On 6th August, the Stellar team posted a monthly round-up of all their updates, including ecosystem updates, community articles, and Stellar Developers updates. Stellar is a digitalized platform that interlinks banks, payments systems, and people. It focuses on a cost-effective method to move money faster and reliably.
According to the post, Stellar, on the 17th of July, acquired Sharia compliance certification. The Sharia Review Bureau [SRB], one of the top advisory agency whose license is given by the Central bank of Bahrain, has explored the properties and utilization of Stellar and have agreed to provide guidance and support that will enable Sharia to use Stellar’s technology for Islamic financial institutions.
On 31st July, Sharespost, a liquidity provider for private companies, announced a partnership with Lightyear, a software company that creates applications and framework for Stellar’s ecosystem. It integrates Stellar’s Decentralised Exchange [SDEX] and the Global Liquidity and Settlement System of Sharespost to create an exchange node.
Stellar collaborated with TransferTo on 26th July to support money exchange across national boundaries with a coverage of more than 70 countries. TransferTo is a mobile payments network for new or upcoming markets that links financial institutions and online financial providers.
The post also revealed that the StellarExperts services have been reinstated and new features have been updated and more are yet to come.
A Redditor, replying to the news of its return said:
“This would have been worth the wait even without all of the improvements. By far, Stellar.expert is the best tool out there. We appreciate you. Thank you so much!”
Furthermore, Blockdaemon, a service platform that encourages businesses to operate and manage blockchain applications with ease, has recently declared that they would be supporting Stellar with deploying their node and management service.
Stellar TPS speed
Stellar has a reasonably fast TPS speed compared to other public networks. However, they faced a problem when more than one transaction was being sent. There were possibilities that the transactions did not come in order.
Due to this, Stellar introduced a channel design pattern which consists of short-term accounts also known as proxies that perform the operations on behalf of the primary account. This way, each transaction would be carried out in the same sequence as it was sent.
It was also discussed earlier last week, on what values Stellar would bring to DALA, an ERC-20 token on the Ethereum blockchain. It supports smart contract updates and the robust developer network. Stellar’s notion was to convert the DALA token into a cross-chain crypto-coin that allows users to utilize multiple blockchains.
Finally, in order to manage transactions while keeping them ‘transparent and trustless’, it is important for blockchain to use Smart Contracts, a protocol designed to digitally facilitate, verify or implement the performance of a contract. The SSC or Stellar Smart Contracts was specifically chosen to run ICO because of its simplified smart contract.
A Redditor named, gjsteele71 said:
“July was an action-packed month of meetings with current and future partners as well as numerous speaking engagements that took the Stellar Team around the globe to Singapore, Hong Kong, Mumbai, Bangalore, Paris, Lagos and beyond! We presented Stellar to a wide variety of audiences and we are excited by the overwhelmingly positive responses and feedback we have received.
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.
Bitcoin’s Explosive Rally Targets $6,500 Next – Analyst Explains Why
By CCN: The bitcoin price could surge to $6,500 soon because it breached a key resistance level of $5,500 this week. That’s the assessment of Naeem Aslam, the Chief Market Analyst at ThinkMarkets, a forex and derivatives broker.
Indeed, bitcoin has roared to a six-month this week after flailing for much of 2018.
ASLAM: NASDAQ IS WARMING UP TO BITCOIN FUTURES
Analyst Naeem Aslam told CCN that there are several factors driving the rally, including optimism that Nasdaq is growing more confident about bitcoin futures.
Moreover, he says there’s a bullish trend forming with speculative bitcoin shorts that’s pushing the price higher.
“Technicals are fully supportive and the bulls are pushing the markets higher based on that. It’s likely that bitcoin’s price may move towards $6,000 or even touch $6,500.”
“We have Nasdaq, which is about to get serious about Bitcoin futures. Not to mention the speculative short positions, which are going to get squeezed out very soon (as per the CFTC data).”
Even the crypto bears at CNBC begrudgingly agree that bitcoin could climb to $6,000 soon.
Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Coins find respite from the bear
Bitcoin has been the world’s premier cryptocurrency since its inception. However, in light of Litecoin’s upcoming halving [August 06, 2019], many people in the community are speculating that Litecoin might lead the bull rally.
Additionally, many believe that Litecoin already hit its bottom and is on a bull run since it surged by ~170% since 13 December, 2018.
Bitcoin 1-day chart
Bitcoin’s price, at press time, was $4,026, with the market cap at $71 billion. The 24-hour trading volume for Bitcoin was at $9.97 billion, slightly less than $10 billion.
Support 1: $3,189
Support 2: $3,860
Support 3: $3,681
Resistance 1: $4,111
Resistance 2: $6,094
Resistance 3: $6,648
The Aroon indicator showed a collapsing downtrend and an uptrend, indicating sideways movement for Bitcoin in the daily timeframe.
The Stochastic RSI had touched the oversold zone, which indicated a possible bullish buying opportunity.
The Chaikin Money Flow suggested that money was flowing into the Bitcoin markets.
Litecoin 1 day chart
At press time, Litecoin’s price was $62.80 and the market cap was $3.75 billion. The 24-hour trading volume for Litecoin was a few million short of $2 billion.
The Aroon indicator for Litecoin showed the same movement as Bitcoin, with both the uptrend and downtrend collapsing.
The Stochastic RSI dipped into the oversold zone, with a bullish crossover underway.
The Chaikin Money Flow indicated that there was plenty of money flowing into Litecoin markets.
The price of Bitcoin suggested consolidation, something indicated by the Aroon indicator. However, the Stochastic RSI and CMF indicated a bullish phase for Bitcoin. Litecoin’s price movement showed a similar scenario as Bitcoin, with the CMF and the Stochastic RSI indicating a bullish movement for Litecoin.