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$415 Million in Bitcoin (BTC) Moves in Sudden Crypto Swing – Plus Ripple and XRP, Tron, Ethereum, Stellar, Litecoin

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From nearly half a billion dollars in Bitcoin on the move to an imminent upgrade on the Stellar network, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin

In the last 24 hours, some of the biggest Bitcoin holders in existence moved a total of 76,519 BTC worth $415 million.

The mass crypto movements began soon after the leading crypto asset shed $2 billion in market cap, dropping from $5,622 to $5,492 in less than an hour, according to CoinMarketCap. The single biggest transfer of 19,000 BTC worth $102 million happened between two wallets of unknown origin.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 19,000 #BTC (102,867,835 USD) transferred from unknown wallet to unknown wallet

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Of the nine biggest Bitcoin transfers in the last day, only one batch of BTC ended up on a crypto exchange, indicating this particular trader may be looking to sell 2,520 BTC worth $13.6 million.

The rest of the transfers happened between unknown wallets. The exact reason for the transfers, be it a simple move for security, an over-the-counter (OTC) trade, or some other purpose, remains shrouded in mystery.

Ripple and XRP

Ripple’s managing director of South Asia, the Middle East and North Africa talked about Ripple’s cross-border payment solutions at a recent roundtable in Dubai.

According to Navin Gupta, Ripple’s core mission is to make money as fast and easy to send as a simple email.

Ethereum

The Ethereum Foundation is collaborating with Filecoin owner Protocol Labs.

The two groups will work to build a Verifiable Delay Function (VDF), an emerging cryptographic algorithm that could help protect blockchains from manipulation strategies and attacks.

“At a high level, a VDF is a function that takes at least some amount of time, the ‘delay,’ to generate an output (even if you throw a bunch of processors at it), but whose output can be verified quickly and easily. For those who are interested in diving deeper, here is a succinct written explanation and here is a video describing VDFs and some candidate constructions.”

Litecoin

Litecoin creator Charlie Lee talks about the past, present and future of Litecoin and cryptocurrency at the 2019 Penn Blockchain Conference in Philadelphia.

Lee says scaling blockchain solutions are still not ready for prime time.

“It’s not solved yet. The Lightning Network is still in beta. There’s still growing pains. We are working on solving scaling with layer two and layer three solutions. If we go into another bull run this year… we’ll see high fees again.”

Stellar

The team at Stellar is getting ready to implement a core protocol update.

The upgrade includes stability and performance improvements, and will also implement a number of changes to fees on the network. You can check out the full list of changes here.

Tron

Tron technical director Marcus Zhao offered new details on the newly announced Sun Network in an interview with Mars Finance.

The layer-two scaling solution is expected to power a tokenized rewards system on BitTorrent, and according to Zhao, its main purpose is to improve the number of transactions per second as well as the smart contract execution efficiency of the Tron network.

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Cryptocurrencies price prediction: Bitcoin, Ethereum & Monero – European Wrap – 19 September

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Bitcoin (BTC) managed to recover above $9,800 after a bloody crash towards $9.600 during early Asian hours. At the time of writing, the first digital asset is changing hands at $9,860, down 3.5% on a day-on-day basis. Bitcoin’s sell-off triggered a carnage on the cryptocurrency market as all major altcoins collapsed from the recent highs. Bitcoin’s market dominance settled at 67.4%.

Bitcoin

Ethereum (ETH) price analysis: ETH/USD stays above $200.00, bulls don’t give up

The second-largest cryptocurrency with the current market capitalization of $22.4 billion hit $217.60 on Wednesday. While the coin has retreated to $207.50 by the time of writing, the overall sentiments remain bullish as the coin stays above a critical $200.00. ETH/USD has lost about 2.5% on a day-on-day basis amid global correction on the cryptocurrency markets.

Monero price analysis: XMR/USD reverses Wednesday’s gains, goes below $74.0

Monero (XMR) is one of the biggest losers among top-20 coins. XMR/USD has lost nearly 10% since the beginning of Thursday to trade at $73.64 by press time. While the coin has recovered from the intraday low of $72.80, it is still controlled by bears amid expanding volatility. On a day-on-day basis, Monero is down 1.73%.

Monero

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Ethereum to $1,000 Even As Altcoin Rally Stalls, Stellar (XLM) Still Strong, XRP Slips

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There was a change in the crypto weather this week, with bitcoin taking a back seat and altcoins powering forward.

That’s been a rare sight this year. Ethereum (ETH), Ripple’s XRP and Stellar (XLM) have been the standout performers.

Ethereum’s gruelling underperformance against bitcoin reversed to the upside this week, with the original smart contract platform breaking back above $200.

On a seven-day view ETH is 16% higher at $209, at the time of writing. However, the bulls may be about to have a breather.

Vitalik Buterin’s tweet about miners increasing the gas limit to ease congestion on the Ethereum network has raised hopes of developers and investors alike. News that the upgrade path to proof-of-stake is still on for next year has helped firm up buying.

Ethereum network activity has just reached an all-time high. Rising Tether usage is thought to be largely responsible.

Ethereum to $1,000 Even As Altcoin Rally Stalls, Stellar (XLM) Still Strong, XRP Slips 1
ETHUSD price chart

Ripple’s XRP has bounced 16% off its low to $0.2936 this week, but is down 6% today as it gives up some of those gains.

The flashing green screens for alts have brought with it renewed interest in price targets for a range of top coins.

Price targets for ETH, BNB, XTZ, STEEM, EOS, BTC

Entrepreneur and author William Mougayar made some interesting calls in a tweet yesterday. Here’s his targets:

End of year predictions:

ETH @ $1,000

BTC @ $25,000

ETC @ $50

ATOM @ $20

BNB @ $50

DOT @ $250

EOS @ $7

KIN @ $.0001

STX @ $1.50 (Stacks)

XTZ @$2

STEEM @ $.50

KIN, the utility token of the Canadian-based Kik messaging platform is certainly a contrarian pick given its ingoing problems with the US Securities and Exchange Commission charges of promoting an unregistered securities sale parent company Kik faces.

Mougayar’s choice probably reflects the fact that KIN is being used in a growing number of apps – both on Kik itself and in third-party apps that have adopted the token. More trivially, like Kik, Mougayar is Canadian.

Also, Ethereum Classic (ETC) is a surprise selection given its paucity of developer support, although it is much-loved by Barry Silbert of Grayscale Investments.

Catching the eye is Ethereum at $1,000 by year end (a 400% gain), which makes its risk-return profile a much more enticing prospect than bitcoin, the price of which he sees doubling from current price levels to $25,000.

Of course, both predictions could turn out to be just more wishful pie in the sky.

Stellar/Keybase airdrop tie-up boosts price, which is weird

Stellar (XLM) is getting a bit of a reputation for mega airdrops. It has previously teamed up on an airdrop with long-time crypto start-up Blockchain.com.

Now it is giving away two billion XLM tokens to users of the Keybase messaging app.

Over a 20-month period 100 million tokens will be dropped each month into the wallets of Keybase’s 300,000 users.

This is all part of the Stellar Foundation’s masterplan to help kickstart promising projects.

Stellar was founded by Jed McCaleb, a co-founder of Ripple, from which he parted company in 2013 under acrimonious circumstances ending in a financial settlement. Stellar was founded the following year and like Ripple’s XRP, the XLM token is focused on disrupting cross-border payments and much more besides.

Normally an airdrop – which is in effect giving away token supply – the price should be pressured lower. Far from falling, instead the XLM price swelled as much as 30% at one stage.

However, the response of market participants has seen buyers in the ascendancy, presumably on hopes for this and further airdrops will actually spur adoption.

As if by way of confirmation that the altcoin season has not yet returned, today’ sees many prices come off the boil. The notable exception among top alts is XLM which is up 12% in the past 24 hours to $0.0843.

Drone attack – bitcoin (BTC) not such a safe haven after all?

BTCUSD price chart

Bitcoin has again failed to mark the week with a sustainable push towards $11,000.

Worse, it has failed to hold support at $10,000, falling as low as $9,650 before recovering somewhat to $9,910.

With bullish enthusiasm apparently on the wane, questions about the supposed ‘safe haven’ status of bitcoin were on the agenda this week, courtesy of the drone attack on Saudi oil infrastructure.

Bitcoin did not see prices rise as a response as gold did. Alternatively, the previous safe haven buying was driven primarily by Chinese investors.

The relative quiet on that front may have calmed nerves; so too the slightly less fraught tempo of the struggle in Hong Kong.

Bitcoin is currently trading at $9,900, down around 3% on the day.

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Cryptocurrency accepted by more accountancy firms, boosted by blockchain tech – Accountancy Age

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Capitalising on the renewed interest in cryptocurrency, mid-tier firm BKL, which has locations in both London and Cambridge, will begin using BitPay to process payments.

To avoid price volatility, customers will be invoiced with a fiat value, with the option to either pay in bitcoin or bitcoin cash. With the conversion rate frozen for 15 minutes, customers know exactly how much they are paying, rather than finding out the final total after the transaction has occurred.

Jon Wedge, financial services partner at BKL, said: “We support people and businesses that work with cryptocurrencies and blockchain, and this move has been driven by demand from our clients.

“It’s a convenient way for many of them, particularly in the fintech and technology sectors, to buy our services.”

Research conducted by Finder.com showed that of the 2,000 UK adults surveyed, 2.85% had bought cryptocurrency in the past, with a large majority (78.95%) having specifically bought bitcoin. While it has not become part of everyday spending for the average UK adult, it is trending upwards—slowly, but surely.

An industry change

While BKL has announced themselves as the first mid-tier accountancy firm in the UK to accept cryptocurrency, the New York Times reported that PwC began accepting bitcoin in 2017. EY joined the Bitcoin Association that same year, and KPMG’s Kuwait branch started accepting bitcoin in late 2017 with Yallabit.

In Deloitte’s Luxembourg office, employees can now pay for their lunches using bitcoin – and PwC has announced that its Luxembourg customers will be able to pay the company in cryptocurrency as of 1 October, 2019.

As the Big Four take small steps forward in the cryptocurrency world, it is an indicator that times may be changing for the industry. In June, PwC announced their Halo tool, offering audit and assurance services for clients with cryptocurrency holdings.

While FCA’s “Final Guidance” release indicated that cryptocurrency has “no intrinsic value” and warns consumers that there are no regulatory protections for cryptoassets, the 10-year-old system has slowly gained popularity since its creation.

In 2018, Millennials led the way in cryptocurrency purchases (4.68%), with Gen X (2.77%) and baby boomers (1.58%) falling behind, according to Finder.com research. However, blockchain—a keystone of cryptocurrency’s proliferation—has begun to become more common, with multiple industries, including financial institutions, instituting it into their systems.

Santander successfully introduced blockchain technology into its system in 2015, and a 2018 executive survey by PwC showed that 84% of respondents were ‘actively involved with blockchain’.

While global integration and acceptance is not commonplace yet, Sonny Singh, chief commercial officer of BitPay, believes that it might be.

“As blockchain ventures continue to proliferate there will be an increasing worldwide demand by vendors to pay invoices in bitcoin,” Singh said.

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