From an exponential Bitcoin prediction to the future of Litecoin, here’s a look at some of the stories breaking in the world of crypto.
The CEO of Morgan Creek Capital, Mark Yusko, says he believes Bitcoin is poised to rise to $500,000 in the long run.
The hedge fund, which has more than $1 billion in assets under management, created the subsidiary Morgan Creek Digital in August of last year to give accredited investors, endowments, pensions and other approved institutional investors a way to gain exposure to Bitcoin and cryptocurrency.
In a new interview with Bitcoin Magazine NL, Yusko explains why he believes Bitcoin is headed for more exponential growth.
“…just Bitcoin-gold equivalence would be $7.4 trillion with a ‘T’ of market cap, which would mean a Bitcoin price of $400,000 to $500,000 per unit. Now, people say, ‘Well that’s ridiculous to talk about that.’ I’m like, ‘No it’s not.’ All big things start small. And all technology evolves over time.
So when the internet started in the early 90’s, nobody thought it was going to be important. Paul Krugman said it would never be more important than a fax machine. It’s a little more important than a fax machine…
So here we are on this next evolution of technology, where the blockchain era becomes the operating system for the Internet of Things and hundreds of billions of connected devices. And yes, it’s only $150 billion today. But tomorrow it’ll be $300 billion, and the next day it’ll be a trillion. And years from now we’ll look back and say wow, how did it get so big all of a sudden? Well, it gets big because of the S-curve of adoption, and we start growing exponentially.”
When asked if he really believes Bitcoin can climb that high, Yusko expanded on why he’s so bullish.
“I absolutely do. Now, whether it’s a decade or two decades from now, I don’t know. And that’s not really as important to me. What’s important to me about Bitcoin is owning a piece of the network. Because the way networks work, is they grow in this exponential fashion. And once the price starts to rise and people start being drawn into it just because of price movement, then it moves to speculation. When it becomes more focused on investment and people are putting capital in because they want to own a piece of the network, that’s when it can get big in a hurry.
Because that’s when a sovereign wealth fund can come in and say, ‘I want to own a billion dollars or two billion dollars of this network. That will change the supply/demand imbalance from – you know, people speculating with $100 or $1,000 isn’t going to change the long-term value of the network. But when big users start to say, ‘Hey, I want a portion of my fiat exposure to be hedged against a calamity in the financial system,’ that’s when Bitcoin, for example, can get very exciting.”
In February, Morgan Creek Digital announced it has successfully started a new fund that’s raised $40 million from two public pensions, a university endowment, an insurance company, a hospital system and a private foundation.
The creators of the popular web-based Ethereum wallet MyCrypto just launched a new mobile app on iOS.
Ambo is designed to let users buy, sell and store crypto. The app supports Ethereum and more than 170 Ethereum-based ERC20 tokens.
After focusing on Europe, the IOTA Foundation is now focused on expanding its presence in the US and Canada to get the word out and support developers who want to build on the technology.
“…we are now starting to tackle our lack of presence in other regions, and in particular North America. However, it’s important to note, that North America is the starting point, but not exclusive to this expansion.
Efforts are already underway for further developments to occur in Central and South America. The strategies there will align with the lessons learned from expansion in North America, and will create a cohesive push for developments throughout the Americas as a whole.”
Tron founder Justin Sun is hosting a live stream on Thursday. Sun will talk about the new Tron-based version of Tether (USDT), and how he believes the stablecoin will add value to the network.
I'll hold a livestream on @PeriscopeCo at 10:30(PDT) this Thursday⏰ and talk about #USDT on #TRON blockchain! Wondering what are the advantages compared with USDT-OMNI? How can TRC20 based $USDT benefit you?🤷♀️ Ask me in the comment section when I'm live🎥! Join TRON family! pic.twitter.com/uNHDM2WzpZ
The total market cap is approaching $250📈💣 bln again. Read our price analysis to understand when to buy and sell top coins
Indeed, it seems that the altcoins market is back, and soon, we can expect new highs. Such a scenario is backed by Binance Research, showing that today is an excellent opportunity to buy promising cryptocurrencies.
The rate of the world’s top crypto has not changed over the last day; Bitcoin has been trading sideways for 3 days already. We could see the same situation one month ago, at the end of April. However, back then, the quotes started to rise.
On the 30 minute chart, the asset has been showing steady growth since May 20. The bullish trend is also noticed on the MACD indicator, as the coin is located in the ascending channel. In the long-term scenario, ETH may reach $261; however, the likely forecast is the level of $253.78 (23.6%).
The price of ETH is trading at $257.35 at the time of writing.
It looks that no news is needed for Binance Coin to rise, as there are no vivid reasons for today’s growth. Now, no one even recalls the hack of the Binance exchange, meaning that the community is more than sure in the platform’s stability.
Our previous BNB prediction more than justified itself: the rate peaked at $30, fixing the ATH. In terms of the hourly chart, a little correction is needed for the coin to continue its smooth growth. Overall, the nearest scenario is reaching the $30 mark in a few days.
The price of BNB is trading at $31.62 at the time of writing.
Cryptopia might have been shutdown, but those who looted it are still keeping it in the headlines. The $16 million that were stolen in the hack are now being moved by the hackers. The incident came to light after some of the stolen funds were moved to Huobi, where company’s systems automatically detected them and froze them. Crypto analysis company Coinfirm also detected them and along with other transactions that were done by the hackers.
In the month of January Cryptopia had suffered one of the worst hack attacks ever on a cryptocurrency company. Crypto assets worth $16 million were stolen from the exchange, and as a result of that Cryptopia had to be shut down. Since then the funds stolen by hackers had not been moved. So when their movement was detected on 21st of May (i.e. yesterday), it was immediately brought to the notice of every one by analysis firms. According to a statement issued by Coinfirm:
“The Cryptopia hacker moved 30,790 ETH (~$7.67M) from the last red address to the yellow one which is a new address of the hacker as of May 20, 2019 at 01:43:57 AM +UTC. The yellow address still has got 29,770 ETH.”
This statement was released along with a graphic to help people understand the movement of funds. You can see that graphic below:
The hackers smartly moved 10 ETH only to a Huobi deposit address and then to a Huobi hot wallet, perhaps to check if the funds are detected by their systems or not. This seems to suggest that they wanted to cash out from Huobi. Unfortunately for them, Huobi’s systems detected those funds, and upon detection the funds were frozen. Here’s a tweet from Huobi confirming the development:
The funds were also moved to some other addresses. About 1010 ETH were moved to this address, and 30,788 ETH were moved to a new set of wallets. You can see that movement too in the following graphic released by Coinfirm.
Another interesting thing to note is that hackers knew very well that Cryptopia won’t be able to survive after the attack. So they waited for the exchange to shut down. On 15th of May Cryptopia went offline forever, and now a week later these folks started moving funds. Now, while we don’t know what exactly is going on with those funds, one thing is clear – the $16 million stolen in this hack are not going to stay in ‘idle’ mode for too long!
The wider adoption of cryptocurrencies primarily depends on the synergy of companies which enable technological adoption. This year saw the highest number of collaborations aimed at crypto-enablement. In yet another addition to the growing list of such collaborations, Amazon China has partnered with a Lightning network service provider, Bitrefill.
Although no official announcement has been made at press time, the news came through after a tweet by @Ramadit73993290. The user’s tweet read,“Bitrefill Has Launched Gift Cards On Amazon China.”
The tweet also contained a source link which featured two screenshots confirming the development.
The Amazon-Bitrefill partnership is intended to ease crypto-adoption for Chinese users. The email circulated by Bitrefill also stated that the product would “make it a lot easier for (Chinese) residents to live with Bitcoin and altcoins”.
The service specifically allows users to load and recharge their Amazon balance through Bitrefill-provided Gift card codes or mobile applications. The source of the news also shared a screenshot of the email from Bitrefill, which confirmed fiat to crypto conversion for one of its users.
While the development seems to be a step in the right direction and would no doubt boost crypto-adoption, it was recently reported that Amazon would shut down its e-commerce business in China by the end of July. Whatever the future of the e-commerce giant is in the Asian country, users can, for the time being, leverage the service to buy products on Amazon through cryptocurrencies. However, the sustainability of the partnership in the long run, in light of the questions around Amazon’s future in China, remains uncertain until Amazon directly addresses it.