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Crypto Analyst Warns 2019 Bitcoin Rally Set to ‘Blow Off’ – Plus Ethereum, Ripple and XRP, Litecoin, Stellar, Tron | The Daily Hodl

From a warning about Bitcoin’s 2019 rally to new support for Stellar Lumens, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin

A prominent crypto analyst warns the 2019 Bitcoin rally is an “exchange driven pump” that’s due for a significant pullback. According to Willy Woo, Bitcoin’s Network Value to Transactions (NVT) ratio is now way out of whack.

“Presently the market price of BTC has outstripped organic investor flow unseen since the bull market mania phases of 2013 and 2017. Never before have we seen such a divergence so early in the bull market.”

The NVT ratio measures the utility value of Bitcoin according to the number of transactions on the network relative to the price. Because on-chain investor volumes are in the normal range, Woo says the only explanation is “a quant fund driven short squeeze devoid of any true investor volume.”

Whales can short squeeze a majority-short market by buying it up until the shorts are liquidated, forcing a torrent of buys that inflate the price, Woo explains.

“If you have sufficient capital. You can keep buying to liquidate the bears. It’s extremely profitable. You only stop when it’s no longer profitable. At the $8k-9k mark the market switched from short to majority long. This put a cap on the profitability of short squeezing.

“I’m awaiting this exchange driven pump to blow off, a proper retrace, and only then do I think real investor flows will come in and drive the true organic bull market.”

Ethereum

Ernst & Young’s global blockchain leader, Paul Brody, says blockchain is poised to trigger a fundamental transformation of how enterprises do business.

The accounting and consulting giant EY is building on Ethereum, and Brody says use cases for audits and supply chain management are some early examples of prime use cases for the technology.

“What I hope you’ll take away from this today is that blockchain is maturing. We have real products, real customers, real use cases, real value creation, stuff that’s in operations, and we also have a road map for where things can and should go in the future and how this can have an ever-bigger impact…

Blockchains we think are going to be the future way in which companies model and manage their business processes and, in particular, we can basically model any process between two enterprises or two agencies or two governments as a combination of tokens to represent assets and items of value and contract.”  

Ripple and XRP

A presentation from Ripple’s chief technology officer David Schwartz is now online. At the We Are Developers in Berlin, Schwartz talks about the future of blockchain beyond the hype.

Litecoin

The Litecoin Foundation’s unique methods for raising funds to support the LTC ecosystem continue.

The Foundation has started to ship custom Litecoin cufflinks and tie bars, with a signed certificate of authenticity from LTC creator Charlie Lee.

Stellar

Crypto.com has added Stellar Lumens (XLM) to its Wallet & Card app.

Users of the app can now purchase XLM at true cost with no fees, with both credit cards and bank transfers supported. People can also use XLM with Crypto.com’s MCO Visa Card, making it easier to convert Stellar’s token into fiat for purchases from everyday merchants.

Tron

Tron’s latest report on the network’s decentralized app ecosystem is out.

According to the report, four new gaming DApps launched on the network this week, along with a decentralized exchange called SunDex.

Source: Crypto Analyst Warns 2019 Bitcoin Rally Set to ‘Blow Off’ – Plus Ethereum, Ripple and XRP, Litecoin, Stellar, Tron | The Daily Hodl

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Billionaire John De Mol Takes Facebook to Court Over Fraudulent Bitcoin Ads

John de Mol, a Dutch billionaire and media magnate, has recently sued Facebook over fraudulent bitcoin ads that showed him next to quotes about how much money he purportedly made investing in BTC with a company that was swindling users.

According to Reuters, De Mol’s lawyer has claimed the businessman, who created the reality show ‘Big Brother’ and is one of brains behind the Endemol entertainment studio, is suing the social media giant over damages to his client’s reputation, and over Facebook’s inability to stop the ads from appearing altogether.

De Mol’s lawyers would, as such, like to see Facebook automatically block ads featuring him and cryptocurrencies. The businessman’s lawyer further claimed consumers sent a total of €1.7 million (around $1.9 million) to the scammers, before Facebook reacted to complaints and removed the ads from its platform.

De Mol is also looking to get the names of those behind the fraudulent bitcoin ads, so he can hand them over to authorities. Jacqueline Schapp, one of his lawyers, argued that Facebook’s system of reacting to users reporting problems isn’t good enough.

I don’t know what reality Facebook lives in, but that doesn’t work.

Facebook’s lawyer, Jens van den Brink, revealed the company couldn’t be forced to monitor every ad that goes through it all the time, and that it’s “technically impossible” to block ads with De Mol’s name on it, as other people have the same name.

Van den Brink also added Facebook has met with Dutch financial market regulator AFM this month to discuss ways to combat scammers on its platform. It’s worth noting that Facebook banned cryptocurrency-related ads last year to stop them, but later on lifted the ban.

A judge at the Amsterdam District Court gave both parties two weeks to come up with a reasonable solution. If they fail to reach an agreement, the judge noted he would rule on the case.

This isn’t the first time celebrities are used to get users to buy into fraudulent cryptocurrency schemes through Facebook’s ads.

Source: CryptoGlobe

Move Over Bitcoin And Dogecoin, Elon Musk Is Tweeting About Ethereum

bitcoin, bitcoin price, ethereum, Elon Musk, dogecoin, image

Elon Musk, the playful Tesla and SpaceX chief executive who has set the world of bitcoin and cryptocurrency on fire in the past, has again caused a stir by tweeting about cryptocurrencies—this time it’s the turn of decentralized app network ethereum.

Bitcoin and the broader cryptocurrency market has been trading sideways since leaping higher at the beginning of this month, with ethereum now only 7% up on its late March price per ethereum token.

Now, Musk, who earlier this month revealed his favorite cryptocurrency, has tweeted the word “ethereum” before replying to ethereum’s creator Vitalik Buterin invitation to attend the ethereum developer conference in October.

Musk tweeted the word “ethereum” then followed it up by tweeting “jk”—perhaps an attempt at preventing Twitter from suspending his account, which has previously been locked after tweeting about cryptocurrencies due to his long association with bitcoin and cryptocurrency give-away scams.

Musk then told ethereum’s Buterin to “stop giving away ETH.”

Musk has recently been embroiled in a row with the U.S. Securities and Exchange Commission (SEC) after he tweeted about his plans to take Tesla private last year, with the SEC then claiming that Musk violated an agreement by tweeting information Musk said had already been correctly relayed to investors.

On Friday, Musk and the SEC filed their amended settlement, which lists specific topics that Musk needs legal approval to tweet about. It does not contain anything about bitcoin or cryptocurrencies.

Following the agreement, Bloomberg’s Matt Levine wrote:

“If I were the SEC I would probably have pushed to add a requirement in the amended settlement to the effect of, if Musk is going to tweet a joke about Tesla, he has to add a smiley face or a “j/k” or a “lol” to the end of it. Again, this is an absolutely terrible rule for life, or comedy; it really kills the joke. And I can see why Musk would be concerned with the aesthetics of his Twitter comedy. But the SEC probably shouldn’t be!”

Musk’s latest cryptocurrency comments via Twitter could be a low-key dig at the SEC’s pursuit of him while scammers continue to plague Twitter with misleading impersonations of public figures.

bitcoin, bitcoin price, ethereum, Elon Musk, dogecoin, twitter image

Musk tweeted the word “etherum” without context.

Twitter / @elonmusk

The bitcoin price, which has been trapped in a long-running bear market over the last few months following a sudden sell-off in early November, exploded out the gates on at the beginning of April after slowly gathering pace throughout Marchconfirming much speculative data that a bitcoin bull run was imminent.

Musk surprised bitcoin and cryptocurrency watchers earlier this month by saying that the meme-based dogecoin is his “fav” cryptocurrency, even ahead of original cryptocurrency bitcoin, which he’s heaped praise on previously.

Musk, who has become known for his meme-ing Twitter account while running three major U.S. technology and engineering companies, was at this time responding to (another) tongue-in-cheek Twitter poll that found him to be the favorite to take on the mantle of dogecoin CEO, with 49% of the vote.

Musk beat off competition from ethereum co-founder and widely respected crypto developer Buterin, litecoin founder Charlie Lee, and Marshall Hayner, the chief executive of bitcoin and cryptocurrency blockchain payments processor Metal.

Earlier this year the bitcoin and cryptocurrency markets were enlivened by comments from two of the most closely-watched figures in the tech world: Tesla’s Musk and Twitter’s CEO Jack Dorsey.

bitcoin, bitcoin price, ethereum, elon musk, doge, chart

Despite a recent rally, the bitcoin price remains well under where it was most of last year.

CoinDesk

The bitcoin price failed to rally following Musk’s and Dorsey’s light praise of bitcoin and how cryptocurrencies will change the future of money—despite crypto media celebrating wholeheartedly.

While Jack Dorsey and Elon Musk have faintly suggested they see cryptocurrencies, and specifically bitcoin, as exciting new technologies that will likely change the world, neither seem particularly keen to lead the charge.

Musk, who last year got everyone fired up that he might be getting into bitcoin, has called bitcoin’s structure “quite brilliant”, adding “it bypasses currency controls … Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”

Speaking on the Ark Invest podcast in February, Musk said it’s “very energy intensive to create bitcoin at this point” and it may not be “a good use of Tesla’s resources to get involved in crypto.”

You can follow me on Twitter @billybambrough and read my other Forbes posts here

Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk

Source: Move Over Bitcoin And Dogecoin, Elon Musk Is Tweeting About Ethereum

Reserves Bank of India shelves central bank digital currency plans – Report – TokenPost

The Reserve Bank of India (RBI) has reportedly shelved its plans to launch its own digital currency, according to The Hindu Business Line.The RBI had revealed its plans about central bank digital currency (RBI) in…

Source: Reserves Bank of India shelves central bank digital currency plans – Report – TokenPost

Crypto Critic Elizabeth Warren Officially Exploring Presidential Run

Senator Elizabeth Warren has joined the 2020 United States presidential race, after announcing on Monday that she will be developing an exploratory committee, according to a report on the Wall Street Journal. With the exploratory committee,

Source: Crypto Critic Elizabeth Warren Officially Exploring Presidential Run

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