Shine Bright: Blockchain to Track Diamonds, Crypto to Affect Politics (Daily Digest, Oct 30)

US voters equate crypto with fiat, Alrosa joins blockchain, Bitstamp is acquired by NXMH, Coincheck has a great revenue decline, Phil Chen presents HTC Exodus 1, StarkWare receives huge investment

  • StarkWare Industries got 30M investment not from ICO, but from huge investors. StarWare develops zk-stark solutions for blockchains and cryptocurrencies. Zero-knowledge proofs are believed by some to be a key primitive for blockchain scalability and privacy. Zk-starks, unlike zk-snarks, have no need for a trusted setup and do not rely on elliptic curves, which means that they have a much better chance against attackers with quantum computers, should those come around in the nearest future. However, zk-starks come with a big downside the size of proofs which can go up to as high as a few hundred kilobytes. Sometimes the cost will not be worth it, but at other times, particularly in the context of public blockchain applications where the need for trust minimization is high, it may well be.
  • BTC is trading at the price of $6,309, ETH slightly drops to $196.11 at the moment of writing.

BTC

3,936 USD
0.62%

ETH

134.42 USD
1.48%

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Bitcoin (BTC) Now Entering “Bear-To-Bull” Phase, Claims Analyst

Bitcoin To Breakout For $6,000 Towards EoY While the crypto market slipped on Monday, some traders have kept their heads high. Through a recent Trading View post/update, Magic Poop Cannon, a highly optimistic Bitcoin (BTC) analyst, explained why he believes the lead cryptocurrency is entering a “long bear-to-bull transition phase.” Bitcoin is Entering A Long Bear to Bull Transition Phase (BTC) – #BTCUSD chart https://t.co/acpiptQDeA— MAGIC (@MagicPoopCannon) March 26, 2019 He first draws attention to the 150-day moving average (150 MA). The 150 MA isn’t as conventional as the 200 MA, which investors en-masse see as a level of utmost importance, but Magic claims that it has been a level to watch for upwards of two years. It was explained that in 2017’s rally, the level acted as support, as BTC bounced off it four times during its rally to $20,000. Once the digital asset started to tumble, however, the 150 MA became an “important indicator of overhead resistance.” In fact, this resistance followed close behind a descending channel that depressed BTC through the latter half of 2018, accentuating its importance. But Magic believes that Bitcoin will break the descending channel (along with the 150 MA) shortly, thereby killing the crypto bear. Even if such an auspicious occurrence comes to pass though, Magic makes it clear it won’t exactly be smooth sailing for Bitcoin. He writes that he expects for the cryptocurrency to enter into a “gentle breakout,” but will trade between $3,200 at the “low 4,000s” for much of the year. And thus, Magic closed out his analysis with: I think it is far more likely that Bitcoin will breakout for $6,000 closer toward the end of the year. Even then, I believe it is likely to be a slow grind on a slightly uphill slope, as opposed to an explosive breakout to the upside. I still believe that the market has probably bottomed, but we may see a retest of the $3,150 level sometime in October… And of course, Magic took the time to explain that he believes that Bitcoin is, and will always be, the best cryptocurrency. Some Stay Cynical While Magic is, let’s say, over the moon, others have been a tad more cautious. Per previous reports from this outlet, Bloomberg has claimed that there’s more pain to come for Bitcoin and other cryptocurrencies. In its crypto market update on Monday, it was explained that the GTI Global Strength Indicator has ticked overbought, setting the stage for a pullback. In a comment to Bloomberg, George McDonaugh of a London-based blockchain investment group argues that the impending collapse will be relatively epic. He argues that Bitcoin and cryptocurrencies en-masse are “due another retest of the lows (which he claims is at $3,100).” McDonaugh chalked up his call to the fact that markets often retests “the depths of despair” twice, and so far, capitulation has arguably only occurred once during the $6,000 to $3,200 move. And with that, he remarked that Bitcoin could easily fall to that level again. Photo by André François McKenzie on Unsplash The post Bitcoin (BTC) Now Entering “Bear-To-Bull” Phase, Claims Analyst appeared first on Ethereum World News.
Ethereum World News

Bitcoin [BTC] and other mineable cryptocurrencies account for around 70% of total market capitalization

In 2009, the world was introduced to the idea of cryptocurrency with the launch of Bitcoin. According to CoinMarketCap, there are 2,125 digital currencies registered on the website with an estimated net valuation of around $140 billion. Now, according to Bitcoin.com, mineable cryptocurrencies in the current market represented close to 70% of the entire market capitalization, at press time. Despite the numbers, however, the collective volume suggested a dominant grip of a few significant cryptocurrencies. At press time, there were only four cryptocurrencies in the top 10 list that required mining. The other cryptos which were already minted included the likes of XRP, Stellar’s XLM and a few that use the POS mechanism. Mineable tokens in the top 10 combine for a market cap of around $91.7 billion. The rest of the top 10 non-mineable cryptos were worth a total of $24 billion, which was roughly 17 percent of the whole economy. The coins that can be mined in the top 10 included Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH] and Litecoin [LTC]. Outside the top ten list, Bitcoin SV [BSV], Monero [XMR], DASH and Ethereum Classic [ETC] contributed to 2.2 percent of the entire market cap or worth about $3.32 billion that can be mined. Additionally, all the mineable tokens can be mined by anyone with a standard GPU or ASIC machine. Litecoin [LTC] was initially supposed to be ASIC resistant, but that initiative was scrapped almost immediately. The post Bitcoin [BTC] and other mineable cryptocurrencies account for around 70% of total market capitalization appeared first on AMBCrypto.
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