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In this week’s daily editions of Bitcoin in Brief we reported about a couple of new exchanges, a major security breach at Bancor, and why the Binance CEO came out against Ethereum founder Vitalik Buterin. This week’s most commented-on article covered the Nobel laureate economist Joseph Stiglitz, who predicted that cryptocurrencies will be “regulated into oblivion.”
Also Read: Robinhood Crypto App Adds Bitcoin Cash and Litecoin Trading
Just recently a team of programmers announced the creation of a ‘Bitreon.cash,’ a platform that aims to be similar to the popular membership application, Patreon. This particular platform, however, will be censorship resistant and powered by bitcoin cash (BCH) payments. In order to fund the protocol, two developers have raised 47 BCH so far out of their 100 BCH goal; the funds will be used for marketing Bitreon.
Also Read: Akari Launches BCH-Powered Micro-Site Builder for Crowdfunding
Bitcoin was the first blockchain based cryptocurrency and is still the market leader based on market capitalization. However, even as the benchmark in the crypto ecosystem, it remains exceptionally volatile.
Cryptocurrency and blockchain technologies continue to spread across the globe, yet somehow, the most well-known cryptocurrency has been plummeting all year long. Bitcoin (BTC) is currently the world’s most valuable cryptocurrency with a market cap of $ 114.4 billion. After it set its record value of nearly $ 20,000 per coin in December 2017, BTC has lost more than 70% of its value, currently trading at 00.
Institutional money is coming. At least that’s been the refrain from desperate cryptocurrency traders for the past six months, praying for an influx of new fiat to shore up prices and float their alt bags. But is it really the case that institutional investors are waiting on the sidelines for the right framework to buy in? At Blockchain Expo in Amsterdam last week, news.bitcoin.com spoke to two exchange leaders who are confident that it’s a question of when, not if, institutional investors pile in.
Also read: Shapeshift CEO Defeats Peter Schiff in Bitcoin Debate
In this week’s editions of Bitcoin in Brief we’ve covered a number of interesting developments in the crypto space. Several prominent exchanges have announced plans to increase their presence in new markets and locations, while a newly launched platform aims to rate them according to their liquidity, security, and volume. The weekly roundup also mentions a $ 300 million venture fund launched by Andreessen Horowitz, a new crypto vault offering safe storage in Switzerland, a patent promising to prevent the next Mt. Gox, and more.
Also read: Huobi Opens in London, Malta Approves Crypto Bills
Recent Bitcoin block data shows that Bitcoin’s mining pools BTC.com, AntPool and ConnectBTC, respectively mined about 25.7 percent, 16.1 percent and 0.2 percent of all new blocks over the past week. This makes for a combined hash rate of 42 percent; an all-time high for the Chinese mining giant’s mining pools.
Several media sources have since covered this news, reporting that this near-dominance is a major risk to the Bitcoin network.
How true are these claims?
A video-on-demand service that shares ad revenues with viewers and creators has raised more than half a billion bucks in a private token sale.
CoinDesk
This week we reported about a suggested solution to 51% attacks, a hacked exchange that was blamed for tanking the market and a cannabis-themed cryptocurrency bringing peace to the world. We also learned, in this week’s most commented-on article, who really controls Bitcoin and why it won’t become a global currency, according to the CEO of Ripple.
Also Read: Get Them While You Can Gamers, Graphics Cards Prices Have Crashed
There is substantial controversy surrounding Tether, a cryptocurrency that claims to be pegged to the U.S. dollar. According to Tether, each Tether token is backed by one U.S. dollar, held in the full reserve of Tether. But the existence of the U.S. dollars pegging Tether has been called into question. Moreover, worries exist that Bitfinex has been using Tether to the prop up the price of Bitcoin.
By 2 PM (EST) on June 11, 2018, Bitcoin, the number one cryptocurrency, had dropped almost $ 1,000 from its price, trading at $ 6,700. BTC is now trading at its lowest value since the middle of March 2018. One of the most significant questions remains what to do next – join the selloff brigade, hodl, or buy more Bitcoins?
First things first, the facts need to be straightened out. Market manipulators most likely triggered the present sharp price dip. Retail cryptocurrency investors have shown that they have “thin skins” when it comes to weathering negative market signals. The response is usually the same – a massive dump which invariably sends prices tumbling.
