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Crypto Markets Continue To Fumble Amidst CFTC Investigations On Bitcoin (BTC) Manipulation

The last 48 hours have blind sided many crypto traders and enthusiasts with two events that have left the crypto-markets in turmoil.

The first one, was the confirmed hacking of popular South Korean exchange known as Coinrail. The total theft during the hack has been estimated to be at around $40 Million but the ripple effect on the cryptocurrency markets has been larger. Analysis indicate that the total market capitalization lost $20 Billion from Saturday night before the hack, rolling into Sunday as news of the hack spread like wild fire in the crypto-verse.

CoinRail further gave information of the tokens that were hacked without disclosing the exact amount stolen of each. These were the tokens of NPXS from the Pundi X project, ATC from Aston and NPER token from the NPER Project.

What then followed soon after news of the hack, is additional news of four exchanges being investigated by the United States CFTC (Commodity Futures Trading Commission) with respect to ongoing investigations of Bitcoin manipulation since last December. The exchanges in question are Coinbase, Bitstamp, Itbit and Kraken. These 4 exchanges have been Subpoenaed by the CFTC and the US Department of Justice after delaying to provide trading information when requested to do so by the CME back in January. This is the red flag that brought in the CFTC and the acceleration of the queries about BTC manipulation.

The cryptocurrency markets have since responded by dropping an additional $20 Billion in volume. The current total market capitalization now stands at $293 Billion indicating that the crypto-markets have lost a total of $47 Billion due to both events highlighted above.

One of the first individuals to notice the market drop after the news, was cryptocurrency spokesperson, John McAfee who had this to say via Twitter.

Do not panic about the drop in Bitcoin’s price. It is an overreaction to the news that Bitstamp, Coinbase, itBit and Kraken are being investigated for price manipulation. This will delay the bull market by no more than 30 days. Don’t buy into the fear. Buy the coins.

He would later give similar advice with respect to the ongoing EOS MainNet launch and the effect of the above events on the price of EOS.

EOS launch: ignore any immediate price fluctuations due to the investigations of Bitstamp, Coinbase, itBit and Kraken. Any dop will be short lived and followed by a boom.

In conclusion, the last 48 hours have been a rough time for the cryptocurrency markets. However, the crypto-verse has gone through similar, if not worse events, that forced a knee jerk reaction. One needs only remember the early year FUD associated with South Korean and Chinese regulation as well as the Coincheck hack that left over $500 Million in NEM (XEM) stolen. The crypto-markes shall recover as advised by McAfee.

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Call To Assist Ripple (XRP) In Designing A New XRP Symbol

Bitcoin (BTC) has its own symbol that is the letter ‘B’ with two parallel lines running vertically down it – ₿. This symbol is similar to the USD symbol that is an ‘S’ with one, and sometimes two parallel lines running down through the letter – $. Ethereum (ETH) has that cool looking three dashes that was unknown to this author up until now. Some Ether fans have proposed changing this symbol to the more known diamond symbol that is seen in playing cards. Ripple (XRP) has one, but it is the logo of the parent technology company that has a vision of simplifying cross border payments on the blockchain.

                       Ethereum Logo and Symbol side by side [ethereumsymbol.com]

It is with this background that there is growing support to differentiate the Ripple name and logo of the parent tech company, with the digital asset called XRP. The Ripple community has come together to conclude that XRP needs its own Unicode Standard like the one seen in Bitcoin – ₿.

A Unicode Standard is an internationally agreed character coding system that allows for the identification, interchange and processing of written texts along diverse languages, cultures and technical disciplines. This way, XRP can be identified by someone in China as well as someone in Brazil or even Rwanda.

The new symbol hopes to bring forth the qualities of the coin in that it is fast, popular, independent and enhances the exchange of ‘value’ during a transactions.

Current proposals by the Ripple team are centred around the letter ‘X’ due to XRP’s role in moving funds across borders and also that ‘x’ is the common symbol for multiplying in mathematics. XRP allows for entities to build one each other’s concepts and ideas to make something bigger hence multiplying to produce an efficient, mutually beneficial outcome.

The Ripple Github repository has a wide range of community driven designs for us who are interested in assisting to go through. You can also download the currently proposed symbol here. Two of the proposed symbols can be found below.

                                                          

All this is good news for the Ripple community as it seeks to find a new symbol for the coin they are enthusiastic about. The process is decentralized in that it asks for the opinion and assistance of the Ripple community.