Bitcoin Advocate Mick Mulvaney Announced as the new Chief of Staff by President Trump

President Trump has announced Bitcoin advocate and White House budget director Mick Mulvaney as his new chief of staff. Mulvaney has been interested in Bitcoin since 2014 and has once stated that cryptos can’t be “manipulated” by the government.
Bitcoin Supporter in White House
US President Donald Trump has named White House budget director Mick Mulvaney who is also a staunch Bitcoin supporter as his new acting chief of staff. Trump took to Twitter to announce,
“I am pleased to announce that Mick Mulvaney, Director of the Office of Management & Budget, will be named Acting White House Chief of Staff, replacing General John Kelly, who has served our Country with distinction.”
Trump further shared,
“Mick has done an outstanding job while in the Administration. I look forward to working with him in this new capacity as we continue to MAKE AMERICA GREAT AGAIN!”
Mulvaney will serve in an “acting” capacity as John Kelly, the current chief of staff will stay through 2018. In a Tweet, Mulvaney said,
“This is a tremendous honor. I look forward to working with the President and the entire team. It’s going to be a great 2019!”
According to the mainstream publication, a senior administration official said Trump picked Mulvaney because he and the president “get along.”
He has previously served in Congress along with having worked as an acting director of the Consumer Financial Protection Bureau. A Bitcoin advocate, he has previously shared in his speech that cryptos can’t be “manipulated” by the government.
Mulvaney co-founded the bipartisan Congressional Blockchain Caucus which is an alliance of lawmakers that promotes crypto use at the federal legislative level. He has also participated in govt. Committees relating to crypto regulations.
In the past, at the small business committee on Bitcoin, Mulvaney shared,
“Just wrapped up a Small Business Committee hearing on Bitcoin. I know it isn’t a mainstream issue yet — and may not become one — but it is extraordinarily interesting and something that could eventually influence the dollar and our monetary policy. In fact, one of the witnesses drew favorable comparisons between Bitcoin and Milton Friedman.”
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Source: CoinGape

Total Market Cap Drops to $100 Billion as Bitcoin on the Longest Weekly Drop While Crypto Adoption Surges

Bitcoin and cryptos are tanking and total market cap has dropped down to $100 billion. Meanwhile, Jeremy Allaire of Circle says he is long on the market as it will be worth more than what is today. Meanwhile, Weiss Crypto Ratings share crypto adoption is surging.
Crypto Market Blues
Bitcoin is trading around $3,200 while the majority of the crypto is registering the price loss.

The top cryptos price movement is depicted in the below-given chart,

Source: Coinmarketcap
The total market cap has come down to $100 billion as the crypto market goes through its losing streak.

Source: Coinmarketcap
But experts are not at all worried as Jeremy Allaire, co-founder, and CEO of Circle says,
“I don’t make significant price predictions. But it’s certainly going to be worth a great deal more than it’s worth today. I am long in the market.”
He further explained,
“The key thing with bitcoin is that it is unique in its security and its scale. As an idea that we need a scarce, non-sovereign store of value that individuals can hold in a protected fashion — that’s attractive all around the world.”
Weiss Crypto Ratings pointed out that despite the price crash crypto adoption is on a surge as it mentions in its new blog,
“A far more reliable way to track the industry’s progress is with real-world transactions … which, by the way, are growing by leaps and bounds.”
The organization talks about two types of transactions, first that occur on exchanges which is primarily carried out by traders, investors, and speculators. The second type of transactions is on the crypto’s ledge itself that includes voting, payments, and actual usage of DApps.
“EOS has grown its on-chain transactions by a factor of roughly 670-to-1. In the early part of the year, when it was still on the drawing board, its daily transactions averaged no more than about 10,000 per day. Now, its transaction volume has mushroomed to 6.7 million per day.
WAX (a fork of EOS) has grown at a similarly rapid clip. Before it launched, its on-chain transactions were minimal. Now it’s churning through nearly 5.6 million per day.
TRON (another EOS competitor) is smaller, but its growth is also spectacular — from less than 1,000 last year to 600,000 today.”
Meanwhile, Bitcoin advocate Max Keiser is advising Brits to load up on Bitcoin,
“£ is crashing and heading to $ parity. Brits need to load up on Bitcoin right now if they want to hold onto their wealth.”
However, not just Brits, Kieser also wants French protesters to go for Bitcoin,
“France has collapsed their government 4 times already. They are on their 5th Republique. Starting a 6th should be no problem with #Bitcoin as the currency.”
He further stated,
“My research indicates a 20% deposit withdrawal will trigger an unsustainable chain reaction resulting in a severe French bank crisis. This will result in a rise in Bitcoin price, giving protestors wherewithal and incentive to move more deposits out of the bank and into Bitcoin.”
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Source: CoinGape

“Cardano Foundation Going to be a Powerhouse in 2019” Says Founder on Releasing Cardano 1.4

While being down 97 percent from its peak, Cardano (ADA) is currently focused on the development phase as its creator Charles Hoskinson announced December 18 as the date for the release of Cardano 1.4 along with changes in the Foundation council in order to strengthen it.
Development in Bear Market
Cardano (ADA) is one of the highest bearers of losses, having lost more than 97 percent from its all-time high (ATH). In a month only, ADA price has lost over 55 percent of its value as it currently trades at $0.0279 with 24 hours loss of 4.17 percent while managing the daily trading volume $10 million.

Source: Coinmarketcap
At one side, the price is tanking while on the other side, Cardano development is progressing as its founder Charles Hoskinson announces the launch of latest version of Cardano in his Tweet,
“After seven release candidates and a huge amount of QA work, I’m pleased to announce that our best effort release date for Cardano 1.4 is December 18th. Daedalus users will get an in-client update notification next week. Thanks everyone for your patience and support.”
This has the Cardano community elated as one enthusiast comments, “Cardano users will understand this is slow process to try and perfect the end product many years down the line. Great work. Keep it up.” While another one compliments, “Quality takes time..”
Hoskinson further clarified about “Nano Ledger support still on the table for December,” as asked by one enthusiast,
“The issue is on ledger’s side not ours. We are working with Emurgo and Vacuum labs to clean up the CF mess here and will make a dedicated statement after 1.4 ships.”
Just last week, Cardano founder had shared the updates,
“1.4 is almost out, testnet has been released, rust cardano is making epic progress, the haskell rewrite is underway, plutusfest in a few days, Emurgo is growing and the Foundation will soon re-awaken from its long slumber. Cardano’s future is looking very bright!”
Apart from the new version, Cardano Foundation is also working on strengthening the “Foundation Council with three proven experts from the Cardano ecosystem.”
Hoskinson has big expectations for both Cardano and Cardano Foundation as he states,
“The Cardano Foundation is going to be a powerhouse moving into 2019.”
In its official announcement, Cardano Foundation shares that in order to strengthen the Council, three new members have been elected viz. Nathan Kaiser as the General Counsel of IOHK, Manmeet Singh as the CIO of Emurgo, and Domino Burki, the Managing Partner of Du Lac Capital Ltd.
On this development, Pascal Schmid, a member of the council who acted as interim Chairman after Michael Parsons’ resignation has this to say,
“I am delighted that we have been able to add three proven experts to the Board of Trustees in such a short time. This means that the Cardano Foundation is now back on solid ground and can fully dedicate itself to the upcoming tasks within the framework of the foundation’s purpose.”
Cardano enthusiasts have many good things to say for the development as one commented, “Foundation has finally elected an exceptional board.”
The post “Cardano Foundation Going to be a Powerhouse in 2019” Says Founder on Releasing Cardano 1.4 appeared first on Coingape.
Source: CoinGape

Ignore the Crypto Winter, Bitcoin Still a Raging Trend

Bitcoin and crypto market has been crashing hard having lost more than $700 billion from the total market cap. However, people are still interested in knowing about Bitcoin as per the Google searching trends of this year.
People Still Wanna Know “What is Bitcoin”
Bitcoin and crypto market crashed and crashed hard it did. From about $6,500 in mid-November, the market has lost billions of dollars.
The leading cryptocurrency has been trading at 83 percent discount at $3,400 since its peak at about $20,000. Meanwhile, altcoins are doing far worst, having lost 85 to 95 percent of their value from their all-time highs (ATH).
The current status of the top cryptos where the stable coin Tether (USDT) is among the top 5 cryptocurrencies is depicted in the below given graph.

Source: Coinmarketcap
This crash in crypto prices has wiped out more than $700 billion from the total market cap.

Source: Coinmarketcap
However, despite the crypto market tanking, people are still interested in knowing what exactly is the top cryptocurrency. In the Google Trends of 2018, “What is Bitcoin” has been the top trending search in the US and UK.

Also, the users have also been unperturbed by the price crash as according to the latest report, the users have been entering by millions in the crypto market.
This explains the reason why Bitcoin millionaires Winklevoss brothers doesn’t seem to be affected as Tyler Winklevoss says, “We’re totally at home in winter.” He further adds,
“We’re in this for the long haul. We think it’s a space that’s here to stay.”
While Cameron Winklevoss says, “It gives us time to build internally, and refine and kind of catch our breath.”
Recently, Wall Street advisor, Eric Edelman who has recently entered the crypto market via Bitwise asset management recently shared in his interview that many are still oblivious or in denial about cryptocurrencies.  
According to him, cryptos are an alternative asset class that is becoming important due to “increased movement toward passive investing.” He also believes Bitcoin ETF will be eventually allowed by SEC which is the basic factor preventing the financial advisors from recommending it to their clients.
The post Ignore the Crypto Winter, Bitcoin Still a Raging Trend appeared first on Coingape.
Source: CoinGape

Tron Fighting the Bear Market, Justin Sun Expecting 500% Surge in DApp Activities with Proposal Activation

The 10th largest cryptocurrency is focusing on Buidl to fight the bear market while being down over 94 percent down from its all-time high (ATH). Founder Justin Sun is expecting a tremendous increase in Dapp activities after the activation of Proposal 7 that changes the total energy limit.
DApp Ecosystem Growth: Modifying Total Energy Limit to 250 Billion
Amidst the market rout where Tron price has fallen more than 94 percent from its peak, Tron is focused on Buidl. The 10th largest cryptocurrency that is currently trading at $0.0133 is expecting an explosive growth in Dapp development on Tron network as stated by Tron founder and CEO Justin Sun,
“Proposal 7 is approved by TRON community. We will expect 500% increase of DApp activities after the activation of Proposal 7.”
Tron enthusiast, Misha Lederman shared,
“TRON SR Proposal 7 has been approved. 20 SRs have voted yes to “modify total energy limit to 250 billion.”

By increasing TRON’s energy limit, this allows developers to have lower fees & costs, thereby encouraging growth for the entire #TRX DApp ecosystem.”
Just recently, Sun has commented that “DApp in TRON” will be one of the factors that will trigger the next bull run. And now he has declared a whopping surge coming for Tron Dapps.
Proposal 7 that will drive this growth according to Justin Sun,
“I have created Proposal 7 to increase our energy limit and support TRON developers. This proposal allows them to have lower fee and cost with better experience! Plz vote for Proposal 7!”
Apart from Dapps, Tron is also continuously working on Tron Decentralized Exchanges (DEX). Now, another DEX is going to make an entry into the market as announced by Justin Sun,
“  and  will jointly launch a new TRX dex trading platform with powerful engine in 48 hours. New dex supports TRC 10 and 20 together! Looking forward to seeing it!”
Moreover, Justin Sun also drew a comparison of and that represents the former’s popularity as he says, “  has surpassed according to Alexa Internet from amazon Stellar Org.”

As stated by one crypto enthusiast, “I am impressed how Tron has been able to adapt and are in a position to survive this bear market so kudos there,” Tron seems to be focused on developments and working on making up for the extreme price loss.
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Source: CoinGape

ETH Shorts Skyrocketing, Is Ethereum Crashing to “near-zero” as Vitalik had Reminded

Ethereum price is currently trading around $90 while being down more than 93 percent from its peak. The market sentiments are tilting towards more pain incoming as ETH shorts reach its all-time high (ATH).
“No One Wants ETH”, Ethereum Shorts Reaching the Moon

Desk Update: Historically, our trading volumes have been more evenly weighted across BTC and ETH. However, our recent flows have been heavily skewed towards BTC – with approximately 70% of our transactions in BTC.
— Cumberland (@CumberlandSays) December 7, 2018

Ethereum has dropped down to two digits with yesterday’s crash. Briefly touching $84, ETH has come to its 19-month lowest. At the time of writing, the third largest cryptocurrency by market cap of $9.6 billion has been trading at $92 with 24-hours gains of about 7 percent. In the BTC market, ETH is in the green by about 6 percent.

Ethereum 1-month price chart, Source: Coinmarketcap
Despite the severe downfall, ETH registered greens on the announcement of its long-awaited hard fork Constantinople launch in about mid-January 2019.

#Ethereum Constantinople mainnet hard fork scheduled for block #7080000, estimated around the 16th of January, 2019!
— Péter Szilágyi (@peter_szilagyi) December 7, 2018

This upcoming hard fork involves five Ethereum Improvement Proposals (EIPs) that will fundamentally change the Ethereum blockchain.
These improvements might help in uplifting the price of Ethereum and power it up to compete with its competitors such as Tron whose Founder and CEO Justin Sun is eagerly suggesting Ethereum developers and projects to migrate to Tron network.
However, Eth price have lot more pain coming up as the popular trader and investor, Crypto Squeeze shared,

Found the reason of the $ETH bounce 7 hours ago.Hardfork date was announced 11 hours ago. Not a coincidence. And that $ETH bounce might have drove the $BTC price up too.
I still don't think this is the actual long term bottom for both $BTC and $ETH yet.Too early to tell
— Squeeze [When Moon?] (@cryptoSqueeze) December 8, 2018

Looks like, this is what other investors and traders believe so as well as ETH shorts have reached an all-time high with a sharp jump.

Source, TradingView
With shorts reaching so high, the market sentiments currently signals expectations of more price drop coming.
Back in February, this year, Ethereum founder Vitalik Buterin had Tweeted,
“Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time. Don’t put in more money than you can afford to lose. If you’re trying to figure out where to store your life savings, traditional assets are still your safest bet.”
Do you think Ethereum is slowly making its way to “near-zero” point as Vitalik had reminded?
The post ETH Shorts Skyrocketing, Is Ethereum Crashing to “near-zero” as Vitalik had Reminded appeared first on Coingape.
Source: CoinGape

2019 Going to Bring Bitcoin’s Market Dominance Back: Report

2018 has been a bad year for Bitcoin and crypto market but according to experts, it is just a cycle. However, the next year is expected to be a bright one as the latest report by A.T. Kearney says, Bitcoin’s market dominance will come back as altcoins will lose their luster.
It’s Just a Cycle
Bitcoin and cryptos are tanking but experts are not fazed as billionaire investor Jim Breyer says, this is inevitable as “These cycles keep happening every decade or so.” As for its future, Breyer simply said, “You don’t want to bet against the best and brightest in the world.”
Another expert who is unfazed is Max Keiser who says “The long-term chart is fine. It’s still bullish,” as
“The Bitcoin price got way ahead of itself and we saw a typical pullback. Since I first started buying BTC in 2011 at $1, I’ve seen a few of these.”
Commenting on the relation between stock and crypto market, he shares,
“I think the market sees Bitcoin as a ‘risk on’ asset, so it moves in unison with stocks. At some point, the market will understand that Bitcoin, like gold and cash, is a ‘risk off’ asset. When the market realizes this, we’ll see ATH as safe-haven, capital flight money moves into Bitcoin.”
A Bright & Bullish Future Ahead
Max Keiser is bullish on Bitcoin’s future that according to him is “monetary black hole” that will guzzle up all the fiat as he further said,
“Only Bitcoin has the power to create a fiat-free world while simultaneously destroying all that get in the way.”
Mike Kayamori, the chief at Quoine sees a good year ahead as he said,
“Japanese regulators are starting to open up again. They are going to approve new exchanges. They are going to approve new listings. All of these things will start from the new year.”
He further added,
“The global trend is to accommodate these high-frequency traders […] There is going to be this dealers-brokers who will be offering crypto to their retail customers. And there [are] these OTC brokers who will be providing services to institutional investors.”
Moreover, according to the latest report by  A.T. Kearney, Bitcoin is expected to regain its market dominance,
“By the end of 2019, Bitcoin will reclaim nearly two-thirds of the crypto-market capitalization as altcoins lose their luster because of growing risk aversion among cryptocurrency investors.”
For one, “More broadly financial regulators will soften their stance towards the sector.”
Courtney Rickert McCaffrey, the manager of thought leadership in Global Business Policy Council of A.T. Kearney has been quoted by Forbes as explaining the complexity of altcoins,
“Our prediction that Bitcoin will regain its dominance is supported by the ever-growing complexity among altcoins, most recently demonstrated by the “hash war” that occurred in the Bitcoin Cash ecosystem.
Additional “hard forks” and the continued lack of consensus among developers about a path forward will further widen the chasm between Bitcoin as the most accessible and widely recognized cryptocurrency and the altcoin community.”
The post 2019 Going to Bring Bitcoin’s Market Dominance Back: Report appeared first on Coingape.
Source: CoinGape

“They don’t have what it Takes to Trade Crypto,” says Analyst as Stock Market Plunge Continues

Bitcoin is down over 80 percent and altcoins over 90 percent from their peaks. Meanwhile, the global stock market is in a slump as Dow and Nasdaq drop about 3 percent. eToro analyst Mati Greenspan says stock market participants don’t have what it takes to trade cryptos. While Anthony Pompliano says Bitcoin has overperformed S&P for the last 10 years and “will outperform over next 10 too.”
Crypto & Global Market in a Slump
Bitcoin has dropped down from $6,500 to the current trading price of $3,890. The leading cryptocurrency is down over 80 percent from its peak with chances of even going lower. Altcoins are doing even worse with many down more than 95 percent. The top cryptos are majorly in red as shown in the chart below.

Source: Coinmarketcap
As for the entire crypto market, Waves and Binance Coin are surging by about 14 percent while the majority of the crypto market sees red.

Meanwhile, the global market is in a slump as well. US President Donald Trump has now yet again threatened to impose “major tariffs” on Chinese goods. As the US and China trade war jitters the finance market once more, Asian, European and US stocks all are registering losses.
S&P 500 and Nasdaq both took a drop of over 3.2 percent each. Brent crude has fallen down 1.6% while Dollar is rising by 0.1 percent but euro and Japanese yen declined.
Neil Wilson, chief markets analyst for said,
“There is a strong chance now that the buy the dip mentality has flipped into a sell the rally approach.”
In comparison to the crypto market, the percentage of the red global market is not much as further pointed out by Mati Greenspan, the senior analyst at eToro:

The Dow is down 3% and all the stock jocks are loosing it.
They don't have what it takes to trade crypto!#Bitcoin #HODL
— Mati Greenspan (@MatiGreenspan) December 4, 2018

In response, a crypto enthusiast commented,
“And right now it’s looking like it will drop at least another 3% tomorrow. When futures show no, even tiny, bounce after a day like this.. well.. apocalypse. That’s why I do solely crypto. If I can lose the shirt off my back anyway, might as well lose it shooting for the moon.”
The percentage loss might be fewer but the actual value lost is huge as shared by Morgan Creek Digital founder, Anthony Pompliano,

The S&P 500 lost almost $755 BILLION today.
That is more money lost in a single day for public equity investors than all crypto investors combined this year.
The math don’t lie! 🤷🏽‍♂️
— Pomp 🌪 (@APompliano) December 4, 2018

One Twitter user, commented, “You are comparing the equity value of every public company to a speculative project that turned into a bubble. Terrible comparison.” To this Pompliano replied with,
“Bitcoin outperformed the S&P 500 for last 10 years, 5 years, and last 2 years. It will outperform over next 10 too. It’s irresponsible for investors to have zero exposure to the best performing asset.”
He further shared his bullish views on the future of the crypto market,
“Crypto market will outperform S&P over next 10 years. Won’t be close. Public equities are in longest bull market in history and overvalued today.”
The post “They don’t have what it Takes to Trade Crypto,” says Analyst as Stock Market Plunge Continues appeared first on Coingape.
Source: CoinGape

“Bitcoin in the Final Stages of the Bear Market,” Says Crypto Trader

Having crashed down 80 percent from its peak, the bears don’t seem to have any end in sight. According to experts, the bottom might be near, however, this is time for accumulation as bulls can’t be expected to enter immediately after bears’ exit.
What’s Different about this Bitcoin Crash?
Bitcoin is currently trading at $3,900, 80 percent down from its peak while altcoins have tumbled down 90 to 95 percent from their all-time high (ATH). This has resulted in the wipeout of about $700 billion from the total market cap.
This is not the first time Bitcoin or crypto market has crashed as put by the founder of Weiss Crypto Ratings,
“Since Bitcoin began trading actively, it has plunged by 70% or more on four separate occasions. Each time, people wrote its obituary. And each time, Bitcoin rose from the dead, rising by an average of 6,300% from low to peak. Now, Bitcoin has declined by more than 70% again, setting the stage for another major price rise likely to begin in 2019.”
But what exactly is different this time, Weiss says,
“There is one important difference this time: Bitcoin has not kept up with the latest advances in the Distributed Ledger Technology (DLT) that underlies cryptocurrencies. It will continue to play an important role, but primarily as a store-of-value commodity akin to gold. In its place, a select group of faster, more scalable cryptocurrencies will lead the way both in terms of price appreciation and innovation.”
Is the End of Bears Near?
Mike Kayamori, the chief at Quoine says,
“If there are enough miners [that] are going out of business, that [means] equilibrium is near. When you look at how markets overshoot, both up and down, you can probably say it’s close to the bottom.”
Popular trader, Crypto Dog took to Twitter to share that “currently, bears are in control,”
“To investors looking for a signal in all of the noise:

It is my opinion that Bitcoin is in the final stages of this bear market. I expect the price to range between an absolute low of $2000 to an absolute high of $6,200 (more likely, $3000-5400) for a substantial period of time.”
However, he further shares,
“There is no reason to expect Bitcoin to rapidly enter a bull market from the bottom, it will take time. This time presents an incredible opportunity to begin to average into a position for the next bull cycle.”
According to him, this is time for accumulation,
“There is no rush to buy all of your Bitcoin this very moment, but today IS a great time to begin accumulating Bitcoin as a long term investment. I look to mid 2019 and the 2020 halvening as a fundamental catalyst for further bullish momentum.”
The post “Bitcoin in the Final Stages of the Bear Market,” Says Crypto Trader appeared first on Coingape.
Source: CoinGape

Binance Launching Binancechain “very soon” to Enable Issuance of “Millions of Coins”

Changpeng Zhao, CEO of the biggest cryptocurrency exchange Binance is planning to launch Binancechain in the coming months that will be used for the issuance of tokens. Meanwhile, Binance Coin (BNB) is surging amidst the red market.
“There will be Millions of Coins and Thousands of Blockchains”
At Forbes Asia’s blockchain event, Changpeng Zhao, the CEO of the biggest crypto exchange Binance shared what more is coming for the crypto community.
Michael del Castillo, the Forbes writer quoted Zhao from the event on Twitter,
“We are launching Binancechain very soon, in a couple months or so, and you will be able to issue tokens on that….I think there will be millions of coins and thousands of blockchains.”
Binance is the biggest cryptocurrency exchange with 24-hours trading volume of over $662 million.

Source: Coinmarketcap
Meanwhile, its native token, Binance Coin (BNB) is surging by 7 percent at $5.50. The 15th largest coin as per market cap of $720 million is managing the daily trading of $ 20 million. Where the majority of the crypto market is in the deep red, BNB is in the green in the BTC and ETH market as well by about 8 and 9 percent respectively.

Source: Coinmarketcap
As BNB price surged, Zhao Tweeted,

Founder tattoos, price goes up. lol. Make sense.
— CZ Binance (@cz_binance) December 4, 2018

The tattoo is a symbol of Zhao’s lifelong commitment to Binance which according to him, “Tattoo is the ultimate demonstration of loyalty, it should not be bought. It has to be voluntary.”
Binance CEO further talked about the story behind the BNB logo in his medium post,
“Sixteen months ago, when we were designing the Binance logo, we tried many different variations. We wanted to represent the bids and asks on the exchange with two squares, while also echoing the “binary” word in our name (Binance = Binary Finance).”
From here, they moved on to two squares on top of each other and then putting a bigger square like a board. “The board would be the “playground” or place where things happened, which is what an exchange platform is, after all.”
The post Binance Launching Binancechain “very soon” to Enable Issuance of “Millions of Coins” appeared first on Coingape.
Source: CoinGape

Bitcoin Miner Reports Surge of 146% in Sales amidst Market Crash & Rigs Shutting Down

Amidst the ongoing market rout where thousands of crypto miners are shutting down their rigs, crypto mining company, Argo blockchain says it is registering huge demand and significant growth.
Crypto Miners not affected by Price Crash
A crypto winter is in full effect as Bitcoin price slids down below $4,000 and even breaking $3,500 support at one point. Bitcoin price has been maintaining stability at around $6,500 since September only to crash in mid-November.

Source: Coinmarketcap
The plunge in Bitcoin price led to the drop in the hash rate of Bitcoin Network that follows price. It then resulted in a fall in difficulty.
As hash rate got hit, thousands of miners shut down their rigs due to a decrease in their profitability along with obsolescence of mining devices. A number of miners reported to have are quit the market amidst the red market.
However, not all mining-related companies or service providers are affected as crypto mining firm, Argo blockchain says they are experiencing exactly the opposite. Actually, the packages page on the company’s website shows “sold out” tag.

Argo, that offers its devices on subscription-basis is reported by the UK’s local media channel that the total number of packages sold by the mining firm has increased from 4,200 in October to 10,325 in December.
The crypto mining company, Argo Blockchain PLC raised $32 million in August and became the first crypto company to get listed on the London Stock Exchange (LSE). In October, with the expansion of its crypto mining services, the company reported a ten-fold increase in the sale of its crypto mining packages after introducing new server technology to support more subscribers, in September.
Now, the firm is seeing more growth as it says the company’s target for package sale by January 2019 is not only ahead of schedule but also beaten by a big margin. The annualized revenue run-rate is further expected to be US$6.2mln (£4.8mln) in comparison to US$0.26mln when it was added on LSE. As of November 30, the net cash balances have been amounted to about £15 mln.
Mike Edwards, the co-founder and director of Argo says,
“Our mining packages are being snapped up as quickly as we make these available and demand continues to exceed supply.”
He further shares that despite the current situation of the crypto market, the company is “continuing to experience a strong ramp-up in revenues due to good execution of our growth strategy.”
In November Edward has said the demand for crypto mining services remains robust despite the downturn in the market. This time as well he says, the demand for these packages “continues to exceed supply” and the company looks “to the future with confidence.”
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Source: CoinGape

Lightning Network in Full Swing, You Can Buy Coffee with Bitcoin Instantly Now

After coming close to $2 million network capacity, Lightning Network can now also be used to pay for coffee in bitcoin.
After Coke, It’s Coffee Time
About two months back, Ricardo Reis created a mock-up vending machine for coke that accepts payments in Bitcoin through Lightning Network (LN). A customer just has to scan a QR code to make the payment through his/her Lightning-enabled wallet.
These developments helps in boosting the mass adoption of Bitcoin. Now, according to a recent Reddit post titled, “Bitfury Presents: The Lightning Network Coffee Machine,” coffee can also be bought instantly in exchange for Bitcoin through LN.
The video shows how the coffee machine is connected to the device that has the scanning code. Once the customer scans the QR code, the payment has been made instantly.
The video can be seen here,
This got the Bitcoin and crypto community excited as one Redditor says,
“This is why I believe in Bitcoin. Just some random guys working on improving the new money network. awesome dude!”
While another Redditor shares,
“The payment confirms before the coffee can be brewed. We need to develop some sort of second layer on top of current coffee brewing technology to keep up with the speed of Bitcoin transactions.”
And this quirky one,
“The coffee drippin’ is way slower than the payment itself. Pour lightning coffee next time, please!”
As for the current Bitcoin transaction fees, as per data, the fee to have your transaction mined on the next block that will take 10 minutes and within three blocks that will be mined in 30 minutes is $0.32. While fee to have your transaction mined within six blocks that will take an hour is $0.26.

In the recent times lightning network, which is a second layer that uses smart contract functionality in the blockchain in order to enable instant payments across a network of participants, has been achieving big numbers.
As per the data on 1ML, with 4,289, the network capacity of Lightning network has increased 321 percentage to 453.65 BTC i.e. about $1.8 million as per current Bitcoin price of $4,000 (approximately).
The post Lightning Network in Full Swing, You Can Buy Coffee with Bitcoin Instantly Now appeared first on Coingape.
Source: CoinGape

Bitcoin Bears Looking to Finally Make a Surrender: Analysts

Bitcoin price is yet again in the red, circling around $4,000 level. According to the experts, Bitcoin is nearing capitulation with chances of going uptrend.
Bitcoin Price Struggling around $4k
Bitcoin is currently trading at $4,057 with about 2 percent losses. The leading cryptocurrency is yet again in the red after seeing a surge. However, this downwards move could be temporary as analysts from UK-based research firm, FX Pro Insights shared,
“Many market participants have decided to take an optimistic approach and BTC’s decline to $3,500 was an important support point for the cryptocurrency… Within this context, it should be noted that speculators may soon begin to profit from this trend, which may trigger a new wave of sales… The real question is: Has the crypto market indeed reached the bottom?”
Signs of capitulation are being seen by experts as according to Chris Beauchamp, an analyst at IG, an online trading platform says Bitcoin is close to a “capitulation moment.”
According to Beauchamp, when investors lose confidence in the market and starts bailing out, the capitulation happens. Moreover, he further adds that negative momentum had driven this fall in prices.
Investors that have been willing to hold their bitcoin at $6,000, now are “much less happy” to hold it at $4k level, said Beauchamp. He further shares, “They’d rather take the money and run,” as IG sees an increase in Bitcoin short positions by “about a fifth.”
Max Boonen, the founder of market maker B2C2 said,
“The way that the fork between bitcoin Cash and bitcoin SV was handled did not put the industry in the best light. It will certainly deter many participants from entering the market. [Trading] volumes have been quite high in this move lower. That might be a sign of capitulation, rather than a mere lack of interest.”
Just recently, Rob Slumer, technical analyst at Fundstrat Global Advisors says a new upward movement could be around the corner,
“In contrast to bounces that have developed through 2018, weekly RSI [relative strength index] is now at levels not seen since BTC’s last bear market low in early 2015 and BTC is showing very early evidence of responding to its long-term uptrend after three major downside moves through 2018… Our expectation is that BTC is in the very early stages of establishing a multi-quarter bottoming process that is likely to extend well into mid-2019.”
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Source: CoinGape

Zilliqa Inches Towards its Mainnet Launch on January 30 2019 with the Release of Testnet v3.0

Currently, trading at $0.017 in red in the USD market by 2 percent, Zilliqa is in the green in BTC and ETH market. Meanwhile, Zilliqa has released its Testnet v3.0, codename “Mao Shan Wang” that has the same set of features as its upcoming mainnet launch on January 30, next year.
Testnet v3.0, codename “Mao Shan Wang” is Here
The world’s 37th largest cryptocurrency Zilliqa (ZIL) by market cap of about $138 million has yet to launch its mainnet after about one and a half year of its release. According to it roadmap, the mainnet is scheduled for release between December 2018 and January 2019.
For now, the team has already launched Testnet version 1 and 2. Now, two months before its mainnet launch, Testnet version v3.0 has been released.

Zilliqa Testnet v3.0 Mao Shan Wang is now live. This is a major technical milestone — as far as we know, this is the first fully-fledged testnet in the world to implement network, transaction, and smart contract #sharding.
— Zilliqa (No airdrops or ETH giveaways) (@zilliqa) November 30, 2018

Testnet v3, codenamed “Mao Shan Wang” is the “first fully-fledged testnet in the world to implement network, transaction, and smart contract sharding.”
Addressing the security issues and adding safety checks along with enforcement mechanisms, this testnet version contains the same set of features as the upcoming mainnet as per the official announcement that further states it is launching on schedule.
As stated by Zilliqa CEO, Xinshu Dong,
“(Testnet v3.0) has the full-scale implementation of Scilla (our safe-by-design smart contract language) across the network, the implementation of our solution to smart contract sharding, and the public mining of testnet ZILs. It enables larger-scale public testing of the key features of our upcoming mainnet and is a key step for us towards launching mainnet on Jan 31, 2019.”
Dong further shares the significance of Mao Shan Wang which has a full-scale implementation of Scilla across the network, is far more eco-friendly and cost-effective mining up to the public for testing, and involves new incentive mechanism that rewards nodes (miners) by taking into account their contributions to the consensus protocol.
There has been a number of key new features added by the developers’ in the scilla language, development tools, and core protocol.
With Ziliqa’s new testnet version release and mainnet launch coming up, it can be further expected to affect the prices positively. However, it’s to be seen just how much prices will move as the crypto market is in extreme red since mid-November.
At the time of writing, Zilliqa has been trading at $0.017 with 24 hours losses of 4.68 percent while in the BTC market, it is in the green by 1.74 percent and up by 0.44 percent in the ETH market.

Zilliqa 1-month price chart, Source: Coinmarketcap
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Source: CoinGape

150,000 PAX Giveaway Announced by Binance to Celebrate its Addition as Base Currency for 6 Cryptos

Image source: The Cryptomist
Binance recently added PAX stablecoin against 6 six cryptos viz. BTC, ETH, XRP, EOS, and XLM. To celebrate this launch, Binance has announced PAX trading competition involving the prize of 150k PAX.
PAX Trading Competition by Binance
Just recently, Binance expanded its stablecoins options with the addition of Paxos Standard (PAX), a stablecoin whose each coin is pegged by 1 US Dollar, on its platform. The official announcement by the biggest cryptocurrency exchange reads,
“Binance will add the following trading pairs with PAX as a quote asset into the USDⓈ Trading Market/Tab at 2018/11/29 1:00 PM (UTC): BNB/PAX, BTC/PAX, ETH/PAX, XRP/PAX, EOS/PAX, and XLM/PAX.”
The exchange further stated,
“Please note: The existing PAX/BNB, PAX/BTC, PAX/ETH trading pairs will be removed and delisted at 2018/11/30 1:00 PM (UTC). All existing orders in each order book will also be canceled at this time.”
On this development, Charles Cascarilla, the founder and CEO of PAX shared,  
“Demand for PAX has grown very quickly since we launched just over two months ago, making it clear that traders want a stable, regulated and transparent stablecoin. Binance is responding to this demand by giving traders the ease of PAX-denominated trading. We believe this will help bring greater confidence and stability to crypto markets at large.”
Now, to celebrate this, Binance has announced the giveaway of 150k PAX. The official statement says,
“To celebrate the launch of six trading pairs with PAX as the quote pair into the Stablecoin Market (USDⓈ), Binance and PAX have committed a total of 150,000 PAX to give away to our users worldwide. Users will be ranked in terms of the total PAX effective volume traded on their Binance account across all PAX trading pairs during the competition period.”
As for the prizes for this trading competition,

1st: Receive 50,000 PAX
2nd: Receive 30,000 PAX
3rd: Receive 10,000 PAX
4th – 10th: 40,000 PAX split evenly
11th – 20th: 15,000 PAX split evenly

It also involves a Lucky draw of 100 PAX for each of 50 winners. This Lucky Draw will have users with PX effective trading volume of 1,000 PAX. To ensure the fairness of this, the event will be broadcasted live on various social media platform for which date will be announced later.
The terms of competition involve Binance reserving the right to disqualify trades and cancel or amend the competition. Most importantly, the “effective trading volume consists of buys and sells (excluding wash trades) in BNB/PAX, BTC/PAX, ETH/PAX, XRP/PAX, EOS/PAX, and XLM/PAX trading pairs.” Moreover, within a single competition, participants aren’t eligible to win multiple prizes and rewards will be issued in 2 weeks after the end of the competition.
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Source: CoinGape