Day: April 17, 2020

Ethereum’s Vitalik Buterin on ‘Zombie’ BitTorrent Under Justin Sun Dictatorship

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Ethereum’s Vitalik Buterin lamented what he regards as an example of the “Justin Sun dictatorship,” after the TRON (TRX) founder was implicated in yet another plagiarism controversy. A recent rebranding of the BitTorrent File System (BTFS) was met with outrage by Juan Benet, creator of IPFS — or Interplanetary File System. Benet pointed out similarities between the new BTFS logo and that of IPFS, and alleged that the similarities don’t stop there. He tweeted: “Aaaaaahahaha it’s not enough to fork all our code, rebrand it and lie its theirs; copy…

Here’s Why Bitcoin Rallying 15% to $8,000 Is Just a Matter of Time

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After falling as low as $6,500 this week seemingly due to stock market weakness, Bitcoin has mounted a strong comeback over the past 24 hours, rallying as high as $7,200 as bulls have taken over. Other cryptocurrencies have registered even more impressive gains. $8,000, some analysts say, is next for Bitcoin as the technicals suggest that the rally is done yet. Related Reading: Ethereum Firm Launches Controversial Product, and the Crypto Community Isn’t Pleased Bitcoin Hitting $8,000 is “at Hand” Ever since the $3,700 bottom, Bitcoin has mounted an impressive…

Binance Chain Releases White Paper for a Smart Contract-Enabled Blockchain

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Binance Chain developers have proposed specifications for a new blockchain that would enable complex smart contract functionality within the Binance Coin (BNB) ecosystem. The specifications are available in its white paper, released on April 17. The new Binance Smart Chain will be independent, but tightly integrated with the original Binance Chain. The team explains that it had to create a new chain in order to maintain the high performance of the original, which hosts the Binance decentralized exchange.  The white paper notes that “the execution of a Smart Contract may…

Former Bakkt CEO Appointed to Trump’s Task Force for Reopening the Economy

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The former CEO of Intercontinental Exchange subsidiary Bakkt and a current Republican senator for Georgia, Kelly Loeffler, has been rewarded with a new appointment despite recent controversies. In a tweet published on April 16, Loeffler wrote: “Thank you, @realDonaldTrump for appointing me to your task force on re-opening America safely in the wake of #COVID19. With 22 million Americans filing for unemployment, it’s clear we must start working to revive our economy and get the American people back to work safely.” The appointment follows hot on the heels of news that Loeffler sold…

Bitcoin Halving Will be ‘Make or Break’ for Stock-to-Flow Model: PlanB

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The creator of the stock-to-flow (S2F) Bitcoin (BTC) price model says that the upcoming block reward halving will decide if it lives or dies. In a series of tweets on April 16, PlanB said that he is sticking by the Bitcoin price increasing by “an order of magnitude” in the two years after the May halving. Analyst looks for fundamental insights from halving “(In my opinion) #bitcoin 2020 halving will be like 2012 & 2016. As per S2F model I expect 10x price (order of magnitude, not precise) 1-2 yrs…

Investments in Grayscale Bitcoin Trust Hit Record High Amid Economic Crisis

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Grayscale Investments has announced the strongest quarter in its history. Investments into the company’s cryptocurrency products, including the flagship Grayscale Bitcoin Trust (GBTC), hit a record high in the first quarter. Of the total investment, 88% comes from institutional investors. The company now has $2.2 billion in assets under management. Also read: Bitcoin Revolution: Wanna Earn $1,000 a Day? Government Warns About This Scam Strongest Quarter Yet Grayscale Investments announced its quarterly results on Thursday as the worldwide economic crisis escalates. “Despite the risk asset drawdown this quarter, Grayscale’s assets…

Crypto Markets Took a U-Turn During the COVID-19 Crisis, Say Oxford Profs

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The COVID-19 pandemic has sparked unexpected and revealing patterns among cryptocurrency traders, according to new research. In their paper entitled “How Crisis affects Crypto: Coronavirus as a Test Case,” posted to the Oxford University Faculty of Law blog on April 17, Hadar Y. Jabotinsky And Roee Sarel observed that the crypto markets took a pronounced U-turn midway through the crisis. Analyzing the period of Jan. 1–March 11, the researchers found that initially, both spot market prices and overall trading volume increased as the number of identified COVID-19 cases rose. This…