Bitcoin is relatively stable around the $ 11,000 value, yet it is having trouble continuing its recent parabolic growth. Yet fundamentals remain strong with a hash rate which is highest than ever and which measures the activity of miners which take care of transactions on the network.
Miners have gained enough money with the value increase in the last month that they now plan to hoard any new Bitcoin produced while waiting for May 2020. By that time the mining reward awarded by the network should halve therefore making it so much less remunerative to mine and possibly inflating Bitcoin’s value.
Ethereum remains the stronger Altcoin, yet it is being attacked by Binance Chain. Yet its network is allowing the creation of a new crypto-based social media in Latin America with the Taringa! Pioneros project.
Cryptocurrencies & Markets
In the past three weeks, the Bitcoin price has declined by 20 percent against the U.S. dollar, after a 250 percent increase in value year-to-date. Traders generally anticipated the pullback. Fundamentals for Bitcoin crypto-asset remain strong as evidenced by an all-time high hash rate. Up to December 2018, Bitcoin mining was not profitable for most miners. As the price began to spike in April, the hash rate of the Bitcoin blockchain network doubled in three months. In such a way, miners have acquired enough capital to fund their operations throughout the upcoming year without selling any Bitcoin. They expect the network to halve the mining reward by May 2020. Therefore they will hoard Bitcoins.
Peter Brandt: Bitcoin Rally Could Face 80% Correction – BTC, Ethereum, XRP, Litecoin, Bitcoin Cash ForecastsThe Daily Hodl
Peter Brandt is a veteran crypto-trader. He accurately predicted the last Bitcoin’s bear market. Now he says says that Bitcoin’s 2019 rally could drop by as much as 80% if the cryptocurrency falls off its current parabolic curve.
Ethereum has been under a sustained attack which for months from other Altcoins. Now it assaulted by the Binance cryptocurrency exchange which refuses to list new tokens against ETH, and has even removed some ETH trading pairs. At the same time, Binance Chain is enticing Ethereum-based projects to migrate to its own blockchain.
Exchanges, Trading and Payment Platforms
Banks, Financial Institutions & Stablecoins
Major Latin American social network Taringa! will launch a new crypto-centered community. The name of the pilot project is Taringa! Pioneros and il will decentralize the existing ‘portal’ into a ‘network.’ Taringa! was launched in 2004 and has been one of the most popular sites for Spanish-speaking people sites in the world — even before Facebook and Twitter became popular. In 2013 and 2014 it ranked as the third most important social network in Latin America and Argentina’s number 2. The platform awards points to determine the reputation of each user. The user can give those points to others as a reward for their contributions. It has been a success and now Taringa! wants to add value to these points with blockchain. They have partnered with MakerDAO and Airtm to monetize those points into DAI.