This week, the crypto market opened with mixed reactions. Bulls and bears were present in the market at the time. Bitcoin cash (BCH) and stellar lumens (XLM) gained 9.9 percent and 6.3 percent respectively. On the other hand, bitcoin SV (BSV) plunged 10.3 percent.
Bitcoin (BTC), the leading crypto coin opened the week with a slight dip to trade at $9,235. However, the coin managed to register decent gains and closed the day trading at $9,412. On November 5, the coin plunged once again, closing the day at $9,342 according to data from Coinmarketcap. At the time of writing, BTC has made a slight upward correction and is trading at $9,388.
Ether (ETH) started the week on a bearish trend, losing about 1 percent to trade at $182. However, the coin gained some bullish momentum, which has seen it trade at $193 at the time of writing. Like ETH, ripple (XRP) also started the week bleeding. Nonetheless, the coin recorded some gains to trade at $0.30.
While this week began with mixed results, bulls eventually took control of the market. At the time of writing, all coins in the top-10, but tether (USDT) are green.
Stellar Development Foundation Burns 55 billion Lumens; XLM Surges 25%
The Stellar Development Foundation (SDF) burned 55 billion stellar lumens (XLM) coins. The foundation’s CEO, Denelle Dixon unveiled this news on November 4 during the Stellar Meridian conference. Per Dixon, this move is part of a wider goal to better the network.
According to a report, the burnt tokens were part of the over 85 billion tokens that SDF had earmarked for its operations, giveaway programs and partnerships. The 55 billion coins were worth approximately $4.7 billion. However, their real value remains unknown seeing as there is not enough liquidity to sell all the coins at once without crashing the market.
Explaining why this move was necessary, the foundation said,
SDF can be leaner and do the work it was created to do using fewer lumens. Over the years we’ve also seen that giveaways and airdrops have diminishing effects, especially in the outsized amounts our original plan was designed to support. So a smaller public-facing program would have just as much impact.
As a result of this burn, the price of XLM gained 25 percent. However, the momentum died out and at the time of writing, the coin is down 1.18 percent to trade at $0.0812.
Hackers Leverage Windows Vulnerability to Install Crypto Miners
Stepping away from the condition of the crypto market, cryptojackers have come up with another ingenious method to get more mining power. A recent report unveiled that bad actors had exploited a Windows vulnerability to install crypto miners in older computers. Dubbed BlueKeep, this flaw works like a wormable attack, whereby one infected computer gains access to all devices in a network.
Before this, Microsoft unveiled that millions of computers had the BlueKeep flaw in May last year. According to the report, it was only a matter of time before hackers leveraged this vulnerability. This marks the first time that hackers have used the vulnerability en masse. While this attack seems mild compared to data wipes, the worm reportedly has the potential to infect a lot of computers. As of August, more than 700,000 computers still had this flaw.
Marcus Hutchins, a malware researcher from Kryptos Logic said,
BlueKeep has been out there for a while now. But this is the first instance where I’ve seen it being used on a mass scale. They’re not seeking targets. They’re scanning the internet and spraying exploits.
At the time of writing, researchers are still not sure how many computers have this worm. However, they believe that this outbreak is far from an RPD pandemic.
China’s Central Bank Continues Pushing for a Digital Currency
Meanwhile, the People’s Bank of China (PBoC) China’s central bank has intensified its push for launching a digital currency. A report revealed this news on November 5. Per the publication, PBoC’s senior officials have been setting up strategic partnerships with Chinese tech giants and payment service providers. Coupled together with the bank’s focus on the blockchain sector, this move has seen analysts predict that it’s only a matter of time before PBoC launches a digital currency.
According to the report, PBoC’s vice governor, Fan Yifei visited Huawei Technologies in Shenzhen to witness the signing of two deals. The bank and the tech firm signed an MoU to work together on financial technology research. Also, the bank’s clearing center signed an MoU with the company. Huawei did not disclose the details of the agreement. However, an anonymous insider unveiled that the deals might involve the blockchain technology and creating a government-backed cryptocurrency.
Microsoft Joins Hands with Aeternity to Boost Blockchain Startups in Malta
In a bullish move towards making the blockchain mainstream, Microsoft partnered with aeternity to promote Maltese blockchain startups. This joint effort will see AE Ventures, aeternity’s investment arm and the Microsoft Innovation Center host blockchain events in the region.
Mary Downing, the manager of the Microsoft Innovation Center said that this collaboration would introduce a more flexible development of the blockchain. She added that this move also presents a chance to boost the blockchain as a tangible technology that brings real value.
The two firms started their first week-long startup training event after the announcement. They received applications from more than 100 blockchain startups. However, they only shortlisted 15 startups, which will get access to high-quality instructions, content, lectures, and workshops led by industry experts. Also, this project will shortlist 10 startups for a five-week mentorship. On top of this, the participants will stand a chance to win an investment offer of up to $100,000 in AE tokens.
Coca Cola Adopts the Blockchain Technology
In another feat for the nascent sector, Coca Cola’s bottlers have unveiled that they will use the blockchain to manage their cross-party transactions. A report unveiled this news on November 5 noting that Coke One North America (CONA) had implemented a blockchain solution in its supply chain. Per the publication, a German software firm dubbed SAP developed this solution.
Per the report, CONA manages a platform that oversees multiple franchises that manufacture, bottle and ship approximately 160,000 orders of Coca Cola products daily. Andrei Semenov, CONA’s senior manager noted that this process is inefficient as it involves a large number of transactions and multiple parties. He added that these transactions go through intermediaries. As such they are very costly and slow.
Through the blockchain, CONA aims to reduce the time of order reconciliation from 50 days to just a few days. The blockchain solution will also provide real-time insights into the transactions that different bottlers on the $21 billion network make.