Crypto Market Wrap: Bitcoin Still Dominating as Weekend Gains Hold

Crypto markets holding on to weekend gains; Bitcoin still dominating, XRP moving up, ETH retreating slowly.
Market Wrap
Crypto markets have held on to weekend gains and there has been no typical ‘Red Monday’ reaction so far. Bitcoin’s surge to new 2019 highs has buoyed up markets and several altcoins have also gained. A number have fallen however, but in general total market capitalization is high and holding above $280 billion.
Bitcoin traded above $9,300 twice yesterday marking a new high for thirteen months. A pullback dropped BTC price back to high $8,000s but it quickly recovered during Asian trading today to reach $9,200 again at the time of writing. Technical indicators and historical highs show a lot of resistance at $9,600 which will need to be broken for BTC to hit five figures.
Ethereum got a weekend boost reaching $278 but it has not been able to follow Bitcoin and hold those gains. ETH is down 2 percent since yesterday dropping prices back below $270. The longer term trend for ETH is still up though so more momentum could take it to $280 this week.
The top ten is pretty mixed during Asian trading on Monday morning. XRP is showing a little progress with a further 2 percent added taking it to $0.429. Litecoin has remained flat following its epic rise last week and is still at $135 and the rest are level with yesterday’s prices.
Top twenty movements are also mixed with Cosmos and Tezos getting the best performance adding over 4 percent each to reach $6.54 and $1.33 respectively. NEO has added almost 3 percent and NEM is back in the big twenty with a 5 percent gain. As above, the rest are pretty flat this morning.
FOMO: A Smiles For Grin
Entering the crypto top one hundred with a 12 percent push is Grin, a private lightweight blockchain based on mimblewimble. The only thing that could be driving momentum is an approaching hard fork next month. Bytom is the only other double digit altcoin today with 11 percent added, BitTorrent token is third gaining over 8 percent.
There are no big dumps going on as markets remain flat on the day. At the bottom of the pile right now is Dent, MaidSafeCoin, and KuCoin Shares dropping 5-6 percent.
Total market cap 24 hours. Coinmarketcap.com
Total crypto market capitalization is at $284 billion, holding gains but remaining flat over the past 24 hours. Since last Monday crypto markets have gained a solid 16 percent, driven largely by Bitcoin. Over the same period daily volume has jumped from $60 to $75 billion. Bitcoin dominance is also up to 57.3 percent as it continues to eat into lack luster altcoins.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
The post Crypto Market Wrap: Bitcoin Still Dominating as Weekend Gains Hold appeared first on NewsBTC.
Source: New feedNewsBTC.com

Poloniex enables GrinMW withdrawals by donating 1.27864 BTC to Grin General Fund

Grin is a privacy and security-focused cryptocurrency that is completely community-driven and Poloniex was the first exchange to list it. Withdrawals for Grin have finally started on the exchange, according to their recent tweet.
Poloniex tweeted,
“Grin withdrawals are now live and we’ve made our first monthly donation—1.27864 BTC—to the @grinMW General Fund. #grin #mimblewimble”
Poloniex was satisfied with their decision to list the coin after seeing it develop over the months. In their blog, Poloniex stated,
“When we listed Grin, we pledged to provide a portion of our transaction fees to the Grin General Fund for a year — 50% for the first month and 25% for the next 11 months.
We are committed to providing monthly donations because we believe in supporting crypto projects which encourage distributed voluntary development and fair, decentralized methods of token distribution.”
As a result, Poloniex plans to support Grin developers by donating funds to the project. Grin’s mainnet launched on 15 January, 2019, and the community welcomed it with open arms.
Grin is focused on privacy, security, scalability, and fungibility, and is built by implementing MimbleWimble technology, which was proposed by Tom Elvis Jedusor in July 2016. The proposed technology gained a lot of traction in the Bitcoin community.
Poloniex is all for new crypto projects that are promising, as it stated in the blog,
“Grin is just one asset that represents our dedication to moving the crypto space forward. You can expect more from us in the weeks and months ahead …”
A Twitter user, @JEhrenhofer, commented,
“Great! Will you donate a fraction of profits to other projects without founder rewards?”
@21xHipster, another Twitter user, commented,
“What is #GRIN ?
Compact 5mb file that syncs full 2-month chain in 10 (!) minutes on dubious connection in the hotel …
Amazing, respectful, state of an art piece of software that pursue existential purpose of ultimate privacy.
All involved, @grinMW, @grincouncil thanks”
The post Poloniex enables GrinMW withdrawals by donating 1.27864 BTC to Grin General Fund appeared first on AMBCrypto.
Source: AMB Crypto

“Grin is intended to be medium-of-exchange, and Beam is intended to be for store-of-value”, says Mastering Bitcoin author

During the recent Q&A session, Andreas Antonopoulos, the author of Mastering Bitcoin, elucidated on the difference between Grin and Beam, the two cryptocurrencies that are based on the same protocol – MimbleWimble. The protocol enables the coins to make transactions without disclosing information of the amount and addresses involved in the transaction.
According to the author, MimbleWimble makes space for the optimization of privacy and scaling at the same time. The protocol was introduced in 2016 by an anonymous contributor who goes by the French name of Lord Voldemort, Tom Elvis Jedusor. He said:
“Immediately, an effort was made to implement this. The first effort, which started two years ago, is an open-source community project called Grin. It is primarily research focused to bring MimbleWimble to life by creating an implementation.”
This was followed by Andreas stating that Grin is an open-source project and that it is crowdfunded. Additionally, the coin was not pre-mined and there was initial coin offering [ICO] and a financial model that would support the development of the project, apart from the volunteers of the cryptocurrency community.
Whereas, Beam was introduced a year later with a completely different mode. The author stated that there was a foundation behind Beam and the project also has a pay-out to the Treasury. Andreas further stated that this project attracted investments from Venture Capital firms and that there was an organization that funds for the development of the project.
“They have two different approaches [to governance]: one is a very grassroots, community development model that is mostly research search focus. The other one is more commercially oriented, intending to [create] a viable commercial product. Grin has a command-line interface [for Linux, OSX and Windows], which is not that easy to use. Beam has a full graphical user interface and mobile wallet, which is easier to use.”
He went on to say that both the projects have different monetary models; Grin issuing 60 new coins per minute in a linear, continuous issuance schedule. On the contrary, the Beam has a monetary policy that is similar to Bitcoin, a fixed supply.
“The way these are [each] advertised or described by those developing them is, Grin is intended to be medium-of-exchange, and Beam is intended to be for store-of-value […] Grin and Beam are both open-source. Initially, Beam was not open-source, but they are now both open-source and exchanging code, learning from each other.”
The post “Grin is intended to be medium-of-exchange, and Beam is intended to be for store-of-value”, says Mastering Bitcoin author appeared first on AMBCrypto.
Source: AMB Crypto

Cryptocurrency Price Analysis for the week January 28 to February 03

Hi Readers, welcome to cryptocurrency price analysis for the week. Do not forget to check movers and shakers for this week at the last of the article.
Bitcoin (BTC)
Bitcoin had a tough week as the top coin slid 3.3% this week. The good thing about  Bitcoin is that it still hodls itself close to USD 3500. The prices hit the high point of USD 3,586.75 and the lowest point of USD 3,400.82 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were,  BitMex (12.28%), CoinBene (3.83%) and OKEx (2.66%).
Among prominent news around Bitcoin, BTC optimist Mohamed El-Erian is one of several candidates that Trump has shortlisted for the job of World Bank president.
Source: coin360.com
Ripple (XRP)
XRP still holds second place again but Ethereum still stays in close vicinity. On the top, this week the prices of XRP were at USD 0.333835 and towards the bottom, it quoted USD 0.285888. The exchanges that were more active, in volumes, with XRP across various pairs this week were, ZB.COM(8.80%) ZBG (5.46%)  and Binance (3.37%)
For XRP this week, Ripple CTO, David Schwartz, has doubled down on “XRP Ledger Is Decentralized” argument.
Ethereum (ETH)
Ethereum on the top, this week was at USD 113.69 and were at lows of USD 103.34. The markets that were more active, in volumes, with ETH across various pairs this week were OEX (6.31%), Bibox (3.14%) and ZBG (2.07%)
Among news surrounding Ethereum this week, ConsenSys has, this week, listed 16 Ethereum Blockchain-based games one can make money playing.
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on December 03 at 3:35 pm IST) were
Movers

Bitcoiin [B2G] – Showing a rise of 1029.93%
TraDove B2BCoin [BBC] – Showing a rise of 614.96%
Flash [FLASH]- Showing a rise of 411.88%

Shakers

Snapcoin [SNPC]- Showing a drop of 63.93%
MinCoin [MNC] – Showing a drop of 58.77%
Grin [GRIN] – Showing a drop of 58.74%

What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
The post Cryptocurrency Price Analysis for the week January 28 to February 03 appeared first on Coingape.
Source: CoinGape

Crypto Controversy: New Privacy Oriented Cryptocurrency “Grin” Accused for Wrong Doing

Grin, a new privacy-oriented cryptocurrency and the second implementation of a MimbleWimble blockchain seem to have already surrounded itself with controversy. According to the recent tweet put forward by the Dovey Wan, founding partner of Primitive Ventures, Grin’s trading volume is more than its total supply.
Grin volume is a time bomb created by centralized exchanges says Wan
In a series of tweets put forward Dovey Wan, a few centralized exchanges that have started trading Grin even before the first coin was minted and have been using the new coin as a shield to print more *BTC* out of thin air with a non-solvent BTC reserve. According to her, these exchanges were quoting volumes which was much greater than the available supply of Grin

A few exchanges started Grin trading before the coin is even minted, and some of them have volume > the total available supply.
This reveals a bigger time bomb of centralized exchanges that can print more *BTC* out of thin air with a non-solvent BTC reserve.
— Dovey Wan 🦖 (@DoveyWan) January 18, 2019

According to her the motive behind this wrongdoing is quite strong as these exchanges, one hand simply printing more *BTC* and on the other hand, are shorting BTC eventually earning a real BTC from transaction fee at practically zero cost

The incentive can be strong – simple print more *BTC*on other hand short BTC, and get the real BTC from trx fee at no cost 😳😳
we need more scrutiny into the shadow banking equivalent of crypto otherwise will fail for the same old greed
— Dovey Wan 🦖 (@DoveyWan) January 18, 2019

Referring to the early first few hours volume on the sell order book of these exchanges, Wan points out that Grin’s inflation schedule is calculable, and it requires 1440 blocks confirmation for Coinbase reward maturity, before that you can’t spend the Coinbase output.

the volume I referred to is the initial volume on sell order book for the first few hours. Grin’s inflation schedule is calculable, and it requires 1440 blocks confirmation for coinbase reward maturity, before that you can't spend the coinbase output.
— Dovey Wan 🦖 (@DoveyWan) January 18, 2019

Pointing at Centralized exchange Wan says,
“Centralized exchange is a black box that no one knows whether their internal book can sync on-chain. With tons of limitations on withdrawal, print out fake BTC is totally doable result in fractional reserve”
Grin uses the Mimblewimble privacy tech which takes crypto privacy to a very different level. This new protocol melts together all the transactions from the individuals, so nobody can actually track them. The hype for launch was big because the technology was already in the works since 2016 and it took a long time to be ready. On January 15, 2019, at 17:38 UTC, the genesis block has appeared and a new era has begun for this tech.
Grin had debuted with a high price of $261 per coin after its first block was mined but within subsequent 24 hours, the coin lost as much as 98% of its value and currently trades around USD 6.60 due to the expansion of its coin supply.

There are currently five crypto exchanges that have listed and are trading Grin, which includes BitForex, Bibox, CoinEgg, BigONE, and MXC. Meanwhile, five mining pools such as UUPool, F2Pool, BTC.com, Bixin, and Spank Pool have announced their filing rules for the corresponding wallet addresses.
With Grin’s introduction, privacy in cryptocurrency would reach to a next level but this initially controversy is scary. Will the team behind Grin and exchanges come clear on this is something one will have to wait and watch.
Will Grin write a new chapter for privacy coins or will it fizzle out in controversy? Do let us know your views on the same
The post Crypto Controversy: New Privacy Oriented Cryptocurrency “Grin” Accused for Wrong Doing appeared first on Coingape.
Source: CoinGape

Grin [GRIN]’s great fall: The new privacy-oriented coin plummets by 97% within a day

Grin, the new privacy-oriented cryptocurrency launched on Tuesday, January 14, has been what most cypherpunks have been wanting. The coin has been developed using the technology known as mimblewimble.
Many groups of investors and miners were closely watching the coin from the day of its launch. Eric Meltzer of Primitive Ventures mentioned about the Grin’s launch in his Proof-of-Work newsletter in the previous week. He had written:
“There is (by our conservative estimates) 100 million dollars of mostly VC money invested into special-purpose investment vehicles to mine Grin. This does a lot of weird things: it turns a bunch of people who would have been buyers of grin into sellers of it, it changes the composition of the early holder roster, and it means the chain will launch with an extremely high degree of security via high PoW hashrate.”
However, within a few days of its launch, the coin has now fallen massively. At the time of press, the coin was valued at $10.94, with a market cap of $1.11 million. The coin registered a 24-hour trade volume of $149,000, with a steep fall of 95.8% in the past 24 hours.
The coin reported a 24-hour high at $261.65%, while a 24-hour low of the coin was marked to be $4.60. The coin fell by 97% of its original value within a day, which is staggering as it was branded as “the thing that comes closest to bitcoin” by a partner at a crypto investment firm on the basis on anonymity to CoinDesk. The source also added:
“In a lot of investors’ minds it kind of pattern-matches to ‘bitcoin 2.0.’”
However, as per sources, there were many large funds shopping for hash power before Grin’s launch. As per Wan, there will be some disappointment. Even though the massive interest in protocols is compelling, she doesn’t think that early mining is a good idea. She wrote:
“Grin won’t be profitable, especially early on.”
According to the Block, the token’s hashrate is 285.6k graphs/s. An equivalent of 146,500 GTX 1060 6GB or the equivalent of 88,200 GTX 1070 Ti 8GB are currently mining Grin.
Twitter users were not behind in following the news of Grin’s performance within a day. As The Block announced the hashrate of the token a twitter user, @HabichtJonathan commented on the coin’s performance:
“And lost like 99% of its value a day after launching.”
At the moment, 1BTC is equivalent to 470.26 Grin, which was used a shield by another Twitter user @csakzozo, who compared Zcash to BTC and said:
“1 ZEC=25 BTC :P”
Grin was the ideal coin that many cypherpunks were looking forward to but the current performance of the coin is saying otherwise. Many followers of the crypto world acknowledged the impressive technology used for the coin but dismissed it almost immediately. Twitter user @stephanlivera said:
“Grin may have interesting tech, but monetarily it’s still a shitcoin. To displace Bitcoin, new coins can’t just be better on one aspect (eg privacy), they have to be better on the whole.”
While @hodlonaut had an interesting insight for people who thought that the coin will appreciate against Bitcoin as he said:
“Buying Grin probably means you think it will appreciate against BTC.
Grin will print 27million coins every year. It’s inflation rate will go from 400% in 3 months, to 100% in a year. Bitcoin inflation will go from around 3.8% now, to 1.8% in 2020. Good luck out-SoV’ing Bitcoin.”
The performance of the coin stands true on Wan’s prediction of Grin not doing well early on.
The post Grin [GRIN]’s great fall: The new privacy-oriented coin plummets by 97% within a day appeared first on AMBCrypto.
Source: AMB Crypto