Tag Archive for digital coins

Norway Ends Power Tax Subsidy for Bitcoin Miners

Editor’s note: The Norwegian government took an important and high-impact decision that will transform whole bitcoin mining scenary in that country – they cancelled a tax subsidy on energy consumption offered to bitcoin miners until this moment – and we are talking about a really big subsidy.

Some Scandinavian nations charge tax on electrical energy consumption, including Norway. Based on a report from nearby news outlet Aftenposten, in its state spending budget, the government said that cryptocurrency miners inside the country may have to pay regular electricity tax in the New Year.

At the moment, larger mining firms acquire the identical electrical energy tax discount as other power-intensive industries in the country. These using a capacity of more than 0.5 megawatts are charged only 0.48 øre ($0.00056) per kilowatt hour as opposed to the typical price of 16.58 øre ($0.019). An øre is 100th of a Norwegian krone. That implies that eligible miners have already been paying just 2.8 percent from the typical tax rate to power their rigs. Editor’s note: Yeah, you didn’t read it wrong. Bitcoin miners paid only 2.8% of common price for electrical energy consumption, what offered them great profit margins. But, we can imagine several good reasons to cancel such subsidy can be useful for Norwegian population, but not for miners…

“Norway can not continue to provide enormous tax incentives for essentially the most dirty form of cryptographic output like bitcoin. It requires a whole lot of energy and generates significant greenhouse gas emissions globally,” Norwegian parliamentary representative Lars Haltbrekken said within the report.

Now with an finish for the subsidy, bitcoin miners may have to shell out higher taxes, that is probably to lower their net earnings at a time when low crypto rates are already placing stress around the market.

Just this Monday, U.S.-based bitcoin mining firm Giga Watt declared bankruptcy, revealing in court documents that it still owes its most significant 20 unsecured creditors almost $7 million. That number contains claims to hundreds of a huge number of dollars by two energy providers for the firm.

The suggestion to remove Norway’s subsidy was reportedly proposed by the Norwegian Tax Administration, an agency below the authority with the country’s Ministry of Finance. That proposal has now been approved inside the state budget and will be productive from January 2019.

Roger Schjerva, chief economist of tech market interest body, ICT Norway, told Aftenposten:

“This is shocking. Budgets have changed framework conditions without having discussion, consultation or dialogue together with the industry,”

Removing the subsidy will push crypto miners to Sweden and Denmark, he argued, adding that the nation mustn’t “just say no to earnings and operate in a lot of municipalities in Norway.”

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Swiss Railway Tests Blockchain Identities for Workplace Safety Boost


Swiss Federal Railways (SBB) has completed an Proof-of-concept (PoC) of the blockchain-based credentials management system for workers employed in the company’s construction sites.

The work ran from May to November, and aimed to enhance upon the present manual, paper-based processes within an “agile working atmosphere having a digital, audit-proof solution according to blockchain, “Daniele Pallecchi, the Swiss national rail company’s spokesperson, told CoinDesk via email.
“Construction sites around the SBB network frequently involve organizations. For safety reasons, you will find strict needs concerning the qualification of personnel,” Pallecchi stated, explaining the requirement for a strong identity system.

The answer was created with a blockchain startup Linum Labs while using open-source technology of uPort, a task began underneath the umbrella of recent You are able to-based ethereum design studio ConsenSys. Within the proof-of-concept, workers produced their digital identities within the uPort application on their own cellular devices, and SBB issued them certificates confirming they experienced appropriate training.

The employees then used these digital IDs while signing interior and exterior construction sites where they labored. To go in the website, a staff would scan a QR code in the application with their mobile phone.

“Using uPort, railway workers, certification government bodies and supervisors can their very own unique digital identities associated with their particular uPort ID’s, that is then moored for an identity around the blockchain. A hash from the worker’s check-in / check-out activities is printed towards the blockchain so the internal database could be audited,” Linum Labs authored inside a Medium publish.

The application may also connect with identity systems approved by city administrations, like Zug ID, that also uses uPort’s tech. It had been trialed this summer time within the Swiss town of Zug to allow electronic voting via blockchain, and today is involved with another pilot: local residents may use Zug IDs to unlock bikes supplied by AirBie, a Zurich-based bike-discussing startup.

SBB’s Pallecchi declined to provide any sort of information regarding next steps, adding that the organization “may convey more stable information” at first of 2019.

uPort hasn’t been directly active in the railway project, in compliance using the startup’s open-source ethos, its mind of product, Thierry Bonfante, told CoinDesk. “Our partners are representing our bodies available on the market. We’ll just make certain they have all they require from us,” he stated.

However, as the railway pilot was going ahead, in August, uPort upgraded its architecture to deal with scalability and privacy concerns, moving more operations off-chain. As uPort is dependant on ethereum, that has battled to scale, doing every operation on blockchain was making the machine slow and ineffective, Bonfante stated.

Something that motivated the modification at uPort: it had been hard to adhere to the ecu Union’s General Data Protection Regulation (GDPR) implemented in May. The regulation features a “right to become forgotten,” that is, to demand that details about a person be taken off the general public domain in their request.

“If you usually place your info on the blockchain it’s irrevocable,” stated Bonfante. “So you’ve lost your to be forgotten.”

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Vitalik Buterin Awarded Honorary Doctoral from College of Basel

The creator of ethereum, Vitalik Buterin, just been awarded an honorary doctoral through the College of Basel.

Now Dr. Buterin, Vitalik received his title in the institution’s Faculty of economic and Financial aspects for his focus on blockchain development in the Dies Academicus – a yearly celebration from the founding from the college – on Friday.

Prof. Aleksander Berentsen, dean of the business faculty, stated, “Vitalik’s blockchain innovations are game altering. He’s blazed a trail for science and industry to follow along with and interact.” (editor’s note: I’m note an expert in cryptocurrencies, but any effort in direction of getting blockchains and cryptoconcepts more stable and unviolable deserve such title!)

Within an announcement, the college stated it’s honoring as “exceptionally creative and innovative thinker that has performed a decisive role in shaping digital revolution in our time.”

Further, Vitalik’s research interests in game theory, economic incentives and governance are shared through the faculty, as along with its Center for Innovative Finance, it stated. Vitalik stated within the announcement:

“I’m honored to possess received an honorary doctoral in the College of Basel, the earliest College of Europe. Europe established fact because of its innovative blockchain research.”

When just 19 years of age, Vitalik printed the content “Ethereum: A Next-gen Smart Contract

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Another ‘Satoshi Message’ Tries to Sway Public Opinion, But Fails

It’s been a wild week in cryptocurrency land like a large area of the community viewed the Bitcoin Cash (BCH) network split up into two chains on November. 15. Following a 24 hrs from the BCH hash war, a fascinating message was discovered stemming from block height 9 that claims there’s an “issue with Segwit.” Obviously, a couple of cryptocurrency developers have once more considered the most recent Satoshi signature as “fake” and also have described the new message was likely another fluke attempt by Craig Wright.

Throughout the second day’s the BCH hash war, a couple of cryptocurrency enthusiasts discovered a note that made an appearance to become a valid signature for Satoshi’s type in block 9. The address contained a note which cautioned of some difficulties with the Segwit protocol around the BTC chain. In addition, who owns Coingeek, Calvin Ayre, tweeted to his supporters a little statement regarding the block 9 key signature and mentioned that “Satoshi Lives.” Ayre also retweeted the content from the Twitter account known as “@Satoshi” which brought to some couple of other tweets concerning the message.

“I don’t want to be public, but, there’s a problem with Segwit,” explains the signed message and also the tweet in the now deleted, but archived Satoshi handle. “If it’s not fixed, you will see nothing and that i might have unsuccessful — There’s just one method in which Bitcoin survives and it’s important in my experience it works. Important enough, which i might be known freely.”

The Satoshi Twitter handle also tweeted a note over the social networking platform that stated:

The content is going to be obvious in December, 2019.

The majority of the cryptocurrency community believes the signed message is simply another unsuccessful attempt by Craig Wright.

With all of that’s happening within the BCH community and particularly Craig Wright, many observers believe the signature comes from him. Obviously, a sizable majority think it is only a PR stunt from Wright and company and rapidly disregarded the content.

However, many individuals required a closer inspection in the message and agreed it likely produced from Wright and however the signature was still being phony. For example, the CTO of Purse, Christopher Jeffrey, detailed the message made an appearance to become a valid signature from Satoshi’s type in block 9 but further mentioned that “anyone can mutate a hash for any valid ecdsa signature to make a apparently ‘new’ signature/message.” Jeffrey further stated he along with a friend had a good time creating fake Satoshi signatures previously. “Looks like another unsuccessful attempt from Craig Wright if I needed to guess,” described the Purse developer.

Additionally to Jeffrey’s statements, the BTC developer Gregory Maxwell showed the Reddit community on r/btc how easily the fake signature message can be achieved. Jeffrey further described on Reddit he had lengthy suspected that Craig would attempt this kind of stunt. Overall, the majority of the BCH community people across social networking channels like Twitter and Reddit didn’t appear to consider the most recent Satoshi message was legitimate. Craig Wright did react to a Twitter handle known as @Checksum0 who tweeted concerning the message throughout the day and stated, “No, that’s bamboozled — The final time that it was spent from that address is 2009.”

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There’s No ‘Bitcoin’: Exactly what the SEC Doesn’t Get About Cryptocurrency

Edan Yago may be the founder of CementDAO, an attempt to create together stablecoins right into a unified ecosystem. He formerly was the Chief executive officer and co-founding father of software firm Epiphyte and helped setup the associations DATA and also the Stablecoin Foundation. The views expressed listed here are their own.

The U.S. Registration (SEC) continues to be attended significant lengths so that they can comprehend the crypto asset space. This effort will be applauded. However, the SEC has unsuccessful to be prepared for one fundamental facet of crypto assets and systems.

Namely, correctly built crypto systems don’t involve “persons” or “entities” and don’t represent a kind of property. Because of this, they don’t have any analogue within the traditional financial world, nor would they come under financial regulation.

Within the traditional financial world, assets really are a claim on a specific property. For instance, an investment, shares inside a company or perhaps a debt owed.

Crypto assets, however, aren’t claims on anything. What’s bitcoin claims to? Or ether?

Rather, crypto assets are a kind of proof. They’re cryptographic proof that the specific group of mathematical functions continues to be performed. They’re proof that particular software instructions happen to be performed as well as the algorithmic outputs of this software. And crucially, the mathematical functions are carried out by nobody particularly, they’re done by the network in general.

Rentals are “ownership based on law.” Crypto assets aren’t property since they’re not based on law – they’re based on maths. This presents some apparent issues with regards to working out just how to manage them

Nowadays, most people talk about cryptocurrencies within the shorthand of property. They are saying such things as “Alice transferred a bitcoin to Bob,” but we shouldn’t permit this to metaphor confuse us.

In fact, there wasn’t any bitcoin that existed anywhere also it didn’t change from anyone spot to another. In “The Matrix,” Neo understood the real nature around the globe as he understood that “there isn’t any spoon.” Likewise, we are able to only comprehend the true nature of blockchain whenever we notice that “there isn’t any bitcoin.”

Rather, what really happened is the fact that Alice demonstrated to Bob that they had certain secret understanding which she’d used that understanding to carry out a mathematical operation. Hold on, the rabbit hole goes even much deeper.

Even “Alice” and “Bob” are misleading fictions. Alice isn’t always an individual, that’s shorthand too. Alice is actually only a previous address – an creation of a hash function, that might or might not be connected with a specific “entity.”

Now, obviously, sometimes Alice is really a person. And often Alice produced a “token” (another metaphor) and offered it to Bob being an investment. By which situation, perhaps which was a securities offering and could be controlled through the SEC.

However, the SEC doesn’t hold on there. The company really wants to regulate what goes on to individuals tokens, because they communicate with smart contracts too. In the November 16 “Statement on Digital Asset Securities Issuance and Buying and selling,” the company states:

“Any entity that gives a industry for getting together consumers of securities, whatever the applied technology, must see whether its activities meet the phrase an exchange underneath the federal securities laws and regulations.”

An “entity” here describes a legitimate person. For example, they will use EtherDelta, and particularly it’s good contract, saying:

“EtherDelta’s smart contract was coded to, amongst other things, validate order messages, read the conditions and terms of orders, execute paired orders, and direct the distributed ledger to become updated to mirror a trade.”

Here’s where taking metaphorical thinking can certainly get carried away, where the SEC is presenting vague and problematic language. EtherDelta, being an entity, provided various services (like a website interface for getting together with the smart contract). EtherDelta also developed the smart contract.

But who “provided” the smart contract? Who performed its functions? Not EtherDelta or other people particularly. The SEC might regulate the EtherDelta website but to try to regulate the smart contract is because of confusion. This confusion will get worse once the SEC discusses secondary markets of these “securities.”

Crypto assets are extremely new that even many experienced practitioners are confused and believe that they represent a definite property. Consequently, being an industry, we’ve been way too prepared to indulge the SEC view that since something was the merchandise of the securities offering, it remains a burglar after that. After we realize there are no “tokens” with no “property,” we understand that this can be a categorical error.

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What We Should Learn About Bitcoin Cash’s Two Rival Blockchains

With one iteration from the bitcoin cash protocol known as Bitcoin “Satoshi’s Vision,” or Bitcoin SV, directly opposing the upgrades introduced with the project’s lengthy-dominant Bitcoin ABC implementation, the blockchain forked into two distinct systems, with two separate cryptocurrencies.


Even though a so-known as “hash war” have been greatly anticipated, for the time being – a minimum of – the 2 chains are continuously mining blocks on their own particular systems. At press time, threats of mix-chain sabotage hinted at by Bitcoin SV proponents haven’t yet materialize, nor has any retaliation in the ABC camp.


Initially, the Bitcoin ABC network was the only real bitcoin cash platform to effectively create new blocks and validate transactions following the system upgrade (or hard fork) went live. Two blocks in, however, the Bitcoin SV network saw its first block found at 18:29 UTC.


Mining pool Mempool found the very first block of Bitcoin SV, with SVPool and Coingeek mining subsequent blocks. Mining pools Bitcoin.com, BTC.com and Antpool have controlled the ABC action up to now. Right now, Bitcoin ABC is 10 blocks in front of Bitcoin SV, based on data published by Gold coin Dance.


So far, most blocks found around the Bitcoin ABC network have featured over 1,000 transactions, though beginning at 20:48 UTC a substantial stop by both block size and transaction count was documented on blockchain explorer site Blockchair.


A couple of hrs before hard fork activation, mining pools purporting to aid the Bitcoin SV roadmap controlled a supermajority from the bitcoin cash network. However, based on bitcoin cash monitoring site CoinDance, Bitcoin ABC has become leading when it comes to total hash power support.


One particular example that received high attention during the period of today’s occasions was mining pool Bitcoin.com, which released a comment to users saying all hash power entering mining the bitcoin blockchain could be temporarily deployed to mine Bitcoin ABC blocks.


Though this announcement received negative feedback from individuals who claimed the business didn’t have right to redirect mining support in this manner, data on the website signifies that beginning at 17:30 UTC the mining pool has continuously been reallocating hash power meant for the Bitcoin ABC blockchain.


Actually, by press time, bitcoin.com purports that as many as 4218.89 Ph/of hash power has been accustomed to mine blocks around the Bitcoin ABC network only one day prior that figure sitting at roughly 240.00 Ph/s.


As may be expected, the presence of two bitcoin cash chains leaves many questions, mainly regarding what’s going to transpire dads and moms which come – and whether one chain ultimately gives method to another.


There is also a celebration Thursday that left lingering questions: as proven by blockchain explorer BlockDozer, a significant spike in activity happened in a few minutes from the chain split.

Taken by CoinDesk at 18:11 UTC, the above mentioned GIF captures transactions being posted towards the network in tangible-time on Blockdozer.


Who caused this spike in transaction activity – as well as for what purpose – remains unknown at the moment, though the opportunity of another junk e-mail attack in efforts to overload either network is definitely an ongoing possibility.


In addition to this, wild fluctuations in bitcoin cash cost were also seen during the day across different cryptocurrency exchanges.


Based on ongoing hash power support and implementation of either software upgrade from users, prices could still see swings – but because of the uniqueness from the scenario, it’s hard to say at the moment.


Based on figures on crypto exchange Poloniex, the comparative value believed of both bitcoin cash cryptocurrencies is presently about $94 for Bitcoin SV and $285 for Bitcoin ABC.


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Tutorial: Using CoinDesk’s Crypto-Financial aspects Explorer

If you invest on cryptocurrencies, work as financial analyst or just like to keep yourself well-informed, now there is a new tool you should know – and probably use. From CoinDesk:


Formally launched in beta now, the CoinDesk Crypto-Financial aspects Explorer (CEX) may be the newest tool within our arsenal of information products, one which we feel is our state-of-the-art and forward-searching up to now. Ambitious in scope, we all know our tool takes a little bit of becoming accustomed to.


Unlike our Bitcoin Performance Index (BPI), probably the most broadly reported indicator from the cost of bitcoin, the CEX is really a departure for the reason that it includes a broader selection of data points – including social, network and developer data – so that they can appraise the full scope of the crypto asset market.


Using the CEX, we feel we’ve taken the initial step lower a way that provides exactly the same visual power a conventional cost chart, while conveying more data concerning the health insurance and maturity of the crypto asset market (editor’s note: and it can be very good, if it helps you to take decisions better, don’t you agree?). In a nutshell, it’s best regarded as something, one hopefully to refine as study regarding crypto-financial aspects continues all over the world.


Within the coming several weeks and years, we’re wishing to carry on building, adding new data points and crypto assets, until we are able to with confidence say our product has the capacity to appraise the full scope of the crypto asset market.


Hopefully this video can help expose you to our vision for any more complete crypto data oral appliance encourage you to obtain involved with testing and refining our methodologies. (editor’s note: check following link to know CEX and learn more about:)


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Singapore’s Central Bank, SGX Develop Blockchain Settlement System

The Financial Authority of Singapore (MAS) and also the country’s stock market, Singapore Exchange (SGX), allow us funds system for tokenized assets that may work across different blockchains.

Announced through the nation’s Secretary of state for Communications and knowledge in an announcement on Sunday, the recently completed delivery versus payment (DvP) system utilizes smart contracts to simplify publish-trade processes and shorten the settlement cycle.

The brand new product is aimed to really make it simpler for banking institutions to handle the synchronised exchange and final settlement of tokenized digital currencies and securities as needed under DvP.

Prototypes for that platform, developed along with Nasdaq and Deloitte, had “demonstrated that banking institutions and investors can perform synchronised exchange and final settlement of tokenised digital currencies and securities assets on several blockchain platforms,” the discharge states.

The brand new product is also extra time of Project Ubin, which began existence in November 2016 like a collaborative project by MAS and Singapore’s financial services industry to understand more about blockchain tech for clearing and settlement of payments and securities.

Tinku Gupta, project chair and SGX’s mind of technology, stated within the release:

“Based around the unique methodology SGX designed to enable real-world interoperability of platforms, along with the synchronised exchange of digital tokens and securities, we’ve requested our first-ever technology patent.”

SGX first announced the program to utilize MAS yet others to make use of blockchain tech inside the settlement system in August, saying the audience would examine Project Ubin’s existing protocols and see the best way to leverage them for any DvP platform.

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Traders Now Betting 2-to-1 Bitcoin Cash Fork May Cause Cost Decline

New information is offering understanding of how crypto traders are prices inside a coming technical update to bitcoin cash, one which might cause the world’s 4th best blockchain to separate into two competing systems.


At press time, nowadays there are almost two times as numerous open short positions betting the cost of bitcoin cash (BCH) will fall because there are longs betting its cost will rise. According to data from crypto exchange Bitfinex, which enables margin buying and selling for multiple cryptocurrencies, you will find presently 89,457 open BCH short positions and 53,322 open longs.


That a lot market activity takes place is possibly no coincidence, since there’s a network update scheduled for bitcoin cash set to occur on November. 15. Under one possible outcome, BCH will split up into two cryptocurrencies – one focused on the Bitcoin ABC software, another round the Bitcoin SV form of the program – leading to two distinct versions from the code.


(Traders who own bitcoin cash, in this scenario, would then hold value on blockchains.)


Still, while more margin traders have confidence in the potential of a cost decline, there’s strong sentiment on sides. BCH longs and shorts both arrived at all-time highs within the last 24 hrs.


Short and lengthy positions started to stack up on November. 2 when exchanges like Binance and Coinbase announced support for that approaching fork. From November. 2-7, the cost of Bitcoin Cash spiked 50 plus percent to achieve a 2-month a lot of $646 on Bitfinex.


Surges in cost are often met with a boost in short positions because the higher the ascent in cost, the much more likely a pullback has a tendency to become. Within this situation, the current boost in cost combined with approaching fork produced an ideal storm for any bearish buying and selling atmosphere.


It’s likely many traders introduced up BCH awaiting the fork purely to be able to receive “free” coins that may arise in one scenario. When the fork occurs, the current purchasers of BCH could simply sell BCH and only keep or sell the forks so as secure an income.


As possible seen through the skyrocket in a nutshell positions, the marketplace finds a “post-fork” sell-off is the probably outcome.


However, the abundance of shorts may put bears vulnerable to a brief squeeze if the cost go above its recent high. When the cost of the asset starts to rise to begin a brief no more being lucrative, individuals shorting will probably be caused to shut, or cover, their position to prevent going for a further loss.


The action of closing a good amount of shorts may have a bullish impact available on the market and result in a rapid cost increase, referred to as a short squeeze, since the only method to close a brief is to find back the actual asset.


Since longs will also be whatsoever-time highs though, a lengthy squeeze is another possibility if prices still dip. Closing a lengthy necessitates the selling from the asset which may have a bearish impact on its cost when the closing is performed by the bucket load.


While its just speculation at this time, one factor is definite, all eyes is going to be on Bitcoin Money on November 15.


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NEM Skyrockets as Coincheck Resumes Buying and selling, Altcoins Trade Up Amongst Bitcoin Stability

NEM (XEM) is presently buying and selling up nearly 20% as cryptocurrency exchange Coincheck resumes its normal buying and selling activity. NEM’s meteoric cost rise comes amongst overall market stability, with Bitcoin (BTC) buying and selling continuously at $6,400, and many altcoins buying and selling up.

During the time of writing, Bitcoin is buying and selling at $6,400, dealing with a small use the mid-$6,300 region. Bitcoin continues to be buying and selling firmly in the lengthy-established buying and selling range from $6,200 and $6,700, and it is prolonged sideways buying and selling trend has demonstrated to become a positive factor for that altcoin markets.

Presently, NEM is leading Monday’s market surge, buying and selling up 17.8% at its current cost of $.11. Following Coincheck’s announcement that they are resuming buying and selling activity on their own exchange, NEM surged to highs of $.114, before falling to $.103 because of profit taking. Its cost has since rose support and it is presently sitting near its current highs.

NEM’s sustained cost pump has additionally been fueled by rising buying and selling volume, which leaped from about $5 million before the Coincheck announcement, to the current amounts of over $48 million. Following a massive $500 million hack Coincheck was the victim of early this season, the exchange has already established a hard time fixing their management issues, security issues, and meeting the brand new, stricter, regulatory needs being established by Japanese regulators.

The Tokyo, japan-based exchange first announced that they’d be resuming new account openings and customer deposits at the end of-October, but limited the cryptocurrencies open to trade to BTC, ETC, LTC, and BCH.

Although NEM has so far been the best choice of today’s cryptocurrency market surge, other altcoins have published gains too. During the time of writing, XRP may be the greatest preforming major alt, presently buying and selling up over 3Percent in the last 24-hrs, at its current cost of $.52. XRP has already established a choppy week of buying and selling, first rising to highs of $.56 on November sixth before falling to lows of $.49. Since that time, its cost has progressively drifted upwards towards its current levels.

Bitcoin Cash (BCH) is among today’s worst performing major alts, presently buying and selling lower approximately 1% at its current cost of $520. It’s presently lower 18% from the weekly highs of $635. Bitcoin Cash’s poor performance in the last couple of days uses it observed an enormous rise from lows of $415 in mid-October, to highs of $635 the 2009 week. This rise was fueled by elevated buying volume stemming in the imminent hard fork event that is scheduled to happen in 72 hours, on November 15th.

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