From the potential for a third parabolic Bitcoin bull run to new adoption at Ripple, here’s a look at some of the stories breaking in the world of crypto.
A veteran crypto trader known in the industry for accurately calling Bitcoin’s crash in January of 2018 says his analysis indicates BTC is now poised for a historic third parabolic bull run.
In a new interview with CNBC’s Crypto Trader, Peter Brandt explains why he’s bullish on the long-term prospects for BTC.
“You have to look really at the long-term chart that goes back to 2011, 2012. And what you’ll see there is a magnificent thing that happened going into the 2013 high. And that was a parabolic move, and it was a parabolic move on a log scale. A parabolic move on a log scale is a magnificent thing. It may only happen once in a decade.
And so we saw that parabolic advance be broken, and then we saw the market from 2013 into 2015 correction. And then it entered another parabolic move. So we have two parabolic moves in the same market. That’s just unheard of. And of course that topped in December of 2017 and we spent 2018 correcting. And I think that there is a chance that we’re going now into the third parabolic move of modern times.
The idea that you look at a market and consider it to be a long-term chart when it’s only a decade long is pretty magnificent. And then if you see the possibility of three parabolic moves in a decades period, that’s unheard of. That, perhaps, has not been seen since we saw German interest rates in the 1920s. So this is unprecedented. So the big question in my mind is are we going into a third parabolic move in Bitcoin, which would be absolutely historic. And for right now, I think the evidence comes down on the side that that is a real possibility.
The moving average that I look at, which is a weekly chart moving average, turned up here about four weeks ago. The last time that moving average turned up was in early 2015 when Bitcoin went from $350 to $19,900, depending on what exchange you’re trading. That is a quantum move, and so we have the same situation as we have seen an upturn in the long-term trend.”
In the short term, Brandt says it’s an open question whether Bitcoin will retrace and test its $3,000 bottom or its recent low around $4,200.
Ethereum founder Vitalik Buterin joined a panel at Microsoft’s Build Conference 2019, focused on the software giant’s Ethereum app development kit for Azure Cloud.
Ripple and XRP
UK-based remittance company Xendpay says it’s joining Ripplenet.
The company will use Ripple’s cross-border payment technology to power payments to and from Malaysia. The company has not revealed whether it plans to integrate Ripple’s XRP-based international payment solution xRapid.
We’ve partnered with #Ripple, to make your money transfers to friends and family back home in Malaysia faster, easier and more secure.
— xendpay (@xendpay) May 9, 2019
The crypto-friendly travel accommodation platform Travala is partnering with the Litecoin Foundation for a special campaign.
“Kickstarting the partnership with Litecoin Foundation is the #TravelWithLitecoin campaign, in which Travala.com and Litecoin Foundation will enable users to save up to 40% on hotel bookings through Travala.com and Litecoin’s LoafWallet.”
— Litecoin Foundation (@LTCFoundation) May 9, 2019
Travala first added support for Litecoin in February.
The team at Stellar is highlighting a new decentralized protocol designed to bring increased scalability and confidential transactions to the network. The layer-two scaling solution is in the R&D phase.
“ZkVM is designed from the ground up to be a multi-asset ledger that can be used with the Stellar Consensus Protocol. It can process large volumes of transactions, allow wider use of the full validators, protect confidential data, and support the creation of a custom protocol on top of the blockchain rules, without having to upgrade the network with additional features. Stellar would benefit from any of these features.”
Cardano founder Charles Hoskinson continues his globetrotting push to promote blockchain and cryptocurrency. Hoskinson says he just visited the American Chamber of Commerce in Mongolia and met with the country’s President Battulga Khaltmaa.
Great day meeting with the American Chamber of commerce here in Mongolia, visiting the hackathon and meeting with President Battulga. Excited about the Third Neighbor Trade Act and great leadership here pic.twitter.com/73VMHQNKBW
— Charles Hoskinson (@IOHK_Charles) May 9, 2019
The crypto lending platform Cred is adding support for Tron (TRX). According to the Tron Foundation, the platform will offer up to 10% APR on TRX and other Tron-based virtual currencies.
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TRON and Cred Collaborate to offer Lending and Borrowing to #TRON Ecosystem. @Tronfoundation & @ihaveCred share the same vision of making financial services more fair, inclusive and transparent using #blockchain technology. #TRX $TRX https://t.co/OpqHMlf15v
— Justin Sun (@justinsuntron) May 8, 2019