Day: February 19, 2019

What is Driving The Rally and How Long Will it Last?

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In the past 3 weeks, the valuation of the crypto market has increased by more than $22 billion from $111 billion to $123 billion. Source: Coinmarketcap.com There is no shortage of technical charts, indicators, analysts and observers trying to predict where crypto markets and Bitcoin will go next. They are far more volatile than traditional stock or forex markets so many of these indicators may not be applicable in the same way. A lot is just guesswork so a combination of fundamentals and technicals may give us a better idea…

Institutions Bet on Bitcoin Despite Year-Long Bear Market, Grayscale’s Report Reveals

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Grayscale Investments, New York-based company that specializes in digital asset management, has published the 2018 annual report that demonstrates an increase in Bitcoin investment despite the long-lasting bear market. According to the data provided by Grayscale Investments, for the fourth quarter of 2018, the company contrived to attract a total of $30.1 million, with the average weekly investment making up $2.3 million. A total investment sum for the whole 2018 accounted for $359.5 million, which is a 400 percent increase from 2017’s results and an almost 300 percent growth for all previous four years. Michael Sonnenshein, the Grayscale managing director,…

Japan’s Number Two Bank by Assets Completes R3 Blockchain-Based Trade Finance Trial

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Japan’s second-largest bank by assets, Sumitomo Mitsui Banking Corporation (SMBC), has completed a proof-of-concept (PoC) using blockchain consortium R3’s Marco Polo trade finance platform. A press release confirmed the PoC completion on Feb. 18. SMBC, which is the only Japanese bank participating in Marco Polo, said it had partnered with Japanese multinational Mitsui & Co. to enhance efficiency in trade processes. “[The] PoC was conducted between SMBC and Mitsui & Co. which aims to improve productivity in its trade operations, by testing modules such as Receivable Finance and Payment Commitment…

Cryptos Will Force Out Fiat Currencies in a Matter of Five Years, Claims Famous VC Tim Draper

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Photo: JD Lasica / Flickr Though even now when the crypto market is still under a serious pressure of the bearish trend, there are a lot of active supporters of crypto who believe in the bright future of the market, billionaire investor and known Bitcoin (BTC) bull Tim Draper is likely to have the bravest ideas. Fiat for Criminals In his recent interview, he claimed that in five years crypto would become widespread all over the world and only criminals would use fiat currencies. Draper has always been much more optimistic about Bitcoin than…

The Majority of Bitcoin SV Blocks Are Mined By ‘Unknown’ [Yes, Really]

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Like Bitcoin and Bitcoin Cash, Bitcoin SV has large mining pools, each with a significant share of its SHA-256 hashrate. However, unlike the others, BSV has a nearly 44% majority who are “unknown,” according to data published by Coin.Dance. Bitcoin SV blocks today according to Coin.dance. Comparing the above to Bitcoin’s same period chart, about 500% of the blocks in Bitcoin SV are mined by “unknown” compared to Bitcoin. Bitcoin Core blocks during the same period. The situation led a Reddit user, who probably didn’t notice that the “unknown” miner…

The Majority of Bitcoin SV Blocks Are Mined By ‘Unknown’ [Yes, Really]

boss

Like Bitcoin and Bitcoin Cash, Bitcoin SV has large mining pools, each with a significant share of its SHA-256 hashrate. However, unlike the others, BSV has a nearly 44% majority who are “unknown,” according to data published by Coin.Dance. Bitcoin SV blocks today according to Coin.dance. Comparing the above to Bitcoin’s same period chart, about 500% of the blocks in Bitcoin SV are mined by “unknown” compared to Bitcoin. Bitcoin Core blocks during the same period. The situation led a Reddit user, who probably didn’t notice that the “unknown” miner…

Blockstream Releases Test Code for One of the Biggest Bitcoin Upgrades

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Photo: Blockstream On Monday, February 18, blockchain tech firm Blockstream announced the release of new test code. Based on the Schnorr-based multi-signature scheme MuSig, this is supposedly one of the biggest upgrades for the Bitcoin blockchain network. Last year in May 2018, Blockstream’s Bitcoin developers released a paper showing the Schnorr multi-signature (MuSig) technology. Basically, this technology aims to make the Bitcoin network scalable. Also, the paper notes that MuSig holds the capability to reduce transaction size and “improve both performance and user privacy in Bitcoin”. Furthermore, the paper also notes that MuSig…

Bitmain IPO Document Reportedly Reveals $500 Million Q3 Losses

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Bitcoin (BTC) mining giant Bitmain could have made losses of around $500 million in Q3 last year, industry magazine CoinDesk reported on Feb. 19, citing a company document. Bitmain, which is currently attempting to launch an initial public offering (IPO) under the auspices of the Hong Kong Stock Exchange (HKEx), submitted a report into its earnings in line with listing requirements. According to the publication, that report indicated that for 2018 as a whole, excluding Q4, revenue was $3 billion and profits $500 million. This contrasts with previous figures for…

Bitcoin Price Watch: Chances of Much Larger BTC Bullish Breakout

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Bitcoin price surged and broke the $3,720 and $3,880 resistance levels against the US Dollar. The price traded close to the $4,000 resistance level and a new weekly high was formed at $3,955. There is a connecting bullish trend line formed with support at $3,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair corrected lower, but dips remain well supported above $3,800 and $3,720. Bitcoin price rallied above the key $3,800 resistance against the US Dollar. BTC could move into a medium term uptrend…

Crypto Market Adds $10B: Litecoin (LTC), Bitcoin Cash, Tron (TRX), XLM Price Analysis

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The total crypto market cap added more than $10.0B recently and broke the $130.0B resistance. Litecoin (LTC) price gained momentum and broke the $45 and $47 resistance levels. Bitcoin cash price rallied close to 15% and tested the $150 resistance area. Tron (TRX) price managed to climb back above the $0.0250 resistance zone. Stellar (XLM) price is slowly correcting higher towards the $0.0880 and $0.0920 levels. The crypto market extended gains, with bullish moves in bitcoin (BTC) and Ethereum (ETH). Besides, litecoin, ripple, bitcoin cash, tron (TRX), stellar (XLM) and…