Today, BitGo announced that it is supporting Stellar. It is the first multi-signature wallet and custodial solution to support the digital asset Stellar Lumens [XLM] which is the asset owned by the Stellar network. XLM is an open source distributive ledger.
With Lumens added to the list of tokens and coins on BitGo, the custodial solution now supports 115 virtual currencies.
According to the blog post, the wallet offers the best security for institutional investors who have an eye for investing in different cryptocurrencies to deal-out the risks involved.
The solution supports 9 blockchains which include that of Bitcoin, Ethereum, Ripple, Stellar, and others. Along with these major cryptocurrencies, it also supports 5 of the 6 major stablecoins and 101 ERC-20 tokens.
According to Mike Belsche, CEO of BitGo, the network benefits its users with a unique payments system. The network’s infrastructure permits cross-asset transfers of value which includes cross-border payments and brings to its clients an instant clear, execution, and settlement platform.
“We’re continuously adding support for digital currencies that our clients express interest in, and lumens are a natural next addition. The Stellar network offers BitGo clients access to a public financial structure for cross-border transfers, making XLM an important new asset for investors,” said Ben Chan, CTO of BitGo
Earlier the network used a manual method to create a multi-signature wallet for Lumens. Currently, BitGo assures security to the cryptocurrency by providing the multi-signature wallet and custody solution
“As the leading institutional custodian service and business wallet in the market, BitGo provides a broad range of options for anyone interested in holding lumens. BitGo broadens institutional client exposure to Stellar by making it significantly easier and more secure to hold XLM,” said Jed McCaleb, Co-Founder, Stellar Development Foundation.
Crypto whales transfer 260,000,000 Stellar while XLM price tries to stabilize
The whales’ movement related to Stellar isn’t the first of its kind
Whale Alert today analyzed the massive transfer of Stellar’s XLM cryptocurrency from unknown wallet to a crypto wallet that belongs to Kraken exchange.
Whales Move Massive XLM Tokens
A massive 260,000,000 XLM transaction made crypto headlines today which currently worth 15,008,070 USD. The transaction was deemed successful on September 14, 2019, at 00:08:11 UTC between unknown wallet, i.e., GBKSIHGCSYGYLOBPRUL3UDTR4YMBJIUFJJGIKI445GPGIUMX7HJAZKON to a wallet held with Crypto exchange Kraken, i.e., GA5XIGA5C7QTPTWXQHY6MCJRMTRZDOSHR6EFIBNDQTCQHG262N4GGKTM.
The XLM cryptocurrency is already stepped out from the top 10 cryptocurrency’s list on coinmarketcap; it continued experiencing the decline in its daily trading volume. At the time of reporting, the coin is holding 12th largest spot with $1,156,112,429 market capitalization. It is trading at $0.057565 with an appreciation in price by 0.15 percent within the past 24 hours. Admittedly, the coin is showing some fight.
Whales movement in the crypto industry is no more surprise these days since such transactions get caught quite often. Very recently, on Sept.11, Whale Alert spotted transfer of $1 billion worth bitcoin transactions to a single wallet which believed to be a gigantic movement of bitcoins to an unknown wallet.
Stellar and Ripple
Stellar is a blockchain network, founded by a former CTO of Ripple, Jed McCaleb. As both firms offer similar services, Ripple and Stellar termed competing giant. With that being said, the Stellar recently hired Zelle co-founder Mike Kennedy as the CEO of Interstellar, Stellar’s business arm that develops payment protocols on the stellar network.
As Interstellar’s new CEO carries years of experience in the digital payment industry, Stellar aims high and likely face-off Ripple’s ongoing efforts in the fintech industry. Expressing his interest in joining Interstellar, Mike states;
“One of the things Interstellar is going to do is identify gaps between Liquidity and market-making and step in and fill those voids.”
“I think programmable money, digital assets, and digital tokens are the future. They allow for faster, cheaper, more efficient money movement than the old traditional way of doing things.”
Besides, the whales’ movement related to Stellar isn’t the first of its kind. Not too long ago, Stellar founder Jed McCaleb was on top bulletins of crypto media. It’s worth noting Jed McCaleb’s wallet address allegedly received XRP worth $26 million from Ripple.
That news wasn’t well-received by the community; few users blasted Ripple over transferring 100 million XRP to Jed McCaleb when company’s native token XRP itself has been making lower lows without showing any signs of accountable recovery.
Stellar Price is Down by 3.4% Since Yesterday
XLM coin is seen trading at $0.059175 at 10:30 UTC on September 11, 2019. Considering the trades of yesterday, Stellar was initially seen trading at $0.0612684 at 01:21 UTC. Then, it dropped tremendously by 3.04% at 21:20 UTC, when the price changed to $0.05940655. Today, however, a slight increase of 0.93% in the price of Stellar was seen at 01:23 UTC with the price trading at $0.05994455. At 09:28 UTC today, XLM price hit the lowest at $0.05881414, which is slightly increased by 0.60% as of now.
Stellar is showing bearish trend today as well. It seems that it has become a pattern now. But the real question is when the pattern will change. The further prediction for the coin seems difficult as of now. And by the year-end, the price might further drop rather than touching the highest point.
Stellar Price Chart by TradingView:
XLM Price Prediction:
Considering both short-term and long-term investment decision, both might not be in favor of traders as of now. Stellar Lumens has constantly shown price movement in the downward motion. The downtrend is definitely raising concern for the users. Considering the past data and analysis, it seems that the highest touch point is difficult to realize.
The resistance and support levels might be helpful for XLM traders hold on to their position and avoid any losses:
R1: $0.060489, R2: $0.062605 and R3: $0.064083
S1: $0.056895, S2: $0.055417 and S3: $0.053301
Taking a Closer Look at Stellar Lumens XLM/USD [Video]
Stellar Lumens (XLM) price has been on a sharp downtrend since May. It has since broken below the daily Ichimoku cloud. All Ichimoku Kinko Hyo moving averages are downward as well. XLM/USD reached an all-time-low on September 6th. It has since been supported at 0.05755.
Investors are looking to see if the new XLM airdrop could shift the momentum to the upside. Crypto Briefing’s Simetri has graded Stellar Lumens at B-, citing advances well in accordance with roadmap but lags in other factors.