Now, a new survey has found there is “substantial” public interest in Facebook’s potential bitcoin rival, despite a lack of trust in the company, with people already more familiar with it than ethereum, litecoin and Ripple’s XRP.
Facebook founder and chief executive Mark Zuckerberg might have his work cut out to convince U.S. and global regulators of libra’s potential, but the general public might already be on board.
Bitcoin and Facebook’s libra were given an awareness boost by U.S. president Donald Trump last week when he tweeted his opposition to both technologies but he may have inadvertently introduced the idea of bitcoin and cryptocurrencies to a whole new audience.
New research, carried out by U.S. brokerage eToro, has found that while 58% of the U.S. adults have heard of bitcoin, the first and largest cryptocurrency, Facebook’s libra is already known by 16% of people—just a month after it was unveiled.
Ethereum, the second-largest cryptocurrency, has achieved only 12% recognition since it went live in July 2015 and it can be assumed that smaller cryptocurrencies litecoin and Ripple’s XRP are still less well known.
“We believe that crypto and the blockchain technology that underpins it will be essential to tomorrow’s economy,” said Guy Hirsch, U.S. managing director of eToro. “By introducing the concept to a new audience, libra could play a vital role in the evolution of decentralized and more democratized finance.”
The bitcoin price has been climbing so far this year, largely due to interest in cryptocurrencies from Facebook and the world’s biggest tech companies.
Meanwhile, the survey suggests that people may not be willing to trust Facebook to correctly manage payments, perhaps due to its on-going data-sharing scandal.
A little over half (54%) of respondents, out of some 600, expressed doubts over Facebook’s management of their personal data but only 17% indicated they would be willing to trust Facebook with their money the same way they trust their banks.
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.
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.”
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.
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.
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’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.
A technical indicator designed to detect market reversals is flashing its first sell in more than a month.
According to the GTI VERA Convergence Divergence indicator, the price of Bitcoin will likely continue to move lower in the short term, reports Bloomberg. The gauge utilizes typical Moving Average Convergence Divergence (MACD) and attempts to identify increased volatility and delete excess noise.
Meanwhile, veteran trader Peter Brandt sent out a viral tweet identifying a Doji top in Bitcoin’s weekly chart, which could signal the start of a significant market correction. The Doji is a candlestick pattern that’s used to identify potential market reversals based on prior price action.
Doji top on weekly chart begins correction. $BTC pic.twitter.com/9L9YCZbrP8
— Peter Brandt (@PeterLBrandt) June 4, 2019
However, Brandt later clarified that further analysis shows a Doji pattern has not been confirmed across all crypto exchanges.
Most major exchanges did not have a doji top — only Bitstamp that I can find which is not a credible exchange IMO. Remains to be seen out market will resolve short term, but some broader volatility most likely.
— Peter Brandt (@PeterLBrandt) June 4, 2019
A new demo of an Ethereum-based platform from accounting and consulting giant Ernst & Young is now online. Project “Nightfall” is a transaction protocol designed to move tokens on the blockchain with complete privacy.
Ripple and XRP
Ripple continues to move large amounts of XRP.
The company just sent 50 million XRP, roughly $20 million, to one of its over-the-counter (OTC) distribution wallets that are used to sell the digital asset to crypto exchanges and institutional participants.
🚨 🚨 50,000,000 #XRP (20,558,748 USD) transferred from Ripple to Ripple OTC Distribution wallet
— Whale Alert (@whale_alert) June 4, 2019
Litecoin’s hash rate hit a new all-time high on Sunday, amid rumors that new mining hardware from Bitmain will soon be released. The hash rate is a sign that the network is thriving as new miners join the network.
The Stellar Development Foundation’s Jed McCaleb and Denelle Dixon are hosting a new ask-me-anything on Reddit.
The event is set for Wednesday morning at 10:00 a.m. PST.
Binance CEO Changpeng “CZ” Zhao says he won’t be able to go to the charity lunch with Warren Buffett. CZ says he was invited by Tron CEO Justin Sun who pledged millions to a charity, winning a lunch date with billionaire investor Buffett and a chance to invite seven colleagues. CZ is passing the torch to outspoken crypto supporter Anthony Pompliano of Morgan Creek Digital.
If I can make it, I’ll bring him a @binance hoodie 🙂
From gold bulls dissing Bitcoin to the new Captain America pledging his allegiance to Litecoin, here’s a look at some of the stories breaking in the world of crypto.
Veteran stockbroker and CEO of Euro Pacific Capital, Peter Schiff, says he expects Bitcoin’s 132% rally in 2019 to reverse. In a new debate with Barry Silbert, the founder and CEO of Digital Currency Group, Schiff called Bitcoin an elaborate pump-and-dump scheme for suckers.
“The air is already coming out of this bubble, right? The peak of market was at $20,000. And so that was a blow-off speculative mania when they launched the Bitcoin futures and everything rose. So now, we’re in a bear market. And in a bear market, you always have rallies. That’s what bear markets do. They try to sucker in the bulls. You have these false rallies. We’re having one now.
But initially, a lot of people got suckered into this pump-and-dump scheme because they heard all the stories about the young kids who took their bar mitzvah money and now they bought a Lambo. And everybody thinks they’re going to get rich because they think these kids were geniuses when all they did is get lucky because they bought Bitcoin and then the price went up.
So there’s a lot of stories about people who got rich because they got in. Well, pretty soon it’s mostly going to be stories about people who lost their life savings because they put real money instead of play money into Bitcoin. And when you have the horror stories outnumber those positive stories, the brand is going to be tarnished. I don’t think you’re going to have a bunch of young kids rushing to buy Bitcoin because they’re going to know how much money their friends lost because they bought it.”
In response, Silbert points to financial giants like Fidelity that are now joining the industry to sell Bitcoin to institutional investors. Silbert says he believes Bitcoin – and the growth of the cryptocurrency industry at large – is very real, and will push the price of BTC higher in the long run.
“I think investors are hearing the gold argument and they’re hearing about the scenario where it performs well when things are going not so well in the world. And I would argue, given that Bitcoin has all the same characteristics as gold – scarce, finite, portable, highly divisible – I think it has a lot more utility. Arguably Bitcoin would perform well in that environment that Peter’s describing.
But Bitcoin, and more importantly, the community and the industry that is being built, the thousands of companies that have been launched over the past five year, the tens of thousands of jobs that have been created – the real innovation that’s happening – I assure you, is going to propel the Bitcoin price higher. Because it will generate real innovation in a world of economic growth, where gold will only perform well if the shit hits the fan…
What I think gold bugs don’t appreciate, is there is a generational shift in investor mindset that’s happening. Over the next 25 years, $68 trillion of wealth is going to be handed down from Boomers, Gen X, Gen Ys and Millennials. And I can assure you that the younger generation of investors, many of you here apparently agree with this, don’t view gold the same way that our parents and grandparents did.
We did not grow up under the gold standard. We did not grow up during a time of war, so as that $68 trillion gets handed down, it is not going to stay in gold. Now, is whatever is in gold right now all going to go to Bitcoin? No, of course not. But gold is an $8 trillion market cap asset class. Bitcoin’s $100 billion. So a lot has to go right or frankly, in Peter’s view, a lot has to go wrong for an $8 trillion asset class to jump in price. And $100 billion for Bitcoin, it really does not take a lot for Bitcoin to outperform gold over the next 10 years.”
Ethereum, EOS, Tron
Decentralized apps (DApps) on the EOS network continue to outpace those on Ethereum and Tron. According to DappReview, $25.2 million worth of EOS flowed through DApps on the network in the last 24 hours, with 125,600 active users.
Meanwhile, 48,600 users spent $14.6 million worth of TRX on Tron-based DApps, while 18,700 users spent $9 million ETH on Ethereum-based DApps.
Top 3 DApps by volume
— DappReview (@dapp_review) June 2, 2019
Ripple and XRP
Ripple continues to hire new employees around the globe. The company is now looking for an operations associate for Xpring, Ripple’s XRP development and fundraising arm. The position is in San Francisco. At time of writing, the start-up has a total of 62 open positions, including eight with Xpring.
#Hiring Check out this job at @Ripple! Operations Associate, Xpring – https://t.co/5qmdvpJiFj
— Vanessa Pestritto (@vanessadice) May 31, 2019
In an interview with Vanity Fair, actor Anthony Mackie, who will assume the role of Captain America in future Marvel movies, says he checks his Litecoin app every day.
It was calm last 24 hours in the world of bitcoin and other cryptocurrencies. The total market cap of all cryptocurrencies declined with around $700 million, from $131 billion dollars yesterday, to about $130.3 billion today…. https://www.pivot.one/share/post/5c7bba85595ce722c55ad0cb?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV
Recently, there was a strong upward move in litecoin price above the $48.00 and $50.00 resistances against the US Dollar. The LTC/USD pair even broke the $52.00 level and traded towards the $53.50 level. Later, all major cryptos such as bitcoin https://www.pivot.one/share/post/5c792b41016de75c33ab977d?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV
After the two years of price-centric action in the cryptocurrency industry, 2019 might shift the focus towards the fundamentals. Until the community puts an emphasis on the foundational aspects of crypto, we believe that a sustained recovery is unlikely. The Winklevoss twins believe that stablecoins and tokenized securities will give a boost to the crypto space. Remaining positive on Bitcoin (BTC), they continue to hold the view that it is a better investment than gold.
As is visible from the chart below, Litecoin has remained relatively stable over the course of the past 2-3 days— with the currency currently trading at a price point of $31.92 (at press time). However, around a week back, the top-10 altcoin was struggling to stay in the green while trading just above the $23 mark. Lastly, as per LTCs technical indicators, the altcoin is exhibiting strong bullish momentum right now— with the crypto asset currently hovering above its EMAs. Also, as Litecoin approaches the $32 mark, it is being estimated that the currency will incur heavy resistance beyond the $34 threshold. Elaborating further on what prompted him to make this move, Lee went on to say that he wanted to work on Litecoin purely out of his passion and not as a means of gaining profits. Not only that, Lee also declared that instead of simply selling off his LTC holdings for profit, he had donated every LTC coin that he had ever owned. Read more….
One year after the big crypto boom, founder of Litecoin Charlie Lee is reportedly continuing to focus on increasing the usage of Litecoin. However, some in the crypto community have pointed out that Lee is still benefitting from the pay that he chose to sell all of his LTC holdings at the height of the boom.
When Lee made the decision to sell off his LTC public, he explained that the reason for divesting had to do with avoiding what referred to as a “conflict of interest.”However, critics within and without the space have alleged that Charlie planned to cash out at the height of the frenzy and make a profit all along.
However, Lee told Bloomberg that this kind of criticism is all par for the course, adding that he sold at a time when it was widely believed that Litecoin would continue to increase in value. “People lose money and they want someone to blame,” he explained. “And they think for some reason I had inside information, and that’s silly. At the time when I sold, everyone thought it would go to $1,000.”