Daily News Digest Featured News

Monday May 13 2019, Weekly News Digest

Binance and Coinbase
Source: @kerooke on Twitter

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News Summary

United States

Bitcoin jumps to nine-month high as cryptocurrencies extend rebound (Business Standard), Rated: AAA

surged more than $1,000 this weekend to the highest level since August, as cryptocurrencies extended their rebound from a slump last month amid the New York attorney general’s investigation of a key part of the market.

rose as much as 6.9% to $7,445, before trading at $7,323.86 as of 2:15 p.m. Hong Kong time on Sunday, according to  That compares with $6,290.24 at Friday’s close.

Is This Behind The Latest $ 25 Billion Bitcoin And Crypto Price Rally? (Forbes), Rated: AAA

Bitcoin has been soaring over the weekend, boosting most major cryptocurrencies including ethereum, litecoin, Ripple’s XRP, EOS, and bitcoin cash—and adding some $25 billion to the overall cryptocurrency market capitalization since Friday morning, taking it over $200 billion of the first time this year.

Over the weekend some major bitcoin holders, known as whales, moved a staggering number of the digital tokens, potentially pushing the market higher, with the single biggest whale moving 47,000 bitcoin worth an eye-watering $343 million, according to data from Whale Alert, which tracks big cryptocurrency moves.

Bitcoin whales have traded around 100,000 bitcoin over the weekend, with a total value of some $670 million dollars.

Bitcoin price

Bitcoin [BTC]: King coin’s miners earn fees eight times more than other top cryptocurrencies (AMB Crypto), Rated: AAA

According to a report based on Messari.io’s OnChain FX rankings by the cryptocurrency analytics firm Longhash, Bitcoin’s transactions fee mirrored its price pump. Longhash compiled transaction fees over a 24-hour period beginning at 0950 UTC on May 10, 2019. It recorded Bitcoin amass a whopping $580,000 in transaction fees for the period.

To put this into context, Bitcoin transaction fees were eight times higher than all cryptocurrencies listed on Messari’s OnChain FX.

Ethereum took the second spot, with Messari reporting that ETH miners earned around $68,000 in mining fees on May 10.

Bitcoin miners
Source: Longhash

Can Bitcoin’s Growing Price Kill Altcoins If It Reaches $ 100,000 or Is the Market Only Expanding? (U.today), Rated: A

An interesting tweet from crypto VC firm Heisenberg Capital has sparked a bit of a debate as the firm attests that if Bitcoin was to reach a price point of $100,000, it would be dominant to effectively wipe out the rest of the altcoin market.

A decade of Bitcoin transactions exceeded by Tron in less than a year (Dapp Life), Rated: AAA

TRON (TRX) has exceeded the number of Bitcoin transactions in only 319 days from the moment its MainNet saw the launch, On May 10th, it was reported that the number of BTC transactions in 10+ years was at 412,608,460. Meanwhile, the less-than-a-year-old TRON ecosystem exceeded 410,807,309 transactions for only 319 days.

BITCOIN IS 11 TIMES ‘FASTER’ THAN LITECOIN, NEW DATA REVEALS (Bitcoinist), Rated: A

Bitcoin is that it is slow, at least compared to newer imitations. But its level of decentralization means just 6 transaction confirmations provide complete protection against double spending.

So how many confirmations are required by the altcoins to provide the same amount of work to secure the network? And how long do those confirmations take?

1. BITCOIN (BTC)

The benchmark; with over $130 billion market cap and just 6 confirmations required to secure the network. Estimated time – 1 hour and 2 minutes.

2. ETHEREUM (ETH)

To do the same amount of work securing the network as 6 bitcoin confirmations require almost 1400 confirmations. Estimated time – 5 hours and 11 minutes (or 5x slower than Bitcoin).

3. LITECOIN (LTC)

It would take 250 confirmations to do the equivalent work of 6 BTC confirmations. Estimated time – 11 hours and 19 minutes (or 11x slower than Bitcoin).

Litecoin (LTC) Price Analysis: Rally Takes Break But Not Likely Over (Ethereum World News), Rated: AAA

This past week, there was a sharp rally in bitcoin, resulting in gains in most altcoins such as EthereumEOSripple and litecoin against the US dollar. The LTC/USD pair formed a strong support base above the $72.00 level and rallied above the $80.00 resistance level.

Looking at the 4-hour chart, LTC price gained traction above the $84.00 and $90.00 resistance levels. There was even a close above the $84.00 resistance and the 100 simple moving average (4-hour).

Litecoin
Source: Ethereum World News

Litecoin Foundation Partners With Ellipal To Launch An Offline Crypto Wallet (CryptoNewsZ), Rated: B

Cryptocurrencies have become a common name in various regions globally, and despite a dismal 2018, the market expanded at a staggering 122%.

In line with the trend, Litecoin Foundation tweeted on Friday that it has listed a new hardware wallet in collaboration with Ellipal.

XRP Breaks Key Hurdle, More Gains Seem Likely (Live Bitcoin News), Rated: AAA

Ripple price finally climbed above $0.3300 against the US Dollar. XRP corrected lower sharply, but it held the key $0.3075 support and is currently moving higher towards $0.3400.

Ripple Wins A 2019 Marketers That Matter Award (Invest in Blockchain), Rated: B

Ripple has won a 2019 Marketers That Matter Award for “Transformation Journey” in the small company category at the Swell 2018 Customer Event.

More Than 30 Crypto Assets Now Supported on Coinbase Custoday (Crowdfund Insider), Rated: AAA

Cryptocurrency platform Coinbase announced last week that more than 30 crypto assets are now supported through its Coinbase Custody program.

Coinbase then explained that on the asset front, it has added support for nearly 20 new assets over the first few months of 2019. The assets included cryptocurrencies like Augur (REP), ZCash (ZEC) and Tezos (XTZ), but also smaller-cap projects like FOAM (FOAM), Kin (KIN), and Maker Dai (MKR).

PayPal May Be Opening Up to Digital Currency (BTCManager), Rated: A

PayPal’s ambivalent stance over the digital currency might be changing as CFO John Rainey has stated that the payment processor has created teams to study both blockchain and cryptocurrency, as reported by Forbes on May 10, 2019. PayPal previously allowed merchants to receive payments in Bitcoin but removed functionality after volatility started surging.  

Cryptocurrency Investor Granted $ 75.8 Million by US Court in a Cyber-Theft Case (CoinGape), Rated: A

California Superior court settled a cryptocurrency theft case in favor of the investor, Micheal Turpin, who was awarded $75.8 million in the settlement ordered by the court as reported by New York Reuters.

Michael Turpin had earlier filed a case against AT&T for negligence which led to the cryptocurrency theft worth 24 million in 2017. Later, after probing into the matter, a 21-year old suspect Nicholas Truglia was identified as the thief who is reportedly involved in six similar heists.

Corda is More Like Bitcoin Than Ethereum (CCN), Rated: A

“Corda is more like Bitcoin,” says Mike Hearn, lead engineer for Corda, the open source blockchain of the industry consortium R3.

“It owes more of its intellectual history to bitcoin than Ethereum in a way. Its’ data model is similar to Bitcoin, which enables you to have privacy because you don’t see transactions on your critical path.”

Facebook Will Lift The Pre-Approval Condition On Cryptocurrency, From June 5 (CryptoNewsZ), Rated: A

In its blog post on its social networking platform, Facebook stated that they have taken extensive feedback from and will be amending policies accordingly. Currently, companies require prior written approval to advertise their crypto products and services on the platform. From 5th June, the updated policy will no longer require pre-approval for ads related crypto industry news, education or events.

May Was a Quietly Big Month for Blockchain (CoinDesk), Rated: A

Monday begins Blockchain Week in New York centered around CoinDesk’s Consensus 2019 conference. My takeaway on the current sentiment? The crypto spring may have begun; but for blockchain in the enterprise, it’s becoming summertime.

Here’s why:

  1. Central banks are breaking new ground
  2. FedEx shares strategy for blockchain in logistics
  3. Pepsi improves digital ad efficiency in a blockchain pilot
  4. Starbucks moves forward with ‘bean-to-cup’ blockchain
  5. JP Morgan ramps up Quorum blockchain platform
  6. VW begins using blockchain to source cobalt
  7. Facebook ramps up blockchain adoption
  8. Amazon releases Managed Blockchain service
  9. Microsoft unveils full Azure Blockchain Service
  10. Cosmos launches the ‘Internet of Blockchains’

How One Economic Principle Is Helping JPMorgan And Others Tap $ 3.1 Trillion In Blockchain Value (Forbes), Rated: A

In October 2017, the largest bank in the United States, JPMorgan Chase, quietly revealed that a small network of competitors had been secretly testing a way to send payments to each other using blockchain, the technology first popularized by bitcoin. Emma Loftus, the bank’s head of global payments, said the blockchain platform, which promises to simplify the process of complying with global regulations by moving the transactions to a shared ledger, could reduce the time required using the current payment rails from “weeks to hours.”

Eleven months later, that small group of banks, dubbed the Interbank Information Network (IIN), had swelled to 76 members, including its founding partners, the Royal Bank of Canada and the Australia and New Zealand Banking Group, and international banking giants such as Banco Santander, Société Générale, Mizuho Bank, and the Commercial Bank of Africa.

From crypto winter to crypto weirder (TechCrunch), Rated: A

This week’s series of cryptocurrency conferences kicked off with “Ethereal,” hosted by Consensys, a company/incubator/studio mostly devoted to decentralized software and services built atop the Ethereum blockchain … although they also acquired an asteroid-mining company last year. Subsequently they laid off 13% of their staff, in the depths of the notorious “crypto winter” that followed the crypto bubble which ended abruptly last January.

You read it here first, though: we are now moving from crypto winter into crypto weirder.

Social Media Jacked Your Attention And Sold It, How To Get It Back And Thrive (Forbes), Rated: A

Harris claims social media downgrades humanity with artificial intelligence (AI) that has gotten very good at exploiting our weaknesses. (He’s right, read more about breakthroughs in computer EQ.)

To address growing income inequality, tech entrepreneur turned presidential candidate Andrew Yang has proposed a universal basic income.

Blockchain data markets could align supply — users with lots of data — with demand, or projects in need of big datasets.

Another solution is a social economy that measures and rewards contribution.

How Blockchain VC’s Are Preparing for Crypto Spring (ConsenSys), Rated: A

One browse of the Pantera Capital portfolio and it’s clear that not only does the organization have a clear vision and steady hand, but that its investments are long-term undertakings that flesh out the blockchain ecosystem as a whole. While Pantera Capital’s venture investments include standouts like BraveBakktCircleZcashHarbor, and Earn.com, its ICO investments include such notable projects as 0xBloomFilecoinLivepeerPolkadot, and OmiseGO.

Tell us about Pantera’s recent announcement of Venture Fund III…

Venture Fund III is much more sizable than the previous venture funds. The first Venture Fund was $12 million. The second was about $25 million. With this one, we’re seeing a lot of great opportunities in the seed and Series A level.

Ethereum 2.0 Proof-of-Stake Transition Not to Happen Until at Least 2021 (USA News), Rated: B

The Ethereum (ETH) 2.0 proof-of-stake (PoS) transition will not take place until 2021, the CEO of crypto analytics firm Messari predicted at a panel of ConsenSys’ Ethereal Summit on May 10.

International

Binance and Coinbase see major spike in traffic as Bitcoin jumped in 2019 (Cryptoslate), Rated: AAA

Two of the most popular cryptocurrency exchanges, Binance, and Coinbase, have both seen around 1 million unique daily visits in April, with many believing Bitcoin’s latest price surge caused the websites’ visits to jump 13 and 27 percent, respectively.

Data from SimilarWeb showed that Binance’s daily average traffic has gone up by 13 percent in April. With 1,183,000 visits, the Malta-based exchange saw its best month since its all-time high in October 2018.

The largest crypto exchange based in the US, Coinbase, saw a much bigger increase in website traffic than Binance. With 930,000 visits per day in April, the exchange saw a 27 percent increase from the previous month.

Binance and Coinbase
Source: @kerooke on Twitter

Bitcoin [BTC] surges by 104% in 2019; Binance Coin [BNB] takes the lead with 292% growth (AMB Crypto), Rated: AAA

Binance, the largest cryptocurrency exchange’s native crypto, Binance Coin [BNB] saw a surge in its price by a massive 292.25%, followed by Litecoin [LTC] with 217.86% from January 2019 till May 2019.

Binance Coin
Source: Trading View

Litecoin [LTC]

In the past seven days, LTC grew by 18.78% and a massive 15% in the last 24 hours. It continued to rise by 0.64% within an hour.

Litecoin
Source: Trading view

Stellar Lumens [XLM] 

The XLM joined XRP as it noted a fall of 1.83% from the beginning of the year. It was valued at $0.1091 and fell to $0.1044 with a market cap of $2 billion. The 24-hour trading volume of the coin was noted to be 395 million as it noted a growth of 9.65% over the past day.

Stellar Lumens
Source: Trading view

Microsoft, Starbucks And The Ethereum Blockchain (Seeking Alpha), Rated: AAA

Microsoft recently announced that it is launching an Ethereum development kiton Azure. This proves that the company understands the power of blockchain technology and wants to be among its leading investors when it reaches the masses.

Ethereum has something that Bitcoin does not. Its ability to be able to process code has made it the best blockchain tool for the largest ecosystem of cryptocurrency projects and solutions. In fact, according to Forbes list, 50 big companies building blockchain solutions use Ethereum.

GeekWire reports that Starbucks will use Microsoft’s Blockchain Azure Service to track coffee production. The company also described other initiatives it is working on at the Microsoft Build developer conference.

Ethereum’s Reddit Moderators Resign Amid Controversy (CoinDesk), Rated: A

Taylor Monahan, the CEO of crypto wallet startup MyCrypto, has been moderator for the ethereum subreddit channel since 2016.

That year, the ethereum Reddit channel was just breaking over the 10,000 subscribers mark, according to SubRedditStats. Today, the same channel boasts over 400,000 subscribers and is ranked within the top 600 most popular channels on Reddit.

But the nature of the gig has changed, according to Monahan.

Joseph Lubin and Vitalik Buterin Each Donate 1,000 ETH to Moloch (DAO) (Altcoin Buzz), Rated: A

The crowdfunding project was the Ethereum Community Fund (ECF), and it was initially endowed with $100 million to go toward infrastructure developments. Moloch DAO has received about $1 million in funding, this includes the 2,000 ETH approximately $380,000 at current prices donated by the Ethereum co-founders.

Crypto wallet Curv secures $ 50M insurance coverage from Munich Re (Tokenpost), Rated: A

Digital asset wallet firm Curv has announced that it has entered into an insurance partnership with reinsurance giant Munich Re.

In its announcement, Curv said that the insurance will cover up to $50 million of digital assets for the customers of its institutional wallet service. Munich Re is insuring Curv in the case of an external cyber breach or malicious behavior by Curv or one of its employees.

Childly Launches Its Global Crypto Wallet Service Dove Wallet (BusinessWire), Rated: B

Childly announced that it has launched its global crypto wallet service, Dove Wallet. Dove Wallet provides cryptocurrency trading markets, and transfer service currently.

Dove Wallet distributes daily bonus according to the user’s total balance and trading volume.

European Union

Binance Aims To Restore Withdrawals On Tuesday 14th May (Cryptobriefing), Rated: AAA

In an update published today, Binance chief Changpeng Zhou said that he hopes the exchange will be able to resume withdrawals early next week.

Ethereum Foundation to Allocate $ 30 Million to Blockchain Development in Coming Year (Cryptoglobe), Rated: AAA

The Ethereum Foundation, a Bern, Switzerland-based non-profit organization focused on supporting the Ethereum (ETH) project, the world’s largest platform for building decentralized applications (dApps), is planning to allocate $30 million over the next year to fund the smart contract platform’s ongoing development.

Ethereum To Go On A Bull Run Again With New Announcements (CryptoNewsZ), Rated: A

  • Ethereum has secured 2nd position in CoinMarketCap’s top 100 cryptocurrencies list globally
  • The market cap of the coin is noted at 20,402,689 USD as on May 12, 2019, at 08:39:01 UTC
  • The price of each ETH is trading at 192.42 USD & 0.02693698 BTC
  • The 24 h volume has been 12,999,502,540 USD
  • The ROI stands at 6,696.80%
  • The circulating supply of the coin is 106,031,660 ETH, and the total supply is also the same.
Ethereum
Source: Coinmarketcap.com
China

HTC’s new Exodus 1s costs $ 250-300, runs full Bitcoin node (Tweaktown), Rated: AAA

HTC has unveiled its new Exodus 1s smartphone which will be capable of running a full bitcoin node according to HTC, with the new Exodus 1s launching in Q4 2019 for just $250-300.

Over $ 290mn lost in cryptocurrency mining scam in China (Cryptopolitan), Rated: A

An illegal cryptocurrency mining scheme was recently exposed by the Chinese authorities. Two billion Renminbi (2B¥) was stolen in total using this scheme.

The company named Liaxin Tech sold more than three hundred thousand (300,000) units of mining hardware within a period of four months.

Ontology (ONT) Staking to Win Support from Huobi Wallet (CryptoNewsZ), Rated: B

The Huobi wallet recently announces that it will be supporting ONT staking from May 15. Furthermore, Huobi wallet has also promised 100 percent staking rewards to users.

Asia

Lawmaker Offers New Hope for ICOs in South Korea (CryptoNews), Rated: AAA

Another glimmer of hope has appeared for South Korea’s crypto-community, with politicians set to debate a law that could open the door for conditional initial coin offerings (ICOs).

Xendpay Partners With Ripple (XRP) To Facilitate Safe and Secure Money Transfers To Malaysia (CryptoNewsZ), Rated: A

International payments gateway Xendpay announced on Thursday that it has partnered with Ripple for money transfers to Malaysia. Xendpay’s foray into the crypto space is quite important given its large and wide user base.

Why Japanese company Emurgo is setting up a Blockchain academy in India (YourStory), Rated: A

According to research firm Gartner, the market opportunity for Blockchain will exceed $3.1 trillion by 2030. Meanwhile, a 2015 World Economic Forum report predicts that 10 per cent of GDP will be stored on Blockchains or Blockchain-related technology by 2025.

As the demand for talent grows, it is imperative that India focuses on fostering a Blockchain culture and trains the next generation of developers and entrepreneurs. And Emurgo, the Japanese Blockchain investment and edtech company, aims to do just that.

Canada

Cryptocurrency spurs Quebec regional economy (Vancouver Sun), Rated: AAA

Grodzki and the rest of the Bitfarms team modified the building to house two giant opposing walls of shelves holding thousands of powerful computing systems built for a single purpose: mining for digital currency.

Known as hashing, the hunt for cryptocurrency is essentially an exhaustive attempt by a computer to solve a mathematical problem. Every second, each computer in Bitfarms’ factory in Magog, Que., conducts 13.5 trillion attempts at solving a math problem.

Latin America

Reserve to Launch ‘Venmo Style App’ in Venezuela (CoinTelegraph), Rated: AAA

Stablecoin project Reserve announced that it will launch a crypto-fiat payments app in Venezuela and Angola in a press release shared with Cointelegraph on May 12. In the same announcement, the firm revealed that it is listing its separate utility token, Reserve Rights (RSR), on major exchange Huobi Global’s token sale platform, Houbi Prime.

Africa

Bitcoin Volume on BitMEX Skyrockets to Staggering $ 10 Billion (NewsBTC), Rated: AAA

As the bitcoin price surged past $7,550 to establish a new 2019 high, the daily volume of the dominant cryptocurrency on BitMEX hit $10 billion.

BitMEX
@CryptoHayes on Twitter

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

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Allen Taylor

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