slightly after a slow uptrend over the weekend. Nearly all coins are down , but trading volume has climbed steadily by $2 billion to $14 Billion in past 24 hours. The only major stand out of the top 100 coins by market cap today is Polymath (POly) - up almost 11% in the past 24 hours. Bitcoin (BTC) is right around 8,200 for no significant change with a total market dominance of about 48%, and Ethereum (ETH) is right at $460 for -1% change in the past 24 hours. Market cap for the overall cryptocurrency market dropped over $3 billion doin to $294 billion total.

Major Headlines

Ethereum Network Upgrades and Hard Fork

Planned upgrades and a hard fork to the Ethereum network will make it a viable global network, but work is still in progress. The Ethereum “world computer” concept is right out of a Sci-Fi story - a virtual machine available to the world that can’t be turned off, but runs at the cost of “gas,” and currently at below average speed. However, Ethereum has a massive community of developers engaging potential solutions. Those planned will alter how data is store and to increase efficiency, and speed up how mining algorithms are solved. Testing begins August 13th. The hard forked will set the perfected improvements in stone by October of this year.

Mining Apps Banned From Google Play Store

Last month the Apple store banned any apps that mine cryptocurrencies, and now the Google Play store has followed suit. Back in April, Google banned cryptocurrency mining browser extensions on Chrome. It was just last week that the Google Play store briefly made the cryptocurrency world think that you could no longer download MetaMask for the browser as well. The most recent update to the Google Play store came with the policy change against mining cryptocurrency, but specifically still allows apps which are used to monitor the performance of cryptocurrency mining that is occuring on other devices. This is a benefit to the industry, as most in app mining software was being used maliciously.

Largest Mining Facility In N. America

A new crypto mining facility will be the most energy intensive in North America when finished in September of this year. DMG Blockchain Solutions began installing a new electrical transformer and power substation in the 27,000 square foot facility to increase its mining efforts more than double what they were previously. The new transformer has an 85-megawatt capacity ( a single megawatt could power about 400,000 homes). Mining remains the most effective way to potentially earn cryptocurrencies totally anonymously, because new coins do not have a transaction history. But the platform is taking one step further than most ming facilities by focusing on KYC (Know your Customer) and AML (Anti-money laundering) features so that they can offer Mining-as-a-Service (MaaS).

Top 5 Gainers

SyncFab (MFG) +314.10% at $0.010223

ATBCoin (ATB) +102.77% at $0.076064

Fox Trading (FOXT) +90.16% at $0.139535

U.Cash (UCASH) +55.01% at $0.004036

MSD (MSD) +45.52% at $0.005705

Top 5 Losers

MobileGo (MGO) -42.26% at $0.119535

HollyWoodCoin (HWC) -35.71% at $0.489469

SPINDLE (SPD) -26.67% at $0.004260

Soarcoin (SOAR) -26.65% at $0.017610

Sp8de (SPX) -22.07% at $0.000258