Anyone watching the news over the last few weeks would be forgiven for thinking we’re right in the middle of some kind of apocalyptic nightmare. Every single news channel …
A new credit line worth several hundred billion euros (potential) has been approved last night, along with new pledges for a more relaxed attitude toward fiscal injections in the EU …
Daily crypto recap: U.S. President Trump, Fed Chair Jerome Powell talk Bitcoin, cryptocurrencies, and Facebook’s Libra; SEC qualifies second crypto project’s Reg A+ application in as many days.
Around 5:00 UTC on Friday (April 10), the price of Bitcoin dropped below $7,000 for the first time since Monday (April 6); this is despite the fact that on Wednesday (April 8), the Fed’s balance sheet increased to a record high $6.13 trillion.
Ethereum And Tron Continue Surges With Hopes Of New Highs
The recent volatility which was experienced in the cryptocurrency market led many to believe that an abrupt drop would kick in soon and affect all coins. However, in today’s crypto news we can see that Ethereum and Tron continue their surges and are focused on gaining even more in the market.
ETH and TRX are two of the cryptocurrencies which are performing well lately. The performance of Bitcoin has inspired them to surge and increase their performance on the market.
Speaking of, Ethereum and Tron are great coins which enjoyed the beginning of 2020 when their prices rose significantly across January and February. March was a bad month for the crypto after it witnessed a stall in price and crashed later on March 13. This was a day after the leading cryptocurrency Bitcoin crashed. Still, it looks like ETH is going to make a massive surge soon with the coin trading at $169 at the time of the publication.
Meanwhile, Tron (TRX) is one of the coins that has been struggling but stopped its struggles lately. The Tron news show that the new value for TRX today is $0.0126 – which is still a drop from $0.013 where TRX stayed yesterday. Anyways, Ethereum and Tron continue to record stability and their Bollinger Bands hold them steady. However, their MACD suggests that this development might give way to bullish volatility in the market.
One of the biggest losers over the past few days is Decred (DRC), a cryptocurrency that is in dangers of falling back into bearish territory with a current trade price which is little above its bearish support. Known as an autonomous digital coin with a hybrid consensus, DRC is currently trading at $12.80 with its support price put at $10.03 and a resistance at $19.17. The digital currency even recorded an 8.96% gain over the past five days. Even though it is closer to the bearish line, experts have backed the crypto to make a massive surge in the days ahead.
The focus of the news today is Chainlink (LINK) – the coin which continues to rise and is now at $3.32 following its new partnerships and stable momentum lately. Now, LINK is on the 11th place on the market and coming closer to the 10th-placed Tezos (XTZ) which also added 2% to its price on the day, arriving at $1.99.
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Author: Published 18 hours agoon April 11, 2020By Stefan
Reddit Integrates Blockchain-Based Point System on Ethereum Network
It is a moment of happiness for blockchain enthusiasts globally as world’s leading social news and discussion website Reddit announced yesterday that it had introduced a new tool called ‘community point,’ which will represent the ownership of subreddits. As per an update on Reddit’s Android App, the new tool uses the same underlying technology as Bitcoin, to ensure only the owners of the subreddits are allowed to own and control their points. The further app states,
Community Points are stored as standard ERC-20 tokens on the Ethereum blockchain. This makes them interoperable with existing blockchain tools. Ethereum is a public blockchain that Reddit does not control. This means your Community Points can be seen and used independently of Reddit, without having to get Reddit’s permission to use them. Points are owned pseudonymously. Nothing on the Ethereum network connects to your real name or real identity.
Ethereum chief Vitalik Buterin tweeted on Friday, stating that the integration with Reddit was originally an idea proposed by Virgil Griffith, one of the core members of the network.
My favorite proposal for a simple meaningful ethereum integration @reddit could do was one of @virgilgr’s ideas: they should allow subreddits to set an arbitrary smart contract address as their moderator
This would allow unbounded experimentation in DAO-like moderation policies.
— vitalik.eth (@VitalikButerin) April 10, 2020
Reddit is one of the most credible and most visited websites present on the internet, with more than a mammoth 330 million monthly active users, with more than 42% of internet users between the age group of 18-24 using the forum. As per an estimate, there are about 138,000 active subreddits on Reddit out of a total of 1.2 million.
The integration with such a giant platform opens the door of massive opportunities for Ethereum, which itself is inarguably the best in the industry. Nischal Shetty, CEO of India’s leading crypto exchange WazirX, is excited about the development as hundreds of thousands of Indians use Reddit, making India the 2nd largest user of Reddit, only behind the US. In a tweet on Saturday, Shetty stated that it was an exciting development.
Reddit, one of the most visited websites in the world plans to integrate a blockchain based point system
This will be an ERC20 token on Ethereum Blockchain
It’s exciting! Millions of users will be onboarded to Crypto, including Indians#IndiaWantsCrypto pic.twitter.com/I9ymHGpbcS
— Nischal (WazirX) ⚡️ (@NischalShetty) April 11, 2020
Ronald Cribbs is a reporter who has studied in Journalism and previously worked as a freelance reporter in well-known publications and financial news websites. He is regularly going for the interview with leading industry players of crypto space. He has been following cryptocurrencies since 2012.
Author: Ronald Cribbs
Ethereum Longs Jump While Bitcoin Longs Fall by $35 Million
Ethereum longs have seen a big spike to a new very all time high and more importantly it all seems a bit interesting as there appears to be a relation between eth and bitcoin longs.
Some 300,000 eth (pictured above on daily candles) was added to longs on April 10th and this is just on Bitfinex. That’s currently worth about $47 million.
Also on April 10th about 5,000 BTC was taken off longs on the unregulated and largely non compliant exchange. That’s worth about $35 million.
Interesting in itself, but when we look at weekly candles it becomes quite clear there is something going on here.
What we have for bitcoin is a huge drop from ₿45,000 to less than ₿23,000, meaning a cool $150 million in longs has been closed as measured at the current price.
The actual price would be different because some of these would have been closed at $10,000 with this drop beginning on the 20th of February.
There’s a big drop on the 8th of March as well, just a day before Milan lockdown, on the 13th of March and then yesterday.
Shorts on the other hand seem to be a bit more sideway both for bitcoin and eth, while eth longs have been jumping since February 25th.
There was also a huge spike for eth between the 11th and 12th of March and then the jump yesterday.
So we’ll start from about 600,000 eth, this has risen to ◊1.4 million now, making it $126 million worth of eth added in the past two months.
This is sufficiently close to the amount closed for bitcoin during the same period, so is it one person and more importantly is it Bitfinex itself?
Are these reported longs and shorts even real? Bitfinex is a centralized database which has not been audited so they can put one trillion eth down if they want, in their own database. Just like Fed has put down $2.5 trillion, and for ‘realz’ this time.
Or there’s something someone or maybe a group knows as eth’s ratio had a big jump in its value against bitcoin, but that was on April 6th.
As stated above these long movements were on April 10th, not 6th, but again we go back to their database as we have suspected for some time they report longs and shorts after the trade has been executed and about 4 days after sounds about right, instead of instantly reporting them.
That big lag in time can of course be a significant competitive information advantage, but why has this person or group so clearly moved from bitcoin to eth?
Obviously the first thing to suspect is that there may be some news coming as we don’t think its just pure speculation because bitcoin has the halvening soon.
So there isn’t anything known to make someone have such a one sided bet and so bigly, in our view anyway.
Nor do we reasonably think it would be the Reddit news because apparently their position is unchanged in as far as they’re testing donuts rather than expanding it to all of their 400 million users.
However, it’s not clear whether the wallet functionality in their app will be available to all users or to just those that subscribe to ethtrader.
In any event reddit users learned about bitcoin in 2013, and they probably know about eth, so just a wallet address is not a big deal but if people can make some pennies from reddit tokens running on eth, then presumably a lot of people would start looking into this global computer with funny muneh.
So we can’t fully discount maybe it is reddit that dun it, but if we had to bet we’d say it’s probably something else which maybe we’ll learn of on Monday, or maybe this all is actually pure speculation with so much money and in such a decisive way or of course it’s just manipulation. Why don’t we ask you actually: