Weekly Crypto Trends & Issues
Bitcoin surged past $10,000 over the weekend and the cryptocurrency market have clearly entering a bull rally.
Favorable predictions by crypto optimist experts are gaining more support from the market. While Facebook was thought to be a risk factor for Bitcoin, the release o Facebook’s cryptocurrency Libra’s white paper led a strong price gain in overall market on the contrary. Bitcoin is trading at $10,700 as of June 24th.
Ethereum and Ripple showed similar price trends to Bitcoin thanks to a Bitcoin-led bull rally. CEO of Ripple Brad Garlinghouse said on Bloomberg interview that Libra, Bitcoin, and Ripple have different purposes, and, hence, are not competitors. He further stated Ripple price is unlikely to drop because of Facebook.[1] Ripple announced entering a partnership with global remittance market player MoneyGram on June 17th.
[1] https://www.fxstreet.com/cryptocurrencies/news/ripple-ceo-brad-garlinghouse-opens-up-on-ripple-moneygram-partnership-201906190223
Cryptocurrency media CCN[2] reported on June 16th that Bitcoin price is pushed upward by multiple factors: expectations for Binance US, release of Libra, and Yuan depreciation. News for Binance US seems to influence the chart the most. Binance CEO Changpeng Zhao said on his Twitter that Binance.com will no longer be available for US users, and from coming September 12th as US-based exchange is launching. Since US traders who have been trading on Binance will lose access to alt-coins, and are likely to focus their investments on Bitcoin, many assumed that such circumstances lead to the increase of Bitcoin prices.
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[2] https://www.ccn.com/bitcoin-price-news/facebook-binance-chinese-yuan-boost-bitcoin-9000/2019/06/16/
The release of white paper for Libra, Facebook’s own cryptocurrency project, drew positive projections from several crypto experts. Wall Street-experienced analyst Max Keiser said on his Twitter that Bitcoin price will reach its all-time-high as Libra broadens the “awareness and appeal” to cryptocurrencies to the public. Cryptocurrency advocate Caitlin Long also viewed Libra as a favorable factor for Bitcoin’s bull drive.
A strong believer of long-term Bitcoin bull rally, Thomas Lee agreed that Libra will have a positive impact on Bitcoin price as well. As a major corporate player, Facebook is greatly aiding in the momentum to legalize crypto industry. This direction of the movement will make Bitcoin a complete reserve currency for all cryptocurrencies, and Lee saw the relationship of Libra as “very complementary to Bitcoin.” .[3]
[3] https://www.cnbc.com/2019/06/18/bitcoin-is-easily-going-to-take-out-its-all-time-highs-tom-lee.html?&qsearchterm=reserve%20currency%20in%20crypto
On another news, Ethereum 2.0 is scheduled to be released on January 3rd of 2020. Ethereum 2.0 minimizes the portion of PoW chains securing transactions logs and adopts PoS methodology for participants engage with Network based on crypto shares. The new consensus algorithm Casper and scalability solution sharding are included in the update, and are expected to bring various protocol enhancements to the network. .[4]
[4] https://www.trustnodes.com/2019/06/15/ethereum-2-0-planned-for-launch-on-the-3rd-of-january-2020
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