Crypto News – 17 May – David Schwartz on Stellar’s downtime, Brian Armstrong on institutional investors and more
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— AMBCrypto (@CryptoAmb) 17 May 2019
Daily Crypto News- May 17, 2019
1) European Central Bank on crypto: European Central Bank, the central bank for euro and the entity that administers the monetary policy of the European countries, released an occasional paper titled ‘Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructure’.
Read more at https://bit.ly/2w4PfTv
2) Poloniex delists nine crypto-assets: In yet another blow to the crypto-world, regulatory uncertainty in the US market has led to the delisting of nine cryptocurrencies from the leading exchange, Poloniex.
Read more at https://bit.ly/2VreF88
3) Amazon files crypto-based Proof-of-Work patent: After Jaguar, Microsoft, and Nike, a new cryptography-focused patent has surfaced on the web, one attributed to Amazon. While the patent, “Generation of Merkle Trees as Proof-of-Work,” was filed by Amazon on December 23, 2016, it was made public recently after Morgan Creek’s Anthony Pompliano broke the news.
Read more at https://bit.ly/2EgFk1T
4) Bosch to use Ethereum blockchain: Bosch, the multi-national engineering giant, joined hands with Ethereum to deploy blockchain technology and smart contracts at car-charging stations. Although still in its testing phase, Bosch is partnering with the Germany-based electric utility company EnBW to test out a prototype of blockchain-based car charging stations.
Read more at https://bit.ly/2JOilP5
5) Cryptopia answers users’ queries: Cryptopia released a new statement pertaining to its liquidation where the firm answered all the questions asked by the customers. Notably, the exchange had made it explicitly clear that they will not allow customers to withdraw their funds until the investigation is completed, emphasizing that it could take months for this process.
Read more at https://bit.ly/2JK9X3a
6) University professor to launch cryptocurrency: In a new development which could open a new era in the history of the cryptoverse, Emin Gun Sirer, a professor at Cornell University, is looking at launching his own cryptocurrency and network. He will be receiving funding from several big VCs in the field.
Read more at https://bit.ly/2wdAsGp
7) Binance hack: Scam alert; Even though the funds have not been recovered yet, another scam seems to be brewing in the shadow of these funds. A Reddit user suggested on the r/Cryptocurrency subreddit that the ‘team’ that hacked Binance was selling the stolen 7,000 BTCs, with a 70% discount.
Read more at https://bit.ly/2Ec1fqM
Stellar Lumens up by 10% over the hour; surges past Tron owing to Poloniex, IBM announcements
As the Libra bears eased off the cryptocurrency market, an unlikely leader emerged. Stellar Lumens [XLM], the second of the two most prominent bank coins in the market, surged by over 10 percent over the hour, as the market recorded a positive correction.
Following the second of two hearings for Calibra’s David Marcus, Bitcoin dropped from $11,500 to under $9,500, while the altcoins experienced a bleed-over effect. The market was drowning in a sea of red, declining by over 15 percent on a 24-hour basis, while the collective market cap dropped to under $250 billion for the first time in over a month.
Stellar Lumens, despite not having the best year, rose by over 15% over the last 24 hours and 10% over an hour. Further, on the back of this massive surge, XLM stormed into the top 10 by ousting Tron [TRX].
Two prominent reasons were behind Stellar Lumens’ bump in price. The first was Poloniex, the American cryptocurrency exchange, announcing that over 1.2 million XLM had been “distributed” to the exchange’s customers owing to Stellar inflation rewards.
Over 1.2M Stellar Lumens have now been distributed to Poloniex customers via Stellar inflation rewards!
Learn more about @StellarOrg inflation on Poloniex here: http://ow.ly/rzv950uMwv8
3212:36 PM – Jul 16, 2019Twitter Ads info and privacy17 people are talking about this
The other source of the Stellar Lumens pump came from its banking partner in crime, IBM. The American IT company’s blockchain project, ‘World Wire,’ which operates on the Stellar protocol, has been an important catalyst to the XLM surge. And in this instance, an IBM blessing resulted in a Stellar Lumens pump.
According to CNBC, IBM recorded “better-than-expected” second-quarter earnings on July 17. This resulted in the shares of the IT company surging by over 4 percent, followed by an immediate correction. 2019 has been fruitful for the company for a multitude of reasons, with its share price up by a whopping 26 percent since the year began.
Source: Trading View
Post dropping down to $0.075 on July 17 while the lawmakers spelled hell for Libra and the cryptocurrency market, XLM began to rise. The coin initially rose to $0.083, followed by a massive pump which began at 0930 UTC on 18 July, leading to Stellar Lumens rising from $0.080 to $0.091. Despite a correction wave dropping the coin to $0.088, the price charts are in the green.
LATOKEN remains the largest XLM-traded exchange, with 14.55 percent of the trade volume in the XLM/USDT trading pair. Other top exchanges included Bit-Z, BW.com and Fatbtc.
Stellar Lumens (XLM) Posts Double Digit Gains to Oust Cardano (ADA) for 11th in Coin Market Cap
The cryptocurrency market at the turn of the new year has been experiencing a major boom, with new and established cryptocurrencies enjoying a massive boost in price and the value. Cryptocurrency like bitcoin and all other altcoins have been constantly enjoying a steady rise in price, and one crypto making headline this year is Stellar Lumen (XLM).
A Steady Rise
Stellar Lumen (XLM) has been enjoying a rather smooth run this year, with the coin experiencing more highs than lows in the cryptocurrency rating chart. The altcoin had been relatively quiet over the past few weeks, with minor gains, which is followed by major corrections in the market.
The coin currently pumping at an enormous rate of 9.71% in an hour, with a massive trade volume of well over $500 million in just over 24 hours.
The massive rate being experienced by the coin in 24 hours was recorded to be 10.20% and the market capitalization was hovering around $1.9 billion.
Stellar Lumens also enjoined a massive pull on BW.com, as it was the most traded on the exchange, where the trading pair of XLM/USDT pulled around $101 million in 24 hours trading volume, which was equivalent to around 20% of the market cap.
In the last 24 hours, XLM has consistently fallen in valuation, before recording the aforementioned figures in the market cap. The token was down to $0.086, before the hike took its valuation to $0.1001, as at press time.
Some analysts are of the opinion that the current pump currently experienced by XLM and other altcoins was surfacing due to the influence of bitcoin in the market, as BTC was witnessing a pump of 2.37% in an hour at the same time.
Although, some are of the opinion that XLM will soon undergo yet another price correction, after the current wave of prices.
The competition among the major and new tokens are always on the edge, as their founders and developers are always looking for ways to always outdo one another, in the ever-competitive market.
Bitcoin Exchange Guide reported earlier in the year that the leaders of both XLM and TRX collided, with McCaleb calling Tron, nothing but pure garbage, while Sun discarded the XLM founder, tagging him as an attention seeker and not worth the competition.
Jed McCaleb openly criticized Tron, telling newsmen that he has a particular distaste for projects that raise tons of money during their initial coin offering but can offer little or zero technical merit.
He stressed further by claiming that most of the available projects in the cryptocurrency market are garbage, and can only wish things will be different in the coming future.
Tron’s founder, Justin Sun also believes that the best way for small or little projects to come up is to attack established and great projects in the industry, stating that Stellar is not a competitor, considering its project low transaction volume, lack of decentralization and the massive lack of support for decentralized apps.
Stellar Lumens overtakes Cardano on the cryptocurrency charts after surging by 9.01% in an hour
2019 has been a difficult year to keep your eyes off the virtual asset ecosystem, since the valuation of cryptocurrencies has been going through a continuous cycle of major pump and dump. The trend continued at press time, as a massive price surge was unfolding for Stellar Lumens [XLM]. The altcoin had been relatively quiet over the past few weeks, with minor gains followed by major corrections in the market.
However at press time, XLM was pumping at an enormous rate of 9.01 percent in an hour, with a massive trade volume of nearly $500 million over the past 24 hours. The growth rate over the last 24 hours was recorded to be 10.20 percent and the market capitalization of the altcoin was around $1.9 billion.
The altcoin was traded the most on the BW.com exchange, where the trading pair of XLM/USDT garnered about $101 million in 24 hour trading volume, which was equivalent to around 20 percent of the market cap. BW.com was followed by LATOKEN in the 2nd place, with a trading volume of $66.81 million via the XLM/BTC pair.
Source: Trading View
It can be observed from the charts that XLM was consistently falling in valuation over the last 24 hours, before recording the aforementioned market surge. The token was down to $0.086, before the hike took its valuation to $0.1001, at press time.
It was suggested that the current pump was surfacing due to the influence of Bitcoin in the market as BTC was witnessing a pump of 2.37 percent in an hour at the same time. However, speculations suggest that XLM will undergo another price correction, when the dust settles.