Small Cryptocurrencies Take a Big Hit

Cryptocurrencies with lower market caps, specifically cryptocurrencies outside of the top 10 global rankings, have recorded larger losses than established digital currencies like bitcoin and Ethereum. Even cryptocurrencies with trading volumes heavily concentrated in South Korea such as Qtum and EOS have declined in value, even though the South Korean cryptocurrency market recovered from the latest trading ban FUD.

The recent correction of the cryptocurrency market was not triggered by South Korea or China, as the market have already recovered from the FUD produced by the authorities in both regions. Rather, it is likely that the major correction was caused by the abrupt surge in the market valuation of most cryptocurrencies in the market within a short period of time, with minor corrections.

China’s Alibaba Quietly Launches Cryptocurrency Mining Platform: Unconfirmed Local Report

Chinese e-commerce and tech conglomerate Alibaba has quietly launched a cryptocurrency mining platform, according to an unconfirmed local media report.

According to Tencent News, Alibaba registered the platform, which is called “P2P Nodes,” on Oct. 10, 2017 with the relevant local authorities in Nanjing.

    “Alibaba has recently launched a virtual currency mining platform “P2P node”, from the terms of the service agreement terms platform, the main operating platform is Alibaba East China Ltd.. It is reported that the company on October 10, 2017 has been completed registration, registered in Nanjing,” the report reads, according to a very rough translation.