We have some positives and some negatives to discuss today in the world of cryptocurrency. I guess bad news. First, you've probably heard about the way this ok x situation is unfolding and has affected the markets. Unfortunately, we've seen a retracement, not a huge one, to be fair and things are starting to stabilize, but we'll. Take a look at that. Explain to you the whole ok x situation, what it's all about and then kind of, switching gears over into the good news. We have the federal reserve chairman jerome powell, who's talking up digital currencies, less crypto and more cbdc's, mind you central bank, digital currencies, but nonetheless that's positive. We also have the chairman of the cftc that's talking up ethereum, or at least ostensibly we're, also talking about the developments that we have right now: the indicators that are suggesting that possibly we'll see ethereum 2.0, even this year in 2020.. So guys, if you like this kind of content, bitcoin, blockchain and cryptocurrency be sure to like and subscribe let's start things off with a look at the markets today, as you can see, we're on coingecko.com we're down, for, i believe the third day in a row, but Only modestly, today, down 0.6 361.9 billion dollars, projects are down. You know, roughly a percentage point or two so i'm, not going to labor this too much it's relatively flat. If you think about it, bitcoin is still kind of teetering. At 11 369.98, we did see a bit of a retracement really earlier in the early hours of the morning today, friday october 16th, as a result of what happened we'll get into that in just a second.
But really you know if you look at the, i guess. Overall macro picture it's still the altcoins that are losing more money than bitcoin and, as a result, you do see the bitcoin dominance metric moving up now: 58.2 percent. Okay, before discussing okay x in more detail, i do want to point out that the major winner of the day in these last 24 hours is file coin. We discussed file coin yesterday and did some comparing and contrasting against justin sun's btt project and the bittorrent file system. Nevertheless, filecoin a ticker is fil they're up 75.5 in these last 24 hours, that's a 24 hour gain again 75.5 percent up now to just under 54. You can read about filecoin in more detail here on altcoinbuzz.io, their mainnet has gone, live and they've launched their 200 million dollar ico it's now come to fruition. You can also check out frank's latest video that covers file coin directly and really dives into the meat of what the project is all about, so we're not going to cover it here, but at the outset you know i think it's it's worth mentioning that they are Up 75 on the day we covered it in frank's video earlier today and we took a look at it and comparing and contrasted it to btt in yesterday's video. So have a look at that. But let's launch right into today's news here this on coindesk.com bitcoin price dips, three percent on ok, x news, but hey analysts, aren't very worried.
So the dip happened after ok x announced an indefinite suspension of withdrawals due to one of its private key holders. Being out of contact with the exchange reportedly because they are being held by police now, we don't know all the details surrounding that particular apprehension, but any time any sort of an exchange halts its withdrawals that's a bad signal we're like skittish animals in this space we're, Like skittish fawns, you know, we're always kind of head is on a swivel we're looking around for predators and whatnot, and that kind of action that that kind of measure taken by any exchange or platform is, you know, i think, cause for concern, because we don't have A full set of details, we we react, i think, a little bit defensively it's in our nature. As of yesterday thursday, the 15th of october ok x, held 201981 bitcoin in its wallets that's according to glass node data. Jay here is the ceo of okx. He had the following to tweet earlier this morning. All operations at okx, except digital asset, cryptocurrency withdrawals remain unaffected. All your funds and assets are safe. The investigation concerns a private key holder's personal issue. Only for their announcements will be made it's. You know it's nice to say that okay, well, hopefully, we'll take this uh at the ceo at j's word, but we don't know the full situation right now, let's give them the benefit of the doubt. Hopefully it is only a personal issue.
We'Re writing about it here. On altcoinbuzz.io, this article by deepika okx announced a temporary suspension of any withdrawals from the exchange. According to the chinese media reports, a private key manager of okx has been arrested, but again funds are safe, and here you have a couple of statements which were issued to cointelegraph.com beginning with this. First, one courtesy of the exchange quote: we are unable to disclose the nature of an ongoing investigation, but would like to assure all okx users that their funds are safe and that all other functions on ok x are unaffected. Ok x, ceo jay howe, who we just covered a moment ago, said that the decision to temporarily suspend withdrawals was taken quote with user security in mind and he stated the following as a world leading exchange. User security is not something that ok x can or will ever compromise on. We will do everything in our power to reinstate this service promptly and we'll, provide updates on the matter as soon as possible and that's about it for the negative news it wasn't too bad, but i did want to get it out of the way kind of first And foremost, we'll update you guys as to any developments if and when they come our way. So stay tuned in some positive news here. We'Re talking about trust swap at trust swap on twitter, make sure you're following 333 000 swap will be airdropped directly into swap stakers erc20 wallets tonight.
This bonus airdrop is done proportionately to how much each account has staked. Since the staking portal opened, more sticking. Bonuses will be announced shortly, this tweet from yesterday the 15th of october. So just a reminder: if you haven't opened your wallet and it is erc20 compatible, you may want to open it up and just confirm, depending again on the proportional amount that you have been staking, that you have received your trust, swap so just a reminder to you All out there in the altcoin buzz army, okay, now we're getting a little bit more into speculation territory here, but really cool tweet by alex saunders. That highlights really a bunch of important points that i'd like to cover here, uh, as we itemize them sort of one by one. So he writes powell, that is federal chairman jerome powell, as in chairman of the federal reserve chairman powell, to discuss digital currencies with the imf, china, just airdropped crypto to millions of citizens. Us is still posting paper checks via snail mail and suddenly the cftc chairman praises ethereum only logical the fed. Take a pro crypto stands to he's referencing this article here by coindesk.com again the federal reserve chairman powell to discuss digital currencies with the imf. That, of course, being the international monetary fund, so federal reserve chairman jerome powell, will speak next week as part of a panel on the future of cross border payments at the international monetary fund's annual meeting. Now i mean this is significant news.
I don't want to get anybody's hopes up, because this is very much more along the lines of cbdc discussions. Digital payment discussions, less cryptocurrency, although it does overlap – but this is really the the chairman here – responding to some of the actions that china is taking right now. In pursuit of its digital yuan, these are going to be yes, digital payment systems, but they're going to be centrally controlled at the central bank. Digital currencies, cbdc's it's in the name, so you know i think we can get like kind of quasi excited um, but it's. Certainly not cryptocurrency it's, certainly not decentralized, but it's important to cover, because i'll tell you what guys i actually wear another hat outside of altcoin buzz i'm heading up a project that is directly related to central bank, digital currencies and the writing is on the wall. We can clearly see that all the nations of the world are really aggressively going after this as a pursuit, they want to make sure that you know they have representation in that realm in the in the cbdc realm, and it really has started with china. That is aggressively pursuing and developing and now piloting and testing their digital renminbi, their digital yuan, uh china's central bank is almost i shouldn't, say ruthless i'm, not trying to characterize them in a negative light, but they are definitely after a first mover advantage in this space And many people thought that that first mover advantage would be uh belonging to the united states, because mark zuckerberg really going back to last year and even earlier had all these ambitions about a digital currency in the form of libra.
But as you know, there was some congressional testimony. There were some developments in washington and a lot of doubts that were raised that i think hampered any progress that facebook and, by extension, the united states had early on china, has now taken the reins, and they just want to steamroll ahead with this project. Believe me, their central bank is bullish and their central bank is after this they really want to be the first ones on the scene and in many ways this is kind of shaping up to be the new space race or an arms race of sorts. In terms of 21st century technology, so in terms of the upcoming international monetary fund, annual meeting panelists will discuss, quote the benefits and risk of cross border currencies as well as their policy implications. The panel will be webcast and it's going to start at 8 a.m. Eastern standard time this upcoming monday, you can see that the guests on this panel are a who's who of central bankers from countries all over the world, um so it's nice to see, on the one hand again that chairman powell of the federal reserve has this in Mind they are looking perhaps to diversify their offering to be more competitive as more and more nations of the world cozy up to the idea of central bank digital currencies, it's, not just china, guys it's, all kinds of central banks from all kinds of different nations. It'S european nations it's south american nations, a lot of asian nations uh japan – is following suit.
They want to make sure that that they are represented on that stage uh and that china doesn't get all of the attention. Canada is definitely exploring this further, as are a bunch of african nations again, this is really becoming something that more and more every day, you're hearing more and more news about this, so chairman powell it'll be interesting to hear his comments um as a representative in the Most official capacity of the united states um that tweet that we saw earlier also referenced the fact that china, just airdropped crypto to millions of citizens again ah not to sound pessimistic, but i wouldn't call it cryptocurrency. This is part of that whole um, piloting effort that they're launching that they're rolling out right now to kind of test their digital currency. So this courtesy of cnbc from a few days ago, the 12th of october china hands out 1.5 million dollars of its own digital currency, that's the digital yuan, in one of the country's biggest public tests. This is last week the government in shenzhen, which is a so called smart city, you think of the progressive cities and the tech savvy cities of the world. Shenzhen really ought to be part of that conversation that's how it should be characterized and thought of so. The government in that city carried out a lottery to give away a total of 10 million yuan about 1.5 million us dollars worth of the digital currency and you're.
Seeing more and more of these efforts, you're seeing more and more of pilot projects, um social incentive programs to get people excited and talking about it and hopefully adopting this and ironing out some of those wrinkles before it really goes mainstream. But they definitely, as i said, make no mistake about it. China wants to be the first player on the scene to have an effective system. They want that first mover advantage and i'm sorry not to burst anybody's bubble, but even cnbc makes the point right here very explicitly. The digital yuan is not a cryptocurrency like bitcoin. Instead, it is issued and controlled by the people's bank of china, the country's central bank. So the people's bank of china is the official bank representing the communist party of china. How decentralized do you guys think this cryptocurrency is going to be it's, not a cryptocurrency, even if it relies on some of the underlying cryptography and some of the underlying technology that we associate with the likes of bitcoin and other altcoins it's, not a cryptocurrency it's, not At all, decentralized it's, probably the most centralized form of currency that you can envision outside of hard fiat money. It is digital um, so that's, that's, interesting we'll have to see what happens here. This imf meeting that's upcoming, is going to be very interesting, uh to see and to discuss in more detail once we have more information. We also have some positive news here by extension, not just the chairman of the federal reserve but the cftc, so the commodities futures trading commission out of the united states, their chairman heath tarbert, has talked about ethereum and d5 and the next bitmex we're here on news.
yahoo.com. So, just in brief, here after the bitmex enforcement action are other non compliant exchanges on the cftc's radar, maybe said chairman heath tarbert in an appearance wednesday. The regulator largely deferred to his colleagues at the sec. On the question of whether ether in a proof of stake version of ethereum would be a security or a commodity and he's similarly punted on defy here's. The quote that i find very interesting quote. Let me just basically say how impressed i am by ethereum full stop period. End quote here is what he continued to say about: ethereum quote the more decentralized it becomes over time and the more that it effectively runs itself. The more likely is that it's going to fall within the commodity category and not the securities group. We usually defer to the sec's views on what is a security. So if the sec says this is not a security, then we're generally confident that we can come in at that point and say: it's a commodity. You guys can read more about the cftc's stance and how they kind of see the unfolding landscape of d5 decentralized finance. But let's use this as a segue to discuss now ethereum 2.0 and what we can expect realistically this year we actually put this out as a community post yesterday, ethereum 2.0. Finally, ships when vitalik buterin is an old man, presumably here in his 70s or so hopefully, it comes before that we're on the cryptonomist.
ch here, with this article ready to launch purportedly ethereum 2.0 in testnet thanks to prismatic labs. The only thing, however, is this is from a while ago, back in april actually of this year, prismatic labs launches topaz in test net and the genesis block for the first ethereum 2.0 test will be generated on the 16th of april. So i really just wanted to bring up this article for the sake of the image here, but that was a while ago, so we've been told for really months and months now that hey it's just around the corner, but i don't know i think a lot of People are pessimistic about it to be honest, this from a little bit more recently, the 12th of october on cointelegraph.com second ethereum, 2.0 launch rehearsal, puts it on track for 2020 release. So now we have a recent article in the last week or so saying that really in the last six weeks of the year, because if you think about it, we only have six weeks or so maybe seven weeks left in 2020, we could still see ethereum 2.0 That'S because it has successfully launched yet another dress, rehearsal test net for the upcoming ethereum 2.0 phase, zero, dubbed zinken. The first rehearsal was called spadina and, as pointed out here, it was a bittersweet launch. As coin telegraph reported at the time, the spedina testnet suffered from low participation rates, which meant that a lot of validators who signed up for the test net failed to bring their clients online, while initially it was believed that this was due to lack of economic incentives.
Further analysis showed that bugs and clients accounted for a significant portion of the problem. Zinken, however, became the first test net that passed the finalization threshold within a few minutes of its existence, proving to be the most successful test net launch so far, while it was still below the ideal 90 participation rate that metric was still above 75 percent. So danny ryan is the ethereum foundation's lead coordinator for ethereum 2.0, and he was optimistic that a 2020 launch is still realistic. Given the timeline and given the technical complications that remain here's. What he said quote that's my impression that a 2020 launch is still on target. This is an ongoing dialogue with client teams and we need to take a second to look at this test net but it's. My understanding that this will trigger the next series of things, there's, always hackers that might show up. So we need to do this responsibly, but not all of the metrics line up. Unfortunately, this from just today here on ethereumworldnews.com ethereum's, daily active address, has continued to decline since july. Highlighting this tweet here from sentiment, eth's daily active address metric, is still revealing that there's plenty to be desired since its peak. In late july of this year, there has been a decline in unique addresses interacting on the ethereum network, particularly since september 17th. So not the most encouraging metric and probably one that's a little bit counter intuitive, but that number is in fact on the decline.
Unfortunately, you guys can also read here on coindesk.com about how ethereum is manhattan, and the analogy suggests that now everybody's kind of moving to the suburbs they want to get out of the city, all right that about wraps it up for today, everybody to be sure you're. Following us on all the regular social media channels and keep checking back into our website, it is altcoinbuzz.io best of luck if you choose to invest on this friday tgif. Once again, let me know your thoughts about this whole upcoming imf panel, involving the federal reserve chairman jerome powell, and all of these i, i suppose, like high profile central bankers from these nations all over the world again, it's not cryptocurrency, certainly not in my books, it's. Maybe cryptography based but it's, not decentralized, it's, pretty much the most centralized form of digital cash you could ever imagine. However, it is digital, so some of the technology is there certainly and that's, going to be an upcoming meeting to track and we'll see what kind of the nations of the world have to say.