‘Russian Facebook’ VK Wants to Turn its 100 Million Users into Crypto Fans

VKontakte (also known as “VK”), which is Russia’s version of Facebook, is planning to issue its own cryptocurrency. The project is currently under development, but a final decision has not yet been made. The social media firm wants to create a cryptocurrency that all its users can implement, according to Russian news website RNS. VKontakte claims it has 97 million active monthly users. VK Launched Money Transfer System In 2018 If VKontakte is successful in rolling out its own cryptocurrency, users will be able to earn crypto for sharing interesting posts and accumulating “likes.” They can also use the digital

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Bitcoin (BTC) Tepidly Advances Above 4,100 as Upwards Momentum Slows

After rapidly surging to above $4,200 before plummeting back below $4,100 on Saturday, Bitcoin (BTC) has been able to incur some upwards momentum that has allowed it to tepidly move above $4,100.

It is important to note that Bitcoin’s strongest level of resistance exists at $4,200, but analysts are expressing cautious optimism regarding the current state of the cryptocurrency’s price.

Bitcoin Breaks Above $4,100 After Yesterday’s Volatility 

At the time of writing, Bitcoin is trading up marginally at its current price of $4,105. Over the past couple of weeks, $4,100 has proven to be a level of resistance for BTC, and it is unclear if the crypto’s bulls will garner enough buying pressure to flip this price into a level of support going forward.

Yesterday, Bitcoin experienced large volatility that entailed a sudden surge to $4,230 that was immediately proceeded by a drop to below $4,100. This price surge was strikingly similar to one seen in late-February, where BTC surged from $3,900 to $4,200 before spiraling downwards towards $3,700.

These two price moves have made it clear that $4,200 is a strong level of resistance, and that Bitcoin will require a significant influx of buying pressure to propel its price above this level.

Chonis Trading, a popular cryptocurrency analyst on Twitter, recently shared his thoughts on Bitcoin’s price action in a short video, noting that BTC faced resistance at its upper Bollinger Band, but still is technically in a bullish trend.

“$BTC – quick update on #bitcoin daily chart… Current rejection off upper BB, with spinning top candle formed after finding support from previous range rejection area now turned support…RSI Stoch, MACD, still bullish trending with slowing momentum,” he explained.

Bitcoin Struggles to Break Above Yearly Downwards Resistance Level

Over the past year, Bitcoin has been caught below a downwards resistance level which has continued to put bearish pressure on BTC’s price.

The Cryptomist, a popular cryptocurrency trader on Twitter, discussed this resistance level in a recent tweet, noting that she expects the crypto to face one more downwards break before it garners enough buying pressure to break above this resistance level.

“$BTC Weekly resistance right on the money! The daily candle is being rejected by the downtrend resistance that has held us in for a year… Double top on RSI suggest we may not break right now… My gut feeling – need 1 more leg down before break… When we do break, long green candle,” she explained.

As the new week begins, it is likely that traders and analysts alike will discover whether or not $4,100 will be established as a fresh support level, and whether Bitcoin will continue to struggle to break above $4,200.

Featured image from Shutterstock.

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Binance’s BNB Leads Top Ten Cryptos in Q1 2019, Rises 185%

Binance Coin (BNB) has led the top ten cryptocurrencies in terms of quarter performance.

The Binance crypto exchange’s native asset surged 185 percent in the first quarter of 2019, jumping from $6.069 to $17.335, according to data provided by Messari. On the whole, BNB was the sixth largest gainer in the said period, beaten only by PCHAIN’s PI (+787%), Ravencoin’s RVN (+337%), Everex’s EVX (+313%), Enjin Coin’s ENJ (+287%), and Numeraire’s NMR (234%). None of these cryptocurrencies were in the top ten list.

BNB Q1 2019 Performance | Source: Messari

The three-month long bullish performance followed a considerable debacle last year, which saw BNB’s market capitalization dropping by over 75-percent from its historic high. Part of the collapse was due to crypto market’s overvaluation, which saw some major bearish corrections throughout the top and tail coins. However, almost all the significant cryptocurrencies seemed to have established their bottom levels, which somewhat explains why BNB had an impressive fiscal quarter.

Fundamentally Strong

Binance Coin (BNB) remained one of the few coins that traders included in their crypto portfolio. What backed it through the rough waters, and eventually to a decent recovery, is reputation. Binance’s success as a cryptocurrency spot exchange helped BNB attaining more legitimacy as a well-backed token. Binance ventured into other business territories that hinted more demand for BNB tokens in real-time, which included a decentralized exchange and token launchpad for blockchain projects.

While on one hand, Binance promised more demand for BNB, on the other it kept reducing the token’s supply rate.

In retrospect, Binance spends 20-percent of its profits every quarter to buyback BNB tokens for destruction. That systematically reduces the supply rate of BNB tokens, leading investors to remain bullish based on the classic more-demand-less-supply scenario.

What’s Next for BNB?

Technically, the BNB price is now close to testing a crucial resistance area. Have a look:

BNB Price Technical Analysis | Source: TradingView.com

The area near $353 has historically capped the BNB upside action from maturing any further. The price is once again testing the same level, supported by a moderate trading volume on the daily chart. If the BNB/USD rate manages to break through $353, then it could allow the pair to extend its bullish momentum further towards $400, a psychological resistance level.

If BNB/USD fails to spark a breakout action, then the pair could see a sharp pullback towards the 50-day exponential moving average. This MA has lately provided support to the ongoing BNB uptrend.

The Relative Strength Index, which indicates the asset’s momentum, is close to entering the overbought area, which means the ongoing uptrend might exhaust for a short time. There is momentum support at 96.82 that could allow BNB to bounce back and continue its uptrend as before.

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What A Bitcoin-Friendly Cornell Prof Thinks Will Propel Crypto Past $1 Trillion

According to one Cornell professor proficient in computer science and an advocate for Bitcoin, Emin Gun Sirer, crypto will be unable to surmount a $1 trillion collective valuation until certain requirements are met. He believes that with industry developments, “crypto winter will end” — eventually.

Crypto Needs Scaling, Real Use-Cases, Decentralized Solutions

Sirer recently wrote on Twitter that the cryptocurrency market surpassed $700 billion with “inherently unscalable technologies,” referring to 2017’s seemingly hype-based rally. While some were sure that $1 trillion was in crypto’s sights then, the market obviously pulled back drastically.

However, Sirer is under the belief that with scaling solutions, potentially like the Lightning Network or Ethereum’s Proof of Stake; a surge in non-custodial solutions, thereby mitigating the risk of hacks (just look at DragonEx & Bithumb); viable use cases that bring “net positive outcomes to society,” this market could finally begin to rally again.

Related Reading: EOS Scaling Issues and Their Impact on the Blockchain

Bitcoin To Surpass $1 Trillion With Halving Alone

While Sirer is making a case that the cryptocurrency market needs technical development to surpass the $1 trillion milestone, a number of pundits have recently claimed that this may not be the case.

PlanB, an industry researcher, recently claimed that 2020’s block reward reduction could be the sole catalyst that hoists BTC above $50,000 apiece. As reported by NewsBTC previously, the analyst noted that if Bitcoin follows a linear trend that relates the stock-to-flow ratio (SF) to asset valuation, the mentioned auspicious event will allow the aggregate value of all BTC to reach $1 trillion.

While $55,000 for each BTC seems irrational for most, PlanB writes that money from silver, gold, negative interest rate economies, authoritarian and capital control-rife states, billionaires looking for a quantitative easing hedge, and institutional investors will eventually flood into this space. This in and of itself may seem like a pipe dream, but some are sure this is likely, especially with the increase in hyperinflation, fiscal mismanagement, and speculators looking for alternative investment opportunities.

Although many are sure that the halving event will create waves, Messari’s Ryan Selkis recently drew attention to another catalyst that could be responsible for creating a $1 trillion Bitcoin. The chief executive of Messari explained that with millennials inheriting billions from their to-be-deceased parents over the coming decades, much of that money could theoretically find itself in the crypto market, pushing up prices as a result.

Featured Image from Shutterstock

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Interest-Paying Crypto Accounts Are This Year’s Leading Trend

Interesting-Paying Crypto Accounts Are This Year’s Dominant Trend

2019 has witnessed a Cambrian explosion of crypto interest schemes. Previously, the only way to make a passive income on your cryptocurrency was through hodling and hoping it would rise in dollar terms, or to operate a masternode for a dubious altcoin. Today’s investors have it a whole lot easier thanks to a string of new savings programs that promise annual interest simply for locking up digital assets.

Also read: This Photo Gallery App Is a BCH Light Wallet in Disguise

Crypto Companies Are Borrowing From the Fiat Banking Toolbox

Last week, Nexo became the latest crypto company to introduce interest to its customers, with the provision of up to 6.5 percent annually on stablecoins DAI, PAX, USDC, USDT, and TUSD. Interest will be compounded daily and funds will be protected by custodial insurance. Unlike most of the crypto interest schemes to have emerged this year, Nexo enables its clients to withdraw any amount of cryptocurrency at any time. As such, their crypto account essentially becomes a checking account, stocked with dollar-pegged tokens, but bolstered by the promise of annual interest that exceeds that of most fiat saving accounts.

Interesting-Paying Crypto Accounts Are This Year’s Leading Trend

Nexo is by no means alone in incentivizing customers to secure their crypto in a custodial account and be rewarded. Blockfi will disburse 6 percent annually to clients who store ETH or BTC deposits. Ledgerx introduced its own interest-bearing BTC account last year for U.S. investors, while Compound provides up to 4.2 percent annually for assets such as DAI. At the start of March, Universal Protocol Alliance announced a stablecoin that would pay interest of up to 10 percent per year.

Cryptocurrency users have never had more options in terms of where to store their digital assets. Having had it drummed into them for years that noncustodial wallets are the best place to stash their coins, long-term hodlers now find themselves torn on account of the attractive interest rates offered by third parties. Even with the promise of full custodial cover, cryptocurrency owners face a dilemma: to seek the sanctity and privacy of storing funds in a noncustodial wallet, or to raise the risk a little in return for a generous 6 percent.

Balancing the Risks and Rewards of Interest-Bearing Crypto Accounts

When Blockfi announced its crypto interest scheme, eagle-eyed readers scrutinizing the terms and conditions spotted that the assets would not be insured against losses. While offerings from the likes of Nexo and Coinbase Custody are fully insured, consumers should nevertheless familiarize themselves with the small print before committing. Coinbase hasn’t begun offering crypto interest accounts per se, it should be noted: rather, it’s added staking as a service, which obliges hodlers to lock up qualifying Proof of Stake coins such as tezos (XTZ). The end result to clients is much the same as receiving interest however; by the time Coinbase has taken its 2 percent, stakers will be left with an annual yield of around 6 percent.

Interesting-Paying Crypto Accounts Are This Year’s Leading Trend

Staking and interest are not the same, as industry commenters such as Meltem Demirors have been keen to stress. For the end user, however, be it an institutional client who doesn’t want to “get their hands dirty” with the technical side of staking, or a retail client who doesn’t want to assume custody for their crypto, the outcome can appear indistinguishable. “Financialization of Bitcoin is inevitable and vitally important,” argued Zane Pocock in a Medium post on March 29. He continued:

Financialized structures allow for much better liquidity, debt structures, and other benefits that mean institutional custody and lending can be good for Bitcoin.

Pocock urged investors to do their own research into the interest accounts being offered by crypto companies and not to “fall for the illusion of free money. Bitcoin is our emergency exit from the outcomes of precisely that fallacy.” Crypto interest programs remain an alluring proposal, however, and their number is set to multiply over the coming year. As Shapeshift’s Erik Vorhees pointed out, once the inflationary nature of central bank currencies is factored in, crypto interest accounts become significantly more appealing than their fiat counterparts.

What are your thoughts on interest-paying crypto accounts? Let us know in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies or any of its affiliates or services. Bitcoin.com and the author are not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. This editorial is for informational purposes only.


Images courtesy of Shutterstock.


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Tezos Price Surges 57% in Days as Coinbase Fuels Another Crypto Rally

The week is ending on a hugely positive note for the Tezos cryptocurrency. Tezos Races Ahead of Wider Crypto Market The blockchain project’s native asset XTZ today established a new weekly high towards $1.08 – up more than 17 percent in the last 24 hours. The latest push also brought the coin’s weekly gains to 57 percent, bringing the price a few steps closer to its November 19 high at $1.09. No other top-20 cryptocurrency came close to matching the breakneck Tezos rally. Volume-wise, crypto exchanges listing XTZ-enabled pairs reported trading activity worth a little above $8.2 million. Among those

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Hodler’s Digest, March 25–31: Top Stories, Price Movements, Quotes and FUD of the Week

This week saw the hacks of several large cryptocurrency exchanges, while the SEC pushed back their BTC ETF decision.

Top Stories This Week

Owner of ICO That Never Happened Attempts to Sell Project on eBay for $60,000

The owner of a crypto-related startup dubbed Sponsy, which never launched its initial coin offering (ICO), is attempting to sell the project on eBay for $60,000. The project is described as a blockchain-related identity that is able to launch both an ICO and a security token offering (STO), with the author of the posting claiming that the project was both audited by an investment firm and approved by several investment banks. Sponsy also claims to have a solid social presence, although its Twitter and Facebook page posts have around ten likes on average. The eBay poster noted in an interview that he lost out on the ICO craze by taking time to develop a product, rather than first launching an offering.

Over 130-Year-Old Liquor Company William Grant & Sons to Track Whiskey on Blockchain

Premium scotch whisky brand Ailsa Bay, which is owned by William Grant & Sons (WG&S), a liquor company founded in 1887, is set to launch what it claims to be the world’s first scotch whisky tracked on the blockchain. According to the company, the whisky will be tracked in collaboration with blockchain firm arc-net, which will develop the new products and a system to track manufacturing from distillery to store. The reason behind the blockchain tracking is to prevent whisky counterfeiting in the United Kingdom, as well as allow the firm to gather data on both existing and potential customers by employing location systems for the purchases.

Tim Draper Urges Argentina’s President to Legalize Bitcoin to Improve Economy

When speaking to Argentine president Mauricio Macri, crypto bull and investor Tim Draper said that the legalization of Bitcoin (BTC) in the country could help improve their economic situation. During the meeting, Draper noted that the use of blockchain and crypto could help improve major economic problems, including the devaluation of the Argentine peso (ARS). Draper also reportedly proposed a humorous bet, stating that if the peso would be valued more than Bitcoin, he would double his investment in the country, but if BTC became higher than the peso, Argentina would have to declare the crypto a national currency.

Weiss Crypto Ratings Puts Bitcoin Aside EOS and XRP in Annual Outlook

The newest Weiss Crypto Ratings and given top cryptocurrency Bitcoin an “A,” along with Ripple (XRP) and EOS. In the report, which was based on an analysis of 120 cryptocurrencies, letter grades were assigned based on an evaluation of the possibilities for adoption and technology. XRP received the “A” ranking as it is well-positioned to compete with global interbank system SWIFT, while EOS was noted as making a solid attempt to become the “backbone of the new internet.” Bitcoin’s “A” ranking was due to its Lightning Network upgrade and use as of store of value. However, another ranking based on risk and reward factors failed to give any cryptocurrencies an “A.” The three currencies are followed by Ethereum (A-) and Cardano (B+).

 Crypto Exchange Bithumb Reportedly Hacked of Almost $19 Mln in EOS and XRP

Crypto exchange Bithumb reported this weekend that they have experienced a hack of an unknown amount, and are currently working with various law enforcement on the issue. The exchange notes that withdrawals and deposits have been temporarily paused, and that the loss does not affect users’ funds, but only those of the exchange. Unconfirmed reports state that around 3 million EOS (around $12.5 million) and 20 million Ripple (about $6.2 million) are the funds lost. The company’s post about the hack indicates that it was an insider job, but the details are as of yet unspecified.

Winners and Losers

The crypto market has ended with week with Bitcoin well above $4,100, Ethereum is at $143 and Ripple at about $.31. Total market cap is $144 billion.

Top three altcoin gainers of the week are AICHAIN, BBSCoin and HondaisCoin. Top three altcoin losers of the week are Luna Coin, Crowdvilla Ownership and Coinonat.

Winners and Losers

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“All of the big tech companies will come and say blockchain, blockchain, blockchain. I say, ‘Show me the use case. You bring me the use case and I'll try it.’”

Catherine Bessant, Bank of America (BoA) chief technology officer

 

“If Quadriga was licensed under the Bermuda Monetary Authority, what has happened would not have been able to happen, because we have rules regarding the custody of master keys and making sure they’re not held by a particular individual.”

David Burt, Premier of Bermuda

“One of my theses here is that the cypherpunks’ attempts to get into the money business forced them to realize some other things along the way. And [one of those things] is that money is a fundamentally social thing in a much deeper way than, say, two-party encrypted communication You have to start thinking about governance, social contracts, common shared expectations in this community, how do changes get made, how do we decide how changes get made, how do we discuss things. These are all very political things.”

Vitalik Buterin, speaking at the RadicalxChange conference

 

"I do believe that the regulators right now are a little careful about just rubber stamping anything as it relates to crypto. You are going to have to have an offering that the regulators are going to have to get comfortable. And I think it is hard to get comfortable with something that is so new like this.”

Terry Duffy, CEO of United States derivative market CME Group

 

"What we are seeing is a collection of standards being created [that] will inevitably converge over the next three to five years to create a situation where you can move information and value between all these different systems ー not just Bitcoin to Litecoin to Ethereum to Cardano ー but also your regular bank account.”

Charles Hoskinson, a founder of IOHK, the firm that developed cryptocurrency Cardano (ADA)

Prediction of the Week

Sharp Bitcoin Rally in 2019 Unlikely

According to Emmanuel Goh, a former JPMorgan Chase derivatives trader and founder of crypto data firm Skew, Bitcoin is unlikely to recover its former five-digit highs in 2019. Goh has noted that, according to options traders, there is a five percent chance that Bitcoin will reach $10,000 by September of this year. The trader also noted that there is even a $20,000 call option for this June, but the probability of BTC reaching that price is zero, as it was likely a “bullish trade that was made last year when investors were still discussing the short-term possibility of making new highs.”

FUD of the Week

US SEC Delays Decision on Bitcoin ETF Applications From VanEck and Bitwise

The United States Securities and Exchange Commission (SEC) has again delayed its decision on a rule change to the Securities Act that would allow the listing of Bitcoin (BTC) exchange-traded funds (ETF). According to the latest notice, the SEC has extended the period to 90 days, after Bitwise’s Feb. 15 application reached the end of its 45-day time period. According to the extension, the SEC must now reach a decision on the rule change by May 16, 2019. The two firms, NYSE ARCA and Bitwise, had announced their recent plans to launch Bitcoin ETFs in January, with the former intending to launch five separate ETFs linked to both bull and bear futures contracts on NYSE Arca. The SEC has also extended its decision on the VanEck/CBOE Bitcoin ETF

Analysts Claim CoinBene Transactions, Recent Activity ‘Consistent’ With Exchange Hack

Elementus, a blockchain infrastructure firm, published details of recent transactions at crypto exchange CoinBene that they consider to be suspicious in the wake of a presumed hack. After $105 million in crypto was moved from the exchange’s hot wallet this week, CoinBene had assured users that it was a period of unforeseen maintenance responsible for the suspicious activity. Elementus has noted that they are not contradicting what CoinBene has claimed, but that their findings are consistent with the modus operandi for how hack are normally carried out, as the amount of crypto transferred is large and was quickly sold.

Android Malware Targets Users of 32 Crypto Apps, Including Coinbase, BitPay

According to research, a new strain of Trojan malware for Android phones is now targeting the global users of cryptocurrency apps including Coinbase, BitPay and Bitcoin Wallet, as well as banks including JPMorgan, Wells Fargo and Bank of America. Cybercrime analytics firm Group-IB noted that this is the first time that the Trojan, dubbed Gustaff, has been reported or analyzed, and that it is described as being designed for mass infections and spread by SMS messages linked to load malicious Android package kit files. The group notes that the malware’s creators have made a system that increases the scale of thefts by triggering autofills of payment fields for legitimate Android apps to maliciously reroute transfers to the hackers.

Best Cointelegraph Features

The Lightning Torch: How the Community United to Teach Jack Dorsey About Feeless, Rapid Off-Chain Transactions

After Twitter’s Jack Dorsey joined the Lightning Network Torch recently, awareness of the second-layer solutions both benefits and drawbacks have become more debated in the crypto ecosystem. Cointelegraph examines how the LN has changed over time, and how Dorsey’s reference to the technology has brought it more into the public eye.

Indian Street Protests for Cryptocurrency

After the Reserve Bank of India’s ban on crypto dealings last year, the crypto community is coming together again, this time in the form of a series of blockchain supporter rallies held across the country. With the fourth rally set for Bangalore, Cointelegraph looks at the possible public impact of this movement.

Meet the 21 Year-Old Entrepreneur Trying to Sell His Failed ICO on Ebay

After an eBay listing for a cryptocurrency- and blockchain-related project was posted with a price tag of $60,000, Cointelegraph reached out to the lister himself to find out what happened with the project that led him to sell it online in this particular format.

Another Social Media Giant Enters the Crypto Industry, Is Widespread Adoption Imminent?

There’s no question that the crypto industry has been growing by leaps and bounds over the past year, regardless of persisting bear trend that has sent overall market sentiment towards rock bottom.

One indication of this growth has been the large and growing trend of social media giants entering the industry, and because social media companies operate on the forefront of the general public, their quickness to adopt crypto may signal a bigger trend of growing mainstream adoption.

Report: Russian Social Media Giant VKontakte (VK) Developing Own Crypto

According to a recent report from Russian news outlet RNS, VKontakte (VK) – which is the most popular social media platform in Russia – is in the process of developing their own cryptocurrency, which will be placed directly before all of the site’s nearly 100 million active monthly users.

According to an unnamed source familiar with the company’s plans, the final decision on whether or not to launch the crypto has not yet been made, but if they do move forward with their plans, the current configuration of the project entails having a crypto account created for each individual user’s account on the site.

“According to [the unnamed source], the current configuration of the project involves the creation of individual accounts for the accumulation of cryptocurrency to all users of the social network,” the report explains.

The addition of the new crypto will also add a host of new features to the platform that allows users to easily monetize content, as users will be able to receive the crypto for publishing interesting content, and for receiving likes, comments, and reposts.

It is important to note that VK has not yet confirmed or denied the rumors regarding this new crypto product.

Growing Trend of Social Media Companies Turning to Crypto 

VK certainly isn’t the first social media company to turn towards crypto in order to enhance user’s experiences, and their decision to possibly release a cryptocurrency comes on the heels of news regarding US-based social media giant, Facebook, working to develop its own cryptocurrency.

The Facebook crypto will be a coin associated with WhatsApp, which would allow users to facilitate nearly instant transfers between users, but information regarding this project is scarce.

Other major companies, including Telegram and Signal, have also forayed into the crypto industry, with Telegram making headlines throughout the past year regarding the messaging platform’s highly coveted and publicized Initial Coin Offering (ICO).

Because the success of social media is based entirely off of user experience, it is clear that the respective companies believe that the public is ready to begin heavily interacting with cryptocurrencies, which may signal that widespread adoption is right around the corner.

Featured image from Shutterstock.

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Tesla Wreck Hack Blindsides Unsuspecting Model 3 Owners

Your smartphone, your smartwatch, and your laptop are all probably recording your information. Big deal – you knew that already. But what you might not have known is that your Tesla Model 3 is also a veritable gold mine of personal information. Tesla Wrecks are an Unexpected Hacker Gold Mine A story broke recently of a “white hat hacker” who has been restoring wrecked Teslas and demonstrating just how much data is under the hood. Phone contacts, addresses, and even crash videos were all salvageable from the car in question. But it’s not only a wrecked Tesla that is a

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$4.2 Million of Cryptopia’s Ethereum (ETH) Moved as Prices Stagnate

  • Ethereum prices up 2.8 percent
  • 30,789 ETHs transferred from Cryptopia’s wallet to an unknown address.

$4.2 million worth of Ethereum (ETH) from Cryptopia is now at an unknown address after Jan hack. At the same time, Ethereum prices are up but struggling to break above $150 and $170.

Ethereum Price Analysis

Fundamentals

There is a worrying trend in 2019. More exchanges are falling prey to hackers, and there should be averting steps. Aside from regulator involvement, exchange clients must take their security a notch higher. That means incorporating two-step verification in their login procedure and being extra vigilant to avoid phishing attacks.

Often, crypto attacks lead to losses and irreversible reputation damage to the affected exchange through client loss of confidence and made worse by an internet that never forgets. One of the many exchanges aside from BitHumb which is the latest is Cryptopia.

Their case was unique because it was sustained for several days but there was recovery. However, a majority did slide, and the community now notes that 30,789 ETHs moved from Cryptopia to an unknown wallet address. That amounts to roughly $4.2 million at spot rates. These funds, Elementus reports, were from the second breach. That’s when hackers had control of over 17k wallets. However, the damage was notably extensive for ETH holders.

“One possible explanation is that Cryptopia had their private keys stored in a single server with no redundancy. If the thieves managed to gain access to this server, they could have downloaded the private keys before wiping them from the server, leaving Cryptopia unable to access their wallets.”

Candlestick Arrangement

Ethereum

At the time of press, Ethereum (ETH) is up 2.8 percent in the last week. However, a noteworthy development is the failure of prices to close above the $150 level in a minor breakout trade.

Even so, our ETH/USD trade plan is valid, and bulls of Mar 5 are valid after Mar 27-29 expansions. Therefore, although we are net bullish expecting gains above $170 towards $200, participation level remains low.

Besides, there is this hang from Feb 24 losses that can trigger a sell-off towards $100 if there is a meltdown below $130 or Mar 5 lows. All the same, once there is a high volume drive above $150 then risk-off traders can ramp up on dips with targets at our Nov-2018 breakout level at $170.

Technical Indicators

By yesterday’s close, average volume stood at 116k. After Mar 29 gains we expected that prices would edge higher with high volumes exceeding Mar 5 of 302k. As a result, unless otherwise, these conditions are correct, we shall take a neutral but bullish stand on price action.

Chart courtesy of Trading View

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Making ATM Bitcoin Payments via Lightning Network Is Becoming a Reality

bitcoin atm

Developer and researcher Felix Weis successfully executed, as a proof-of-concept, the world’s first ATM Bitcoin transaction on the Lightning Network.


World’s First Lightning-enabled Bitcoin ATM ‘Worked Fine’

On March 31, 2019, Weis publicly demonstrated a transaction via Lightning Network at a bitcoin ATM, during the Lightning Hackday, in Hong Kong, as shown in the video below.

Later, Weis described the transaction as:

Just a proof of concept ‘top up your existing channel.’ Lots of bugs but two different mobile wallets worked fine.

Bitcoin Lightning Network Capacity Rises Over 1,000 BTC

The crypto industry is becoming increasingly enthusiastic about the Lightning Network because it offers to drastically lower BTC’s transaction fees while making it possible to execute near-instant transactions.

Moreover, the demonstration of making ATM Bitcoin payments over the Lightning Network comes when Weiss Crypto Ratings has just upgraded Bitcoin from a “C-” to a “B-” (good) because its technology had dramatically improved.

Weiss highlighted these conclusions in a comprehensive report on the crypto market entitled “Dark Shadows with a Bright Future, ” published in March 2019.

Specifically, the Weiss evaluation considered four factors: adoption rate, technology, risk, and reward. And, it highlighted the effect of the advent of the Lightning Network in the upgrade, as follows,

Bitcoin has been upgraded with the roll-out of its Lightning Network and is the best positioned to become a popular store of value for savers and investors.

The Lightning Network is a decentralized system where participants can implement trustless micropayment channels to perform one or multiple payment transactions off-blockchain.

These channels reside off the Bitcoin blockchain. Transactions occur between these channels. Upon completion, transactions are transmitted, as a single transaction, to the blockchain. Then, the payment channel is closed, and transactions are transcribed onto the blockchain.

Therefore, regardless of the number of transactions performed, the BTC blockchain is accessed twice, at the opening of the channel and the closing of the channel.

The implementation of Lightning Network nodes continues to gain momentum. As of this writing, according to 1ML, a Lightning Network monitoring website, the network now boasts 7,744 nodes and 39,129 channels. And the network capacity reaches over 1,059 BTC.

Will Bitcoin ATMs use Lightning Network to cut costs in the future? Let us know in the comments below!


Images courtesy of  via Twitter/@bitcoinorghk, Weiss Crypto Ratings, Shutterstock

The post Making ATM Bitcoin Payments via Lightning Network Is Becoming a Reality appeared first on Bitcoinist.com.

Dogecoin Price Remains in the Green Over the Weekend

dogecoin

In the cryptocurrency world, very few projects effectively possess the necessary branding to make a lasting impact. Bitcoin and Ethereum seem to check the right boxes, although it would appear Dogecoin is clearly up there as well. Given its current value increase, the Dogecoin price also appears to be nearing the $0.0021 level once again.

Dogecoin Price Keeps Rising

Finding any true market indicator over the weekend has been a futile effort over the past few years. Cryptocurrency markets operate on their own accord and seemingly don’t always follow the overall sentiment. Dogecoin, while usually a stable coin, has become increasingly popular because it can maintain its value under most circumstances. In some rare cases, it can even gain value when traders least expect it.

To put this in perspective, the past 24 hours have yielded a minor Dogecoin price increase. Following a 0.53% improvement in USD and 0.36% gain in BTC value, it would appear Dogecoin is performing rather well. So much even that reaching $0.0021 should not pose any real problems moving forward. The 51 Satoshi level will also remain in play, but a surge in this department remains unlikely.

The big news of the weekend is how a new alpha version of the Doge Racer game has been made available to Patrons. There will also be a live stream of this game this weekend, and further bug fixes will occur over the next few days. It is evident developing a Dogecoin-oriented game is not easy, but the progress to date seems very promising.

It would also appear a potential scam is making the rounds in the cryptocurrency world. Users are being targeted to buy company names through the Ethereum Name Service by an unknown individual. One user even responded by offering to pay 5,000 DOGE instead of 5,000 ETH for this purpose. It seems unlikely that offer will be accepted, though.

For those who merely look at the DOGE price chart, it is a bit difficult to make sense of what will happen next. As there is still no clear direction in place, this minor uptrend can be negated without too many problems. Even so, the weekly chart doesn’t look half bad right now which may indicate some upward momentum will materialize fairly soon.

As is always the case where Dogecoin is concerned, the current market conditions can change at any given momentum. Whether that will be for better or worse, is a difficult question to answer at this point. There isn’t much trading volume and the overall gains are relatively small. However, for a Sunday, it will keep most holders rather happy.


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com

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Is The Crypto Bear Dead Yet? Trader Calls For Bitcoin Double Bottom

Over recent weeks, Bitcoin (BTC) has embarked on a slow and steady uptrend, moving convincingly off the mid-$3,000s. With the crypto asset recently holding above $4,000 on the back of an influx of volume, some are sure that bears in this market are ready to bite the dust.

But according to a popular trader, bears might get one last hurrah in the form of a final sell-off, which will likely mark the end of the ongoing market cycle.

Related Reading: Analyst: Bitcoin (BTC) Surging Above 4,200 Will Mark the End of the Bear Market

BTC To Double Bottom

Per analysis completed by Roger Quantrillo, there’s a likelihood that Bitcoin could find itself at $3,200 once again, in spite of the reports that this budding market is off of thin ice. Quantrillo looks to 2014-2016’s cycle, which saw BTC test a high, pullback by ~80% to a low at around ~$250, partially recover, and revisit the same low region again. This was followed by the monumental rally seen in 2017, which catapulted cryptocurrencies to the mainstream in a sudden turn of events.

Therefore, if history is repeated, BTC could find itself at the levels seen in mid-December yet again, meaning that a move to $3,200 in the coming weeks and months (Quantrillo predicts late-May) may just be imminent.

Of course, there is no guarantee that Bitcoin will follow its historical price action, but some are sure that the use of such analysis is extremely logical and viable in a market like cryptocurrencies, which are seemingly predicated on cycles alone.

Bitcoin To Break Lower

While the aforementioned analyst seems to be leaning bullish in that lower lows could be out of the cards, some are adamant that Bitcoin could easily go under $3,000 in an act of “capitulation”

Mahmudov, a partner at Adaptive Capital, recently argued that the cryptocurrency has yet to enter its “accumulation” region,” as it still is susceptible to lower lows. He expects for Bitcoin to enter a region of “hell,” in which the asset will range trade between $1,700 and $3,000 as 2020’s halving event nears. The reason why he expects for a sub-$3,000 is due to a combination of historical and fundamentals factors.

In a tweetstorm, Mahmudov explained that the waning number of Bitcoin-related comments on Twitter, as per BitInfo, should indicate that there remain very few people that care about decentralized, sovereign, uninflatable currency, thus limiting Bitcoin’s upside. The prominent analyst, who formerly worked on Wall Street, added that he expects for a “Final Capitulation” to play out, which will see BTC drop by potentially another 50% in a dramatic wick event.

Featured Image from Shutterstock

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Bitwise Bitcoin ETF Decision set for May, BTC Prices Up 2.3 Percent

  • Bitcoin prices stable but bullish
  • Bitwise Bitcoin ETF application decision date put off to mid-May

It will be until mid-May when the US SEC decides on Bitwise Bitcoin ETF. Like the SolidX and VanEck application, this ETF is backed by Bitcoins secured by a third party custodian. Meanwhile, Bitcoin (BTC) prices are stable inside Mar-29 high-low as bulls build momentum towards $4,500.

Bitcoin Price Analysis

Fundamentals

For the second time, the US SEC is putting off their decision on whether Bitwise Bitcoin ETF application meets their requirement and ready for investors. By doing so, the asset management firm joins a long list of applicants including VanEck, SolidX, and CBoE a joint application which the community says stand a change of getting the green lights from the US regulator.

Submitting their file in January, the San Francisco firm plans to roll out a physically backed ETF and after 45 days, the SEC was supposed to make their decision tomorrow. However, the regulator says their decision will be made public in mid-May. Bitwise Bitcoin ETF will track the performance of the world’s largest digital asset from the Bitwise Bitcoin Total Return Index. The index draws prices from trusted cryptocurrency exchanges.

Differentiating itself, their Bitcoins will be stored in a cold wallet by an institutional grade third-party custodian for security and accountability purposes. Should the fund check all the requirements then the NYSE Arca shall list the ETF will Bitwise Index Services will be tasked with producing and servicing the world’s first Bitcoin ETF approved by the strict SEC.

Candlestick Arrangement

Bitcoin

After weeks of lower lows, this week’s performance is encouraging. Not only will it close the week on a high, adding 2.3 percent but in line with our last BTC/USD trade plan, Bitcoin prices will for the first time closed above a five-month liquidation trend line.

In a typical bullish breakout, such will encourage participation now that prices are stable above $4,000. Besides, bulls of Mar 5 are now live. This is because of  Mar 27-29 upswings thrusting prices above Mar 16. As a result, our short-term longs are valid with targets at $4,500.

Technical Indicators

Despite these encouraging gains, Feb 24 losses are conspicuous. Once there is a high volume break above $4,500 reversing this slide, risk-averse can trade can begin ramping up. Accompanying this break above should be high volumes exceeding recent averages of 6.5k, Mar 29—8k and preferably Feb 18—37k.

Chart courtesy of Trading View

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Massive Bitcoin Exchange Hack Exposes Bithumb’s Arrogant Disregard of Security

In another blow to the crypto industry’s reputation, South Korean bitcoin exchange Bithumb was hacked again on Saturday morning. The hack marks the second time the exchange has been successfully penetrated in less than a year. Is arrogance or incompetence to blame? Bithumb Hadn’t Even Repaired its Reputation Since the Last Hack The Bithumb hack saw the offenders make off with around $20 million worth of EOS and Ripple (XRP). Three million EOS were stolen, along with 20 million XRP tokens. Influential crypto analyst Dovey Wan initially tweeted that the exchange’s cold wallet had been targeted, though that ultimately proved

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VeChain Price Rises by 4% as Three-month Uptrend Remains Intact

As the weekend is nearly over, the battle lines across different cryptocurrency markets become slightly more apparent. There is seemingly a distinctive lack of markets moving up in a significant manner. The VeChain price may be a notable exception in this regard, as this altcoin is finally noting some decently-sized gains.

VeChain Price Pushes Through

It has been a while since a decisive uptrend or downtrend affected the VeChain market. Price stability is often underrated, yet it makes traders and speculators no money whatsoever. Today, however, there is a lot of good money to be made with VeChain. How long its uptrend can last, is difficult to predict at this time.

Over the past 24 hours, the VeChain price has risen by 5.2% in both USD and BTC value alike. Because of this uptrend, one VET is now priced at $0.00616, or 151 Satoshi. Holders will be happy with the way this market has evolved this weekend, even if it may not be indicative of what will happen in the days and weeks to come.

On social media, it would appear there is a lot of excitement regarding VeChain’s technology gaining official recognition in China. Whether or not this will impact the VET price in any significant manner, is a different matter altogether. It is always good to see more blockchain projects gain some recognition, although it will not automatically result in price changes.

Most cryptocurrency users and traders are interested in price charts and making a profit along the way. Buy & Hold 100Crypto expects a further uptrend for VeChain, albeit the past three months have been pretty bullish in their own regard. A 41% increase in value over three months is not that bad, all things considered.

As far as JENS is concerned, VeChain is “looking good” at this time. It is certainly true the uptrend since late 2018 has been in place for quite some time now and shows no signs of slowing down whatsoever. Hitting 175 Satoshi may still be a bridge too far, even right now, but it is not impossible by any means.

All things considered, it would appear VeChain is in a rather good place at this time. The gains are solid, although the trading volume is still pretty bleak. Further gains can be noted without too many problems, assuming Bitcoin doesn’t head in the opposite direction again. That is, despite how things may look right now, still a distinct possibility.


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com

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New BCH Apps and a Special Giveaway in This Week’s Video Update From Bitcoin.com

New Apps, Services, and a Special Giveaway on the Latest Weekly News Update

In addition to learning about the latest developments in the world of Bitcoin Cash, you can take part in a special giveaway in this week’s video news update from Bitcoin.com. Streamed live and hosted by Roger Ver, the weekly show is shared on Bitcoin.com’s Youtube channel every Sunday.

Also Read: How to Print Your Own Bitcoin Cash Paper Wallet

Watch Bitcoin.com’s Weekly News Update

This week’s show features a special giveaway enabling viewers to win prizes such as hardware wallets, cool BCH t-shirts and other swag. To participate all you have to do is subscribe to the Bitcoin.com Youtube channel and leave a comment on the video regarding which Bitcoin Cash news item you are most excited about. 10 winners will be randomly selected by Wednesday and their names will be announced on next week’s show.

Among the topics discussed this week are the launch of the Cashshuffle coin mixing protocol on Electron Cash, a new Simple Ledger Protocol (SLP) explorer that lets users browse tokens built on the BCH blockchain, and a new app for customers to order menu items with their phones and pay with an integrated point-of-sale system using QR codes. Additionally features is the Peaceful Warrior online shop created by a group of female entrepreneurs from within the crypto space as well as the BCH community raising funds for young people in need from South Sudan.

Make sure to subscribe to the Bitcoin.com Youtube channel and leave a comment on the latest video for your chance to win.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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Bitcoin Pushes Past $4,100 as Top Cryptos See Mixed Movements

The top 20 cryptocurrencies are reporting mixed movements as Bitcoin reaches $4,100.

Sunday, March 31 — the top 20 cryptocurrencies are reporting mixed, mostly mild, price movements on the day by press time, as Bitcoin (BTC) reaches just over $4,100.

Market visualization

Market visualization courtesy of Coin360

Bitcoin has seen nearly no price movement on the day, up just a fraction of a percent trading at around $4,105, according to CoinMarketCap. Looking at its weekly chart, the current price is over two percent lower than the value of BTC one week ago.

Bitcoin 7-day price chart

Bitcoin 7-day price chart courtesy of CoinMarketCap

Ethereum (ETH) is holding onto its position as the largest altcoin by market cap, which is at about $14.9 billion. The second-largest altcoin, Ripple (XRP), has a market cap of about $12.9 billion by press time.

ETH has also seen little change today, down by a fraction of a percent over the last 24 hours. At press time, ETH is trading around $141, after having started the day at nearly the same price. On its weekly chart, however, Ethereum has seen its value increase by about three percent.

Ethereum 7-day price

Ethereum 7-day price chart courtesy of CoinMarketCap

The market’s second-largest altcoin, XRP, has lost about one percent over the 24 hours to press time, and is currently trading at around $0.309. Looking at the coin’s weekly chart, its current price is nearly identical to the one it reported a week ago.

Ripple 7-day price chart

Ripple 7-day price chart courtesy of CoinMarketCap

Earlier this week news broke that India’s Federal Bank, a commercial private bank, has partnered with Ripple to use its network for cross-border remittances.

Among the top 20 cryptocurrencies, the one reporting the most notable price movement is Tezos (XTZ), which is up by about 16 percent. XTZ’s value has seen huge growth of 56 percent in the past week, following Tezos protocol developments.

Dash (DASH) has also seen notable price movement on the day and week, up seven and 12 percent respectively.

Litecoin (LTC) — currently the fifth largest coin by market — has seen its price double in the first three months of the current year, growing from about $30 to about $60. This constitutes the best first quarter performance for the coin so far.

Litecoin 3-month price chart

Litecoin 3-month price chart courtesy of CoinMarketCap

The total market cap of all cryptocurrencies is currently equivalent to about $144 billion, which is about 3 percent higher than $140 billion, the value it saw one week ago.

As Cointelegraph reported earlier today, the most popular social media platform in Russia, VKontakte, is allegedly considering developing its own cryptocurrency.

Three Industries Where Crypto Adoption has Arrived

TheMerkle_Smartphone GPS Data

In 2017, numerous projects were birthed with the help of the ICO craze. In 2018 these projects built the framework to carry out their goals and ambitions, with varying levels of success. This year, these projects set out to spread their services to the masses. In several instances, widespread adoption is already taking hold. Here are three such examples.

1. Internet Browsing

One of the first voids cryptocurrency set out to fill was the lack of a currency to govern activity on the internet. The internet as we know it today has adapted to the lack of such a currency by monetizing users worldwide through advertising and big data. Brave and Basic Attention Token (BAT) are seeking to rebuild this dynamic into a more user-friendly browsing experience.

Coined by supporters as the beginning of “internet 3.0”, Brave and BAT work to monetize attention, rather than advertisement. What this looks like is a web browser with native ad blocking capabilities, and the option for users to opt-in to spend their attention with targeted ads. Their attention is awarded in BAT, and that BAT is then tipped to content providers throughout the web. Brave has accrued over 20 million downloads on Android alone, and its active userbase is well into the millions.

2. Mobile Data

Another industry that has historically taken advantage of its users is mobile data. Especially in developing nations, data providers have monopolized their localities in order to charge exorbitant rates to their customers. DENT is looking to change the game with a peer-to-peer marketplace for the exchange of mobile data.

The concept is pretty straightforward. Users with excess data place offers on the marketplace, and buyers pay for however much data they need, bypassing the middleman entirely. Earlier this year, DENT achieved over 10 million users and continues to grow. It has reached top charts in numerous countries, particularly throughout Africa.

DENT has also began expanding its services into an ecosystem of tools for mobile users. Recently, the first international phone call was made on DENT. The service, coined DENT World-Telco, is expected to release very soon.

3. E-Ticketing

It’s no secret to anyone that e-ticketing has been broken for quite some time. Middlemen charges outrageous fees for a service that costs them next to nothing, and scalpers drive up prizes and obstruct accessibility to highly anticipated events. There’s been a few initiatives to put tickets on the blockchain, but the most successful thus far comes from GUTS Tickets.

Using the GETS Protocol, entertainers can provide smart ticket sales that enforces fairness and transparency. This includes fair queues and fixed ticket prices. Holland’s leading comedian, Jochem Myjer, is exclusively using the protocol, including his 36 show tour that began earlier this year. Additionally, the largest martial arts event in Holland is also turning to this service. The GET token runs at the heart of the protocol and facilitates activities and sales. Tens of thousands of tickets have already been sold without failure, and as news of this success spreads, so to will the attention it receives by premier artists and events throughout the world.

Image(s): Shutterstock.com

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This Photo Gallery App Is a BCH Light Wallet in Disguise

This Photo Gallery App Is a BCH Light Wallet in Disguise

On March 27, a developer released a different kind of Bitcoin Cash (BCH) application called Bchgallery, an Android BCH wallet that is disguised as a generic photo gallery app. The platform aims to provide added security through obscurity by acting as a decoy application.

Also read: New Crypto-Friendly Banking and Payment Services Launch in the UK and Russia

Developer Launches Decoy Wallet Called Bchgallery

Last Wednesday, BCH fans were introduced to a wallet that is concealed by pretending to be a generic photo gallery application. The developer who designed the new BCH wallet, Bchgallery, calls himself ‘Pokkst’ and has been working on a number of platforms over the last few weeks. Bchgallery is an open source Android-based BCH light client that allows users to store funds while keeping the wallet hidden behind the veil of a fake application. Essentially the wallet uses a decoy home screen and the first time the wallet launches the user must set up a PIN. To make the wallet more masked, the application’s title bar must be tapped five times in order to access the PIN screen.

This Photo Gallery App Is a BCH Light Wallet in Disguise

Bchgallery supports the BCH Cashaddr address format and also has BIP70 support so the wallet can be used to pay for things like Bitpay invoices. The wallet also features an offline mode for composing raw transaction hexes to NFC tags. Additionally, the wallet supports the Cash Accounts protocol designed by Jonathan Silverblood. The camouflaged nature of the Bchgallery wallet adds another effective privacy style wallet into the BCH ecosystem following the Electron Cash Cashshuffle release and the recent Neutrino launch. Moreover, Pokkst has been developing cryptocurrency applications for quite some time and is known for creating the BTC wallets Crescent Pay, Apollo Wallet, the Orion Client and server, and an app called Procedural Pass.

This Photo Gallery App Is a BCH Light Wallet in Disguise
Bchgallery app for Android mobile phones.

The Developers Move Over to Bitcoin Cash

Pokkst was a big BTC fan at one time and explained in a recent blog post that he “had high hopes for the Lightning Network.” However, Pokkst now considers the Lightning Network an “over-engineered mess.” First, Pokkst post details that attempting to walk someone through opening a channel and routing a large payment is a horrible experience. The developer’s post, called “Why I’m Moving to BCH,” highlights that Pokkst isn’t against the Lightning Network per se but thinks it could have been designed so much better.

This Photo Gallery App Is a BCH Light Wallet in Disguise
Pokkst was a big BTC fan at one time but recently joined the BCH community and has decided to port his apps to the BCH chain.

“The biggest issue that stands out to me is stating we need to keep blocks small to keep nodes decentralized — I agree with that, unfortunately, the 1MB block size limit has become unbearable,” Pokkst’s blog post adds. The programmer’s critique further states:

They say it’s to keep the cost of running a node down, but at the same time we’re paying $50+ dollars in transaction fees (in 2017) and roughly $1.00 in transaction fees in 2019 — That simply does not make any sense.

Pokkst concludes that he doesn’t mean any harm to his Bitcoin friends but has decided to choose a different path. Even though Pokkst is moving to BCH, in the broader sense of the Bitcoin movement he is still there fighting the corrupt governments and central banks. Following the post, Pokkst demonstrated he meant business when he ported the photo gallery wallet over to Bitcoin Cash. Moreover, the developer has been working on his other project Crescent Pay which will use handles similarly to the Hand Cash wallet which is now solely for BSV. Crescent Pay aims to offer a simplified BCH wallet without the complicated and long alphanumeric string addresses.

What do you think about the Bchgallery application? What do you think about Pokkst’s decision to port his applications over to BCH? Let us know what you think in the comments section below.

Disclaimer: Bitcoin.com does not endorse this product/service. Review editorials are intended for informational purposes only. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Bchgallery, Twitter, and Bitcoincash.org.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

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Tron Founder Justin Sun Needs a Vacation after Tesla Giveaway Debacle

Someone needs to tell Justin Sun that there’s no shame in unplugging. With one glimpse of his sprawling office at Tron’s Beijing headquarters, it’s clear that the space doubles as a high-rise apartment. A twin bed in the corner is “used extensively during tight deadlines,” and Sun himself admits to being a workaholic, saying: “I will continue to work for 50 years, 50 weeks per year, 80 hours per week. Crypto never sleeps.” Perhaps but there’s a reason why people do. And while there’s nothing wrong with an amazing work ethic, the Tron founder has begun to show signs of

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Holo Price Crawls out of the Hole Following Solid Gains

The main question for this weekend is how Bitcoin will look in a few hours from now. So far, there have been plenty of mixed signals on that front. Bearish and minor bullish momentum seem to interchange on a regular basis. For alternative markets, this usually doesn’t bode too well. However, the Holo price isn’t feeling any ill effects because of this uncertain behavior.

Holo Price Tries to Regain Some Ground

Although altcoins usually don’t fare too well during the weekend, this edition has proven to offer some interesting momentum regardless. With a lot of markets swinging in either direction, gains and losses are easy to come by. A lot of traders will be happy to see Holo moving up again, albeit ever so slightly. Any small gain is more than welcome at this time, as this market hasn’t had the best of times recently.

As far as the Holo price is concerned, the momentum looks far more impressive than initially assumed. Although a 3.1% gain is not necessarily all that great, it is far better than continuing this slow and steady decline. Because of this surprising uptrend, one HOT is now priced at $0.001187, 29 Satoshi, or 839 Etheroshi. All levels are solid, assuming this uptrend doesn’t collapse out of the blue in the hours and days to come.

On social media, there is always something new to learn about Holo, HoloChain, or HoloFuel. HoloIslandNews has shared a YouTube video on how HoloFuel economics will work It makes for a very interesting short video which provides some valuable insights as to what will happen to this ecosystem. Making information easier to understand for the average person can get more people interested in this project moving forward.

It would also seem the Weiss Ratings team has taken a liking to Holochain. For a non-blockchain crypto project, it seems to offer a powerful service which can genuinely rival the world’s leading providers. That is, assuming this ecosystem can be developed as such, which will remain a difficult question to answer for quite some time to come.

When looking at the HOT price chart, it is a bit difficult to make sense of what may be coming next. The status quo is still in effect despite this small uptrend. That would also mean there is no real uptrend in sight although markets tend to evolve in mysterious ways first and foremost.

When looking at the bigger picture, the bearish pressure still affecting Bitcoin may not bode too well for Holo’s momentum. Although nothing has ever been set ins tone in this industry, there is a chance some negative momentum will materialize either tonight or tomorrow. How the price will respond exactly, remains anyone’s guess. Anything remains possible in this volatile industry.


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com

The post Holo Price Crawls out of the Hole Following Solid Gains appeared first on NullTX.

From BTC Price to Growing Adoption: Top Bitcoin Stories From the Past Week

weekly digest newspaper bitcoin

“Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.” – Or you could just catch up with Bitcoinist’s new Sunday Digest. Where we bring together the important, interesting, or downright weird news from the past week in the world of cryptocurrency.


Bitcoin Price Breaks Through $4000

As reported on Wednesday, a new model for BTC price prediction estimates the value of $55,000 after next year’s reward halving. The model factors in the increasing scarcity, noting that stock-to-flow (SF) ratio has historically affected price directly. Following the halving, the predicted market cap for bitcoin is $1 trillion, translating to the $55,000 valuation.

On Friday, the bitcoin price surged through a key resistance point to hit a 3-month high. Although Bitcoin struggled to hold onto support around the $4000 mark earlier in the week, Friday’s push means a feared slide now seems less likely to happen. Altcoin markets also appeared slightly buoyed by the upwards momentum.

Weiss Crypto Ratings gave Bitcoin a top A-grade based purely on its tech and adoption. Bitcoin’s overall evaluation rating has also improved, due to the implementation of Lightning Network bringing lower fees and transaction times. Weiss noted that Bitcoin “is the best positioned [cryptocurrency] to become a popular store of value for savers and investors.”

BTC Acceptance

Bitcoin appears to be regaining popularity as a medium of exchange, with the announcement of new high-profile consumer outlets in Switzerland and Italy. The 5-star Dolder Hotel, and Autohaus Kessel car dealership will both start accepting bitcoin payments in May. This is in partnership with a new payments platform, form the Swiss Crypto-Valley startup scene.

switzerland dolder hotel bitcoin

A town in Canada, also announced that it will be accepting BTC from residents in regards to property taxes. Innisfil, in Ontario, will be the first Canadian municipality to accept cryptocurrency for tax payments.

Crypto News TidBits

According to the chairman of the Chicago Mercantile Exchange, part of the regulators’ issue with Bitcoin and cryptocurrency is due to the finite supply. Apparently, the fact that there will only ever be 21 million bitcoin, is just too hard for regulators to fit into their fiat-based worldview.

CME Group

Big banks are quick to label Bitcoin as purely the domain of criminals. But since the last financial crisis, they have paid out over $243 billion in fines for questionable financial practices. If you really must involve yourself in fraud and money-laundering, then big banks are the place to do it.

Apple announced its new credit card this week, to an almighty ‘Meh!’

And Finally…

EOS founder and CEO, Dan Larimar took to Twitter, claiming he could ‘take down’ Bitcoin and Ethereum with relatively few resources. The comments appeared to target proponents of decentralization, who argue EOS’ centralized equivalent is less secure and less transparent.

What do you consider to be the most important story of the past week? Share your thoughts below!


Images via Shutterstock

The post From BTC Price to Growing Adoption: Top Bitcoin Stories From the Past Week appeared first on Bitcoinist.com.

Zilliqa Price Gains Over 5% yet Uptrend can be Wiped out Quickly

NullTX Zilliqa price Rise

As this Sunday trucks along at its own pace, it remains to be seen which markets will note gains, losses, or a status quo. As is usually the case, the Bitcoin momentum an easily spoil the party without much effort. So far, it seems the Zilliqa price shows no signs of slowing down, especially now that $0.02 has been surpassed without any real problems

Zilliqa Price Notes Bullish Momentum

It doesn’t happen all that often Zilliqa effectively notes real gains when traders and speculators want to make it happen. More often than not, this altcoin market remains subdued, although there have been some rather intriguing developments taking place behind the scenes. Today, it seems as if ZIL is cashing in on those developments, at least for the time being.

To be more specific, the past 24 hours have yielded a 5.5% Zillia price increase across the board. Following this uptrend, one ZIL is now priced at $0.020199, 493 Satoshi, or 14.281 Etheroshi. With just under $16m in trading volume, there isn’t much to be concerned about, although sustaining this uptrend may require a bit more liquidity.

As one would come to expect, most traders and speculators keep a very close eye on the ZIL chart right now. Even though the current momentum looks rather promising, Kripto-Takip isn’t too sure what to make of the market. Some potential targets have been identified, although reaching them is always more difficult than originally assumed.

Blockchain Bull seems to project a very different potential price trend for Zilliqa which isn’t as promising. In fact, if ZIL fails to break out of this channel in a positive manner, it seems likely the price will turn bearish again pretty soon. The coming hours and days may prove rather crucial for this altcoin, although no one can accurately predict what will happen next.

Last but not least, Crypto Wunderbaer tries to keep faith in Zilliqa. More specifically, this is the only trader who openly confirms there is a promising ZIL/USD trend shaping up. As is usually the case, this will mainly depend on Bitcoin’s momentum, which looks anything but solid at this point. Additionally, this trend is by no means an indicator as to what will happen in the coming few days.

When looking at the big picture, it is only normal Zilliqa tries to carve out some gains after maintaining the status quo for some time. The big question is whether or not these gains can be solidified and a higher support level can be created in the process. So far, that seems like a potential outcome, but nothing is ever certain in the volatile cryptocurrency industry.


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com

The post Zilliqa Price Gains Over 5% yet Uptrend can be Wiped out Quickly appeared first on NullTX.

Russian Social Media Giant VK Eyes Launching its Own Crypto: Report

Russia’s most popular social media platform, VKontakte, is considering developing its own cryptocurrency, according to local media.

The most popular social media platform in Russia, VKontakte (VK), is considering developing its own cryptocurrency, local news outlet RNS reported on March 28.

Per the report, an unspecified person familiar with the company’s plans told the outlet that the project involves the creation of individual cryptocurrency accounts for all the users of the platform. Still, the article also claims that the firm has not yet made a final decision about whether or not to launch the coin.

According to the report, RNS has obtained a presentation from the VK that shows how one of the ways users would be able to obtain the firm’s tokens is in exchange for their activeness and time spent on the platform. According to the article, the coins earned this way could be accumulated, transferred between users, exchanged for goods and converted (presumably to fiat currency) via VK Pay.

According to its official website, VK Pay is a cashless money transfer service that lets VK users send money to each other in messages using a credit or debit card. According to RNS, the service was launched in June last year.

Per the report, VK also plans to integrate a tipping service so that users would also be able to send the bespoke cryptocurrency to the authors of posts that they like.

Market research company eMarketer forecasted in 2017 that VK would surpass 42 million users in Russia before 2018. Along with being a top social media platform, VK is currently ranked third most popular website in Russia, according to Alexa.

Meanwhile, VK’s founder is Pavel Durov, who also co-founded the privacy-centric messaging service Telegram, popular in the ranks of cryptocurrency enthusiasts.

In February, rumors spread that Telegram has to launch its own blockchain network, TON, by October this year to keep from voiding its token contracts. Previously, the company planned to hold a public initial coin offering, but reconsidered after receiving abundant funds — $1.7 billion — in its private two private token sales.

Also in February, a New York Times article claimed that Facebook is “hoping to succeed where Bitcoin failed” with its highly secretive cryptocurrency project.

How’s Tron (TRX) Price Performing Following Tesla Controversy

Things turned sour for a promising blockchain project after its founder allegedly faked a Tesla giveaway competition.

Justin Sun, 29, promised his booming Tron project community that he would give away an expensive Tesla in a lottery. The Chinese entrepreneur asked participants to follow him on Twitter and retweet his message merely. On the day of the announcement, March 27, Sun randomly picked Twitterati UZGAROTH but later deleted his tweet citing glitch the selection process. The winner didn’t take it well and went out to expose the “scam.”

The entire crypto community supported UZGAROTH’s claim following his series of tweets against Tron and Sun. Many called the founder a scam artist after Tron did another random selection process and allegedly rewarded the Tesla to a Twitter bot. Critics also targeted Sun for continuing to support over-hyped, fraud competitions. For instance, in December 2018, a $1 million hackathon sponsored by the Tron Foundation allegedly distributed fewer rewards for more winners.

Did TRX Market Suffer?

To cut a long story short, it did.

Soon after Sun announced the Tesla winner – what led to the fiasco altogether – the TRX/USD rate plunged from 0.024 to 0.023. That marked a 4.16 percent drop in two days. While the decline itself was tiny per the cryptocurrency market’s standards, the worrisome thing was rising volume to the selling side. It indicated that Tron investors were not taking the proceedings of Sun’s Tesla lottery competition very well.

Tron Volume Rose Towards the Bear Side Following Tesla Winner Announcement | Source: TradingView.com

As of now, Tron’s price action at its very best is choppy, fluctuating between a settled range as hourly volume remains low.

What’s Next for Tron?

Tron, as a project, remains a one-person show. And when the credibility of that man is at stake, investors are likely to keep their distance from his plan in the coming days. Justin Sun, nevertheless, is in the process of damage control. He reportedly agreed to reward UZGAROTH with a Tesla, according to the winner’s tweet. Sun also indicated that he would also give a Tesla to the Twitterati picked from the second lottery round.

Many would see it as a win of the whole cryptocurrency community. But that doesn’t stop others from asking how Sun is funding these mega-expensive competitions. A spokesperson of Tron told media that giving away Teslas and $20 million in free cash was Sun’s initiative and no TRX tokens were at stake to fund the campaigns. But realizing that Tron is Sun’s self-funded project, the argument of Tron-not-funding-the-expensive-competitions does not fit well.

It is likely that the whole episode would soon fade over Tron’s upcoming announcements. But that does not deviate the concerns about how the blockchain project is growing its value bubble.

The post How’s Tron (TRX) Price Performing Following Tesla Controversy appeared first on NewsBTC.

Italy’s Trump-Bashing Ex-PM Yearns for Era When Obama Ruled the World

As prime minister of between 2014 and 2016, Matteo Renzi was an unmitigated disaster for Italy. Fortunately, his incompetence and socialist ideology ensured that Italians not only showed him the door but also left his Partito Democratico (Democratic Party) politically annihilated. Now, the has-been is nostalgic of a bygone age when elites and globalists were in charge rather than populists like Donald Trump. Matteo Renzi Only Has Eyes for Barack Obama He tells CNBC: “I’m a really lucky man because I worked with Barack Obama and not Donald Trump.” The man has gotten it all wrong, and it can only

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Each Transaction Costs the Bitcoin Network $45, Large Improvements Needed to Beat VISA

Bitcoin is sometimes cited as a potential competitor to leading payments processing service VISA. However, data from the Bitcoin blockchain suggests the network has a long way to go before it can match the convenience, speed, and cost of VISA.

Examining the VISA Network’s Capabilities

According to its annual report, VISA processed over 120 billion transactions in 2018 which moved $11.2 trillion. Worldwide, there are 3.3 billion VISA cards in circulation on a network that boasts 65,000 transactions per second in capacity.

From these payments, VISA extracted $26 billion in gross revenue in fees and licensing. That’s a fee of $0.22 per transactions or 0.23 percent of every dollar moved.

Based on figures from the US Federal Reserve, credit cards are used roughly 20 billion times a year with users spending a total of $1.9 trillion. Based on the number of transactions and the total spent, the average transaction is $88.

How Bitcoin Compares

Meanwhile, in the last year, there were 88 million confirmed Bitcoin transactions with $264 billion in value transacted over the network.

Source: Blockchain.com

These transactions cost $57 million in fees, averaging $0.64 per transaction—roughly three times the cost of VISA transactions.

However, the above figure does not include the implicit cost of inflation from mining block rewards. The overhead of maintaining the proof-of-work network, which secures the network against double-spends and 51 percent attacks, is a cost borne by all bitcoin holders.

Related: Explained: Bitcoin 51 Percent Attacks

Miners grossed $4 billion in block rewards and fees, meaning the true cost per transaction on the network is over $45. This cost is often imperceptible because of the volatility of BTC prices and the growing user base of investors.

The high cost of maintaining the proof-of-work network poses a serious risk when the block reward halves on (roughly) May 23rd, 2020.

In such a circumstance, either the total hash rate of the network will decrease because mining is less profitable—decreasing the security of the network—or fees will increase substantially to compensate.

Expressed as a percentage, the fee to send one dollar over the Bitcoin network costs an average of 1.5 percent (spread out over all bitcoin holders).

Source: Blockchain.com

Transaction Behavior on Each Platform

Compared to VISA, transaction sizes using bitcoin are much larger, likely as a function of higher fixed-rate fees. In 2018, the median transaction value on the Bitcoin network is roughly $300 while the mean transaction value is $3,000.

Furthermore, at minimum bitcoin transactions require at least 5 confirmations to complete unless a centralized third-party solution is used. This means transactions can take anywhere from a few minutes to over an hour to complete, depending on the method. VISA transactions can be completed, from the user’s perspective, within seconds.

Network Throughput

Bitcoin currently has a block size limit of 2 MB. Over 2018, each block contained an average of 1,670 transactions and consumed an average of 0.9 MB of the 2 MB block maximum. Thus, at most, each block could contain 3,670 transactions.

Given that blocks are mined at random intervals every 10 minutes, this would give the bitcoin network throughput of, at most, 6.1 transactions per second. Thus, the network would need to see over a 10,000-fold improvement to match VISA.

Source: howmuch.net

Given the limitations of the Bitcoin network, it seems unlikely that the cryptocurrency will become a medium-of-exchange unless there are monumental improvements from layer 2 solutions such as Lightning Network.

That said, there are other payment cryptocurrencies such as Ripple’s XRP, Bitcoin Cash, Stellar Lumens, Dash, and others which could conceivably scale to become cost-effective mediums-of-exchange.

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BitTorrent Token Price Notes Small yet Unconvincing Gains

TheMerkle_BitTorrent Now

A little while ago, BitTorrent Token was launched to much fanfare. Traders saw a good opportunity to make money and its trading volume soared to new heights pretty quickly. That situation hasn’t remained in place for long, as the BitTorrent Token price has taken a serious beating ever since. Today, however, it seems some minor gains are materializing in quick succession.

BitTorrent Token Price Momentum Remains Uncertain

It is always difficult to make sense of new cryptocurrencies, tokens, and assets when they first launch. Although there is always a lot of excitement, very few of these projects manage to sustain any real growth a few months down the line. BitTorrent Token is no exception by any means, as its initial value has not been seen ever since. In fact, it seems the slow and steady decline remains in place several weeks later, which is not a promising sign.

Over the past 24 hours, it has become apparent BitTorrent Token might note some gains after all. With a 0.8% gain in USD, BTC, and TRX, the current BitTorrent Token price sits at $0.000767, 19 Satoshi, or 0.03283796 TRX. All of these levels seem pretty solid, all things considered, although sustaining these gains may prove to be rather difficult.

When looking at the BTT trading volume, however, there isn’t any real reason for excitement whatsoever. With $15.3m in trades, it seems the overall interest in BitTorrent Token has calmed down significantly. As such, the price may collapse again in the coming days, although it remains to be seen what will happen next. Reclaiming the $150m market cap level will seemingly not happen overnight.

It would appear there is also some genuine dislike toward BTT, which will not be all too surprising to most people. Andiiii, for example, expects the first major price target for BitTorrent Token to be near the 12 Satoshi level. That would represent a near 33% decline in value, which is – when looking at the bigger picture – not entirely unlikely either. As such, the coming weeks will prove to be rather interesting overall.

Turkish traders have shown a keen interest in BitTorrent Token, although not necessarily for the right reasons. Eser26 seems to confirm BTT needs to break out of this downward wedge sooner rather than later, but it seems rather unlikely that will happen. However, this user still expects a potential rise to 49-50 Satoshi in the long run, which may be rather optimistic under the current circumstances.

Unlike some other markets, the BTT value may rely on Bitcoin a lot more than other markets. That is not necessarily a bad thing when the momentum turns somewhat promising. However, weekends are never an indicator as to what will happen to this particular market in the coming days and weeks. For BitTorrent Token, it seems further pressure lies ahead, although it can be broken with some effort.


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com

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