Just 376 People Found to Own a Third of All Ether Cryptocurrency

Just 376 People Found to Own a Third of All Ether Cryptocurrency

 

                                  

 
  • New study says so-called whales don’t move Ether prices much

  • Bitcoin price found to be good indicator of where Ether trades

Just 376 people hold a third of all Ether, the cryptocurrency that powers the Ethereum blockchain, according to new research by Chainalysis Inc.Large holders are known in the crypto market as “whales,” which Chainalysis defines as individuals who hold their assets in digital wallets and not on an exchange, Kim Grauer, a senior economist at the company, said in an interview. By comparison, 448 people own 20 percent of all Bitcoin, she said.Chainalysis also looked at the effect Ether whales have on price, and found that large holders don’t move their cryptocurrency often.

“The majority of whales aren’t traders,” she said. “They’re mostly holding.”

The study also found that when a whale moves Ether from a wallet to an exchange, there is a small but statistically significant effect on market volatility. Investor sentiment and the price of Bitcoin are strong indicators of where Ether will trade, the Chainalysis research found. As Bitcoin rallied 52 percent since the beginning of May, Ether rose 48 percent.

Grauer plans to turn the research into an academic paper analyzing the effect of large Ether holders on the market and will discuss the data Wednesday at the Consensus blockchain conference in New York. “We’re excited to bring the models that have been applied to the stock market to cryptocurrencies,” she said. The data on Ether was collected from early 2016 to the end of April, before Ether and Bitcoin surged in recent weeks. “It’s unfortunate this bull run didn’t happen a month ago to be part of our analysis,” she said, adding that the link between Bitcoin’s price and that of Ether backs up their findings.

Article Produced By
Matthew Leising

https://www.bloomberg.com/news/articles/2019-05-15/just-376-people-found-to-own-a-third-of-all-ether-cryptocurrency

 

Bullish Or Not: People Who Sold Bitcoin At The Low Are Buying Back In

Bullish Or Not: People Who Sold Bitcoin At The Low Are Buying Back In

                                

 

Someone bought Bitcoin back in 2013, sold out in 2014,

and now they’re back trying to get back in the game. That’s according to a tweet by Jake Chervinsky. Apparently, the guy in question is his close friend. In Jake’s opinion, this kind of stuff goes to show that the Bitcoin market has come a long way, and that’s why it’s attracting people who had already jumped out of the boat earlier on. Jake goes on to argue that the fact that people like his friend are dipping their hands back into the crypto business years after they walked and at a time when the crypto has already gone up value means that the market is now bullish.

In For The Long HODL

Going on and in response to a commenter, Jake said he was sure his friend is now getting on board to hang onto the Bitcoin for the long hodl. Of late, numerous analysts and Bitcoin fans have claimed that the crypto is yet to achieve its true potential, with some even arguing that Bitcoin could one day be worth over $250,000. Others believe Bitcoin is on track to replace Gold as a store of value. That’s probably one reason friends like Jake’s are buying even as the crypto is way more valuable than when they sold out.

Insider Knowledge?

Asked about the possibility of the SEC approving a Bitcoin ETF soon, Jake opined that either a yes or no decision is imminent. However, one of the thread contributors was wary that the current Bitcoin surge may be as a result of possible insider trading by people who know about the pending decision.

FOMO And Rekt?

Jake’s tweet wasn’t without some pessimists at the corner, claiming that Jake’s friend buying of Bitcoin during the current surge may have been influenced by FOMO (Fear Of Missing Out), As such, the user argued that such action wouldn’t be bullish as Jake claims but rather bearish. However, Jake was quick to point out that the fact that his friend didn’t buy back during the 2017 surge disapproves the bearish notion.

Article Produced By
Nick James

Nick is a cool guy with lots of love for technology especially cryptocurrencies and blockchain. He likes to share the juicy nitty-gritty about the latest developments in the crypto world. When he's not immersed in his crypto world and creative mindset, you can find him having fun with friends and family. Contact: Nickjames [at] zycrypto.com

https://zycrypto.com/bullish-or-not-people-who-sold-bitcoin-at-the-low-are-buying-back-in/

Ripple’s XRP Network Might Be Prone to Suffer Similar Outage As Stellar Lumens

Ripple’s XRP Network Might Be Prone to Suffer Similar Outage As Stellar Lumens

                               

 

On May 14th, the Stellar network went down.

The problem was caused by some of the validators of the Stellar Development Foundation going down. The incident caused many in the cryptocurrency space to question the level of decentralization of the Stellar network. In a blog post, Stellar promptly responded to the outage and the “over-centralized”

critiques of the network.

“We’ve seen claims that Stellar is “over-centralized” and that somehow a failure with SDF’s nodes dragged down the whole network. Ironically, the opposite is true. Stellar has added many new nodes recently. In retrospect, some new nodes took on too much consensus responsibility too soon. We need better community standards around maintenance timings, quorumset building, and validator configuration.”

Ripple CTO David Schwartz was impressed by the way Stellar handled the situation. He laid out his thoughts on the matter in a Twitter thread. Schwartz broke down the issue and explained that similar problems could possibly arise on

the Ripple network.

“The same thing can happen on the XRPL. If too many validators are missing, the network will halt because there’s no way to be sure that they’re not validating other ledgers and you just can’t see them due to a network issue. “PoW system make forward progress even where forward progress is unsafe. XRPL and Stellar do not make forward progress under potentially unsafe conditions.”

Schwartz went on to breakdown how the Stellar protocol actually worked as intended. The temporary shutdown is actually a better result than the chaos that could ensue. An accidental hard fork could occur if the consensus protocol fails. Schwartz’s explanation caused a lot of hardcore Ripple fans to take a step back to look at the bigger picture. Many even admitted to and expressed remorse for their knee-jerk reactions and trollish responses. Ultimately, to avoid this particular issue, more validators are needed. This means that more users and validators are needed. And as the cryptocurrency community strengthens and the number of participants grows, security and efficiency go up.

Article Produced By
Stephen Brown

Cryptocurrency enthusiast and Expert in content creation and planning, project management, process improvement, media operations, and staff training. BA in Political Science from Brooklyn College. Contact: stephenbrown [at] zycrypto.com
 
 

Roger Ver Debunks Craig Wright’s Claims that He Owns Some of the First BTC Adresses

Roger Ver Debunks Craig Wright’s Claims that He Owns Some of the First BTC Adresses

                                  

Satoshi Craig Wright sued Bitcoin Cash figurehead,

and former business partner, Roger Ver for libel after being called a “fraud and a liar.” Ver responded by seemingly debunking Wright’s claim that he controlled several high-profile Bitcoin addresses. For two weeks we thought that tensions between Satoshi Wannabe Craig Wright and the rest of the planet had been quieted down. However, seems that poor Wright needed money to pay out Calvin Ayre’s sun tan he is getting in Antigua so he decided to show up again. Well, at least he stays consistent. Just to remind you, Ver got served a lawsuit by Wright at a Bitcoin Cash summit two weeks ago. He was sued for calling Wright a scammer and a liar in a video which has been removed as it goes against set rules by the YouTube community. However, Ver has now released a copy of the video on Twitter. We had a chance to ask him to comment on this whole situation even before he got served.

He said:

“I think Craig Wright cut his own side. He is always on his own side and if his side, maybe for the moment or for the day lines with someone else’s, he may join someone’s side just for the day but as far as I can tell – he is on his own side.

Bitcoin cash is community that wants to build P2P cash for the people around world to use and we want everybody to be able to benefit from that. I know he is suing everybody with different opinion than his. They said they’re suing me but they didn’t serve me yet. But I am sure he wants to sue me.”

However, it seems that Roger finally got sick of it (like every normal person would) and he decided to strike back. Ver responded to the lawsuit by seemingly debunking Wright’s claim that he controlled several high-profile Bitcoin addresses, which would have suggested that Wright is Satoshi Nakamoto. The addresses, which were described as a “lazy copy-paste job,” was supposed to prove that Wright owns some of the first Bitcoin addresses ever created. Ver decided to debunk his claims by using one of the listed addresses to create a signed message. Crypto enthusiasts and avid followers of the Wright soap opera were quick to verify the signature, which did indeed show that the address was not owned by Wright.

Satoshi, Solotoshi – Is There Any Difference?

In the meantime, a few days ago, we could hear another, yet not mentioned name to stand behind the Satoshi suffix. Satoshi Nakamoto person, or whatever that is, has not been seen online in more than eight years. Evidence has now surfaced that points to a new Satoshi candidate, whose known life has a number of parallels with that of Bitcoin’s inventor. His name is Paul Solotoshi Calder Le Roux and, if he would actually be the real Satoshi, he would have had a good reason why his 1 million BTC hasn’t moved – the Rhodesian has been in jail since 2012. Even if Le Roux did create Bitcoin, it does not follow that money laundering was his goal: it would likelier have been an extension of his obsession with cryptography, which can be traced back to the 90s.

If it’s to believe what Wikipedia says, he was a brilliant programmer and privacy ideologue who worked on E4M (Encryption for the Masses), software which “is capable of encrypting entire disks, and optionally of plausible deniability (denying the existence of an encrypted volume).” However, not to be boring, presidential candidate and software developer, John McAfee had to have his tweet: Even though McAfee vowed to reveal the identity of the anonymous Bitcoin creator known as Satoshi Nakamoto, he later backed out, saying lawyers warned him it could complicate his plan to fight extradition to the U.S. from the Bahamas. However, when asked about this, a Justice Department spokesman in Washington said that he had no information.

Adam Back: Satoshi is An Individual

Last but not least comes from Blockstream CEO Adam Back who claims that Satoshi is an individual, not a group of people. Black may be important because he is the person who was actually cited in THE Bitcoin’s white paper. According to Back, this explains why the real identity of the person who started it all hasn’t been revealed yet. It’s hard to keep secrets when a group of individuals is involved.

He said:

“It just seems like something one person would do to me.”

Article Produced By
Teuta Franjkovic

Experienced creative professional focusing on financial and political analysis, editing daily newspapers and news sites, economical and political journalism, consulting, PR and Marketing. Teuta’s passion is to create new opportunities and bring people together.

https://www.coinspeaker.com/roger-ver-debunking-craig-wright/

Was This The Trigger For Bitcoin’s Dump? 3600 BTC Huge Sell-Off Order On BitStamp

Was This The Trigger For Bitcoin’s Dump? 3600 BTC Huge Sell-Off Order On BitStamp

                                

Cryptocurrencies today are down by as much as 15% in a crash

that could be fueled by a ‘whale’ selling over 3,600 BTC on Bitstamp. All the major cryptocurrencies are down at the moment, with Stellar (XLM) being the biggest loser with an almost 15% decrease (24 hours). Coin prices started to fall around 2:49 AM (UTC). During this time, BTC price dropped from $7,749 down to $7,179 in less than 30 minutes with Bitcoin’s 24-hour decline being 8.7%. Binance Coin (BNB) was the luckiest, surviving the crash with a drop of less than 6% while Ethereum experienced moderate (7.70%) and Ripple severe (12.44%) losses.

Major BTC dump in the background

At 3:02 AM (UTC), data shows a massive 3,645 BTC sell order on Bitstamp worth $26 million at that time. While there can be more reasons, it is possible that the Bitstamp sell-off triggered massive dumps across all BTC markets as Bitcoin was falling sharply. “This last drop was likely caused by a combination of profit-taking and also algorithmic trading compounding the sudden fall. We can expect these types of steep rises and drops to continue for some time until institutional investors grow market volume,” Kenetic Capital co-founder Jehan Chu said to CNBC.

The BTC long squeeze

Yesterday, CryptoPotato reported that the number of BTC shorts on Bitfinex had decreased significantly by 40% while Bitcoin long positions remained relatively steady (only dropping by 4%). This event created the settings for a long squeeze, which could have commenced by now. A long squeeze can happen when the number of open shorts is low, while open longs are high.

During a long squeeze, the price of an asset suddenly drops inciting further selling. Basically, the same has happened with Bitcoin experiencing a considerable price drop of $600 within less than 30 minutes. While the number of BTC shorts on Bitfinex remained steady since yesterday’s article, BTC longs have started to drop the same time as the coin’s price crash and continued to fall by a total of over 10%, which is a very rare occasion.

Article Produced By
Benjamin Vitáris

Ben is a crypto journalist and copywriter who has a great passion for blockchain technology. He believes that decentralization empowers people to take charge of their lives, and gives back what we desired for a long time: financial freedom.

https://cryptopotato.com/was-this-the-trigger-for-bitcoins-dump-3600-btc-huge-sell-off-order-on-bitstamp/

Bitcoin (BTC) Plunges Below $7,500, Is This A Chance For The Bulls To Re-accumulate?

Bitcoin (BTC) Plunges Below $7,500, Is This A Chance For The Bulls To Re-accumulate?

                                

 

After a fruitful couple of days for the market,

the dreaded pullback has finally hit. In the last couple of hours, the market has been hit hard by the bears and has since seen a significant drop in prices. Bitcoin has dropped from highs of $8,000 and at the time of press has slipped further below the $7,500 mark to $7,281. This has marked a drop of more than 8% from the last 24 hours. Over the last 24 hours, the market leader has dropped as low as $7,100 before finally finding support and bouncing back again. For now, remaining above the $7,000 support position is crucial. Despite this significant drop, the coin remains bullish with the recent drop a mere pullback after a dramatic surge in the last couple of days.

What Triggered The Freefall?

According to reports, the plummet comes in the wake of several thousand bitcoin sell orders on crypto exchange Bitstamp. For analyst and product developer at Gnosis, Eric Conner, this is exactly the reason that triggered the sell-off.

He stated:

“For reference, someone put a 5,000 BTC sell on Bitstamp, which BitMEX uses for 50% of its feed and it appears to have tripped some algorithms which made a cascade on BitMEX,”

While the sell is usual in the market, many traders and enthusiasts were hoping that given the market is on a positive trend, there would be a quick buy-back, keeping prices up. This was not the case and the delay could have seen prices drip. However, the recent plummet might just have given market bulls a chance to reaccumulate and make another dashing move over the next couple of days. With the bottom in and the only way now for prices looking like up, this dip could be the chance for those looking to accumulate or re-accumulate to buy before the market can regain momentum and forge ahead in its previous trend. If this is the case, the next momentum should see prices breach the $10K position.

Altcoins Also Taking A Dip

Altcoins have also in the last couple of hours been taking a beating following in the trend of Bitcoin. In the last couple of hours, losses among top altcoins have spanned from 5% to 15%. From Ethereum and XRP, two of the largest altcoins, they have dropped by 12% and 11% respectively at the time of press. The total market value now stands at a little over $228 billion.

Article Produced By
John Kiguru

John is an exceptional writer with a liking on technology, finance and the intersection of the two. A firm believer in the transformative potential of cryptocurrencies and the blockchain,. When he is not writing, he likes to listen to Nas, Eminem, and The Beatles. Contact: john.kiguru [at] zycrypto.com

https://zycrypto.com/bitcoin-btc-plunges-below-7500-is-this-a-chance-for-the-bulls-to-re-accumulate/

Bitcoin Has Reached Adulthood Now, No Wonder It Rallied Past $8k, Says…

 Bitcoin Has Reached Adulthood Now, No Wonder It Rallied Past $8k, Says…
                                 

Bitcoin’maturation as an asset is the foremost underlying factor

fueling its recent rally that saw the most popular cryptocurrency in the world surpassing a00 valuation, says a new report.A new report by a web intelligence platform Indexica claims that Bitcoin has now matured as an asset, which might very well be the key underlying factor to have triggered the asset’s recent rally past an $8,000 valuation.

3 Major Driving Forces

The report is based on an index that gathers data using natural language processing of textual documents. The web intelligence platform specifically developed this index to identify the primary factors powering Bitcoin’s recent surge. According to Bloomberg, the Indexica data reveals three key driving forces are acting simultaneously to give Bitcoin an upward momentum. These include:

  • Conversations surrounding Bitcoin are becoming more complex and in-depth
  • Less fear about the asset being an elaborate scam.
  • A shift in the tense used to describe the asset (the majority of Bitcoin-related conversations are now being conducted in future tenses).

More Complex Conversations About Bitcoin

To elaborate on the first point, the Indexica report underlines that a growing number of academics and financial experts are deliberating about Bitcoin and the broader crypto economy as compared to at any point in the past. Furthermore, a growing number of traditional financial institutions have either already come on board or are currently preparing to ride the crypto bandwagon. Among other perks, this changing attitude by key industry players and academics are likely to reduce the chance of a generally frowned-upon speculative growth.

‘Futurity Metric’

The report also implied that the tense used to describe Bitcoin in conversations was also a sign that the asset is now maturing. It specifically mentioned the month of April as a breakthrough point when the tense of the conversations started changing notably. The futurity metric underlines how Bitcoin-related discussions now revolve more around what’s going to happen in the future as opposed to reminiscing events from the past. This factor, according to Indexica, played a major role in fueling Bitcoin’s ongoing rally. Explaining the reasoning behind the “futurity metric,” Zak Selbert, chief executive officer at Indexica,

noted:

“Think about it, executives will speak of good things they expect to happen on conference calls before they happen. They only mention mistakes afterward.”

Worth noting here is that over the course of the past one month, Bitcoin price has surged nearly 60% from around $5,075 on April 15 to its current price of around $8,000. according to CoinMarketCap.

Article Produced By
Shilpa Lama

Shilpa is a management graduate and a network engineer who is deeply passionate about blockchain technology and artificial intelligence. She has been associated with several leading science & tech publications throughout her career as a journalist and columnist. Full-time foodie, semi-skilled musician, wannabe novelist.

https://blokt.com/news/bitcoin-has-reached-adulthood-now-no-wonder-it-rallied-past-8k-says-new-report

Bitcoin Will Be Alive and Well – Legendary Investor Mark Mobius

Bitcoin Will Be Alive and Well – Legendary Investor Mark Mobius

                                

Another major investor has just endorsed Bitcoin,

noting that there is a use-case for it. However, volatility still prevents him from investing in cryptocurrency. "There's definitely a desire among people around the world to be able to transfer money easily and confidentially. <..> I believe Bitcoin and other currencies of that type are going to be alive and well,” said Mark Mobius (82), a legendary investor, co-founder of an asset management company Mobius Capital Partners, in a podcast with Bloomberg.

However, he confirmed he’s got nothing in crypto, saying: “Whether I would invest in it is not a question. You have incredible volatility and, at the end of the day, you can’t chase one individual group or one organization that will keep track of what is going on.” "Mark!!… The volatility is one of the most attractive qualities of crypto from an asset managers perspective. The idea of asymmetric risk allows us to use this unique and uncorrelated asset class to greatly increase our return on risk in any otherwise well-diversified portfolio. Just as I, in my portfolio, am holding about 3.5% in emerging markets, I believe that one day soon asset managers around the world will diversify with crypto," Matti Greenspan, senior market analyst at social trading platform eToro, reacted.

Mobius is not the only legendary investor that endorsed crypto recently. Marc Faber (73), a legendary Swiss investor for the first time has recently invested in bitcoin. Faber, who is often referred to as “Dr Doom” for his bearish views on the stock market, economy, and the central banks’ monetary policy, said that it was the young readers of his investment newsletter (“The Gloom, Boom & Doom Report”) and Wences Casares, CEO of Bitcoin wallet provider Xapo, who encouraged him to make his first investment into bitcoin. On the other hand, David Siemer, CEO of a financial products company, Wave Financial, told Bloomberg in a separate podcast that "cryptocurrency is a non-correlated asset. From every investor that has a broad portfolio, adding a small amount of this asset to this portfolio does improve risk profiles."

In regards to Bitcoin rising to USD 8,000, Siemer said that: “It’s been refreshing that it’s come this quickly; obviously, we’re all in on this sector and very bullish. As far as where the price goes, it’s obviously a very speculative asset, and we [Wave Financial] don’t publish things like future price targets. There’s an incredible amount of momentum right now – our own guess, and we have our own trading teams, is that it’s going to continue to rise over the next few months.” He also urges people to look beyond Bitcoin as well, as “we’re actually seeing a much bigger price movement today in lots of other assets.” For example, the majority of altcoins outperform the most popular cryptocurrency today.

Article Produced By
Sead Fadilpaši?

Sead is a staff journalist at Cryptonews.com who covers cryptocurrency and blockchain news daily, writes analysis pieces, tests blockchain and cryptocurrency products. He's based in Sarajevo, Bosnia and Herzegovina. Prior to joining Cryptonews.com he was a freelance, also was a journalist for Al Jazeera web. He spends his free time in music studios, recording songs for movies and cinema. Loves to break gadgets so he could fix them, enjoys exploring new music and loves tasty and equally unhealthy food.

https://cryptonews.com/news/bitcoin-will-be-alive-and-well-legendary-investor-mark-mobiu-3876.htm

Altcoin: Cryptocurrency Market is Expanding

Altcoin: Cryptocurrency Market is Expanding

                                

Bitcoin is widely regarded as the Founding Father of all contemporary cryptocurrencies.

People first heard of Bitcoin in 2009 when Satoshi Nakamoto, whose identity still remains unknown, revealed an open-source code that was actually an improved conceptualization of a cryptography method known as blockchain. Nakamoto has successfully implemented a proof-of-work algorithm that came to be known as the bitcoin software.

 

Bitcoin laid a foundation for the development of other cryptocurrencies which obtained the collective name ‘alternative coins’ – altcoins. Less than ten years later since Bitcoin emergence, we officially have more than 1600 cryptocurrencies, with new kinds of this digital cash being introduced almost on a weekly basis. They are based on different algorithms and blockchain types, have different value and purpose, some of which will be described later in the article, but Bitcoin still remains a dominant currency that usually sets the market trends for the rest.

Altcoins are pushing harder

However, everything indicates that this prevalent position is gradually diminishing with altcoins gaining more popularity as well as market capitalization. According to the study conducted by the employees of the City University of London, there are 600 cryptocurrencies, aside from Bitcoin, which are being actively traded on crypto exchanges around the world. Coinmarketcap shows that the percentage of total market capitalization (TCM), also known as ‘dominance’, of Bitcoin with regard to altcoins has been reducing exponentially. In 2017, Bitcoin held as much as 86.29% of TCM, but in just two years it was reduced to 47%. It means that altcoins will continue to attain a strong footing in the crypto world and have more and more fields of application, with online gambling certainly being among the most popular ones.

Popular altcoins and their scope of use

Nowadays, when speaking of cryptocurrencies there is no way to avoid mentioning Ethereum, or Ether, a digital token that is the lifeblood of the blockchain operating system of the same name. Thanks to this platform, users can create smart contracts, a protocol that provides means for carrying out credible transactions without any intermediaries. Ether is probably the most popular altcoin today because it is widely accepted as a mean for investment in blockchain startups. Litecoin is often referred to as the ‘younger brother’ of Bitcoin because it is basically a slightly improved version of BTC. Nevertheless, it enjoys vast popularity because of its superior transaction confirmation mechanism known as the Litecoin Network.

Dash is also a reformed version of Bitcoin which uses several cryptographic algorithms and the system of master nodes to allow for almost instant transactions. Monero is based on the CryptoNote protocol that ensures the unparalleled level of anonymity along with the obfuscation, the act of making something incomprehensible, of all transactions thus making them impossible to trace. As you can see, these altcoins have different foundation and functionality, but all of them, as well as more than a dozen other cryptocurrencies, can be used for making bets on sports and playing in online casino at 1xBit, the most crypto-friendly gambling platform around.

1xBit happily accepts altcoins

If you are a crypto enthusiast who also likes to bet on sports or play in live online casinos, but just couldn’t seem to find the all-for-crypto platform that will cater to your needs, then look no further than 1xBit. Acting in compliance with the concept of total anonymity, 1xBit doesn’t gather any personal information from new users and allows them to play in a safe and confidential environment thanks to the one-click registration process. All deposits/withdrawals are carried out almost instantly and at a very low to no-fee basis. 1xBit broadens the scope of use of altcoins by providing a fully-fledged crypto-oriented gambling platform.

Article Produced By
Carolyn Coley

Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.

 

https://smartereum.com/53130/altcoin-cryptocurrency-market-is-expanding/

Northern Irish Capital, Belfast Introduces Local Digital Currency

Northern Irish Capital, Belfast Introduces Local Digital Currency