The first EOS Hackathon held in Hong Kong has concluded and the results are in. This developer venture will be ongoing throughout 2018, specifically geared toward driving the innovative development of dApps on the EOS blockchain.
— EOS (@EOS_io) June 12, 2018
The Hackathon will hold five events all around the world, with $1.5 million worth of prizes. In the first hackathon held at the iconic Kai Tak Crusie Terminal in Victoria Harbour, $144,000 of prizes were awarded to participants. The top three prize winners from each of the four hackathons will compete in the Grand Finale pitch competition in December — location still unknown.
Hong Kong Competition Winners
The first event — which hosted over 350 participants in more than 90 teams — comprised of 30 hours’ consecutive programming.
- First Place, US $100,000 – IDPASS (US, France, Belarus)
- Second Place, US $25,000 – Blockflare (Hong Kong, Singapore)
- Third Place, US $10,000 – Ducatur (Europe, Russia)
- Best User Experience, US $3,000 – Warrenteas
- Best Social Impact, US $3,000 – Smart Cities Steroids
- Best Social Media Post, US $3,000 – Shabaz Ahmed
The three top prize winners all received their travel expenses paid.
The first prizewinning team, IDPAss, seeks to offer a way to build a recoverable and fully self-controllable trust ID for over one billion citizens without identification documents.
A member of the IDPASS team, Paul Wehner, said:“We’re incredibly thrilled to be a part of the EOSIO global developer community. Our aim is to keep building IDPASS as an open-source project and to collaborate with humanitarian agencies to bring healthcare, educational, financial and legal services to the undocumented.”
Bitcoin Price Could Hit $25,000 Before 2020, Says Bullish Crypto Analyst
The millionaire cryptocurrency analyst and trader told The Independent that more investors are viewing bitcoin as a safe-haven asset in the wake of growing macroeconomic tensions. Isaacs referred to the ongoing trade conflicts between the U.S. and China that last month sent the global equity market on a downward trend. The negative sentiment prompted investors to hedge in cryptocurrencies. He stated:
“I believe bitcoin has the potential to hit $25,000 by the end of 2019 or early 2020. There are multiple drivers behind the recent resurgence. There are geopolitical, technological, and regulatory drivers. The net effect of the trade war between the U.S. and China has led to a sudden interest in bitcoin as a hedge on investments.”
The statement followed bitcoin’s dramatic correction in the recent market cycle. The cryptocurrency dropped by more than 18% after establishing its 2019 high near $9,090 on San Francisco-based exchange, Coinbase. Nevertheless, bitcoin remains in a positive trendfrom a broader outlook, with its year-to-date performance showing as much as 146% gains.
Isaacs noted that the bitcoin adoption rate is heading in the direction of the cryptocurrency’s price. He cited significant organization like Amazon, Starbucks, Whole Foods, and Microsoft that recently started accepting BTC payments, indicating that the cryptocurrency ecosystem has turned more positive since crashing more than 85% in 2018.
THE BEARISH TAKE ON BITCOIN
Meanwhile, other notably analysts believe bitcoin is due for a considerable drop. Willy Woo, the founder of Woobull.com, said the cryptocurrency has become overvalued following the latest upside movements. The analyst put bitcoin against his popular NVT metric, which represents the ratio of bitcoin’s market capitalization to the volume transmitted by its blockchain. He noted a considerable divergence between the current bitcoin price and the NVT Ratio (explained here), which is bearish:
Josh Rager, another prominent analyst, provided a less harsh bitcoin price outlook, stating that a sharp downside correction would attract more investors to purchase it at cheaper rates. He noted that the BTC-to-dollar exchange rate dropped by at least 30% after every significant bullish move on a broader timeframe, as shown in the graph below.
If Rager is correct, BTC could go as low as $6,000 before attempting a sharp pullback to reclaim the session top of $9,090.
Tiffany Hayden Claims XRP Price Will Eventually Catch Up With Development!
In a heated debate on Twitter, Financial advisor and XRP enthusiast Tiffany Hayden was embroiled in a discussion around the price of XRP.
CCN News initially tweeted an article regarding PayPal Director Xapo CEO Wences Casares stating ‘One Bitcoin Could Exceed $1 Million in 7-10 years”
The tweet caught the attention of many followers quite noticeably an XRP supporter who speculated their opinions on XRP’s price.
@xrpdoll tweeted “And 1 XRP could exceed $42,000 in 7-10 years!”
This was then met by a barrage of insults indicating XRP could not reach such price due to its market cap.
Has the bear market brought out the worst in some Cryptocurrency communities spreading relentless toxicity?
And more importantly…
Will there ever be an end to the continuous division between Bitcoin maximalists and XRP Maximalists?
Tiffany Hayden responded to one of the replies adding;
I know the bear market has been difficult, particularly for people who bought at the peak, but the direction and momentum of $XRP have only increased since then. At some point, the price will *finally* reflect that. And then the haters will all scream “price manipulation!”
It is easy to forget during the 2018 bear market that Ripple was one of the few Cryptocurrency projects making significant progress and paving the way for adoption with financial institutions, banks, and payment providers.
Ripples progress has also been unmatched with the confirmation of partnering with over 200 banks worldwide, over 100 financial institutions around 40 countries in six different continents.
Not to mention…
Equally successful provided liquidity for cross border payments using XRP and utilizing payment providers such as Mercury FX and Cuallix – Some of the first customers to adopt xRapid to increase payment speed and make it substantially cheaper for their customers.
A key indication of the innovative strides Ripple was making!
Breakthrough XRP Utility and Academic Advancements
While this market traction has had a profound impact on its customers and clients, Ripple’s year of breakthroughs also expanded beyond the cross-border payments use case.
We saw new utility and diversity spread across the XRP ecosystem. Ripple launched the Xpring initiative in May to build infrastructure and drive growth in blockchain through investments and partnerships. In just half a year, Xpring has helped develop several notable blockchain projects, including SB Projects, Coil, Omni and Securitize.
XRP is currently trading at $0.32 against the USD and currently down 90% from its all-time high around $3.40.
However, whilst it’s easy to recognize the current undervalued price of XRP, investors should be aware that the bear market would not last forever.
The Cryptocurrency space moves in cyclical frequencies and eventually, the price of XRP will catch up with the unwavering development that has occurred during this difficult time.
Do you want to know the key to becoming a successful investor in this market?
Having a long-term outlook on the development of Ripple/XRP and acknowledging this is at least a 5-10 year project.
The price of XRP now will truly be a blessing for those that remained patient throughout this period.
Bitcoin (BTC) Closes Below 50 Week EMA But Shorts Decline Around 20%
The most anticipated event of the week which was the BTC/USD weekly close is now over. The price has just closed below both its 50 Week EMA as well as the 61.8% Fibonacci retracement level. This means that the ongoing weekly candle now has a higher probability of being red and could at least fall towards the 200 Week EMA if not lower. The Stochastic RSI on the weekly time frame shows that Bitcoin (BTC) has not been this overbought since the beginning of the bear market. Even when the price topped in late 2017, the Stochastic RSI was much lower than it currently is. This means that there should be no doubt that the price is poised for a sharp decline, the only question is when.
Bitcoin (BTC)’s close below the 50 Week EMA and the 61.8% Fib retracement level should have been a confidence booster for the bears but the exact opposite has happened. The number of margined shorts has declined around 20% and could continue to decline if BTC/USD trades sideways. Bitcoin (BTC) may be quite close to its true bottom but the fact remains that it is more overbought than it was when the bear market started. Perhaps, the sentiment is also a lot more bullish than it was back then. When the price topped around December, 2017 and the rally slowed down, a lot of people were concerned that BTC/USD had a parabolic run and will not have to come down. This time however, a few pumps to the upside has convinced majority of the bulls that the bear market is over regardless of what the technicals say.
If the rise in BTC/USD was gradual and sustainable with higher highs and higher lows, it would be a bit hard to deny it can’t keep going up even if the price had been overbought short term. However, that is now what has happened. We have seen a clear lack of bullish momentum in the price action. There is too much friction and the price is too weak to break past resistance levels smoothly, but then we see a pump to the upside and the bulls are excited again. However, every time the bulls push after a pump, the whales dump on them. So far, they have allowed the price to rally to trap in as many bulls as possible with their high leveraged positions.
The weekly chart for BTCUSD Shorts shows what is going on. The number of margined shorts has declined to its trend line support as the bulls confidently expect a rally towards $6,000 or higher. The retail bears have been affected by this sudden sentiment shift in favor of the bulls which is why the shorts have declined so heavily. The weekly chart shows that BTCUSDShorts is now long overdue for a strong trend reversal which would see the number of shorts rise again. This means that Bitcoin (BTC) is far from being out of the woods just yet and could see significant downside in the months ahead.