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From Bitcoin’s rally back to $8,000 to an update on Ethereum, EOS, and Tron DApps, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
A prominent investor in the world of Bitcoin and cryptocurrency says President Trump is playing a major role in BTC’s recent rally. The world’s largest cryptocurrency, which started the year at $3,754, has been on the rise since April, reigniting back to $8,000 in May.
On CNBC’s Squawk Box, Galaxy Digital CEO Mike Novogratz said he believes Trump’s trade war with China, along with increasing industry adoption, helped trigger Bitcoin’s surge.
“I would say, there certainly feels to be Chinese money moving into this space, into crypto. Why did Bitcoin go from $4,000 to $8,000? Because of Facebook, because of Microsoft. I think because of this trade war, and because a lot of the selling was done.”
Microsoft recently revealed it’s building decentralized identity platform on the Bitcoin blockchain, and Facebook is reportedly hard at work creating its own crypto stablecoin.
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Novogratz believes Bitcoin has already won the race as a legitimate store of value and as a competitor to gold.
“I was just out in San Francisco. The locus of this space is moving back around San Francisco and Silicon Valley. And I went to five different VC/hedge funds. Each of them had some boy genius between 19 and 23 that had worked at NSA or graduated high school when they were 12.
And I was thinking to myself, this space is pulling in the smartest kids of their generation. It’s pulling in great entrepreneurs who are my age, people like Abigail Johnson and Ross Stevens. And it’s pulling in this young technical talent. And so I think it’s a bullish environment.”
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Ethereum, EOS, Tron
Decentralized apps (DApps) on the EOS network continue to outpace those on Ethereum and Tron. According to DappReview, $16 million worth of EOS flowed through DApps on the network in the last 24 hours, with 123,300 active users.
Meanwhile, 59,700 users spent $12.4 million worth of TRX on Tron-based DApps, while 18,600 users spent $8.8 million ETH on Ethereum-based DApps.
Ripple and XRP
The Ripple and XRP community is gearing up for an ask-me-anything with former Ripple CTO and inventor of the Interledger Protocol Stefan Thomas. The AMA will be hosted on Reddit on May 30th at 9:30 p.m. Pacific.
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IOTA
IOTA’s latest Untangled podcast is out. The new edition explores how IOTA’s decentralized ledger could help power autonomous vehicle platooning, which is when a group of cars travel close together at high speeds.
VeChain
Bright Foods has launched its first product utilizing the VeChainThor Blockchain.
The product is called Cupids Farm Milk, which is now live on BrightCode, the company’s VeChain-powered solution for product management and verification.
“With BrightCode, companies are enabled to monitor the entire lifecycle of their products and collect data in a real-time, all data collected will be verified and stored on the VeChainThor Blockchain. This process ensures and proves that all products provided to the consumers through the platform are of a guaranteed quality, bridging the trust gap between producer’s efforts and consumer’s concerns.”
Image via Wikimedia/AgnosticPreachersKid/CC-BY-SA-3.0
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