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Another week, another round of Crypto Tidbits. Bitcoin has seen quite the tumultuous week,
The cryptocurrency started off the week with a bang, collapsing from ~$9,700, the weekly open price, to a low of $8,100, in a dramatic sell-off that liquidated over $200 million worth of long positions on BitMEX and hundreds of millions of more on other exchanges.
Notwithstanding the decline, that arrived a day before the long-awaited block half rewards, Crypto has now recovered, raise up to ten thousand dollars on Thursday, although Bitcoin has since returned to approximately $9,400.
Crypto’s performance this week comes as the stock market has continued to stagnate in the 2,800-2,900 point range. The s&p 500 and dow jones have been stalling as the prospects for the economy remain bleak, There are 35 million unemployed Americans in the last two months.
Be that as it may, analysts are always optimistic about Bitcoin.
The chief executive of crypto startup Nexo, Antoni Trenchev, for instance, told Bloomberg he expects the price of BTC to breach $50,000 in 2020.
Explaining her 50 grand by year's end, trenchev explained that with a perfect confluence of bitcoin reward block by half while central banks are expanding the money supply worldwide, There is a huge boost to the QAC value proposition.
Trenchev has added that bitcoin network fundamentals are stronger than ever.
Related Reading: Crypto Tidbits: Bitcoin Roars Past $10k, Halving Days Away, Ethereum 2.0 Nears
Bitcoin & Crypto Tidbits
- Elon Musk Bumps Bitcoin: Elon Musk has once again talked about Bitcoin. Tesla's CEO remarked on a tweet posted on Friday that he believes that the "massive issuance of currencies" by governments and central banks makes Bitcoin "sound solid in comparison." despite this support, he claimed he still possesses only 0.25 bitcoin which he obtained as a gift from a friend, It is worth about $2,250 at the time of writing. This is the last time the billionaire entrepreneur said anything good about crypto assets in the last few years. Previously, he said ark invest that he thinks the structure of Bitcoin is "quite bright," affecting the ability of the asset to circumvent the controls of currency and gender.
About, although the massive issuance of currencies by government central banks does Bitcoin Internet? money look solid by comparison
— Elon muscula (@elonmusk) May 15, 2020
- Bitcoin Halving Comes to Pass: On Monday, Bitcoin’s block reward halving transpired when block 630,000 was mined. Halving is an event that reduces by 50 per cent the reward that cryptocurrency miners receive for checking or extracting blocks—or processing transactions. Bitcoin half-eighties take place about every four years, the latter making half of the third cryptocurrency since it was created in 2008. According to May 14th data shared by crypto analytics company Coin Metrics, the halving has started to have “large impacts” on the Bitcoin network. The hash rate—the calculation power measure used to extract blocks or process transactions in simple terms—"dropped by 30%".
- JP Morgan Chase Begins to Service Crypto Companies: According to a report from the Wall Street Journal published on Tuesday morning, JP Morgan Chase has taken on two top Bitcoin exchanges, COINBASE and Gemini Trust. These are allegedly the first customers that the bank has taken on that are "crypto-native" - that is, operating exclusively/primarily in the cryptocurrency industry. According to the Wall Street Diary, Accounts were initiated and approved in April, and account transactions have only recently been processed. The analysts think it's a major case, in the words of Mike Novogratz, which jp morgan believes "the future will include crypto currencies, digital assets, blockchain systems and so on.”
- Reddit will be running Ethereum for the new points system: This week, internet forum Reddit, which is one of the most visited sites in the world with hundreds of millions of active users, confirmed the launch of a new project called “Community Points.” Community Points are tokens for specific sub-forums on Reddit that can be used to redeem rewards and gain access to certain features not available to token holders. For the time being, tokens will only be issued on Ethereum’s Rinkeby testnet for the CryptoCurrency and FortniteBR forums, which have around one million users apiece, though analysts say this program will expose crypto to more than two million individuals.
Featured Image from Unsplash
