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Members Digest 19th of November 2018

Bearish: the Bitcoin Cash (BCH) hard fork hash war began on November 15, with two parties competing for the Bitcoin Cash ticker symbol by mining two separate chains. More than 400 blocks have been mined under the new consensus rules with Bitcoin ABC being ~10 blocks ahead. The ABC implementation is supported by Jihan Wu (Bitmain) and Roger Ver (Bitcoin.com), while on the BSV side, we have Graig Wright (nChain) and Calvin Ayre (CoinGeek). The winner, Bitcoin ABC, has earned the right to the Bitcoin Cash ticker symbol. CoinGeek and Calvin Ayre refused to concede defeat and are ready for on-going battle, suggesting cryptocurrency exchanges, wallet and service providers to remain neutral, until “a dominant chain emerges”. One of the major crypto exchanges, Bittrex, has chosen to list the ABC side of the chain as Bitcoin Cash (BCH).

Very bullish: Switzerland has approved world’s first crypto ETF to be listed on Europe’s fourth biggest exchange, SIX Swiss Exchange, next week. The Amun Crypto ETP is designed to track an index based on the movements of five leading cryptocurrencies. Currently nearly half of the ETP’s assets are invested in BTC, ~25% in XRP, ~17% in ETH, ~5% in BCH, and 3% in LTC. It is important to mention that this is a 100% fully backed ETF, meaning that every share purchased results in a background purchase of the actual crypto to be held with a custody. In return Amun charges an annual management fee of 2.5%. The Amun ETP will give both retail and institutional investors an easy access to cryptos and an opportunity to simply “buy the market” rather than trade specific crypto assets.

Binance, Bittrex and BitMex have stopped providing services to Iranian investors and asked them to withdraw their funds, because the U.S. has recently imposed new sanctions on Iran, and cryptocurrency exchanges seek to comply with international sanctions. Additional: Erol Yarar, chairman of the Muslim-focused business lobby group International Business Forum (IBF) has recently said that a single cryptocurrency for Muslim nations will be developed primary to challenge the US dollar, that has evolved into a “sanctioning tool”.

Stablecoins: Binance added support for USDC.

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