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Bitcoin Dips Below $3,400 as Market Volatility Continues

Bitcoin’s volatility continues, the coin dropping below $3,400 soon after challenging $3,700.

Tuesday, Dec. 11: crypto markets have continued moving in a downward trend after challenging a recovery attempt on Sunday, Dec. 9. Almost all of the top 20 coins have seen losses over the 24-hour period, with Bitcoin SV (BSV) down the most, seeing just over 6 percent losses.

Market visualization from Coin360

Having failed to hold $3,500 support yesterday, Bitcoin (BTC) has briefly dropped below the $3,400 threshold earlier today. However, the intraday low $3,397 is still not the lowest point over the week, with the coin’s intraweek low around $3,280 on Dec. 7.

As of press time, Bitcoin is trading just above $3,400, down around 2 percent over the past 24 hours.

Recently, Cointelegraph reported on Bitcoin’s increased volatility, which has risen threefold on the month.

Bitcoin 7-day price chart. Source: CoinMarketCap

Bitcoin’s share of the crypto market, or dominance, currently amounts to 55.1 percent, seeing a considerably steady increase over the past six months.

Bitcoin Market Dominance 1-year chart. Source: CoinMarketCap

Ripple (XRP), the second largest cryptocurrency by market cap, is down about 1 percent today, and trading at $0.29, having dropped below $0.30 for the first time since Sept. 17.

Ripple three-month price chart. Source: CoinMarketCap

The third largest crypto Ethereum (ETH) is down just over 3 percent over the 24-hour period, its price dipping below the $90 threshold for the first time since May 2017. At press time, the altcoin is trading around $88.

Ethereum all-time price chart. Source: CoinMarketCap

Bitcoin SV, recently formed after a hard fork of Bitcoin Cash (BCH), is seeing the most losses among the top 20 crypto markets, with its price having declined over 6 percent as of press time. The coin is trading at $89.91 and ranks eighth in terms of market cap, while Bitcoin Cash is ranked sixth and trading at around $101.

Total market capitalization has dipped below $110 billion again, currently at $107.8 billion at press time. Daily trade volume accounts for $12.7 billion, with 2,068 cryptocurrencies listed on CoinMarketCap.

Total market capitalization 7-day chart. Source: CoinMarketCap

While crypto markets have continued seeing a decline since Sunday, Dec. 9, the former chief economist of the International Monetary Fund (IMF) has recently argued that Bitcoin should be considered a “lottery ticket.” Kenneth Rogoff, who is currently a Professor of Economics and Public Policy at Harvard University, predicted that Bitcoin’s price in the long-term is “more likely to be $100 than $100,000.”

Following multiple reports about the collapse of the crypto mining sector caused by the recent market crash, Cointelegraph has reported today that to date, only two miners that use Application-Specific Integrated Circuit (ASIC) chips and are geared to mine coins that are based on cryptographic hash function “SHA-256” –– such as Bitcoin and Bitcoin Cash ––  are still profitable for mining.

Yesterday, Dec. 10, South Korea’s National Assembly held a debate devoted to crypto regulation. Organized by key local crypto exchanges, the meeting was preceded by the financial regulator’s previous decision to allow banks to service crypto exchanges as soon as they provide proper Anti-Money Laundering (AML) and Know-Your-Customer (KYC) policies.

Earlier today, U.S.-based crypto exchange Gemini, created by the Winklevoss brothers, has launched a mobile crypto trading app. Yesterday, Cameron Winklevoss tweeted on the current state of crypto market, noting that in 2018 “everyone wanted to be in crypto,” while who wants to be in crypto in 2019 remains to be seen.

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‘We’re at Home in Crypto Winter’: Winklevoss Twins Launch Crypto Trading App

Tyler and Cameron Winklevoss have launched Gemini’s mobile crypto trading app together with a new crypto basket investment vehicle.

Cryptocurrency trading platform Gemini founders Tyler and Cameron Winklevoss have launched a mobile crypto trading app together with a new investment vehicle, according to an official blog post published Dec. 11.

As the post outlines, the new app allows users to buy and sell crypto, and monitor real-time and historical crypto market prices for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and ZCash (ZEC). Users can also see the total value of their current portfolio, and set price and percentage value change alerts for their chosen coins.

Further functionality includes a “recurring buy” feature, as well as support for a newly-launched investment vehicle dubbed “The Cryptoverse” –– a basket of cryptocurrencies, weighted by market capitalization, to be bought as a single order.

In an interview with Bloomberg published today, the twins struck a bullish tone in regard to the recent crypto market slump, Tyler stating “we’re totally at home in winter,” and his twin Cameron adding that “it gives us time to build internally, and refine and kind of catch our breath.”

Cameron contextualized the new app as a bid to reach out to retail investors, telling Bloomberg that:

“A lot of our decisions have perhaps given off a perception that we’re more institutional-based. The reality of the situation is that we have a diverse customer base. And the retail story is just beginning.”

The twins also revealed their 2019 goal of expanding to the Asian crypto market, where they will face stiff competition from a thriving exchange industry that includes the likes of Bitfinex, Binance and Huobi. Gemini’s expansion plans have also been rumored to include possible entry to the United Kingdom market, as reported this September.

The twins, stalwarts of the crypto space, have had a checkered history with regulators. Successes include a recent seal of approval from the New York State Department of Financial Services (NYDFS) to launch their own U.S. dollar-backed stablecoin, the Gemini dollar.

Gemini also obtained insurance coverage for custodied digital assets from lending services firm Aon, which will complement Gemini’s already available Federal Deposit Insurance Corporation (FDIC) coverage for U.S. dollar deposits (in place under the New York State BitLicense framework since 2015).

The twins nonetheless faced a high-profile setback this July, when their application to launch a Bitcoin exchange-traded fund (ETF) received its second rejection from the U.S. Securities and Exchange Commission (SEC).

Most recently, the twins have made crypto news with a lawsuit they filed against Bitcoin Foundation founder Charlie Shrem concerning an alleged Bitcoin theft dating back six years.

As of press time, Gemini is ranked 51st among crypto exchanges in terms of adjusted trade volumes, seeing around $16.5 million in daily trades.

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Samsung Dismisses Galaxy S10 Crypto Wallet Reports as ‘Rumor and Speculation’

Samsung has refuted it plans to offer a crypto cold wallet on its Galaxy S10 smartphone.

Samsung has refuted rumors that it has plans to offer a cryptocurrency cold wallet on its Galaxy S10 smartphone, in comments to Cointelegraph Dec. 11.

The Korean-headquartered transnational tech conglomerate had recently filed three E.U. trademarks for blockchain- and cryptocurrency-software Dec. 10. As reported by Samsung community news sharing site SamMobile today, Dec. 11, the trademark requests are part of alleged plans to offer a cryptocurrency cold wallet on the Galaxy S10 smartphone, but this has suggestion been swiftly refuted by Samsung in private correspondence with Cointelegraph:

“Unfortunately we are unable to provide any information as the below is rumour and speculation.”

The three E.U. trademark requests appear in searches on the European Union Intellectual Property Office (EUIPO) website, and are titled “Blockchain KeyStore,” “Blockchain key box” and “Blockchain Core” respectively.

All three have been filed under the trademark category of “Smartphones; Software applications for use with mobile devices; Computer software platforms; Application,” but reveal few details as to the proposed services or applications.

SamMobile had further exclusively “confirmed” that the trademarks are part of the development of a Samsung proprietary cold wallet, which “may be launched” with the company’s Galaxy 10 smartphone. Notably, a previous “exclusive” news story from SamMobile two years ago –– which alleged Samsung would be ditching its 3.5mm headphone jack from its Galaxy S8 model –– transpired not to be true.

As previously reported, Taiwanese consumer electronics manufacturer HTC announced the release of the “first native blockchain phone,” this May, with news this week that decentralized browser Brave is to be the native browser on the firm’s blockchain phone, known as “HTC Exodus 1.”

Samsung SDS –– the conglomerate’s IT and tech subsidiary –– has meanwhile made inroads into the blockchain space via a partnership with major Dutch bank ABN AMRO on a pilot to use the technology for shipping. This summer, Samsung SDS launched its own blockchain platform for finance-related businesses, as well as a further blockchain implementation that targets the logistics industry.

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Just Two ASIC Bitcoin Mining Rigs Remain Profitable in Current Markets

Amid the cryptocurrency market crash, even the newest ASIC crypto mining rigs are struggling to seal profits for their operators.

Amid the cryptocurrency market crash, even the newest crypto mining machines are struggling to seal profits for their operators, according to real-time data published by mining profitability data site ASICMinerValue.com (AMV) today, Dec. 11.

AMV is a site that calculates real-time profitability rates for “ASIC” miners, hardware that uses Application-Specific Integrated Circuit (ASIC) chips, tailored to efficiently mine cryptocurrency based on a specific hashing algorithm. Updated every minute, the site calculates profit yields for specific miners based on current power costs, network difficulty, block rewards, and cryptocurrency prices.

As of press time, the site indicates that among ASIC mining machines geared to mine coins that are based on cryptographic hash function “SHA-256” –– such as Bitcoin (BTC) and Bitcoin Cash (BCH) –– only two are currently making any profit. Both models were released in October 2018, and show $0.58 and $0.21 in daily profits per mined Bitcoin.

ASIC miners tailored for SHA-256-based cryptocurrencies, in order of profitability, Dec. 11. Source: ASICMinerValue.com

The currently most profitable machine, the Ebit 11++, was released by Chinese mining hardware manufacturer Ebang Communication and is currently priced at $2,024.

As reported just this week, mining manufacturing giant Bitmain has announced it will be closing its development center in Israel and firing local employees, with local reports attributing the decision to “the current situation” and “shake-up” of the global crypto market.

This October, even ahead of the recent market slump, a report from crypto outlet Diar indicated that crypto mining is gradually becoming profitable only for “big guns,” whose pockets are “deep” enough to subsidize burgeoning electricity costs.

A Cointelegraph in-depth report published this November analyzed the impact of the protracted crypto bear market on the mining landscape, including its impact on global sales of Graphics Processing Units (GPUs).

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The Biggest Rises and Falls of Bitcoin, Explained

There have been rises of 1,950 percent in a year, and falls of 50 percent in a day. Here’s a look at the turbulent history of cryptocurrency.

November 2018

What is it about Novembers?

Over the course of 2018, Bitcoin has had an annus horribilis — with prices tumbling by more than 83 percent when compared to the all-time high of $19,783.

This is worse than the Nasdaq’s plunge when the dot-com bubble burst in the U.S. — and it has also delivered catastrophic consequences for many other digital currencies, which have now been rendered worthless. This is because the fate of many coins, and indeed other cryptocurrencies, is tied to blockchain in some way or another. Just take a look at Ethereum as a case in point, which has tumbled from $1,400 toward the start of 2018 to about $110 at the time of writing.

To get an idea of the enormity of this drop, Bitcoin hadn’t dipped below $4,000 since September 2017 before November’s bloodbath began. In the space of a week, Bitcoin Cash plummeted more than 56 percent — and was even overtaken by EOS briefly from a market capitalization perspective, leaving it relegated to the fifth-largest coin in the marketplace.

Following the ups and downs of the crypto market doesn’t need to be a daunting experience. Keeping an eye on the news can help ensure that you stay one step ahead — and get an idea of when major events are going to have an impact on prices. Sites such as Coin360 have also been making the market easier to navigate — offering a visual representation of cryptocurrencies and coins in real time. The size of each graphic reflects the cryptocurrency’s market capitalization — with prices and percentage changes illustrated in red and green so enthusiasts can see where the industry is heading at a glance.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

December 2017

Bitcoin has had startling highs as well as lows.

Over the course of 2017, Bitcoin grew by a dazzling 1,950 percent — going from $974 to $20,000 in the space of a year.

Back then, as this article from Cointelegraph at the end of last year shows, there were warnings from certain commentators that a bubble was looming. Perhaps it would have been prescient to remember the wisdom of Nelly Furtado at the time. That said, crypto advocates continue to maintain that the volatility of Bitcoin can be as much of a help as a hindrance — and believe that, one day soon, it will perform in line with the glory days of 2017.

April 2013

Percentage-wise, one of the biggest falls in Bitcoin’s value.

With dizzying speed, the cryptocurrency managed to swell to a price of $260 in a bullish market, as exchanges blossomed and trader numbers boomed. But as Nelly Furtado once said, all good things must come to an end. The price tumbled down to $45 in the space of two days — a decline of 83 percent. Even roller coaster rides aren’t that brutal.

November 2013

Arguably the most famous decline in Bitcoin’s history.

Toward the end of 2013, the price of a single Bitcoin was about to reach $1,200 — modest by today’s standards but a big deal at the time. In the preceding weeks, a United States Senate hearing had buoyed the market by concluding that Bitcoin held great promise, and even China’s Central Bank had offered cautious approval.

But it wasn’t to last. China then concluded that Bitcoin was not a currency and began to impose restrictions. The bear market certainly wasn’t helped by the devastating implosion of Mt. Gox back in 2014, which saw roughly seven percent of all Bitcoin in circulation vanish. At the time, they would have been worth an eye-watering $473 million. Other distributed denial of service (DDoS) attacks added to the crisis of confidence.

The warning signs first flashed on Nov. 19, 2013, when prices halved in a single day — tumbling from $755 to $378. Although they rallied soon afterward, the end of the month signaled the start of a slump that wouldn’t end for more than a year.

Toward the end of the correction, in January 2015, prices slumped to a paltry $150 — and the ramifications have lingered for years. Overall, prices tumbled by 87 percent over the 411-day ordeal.

November 2011

A sharp fall in the early days of Bitcoin.

June 2011 had seen Bitcoin’s price hit about $32, falling precipitously to $2 over the course of five months — that’s a 94 percent drop. Many investors, unsure about what to expect in the crypto world, decided to cut their losses and get out of the Bitcoin game altogether — and these same people will now be kicking themselves that they didn’t ride out the correction, as they would have undoubtedly been multimillionaires by now.

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Report: Stablecoins See Significant Growth in Adoption Over Recent Months

A recent analysis by Diar has found that stablecoins are becoming more widely adopted, seeing significant growth in on-chain transactions.

According to analysis by research firm Diar published Dec. 10, the adoption of stablecoins is growing based on the increasing number of on-chain transactions.

Per Diar, four major stablecoins to date — USDC, True USD (TUSD), Paxos (PAX) and the Gemini dollar (GUSD) — have broken the $5 billion mark in on-chain transactions within the three-month period.

November reportedly saw a massive 1,032 percent surge in on-chain transactions compared to September, when the stablecoin market breached the $2.3 billion mark at the end of last month.

Diar notes that Paxos has recorded over $1.8 billion on the Ethereum (ETH) blockchain alone during the past three months. The figure is reportedly double the number of USDC jointly developed by major U.S. cryptocurrency exchange Coinbase and blockchain payment company Circle.

Cryptocurrency exchanges have been increasingly adding stablecoins to their platforms. Recently, crypto exchange Bitfinex and its spin-off Ethfinex added support for USDC, TUSD, PAX, and GUSD to already supported Ethereum-backed coin DAI and the industry stalwart, Tether (USDT). The move was made in a bid to keep the platforms “agnostic.”

Major cryptocurrency exchange Binance renamed its Tether Market to be a combined Stablecoin Market (USDⓈ), which will purportedly allow the exchange to support more trading pairs of stablecoins. Prior to that, Binance added support for PAX, TUSD, and USDC.

Last week Cointelegraph reported that Chinese crypto investor Li Xiaolai will lead a stablecoin project within the Hong Kong-based blockchain fund Grandshores Technology. The new stablecoin will purportedly represent a “stable digital currency system” that will be focused on global mainstream currencies.

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Markets Fail to Hold Yesterday’s Gains, Bitcoin Trades Below $3,500

Crypto markets have failed to hold on to gains from Dec. 9, with Bitcoin trading below $3,500 again.

Monday, Dec. 10: Crypto markets have failed to hold another recovery attempt, with nearly all top 20 coins by market capitalization in the red as of press time.

After a slight bump yesterday, Dec. 9, with Bitcoin (BTC) seeing its price grow from around $3,400 to more than $3,600, markets are seeing another decline as losses over the 24-hour period for some major coins reach more than 9 percent, according to CoinMarketCap.

Market visualization from Coin360

Market visualization from Coin360

The top cryptocurrency Bitcoin is down by 4.59 percent, trading at $3,474 at press time. As noted earlier today, the Bitcoin volatility index has recently spiked threefold on the month, following a period of price stability.

Exactly one year ago, on Dec. 10, 2017, the price of Bitcoin was $17,102 per coin, almost 80 percent higher than the price of Bitcoin today. Bitcoin’s market share index is 55 percent, down from 62.4 percent exactly one year ago, according to data from CoinMarketCap.

Bitcoin all-time price chart. Source: CoinMarketCap

Bitcoin all-time price chart. Source: CoinMarketCap

The second cryptocurrency by market cap, Ripple (XRP), is seeing more losses today, down almost 5 percent over the past 24 hours and trading at $0.301 at press time.

XRP 7-day price chart. Source: CoinMarketCap

XRP 7-day price chart. Source: CoinMarketCap

After dropping below the $100 price point on Dec. 6, major altcoin Ethereum (ETH) has dipped to as low as $90 per coin earlier today. The altcoin is trading at $90.99 at press time, down almost 6 percent over the 24-hour period.

Dash is seeing the biggest losses among the top 20 coins at press time, with its price down 9.58 percent, and trading at $68.14.

Total market capitalization is $110 billion at press time, down from $115 billion at the beginning of the day. Daily trade volume is $13 billion at press time.

Total market capitalization 7-day chart. Source: CoinMarketCap

Total market capitalization 7-day chart. Source: CoinMarketCap

Recently, the Indian government reportedly suggested new regulations to entirely ban cryptocurrencies in the country. According to anonymous sources, a government panel “has categorically said” that the crypto operations should be considered illegal and monitored by India’s central banking institution the Reserve Bank of India (RBI).

While India may soon join the list of anti-crypto countries like China, some European countries have taken a more crypto-friendly regulatory approach. The British Parliament is purportedly considering allowing payments to local authorities and utility providers with Bitcoin. In late November, Liechtenstein authorities granted a license to Cryptoassets Exchange (LCX) to operate as a fully regulated blockchain ecosystem.

Meanwhile, the crypto industry’s mining sector continues to struggle, with China-based mining giant Bitmain reportedly closing its development center in Israel, as well as laying off local staff.

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Crypto Exchange ErisX Appoints Digital Markets and Exchange Veteran Matt Trudeau as CSO

New crypto exchange ErisX has announced the appointment of veteran exchange founder Matt Trudeau as its chief strategy officer (CSO).

New crypto exchange ErisX has announced the appointment of veteran exchange founder Matt Trudeau as its chief strategy officer (CSO), according to a press release published Dec. 10.

As reported this October, ErisX is a reboot of traditional futures market Eris Exchange, and is expected to offer spot trading in Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC), alongside futures contracts in 2019 Q2, pending United States  regulators’ approval.

According to the ErisX press release and his LinkedIn profile, Matt Trudeau has to date assisted in ten global market launches — including Instinet, Chi-X, IEX and Tradewind. The latter is a platform which leverages blockchain technology to tokenize the trading, settlement and ownership of precious metals. Trudeau is also currently CEO of a Brooklyn-based crypto- and blockchain-focused startup consultancy firm.

More broadly, as the press release notes, Trudeau’s experience in the digitalization of the U.S. equities market over the past decade has consolidated his expertise in trading technology and electronic exchanges within the context of regulated global financial markets.

Trudeau’s official statement today characterizes the new ErisX venture as a “needed evolution to the way individuals and institutions trade digital assets” by integrating crypto spot trading and regulated futures contracts under one canopy. In his new role as CSO, he will reportedly be tasked with exploring “new avenues for revenue growth” and driving the firm’s “market structure efforts.”

As reported in early December, ErisX raised $27.5 million from Fidelity Investments and Nasdaq Ventures, among others, following a prior investment from retail brokerage firm TD Ameritrade and others this October.

The platform enters the crypto space as competition between major new trading and crypto investment ventures is set to gather pace; the Intercontinental Exchange (ICE), operator of 23 leading global exchanges including the New York Stock Exchange (NYSE), plans to launch its “Bakkt” digital assets platform at the end of January 2019.

Bakkt, as is ErisX, is pending approval from the U.S. Commodity Futures Trading Commission (CFTC) for its own physically-delivered Bitcoin futures product.

Meanwhile, Fidelity, which administers over $7.2 trillion in client assets, announced the launch of a new company, Fidelity Digital Asset Services, this October. The newly-created business will reportedly focus on providing a “secure, compliant, and institutional-grade omnibus storage solution for bitcoin, ether and other digital assets.”

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PayPal Launches Blockchain-Based Innovation Reward System for Employees

PayPal’s new blockchain initiative grants tokens to employees who participate in innovation-related programs and contribute ideas.

Major global online payments system PayPal has launched a blockchain-based reward system for its employees. Financial news channel Cheddar reported on the platform launch Thursday, Dec. 6, citing PayPal’s director of innovation Michael Todasco.

According to Cheddar, the program was prepared by PayPal’s innovation team, which is based in San Jose, California, over a six-month period and was launched in mid-November.

Employees using the program are granted tokens for participating in innovation-related programs and contributing ideas. These tokens are only valid within PayPal and can be traded among the participants of the program via “public ledger.”

Todasco compared the reward system to Venmo — a mobile payment service that has public and private social media-like feeds. On the website designed for the token program, employees “can like and comment on and see all the activity going on within PayPal related to innovation,” Todasco explained.

The tokens collected by staff can be exchanged for over 100 “experiences” offered on the platform. For instance, they can play poker with PayPal’s vice presidents, have coffee and a trail run with CFO John Rainey or practice morning martial arts with CEO Dan Schulman. One of the items even allows an employee to borrow a top manager’s dog for one day.

As Cointelegraph previously explained, blockchain is frequently used for loyalty programs. For instance, United States household cleaning supplies manufacturer SC Johnson and environmental organization Plastic Bank recently launched a recycling campaign in Indonesia, granting tokens to local citizens for waste collection.

As well, Spanish banking giant BBVA has begun using internal tokens for an initiative in its Spanish and Argentinian branches to reward people who help train other employees or master new skills themselves.

PayPal, which has been exploring blockchain for two years already, is also interested in crypto payments. In March, the company filed a patent in the U.S. describing the ways to speed up crypto transactions using secondary private keys. However, Peter Todd, a Bitcoin developer and cryptography consultant, later stated that it appeared PayPal was trying to patent a technology that had previously been developed by Bitcoin (BTC) hardware wallet Opendime.

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Facebook Seeks Blockchain Talent for Five New Company Roles

Facebook has listed five new blockchain-related jobs on its careers page within the past three weeks.

Facebook has listed five new blockchain-related jobs on its careers page within the past three weeks, two of which were first listed Dec. 5 and 6.

The positions currently open for applicants are two software engineer roles, a data scientist post and a data engineer — all full-time roles at the company’s headquarters in Menlo Park, California.

In the job description for blockchain engineer at the Facebook Blockchain Data Engineering team, the ad characterizes the position as “technically” and “intellectually challenging” work, which “will have massive global impact.”

The most recently-listed role — Product Marketing Lead for the Facebook blockchain team — outlines that the team is “fundamental” to the company’s “mission” of problem solving and community building, and specifically in “exploring the opportunity the blockchain will bring.“

While the precise details of Facebook’s planned or extant blockchain initiatives are kept under wraps, the ad for “Data Scientist, Blockchain” indicates that:

“We’re exploring areas of interest across all facets of blockchain technology. Our ultimate goal is to help billions of people with access to things they don’t have now — that could be things like equitable financial services, new ways to save, or new ways to share information.”

The ad for the two “Software Engineer, Blockchain” roles indicate that blockchain specialists joining the existing Software Engineering (Infrastructure) team would help to build the “large distributed components that run Facebook,” which need to scale to serve “millions of requests per second,” and to do so “with sub-second latency and in a fault tolerant manner.”

Preferred qualifications include “Experience with distributed computing (Hive/Hadoop)” (for the role of “Data Scientist, Blockchain”) and coding experience in a range of languages such as “C, C++, Java, C#, Perl, PHP, Hack and/or Python” (“Software Engineer, Blockchain”).

In early May, the head Facebook’s messaging app Messenger David Marcus — who has been a board member of major United States crypto exchange Coinbase as of December 2017 — announced the company had set up a group “to explore how to best leverage blockchain across Facebook, starting from scratch.”

In July, Facebook’s Director of Engineering of three years, Evan Cheng, joined the blockchain team to fulfil a parallel role dedicated to exploring the technology’s applications.

As reported this October, the average earnings of a blockchain engineer have soared to between $150-175,000 per year, 400 percent higher than in 2017, according to Hired’s 2018 State of Salaries Report. Hired’s report cited demand fueled by the interest of global tech giants such as Facebook, Amazon, IBM and Microsoft, all of whom are currently advertising for specialists from the emerging sector.