Overview of the top news in the cryptocurrency industry over the past few days (10.05-11.05)

Overview of the top news in the cryptocurrency industry over the past few days (10.05-11.05)

1. This week, Bitcoin pleased its «Holders» and upset the «Shortiest`s» by rising almost to $ 7,000. At the moment, the first cryptocurrency has been slightly corrected and it is trading around $ 7540, with a capitalization of $ 131 billion.


This is a truly memorable day for the cryptocommunity, because the $ 6,400 mark was overcome, from which the discharge began last November. Many experts and famous personalities have already noted that the downward trend is officially over.

Despite on this, the amount of the open short positions still greatly exceeds the amount of long positions on the Bitfinex exchange.


 

Altcoins are reluctant to catch up Bitcoin, falling in tandem with the first cryptocurrency and showing a rather low positive trend in tandem with the US dollar. In this regard, the domination of Bitcoin is already more than 59%.


2. Against a positive background, more and more applications of well-known cryptoenthusiasts about future pricing appear. For example, Tim Draper said that the capitalization of Bitcoin would be 5% of the entire global economy by 2023.

Analysts at Canaccord Genuity conducted a study and found out that within 24 months the rate of the first cryptocurrency will reach $ 20,000.
The result of the study is based on a comparison of the graph with the periods of 2011-2015 and 2015-2019.


«We understand that the analysis doesn’t take into account fundamental factors. However, we found that bitcoin moves within four-year cycles. This is mainly due to halving. In the spring of this year, the first cryptocurrency pushed off from the bottom and began to recover a little faster than usual. According to our calculations, the uptrend will reach its record of $ 20,000 by about March 2021».

3. Changpeng Zhao, Director General at Binance, spoke about the measures taken by his company to eliminate the consequences of the recent incident and eradicate a similar situation in the future.

CZ announced that the company plans to introduce a number of changes during the week, but the main part will be added later. It`s about converting API, two-factor authentication, confirmation of withdrawal of funds, risk management, analysis of user behavior and KYC.

«Very soon» Binance clients will be able to use account security hardware, such as YubiKey.

 

4. Meanwhile, Binance increased the maximum spread during the placing requests up to 500%.

«We returned the limit to 5x. Sorry for the inconvenience, but we should be extremely careful».

It should be reminded, that immediately after the hacking, the company imposed a ban on placing requests, the execution price of which deviates from the market by more than 30%.

Regarding the return of the Input / Output function, Zhao said: «Next week. This time it is better to wait rather than regret».

 

5. Facebook may announce its stablecoin in the third quarter of 2019. This was reported by source, who wished to remain anonymous. According to their statement, the company hires former employees of PayPal. Probably, that the first stablecoin will be tested in India, because the company sees in this country significant opportunities for development.

 

6. Crescent Crypto Index Services LLC, a division of Crescent Crypto Asset Management LLC, plans to place an ETF fund traded on the stock exchange that will track the price of Bitcoin and Ethereum. It has already appealed to the US Securities and Exchange Commission (SEC) for permission, as reported on the regulator’s website.

The ETF will be called the USCF Crescent Crypto Index Fund (XBET ticker) and maintained by the United States Commodity Funds LLC (USCF).

 

7. Hester Pearce, SEC Commissioner, speaking at Forum «Ensuring security of securities», said that due to the lack of clear rules for regulating cryptocurrency, the development of the industry is slowing. She believes that the SEC should provide industry players with clear guidance on how to comply with the laws, but the agency doesn`t do it.

«We must admit that we cannot stop the development of cryptocurrencies, so we must use their potential for positive changes. Our silence pushes this ecosystem into other jurisdictions that have already provided clear guidelines for market participants» Pierce said. «US securities markets have historically been the envy of the whole world. I don’t want the SEC ruin this reputation because of its indifference to cryptocurrency».

 

8. Meanwhile, The British Government has established a United Kingdom Jurisdiction Working Group (UKJT) to determine the status of cryptocurrencies in accordance with English private law.
UKJT representatives noted that investors are not interested in a new class of digital assets due to legal uncertainty. They will be happy to start using smart contracts as soon as the legal framework appears.

 

9. Joseph Lubin and Vitalik Buterin, Ethereum founders, donated 4,000 ETH or $ 700,000 to the decentralized autonomous organization MolochDAO.
MolochDAO attract financing for further distribution in favor of infrastructure projects whose solutions are required for the participants of the Ethereum ecosystem, but they cannot be developed and provided due to lack of financial support.

 

10. Ryan Selkis, director general at the crypto-analytical company Messari, shared his opinion, according to which the transition of Ethereum to the second version of the protocol and, accordingly, the Proof-of-Stake consensus mechanism will not happen until 2021.

He drew the attention of listeners to the risks that may arise during the transition from Proof-of-Work to Proof-of-Stake, «whose efficiency has not been proven».

 

11. Lucien Chen, Tron co-founder and ex-technical director at Tron, decided to leave the project and create a «new Tron». This step involves the fact that the current project has lost faith in the «decentralization of the Internet».

«I want to leave and revive the original intention».

Chen noted that Tron is no longer decentralized, because it has the problem of centralized voting, which comes out of the DPOS mechanism and the unfair distribution of votes among network members.

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1. This week, Bitcoin pleased its «Holders» and upset the «Shortiest`s» by rising almost to $ 7,000. At the moment, the first cryptocurrency has been slightly corrected and it is trading around $ 7540, with a capitalization of $ 131 billion.


This is a truly memorable day for the cryptocommunity, because the $ 6,400 mark was overcome, from which the discharge began last November. Many experts and famous personalities have already noted that the downward trend is officially over.

Despite on this, the amount of the open short positions still greatly exceeds the amount of long positions on the Bitfinex exchange.


 

Altcoins are reluctant to catch up Bitcoin, falling in tandem with the first cryptocurrency and showing a rather low positive trend in tandem with the US dollar. In this regard, the domination of Bitcoin is already more than 59%.


2. Against a positive background, more and more applications of well-known cryptoenthusiasts about future pricing appear. For example, Tim Draper said that the capitalization of Bitcoin would be 5% of the entire global economy by 2023.

Analysts at Canaccord Genuity conducted a study and found out that within 24 months the rate of the first cryptocurrency will reach $ 20,000.
The result of the study is based on a comparison of the graph with the periods of 2011-2015 and 2015-2019.


«We understand that the analysis doesn’t take into account fundamental factors. However, we found that bitcoin moves within four-year cycles. This is mainly due to halving. In the spring of this year, the first cryptocurrency pushed off from the bottom and began to recover a little faster than usual. According to our calculations, the uptrend will reach its record of $ 20,000 by about March 2021».

3. Changpeng Zhao, Director General at Binance, spoke about the measures taken by his company to eliminate the consequences of the recent incident and eradicate a similar situation in the future.

CZ announced that the company plans to introduce a number of changes during the week, but the main part will be added later. It`s about converting API, two-factor authentication, confirmation of withdrawal of funds, risk management, analysis of user behavior and KYC.

«Very soon» Binance clients will be able to use account security hardware, such as YubiKey.

 

4. Meanwhile, Binance increased the maximum spread during the placing requests up to 500%.

«We returned the limit to 5x. Sorry for the inconvenience, but we should be extremely careful».

It should be reminded, that immediately after the hacking, the company imposed a ban on placing requests, the execution price of which deviates from the market by more than 30%.

Regarding the return of the Input / Output function, Zhao said: «Next week. This time it is better to wait rather than regret».

 

5. Facebook may announce its stablecoin in the third quarter of 2019. This was reported by source, who wished to remain anonymous. According to their statement, the company hires former employees of PayPal. Probably, that the first stablecoin will be tested in India, because the company sees in this country significant opportunities for development.

 

6. Crescent Crypto Index Services LLC, a division of Crescent Crypto Asset Management LLC, plans to place an ETF fund traded on the stock exchange that will track the price of Bitcoin and Ethereum. It has already appealed to the US Securities and Exchange Commission (SEC) for permission, as reported on the regulator’s website.

The ETF will be called the USCF Crescent Crypto Index Fund (XBET ticker) and maintained by the United States Commodity Funds LLC (USCF).

 

7. Hester Pearce, SEC Commissioner, speaking at Forum «Ensuring security of securities», said that due to the lack of clear rules for regulating cryptocurrency, the development of the industry is slowing. She believes that the SEC should provide industry players with clear guidance on how to comply with the laws, but the agency doesn`t do it.

«We must admit that we cannot stop the development of cryptocurrencies, so we must use their potential for positive changes. Our silence pushes this ecosystem into other jurisdictions that have already provided clear guidelines for market participants» Pierce said. «US securities markets have historically been the envy of the whole world. I don’t want the SEC ruin this reputation because of its indifference to cryptocurrency».

 

8. Meanwhile, The British Government has established a United Kingdom Jurisdiction Working Group (UKJT) to determine the status of cryptocurrencies in accordance with English private law.
UKJT representatives noted that investors are not interested in a new class of digital assets due to legal uncertainty. They will be happy to start using smart contracts as soon as the legal framework appears.

 

9. Joseph Lubin and Vitalik Buterin, Ethereum founders, donated 4,000 ETH or $ 700,000 to the decentralized autonomous organization MolochDAO.
MolochDAO attract financing for further distribution in favor of infrastructure projects whose solutions are required for the participants of the Ethereum ecosystem, but they cannot be developed and provided due to lack of financial support.

 

10. Ryan Selkis, director general at the crypto-analytical company Messari, shared his opinion, according to which the transition of Ethereum to the second version of the protocol and, accordingly, the Proof-of-Stake consensus mechanism will not happen until 2021.

He drew the attention of listeners to the risks that may arise during the transition from Proof-of-Work to Proof-of-Stake, «whose efficiency has not been proven».

 

11. Lucien Chen, Tron co-founder and ex-technical director at Tron, decided to leave the project and create a «new Tron». This step involves the fact that the current project has lost faith in the «decentralization of the Internet».

«I want to leave and revive the original intention».

Chen noted that Tron is no longer decentralized, because it has the problem of centralized voting, which comes out of the DPOS mechanism and the unfair distribution of votes among network members.

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