From Bitcoin’s potential to hit $8 million to Ripple’s mass movements of XRP, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
Best-selling finance author, managing director of Formula Capital and one of the top 10 influencers on LinkedIn, James Altucher, says he still believes Bitcoin can hit $1 million – and $8 million per BTC is not out of the question.
Altucher, who once predicted Bitcoin would hit $1 million by 2020, told The Street he’s adjusted his timeline.
“How much paper currency is out there? It’s about $200 trillion dollars out in the world, and there is only about $200 billion dollars of cryptocurrency. So that is 100,000% from here.
So that could give Bitcoin a price of $8 million dollars, so $1 million dollars is even a discount to where bitcoin could eventually go. When it gets there, who knows.”
Meanwhile, Galaxy Digital CEO Mike Novogratz, who said Bitcoin would move higher in mid-March, just before the start of the current rally, now says he expects BTC to trend sideways from $7,000 to $10,000 for a while, reports Bloomberg.
“On a go-forward basis, Bitcoin probably consolidates somewhere between $7,000 and $10,000. You know, trees don’t grow to the sky. If I’m wrong on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry through.”
Ethereum
Big Four accounting giant Deloitte is testing its new Ethereum-based data management platform with three Irish banks.
“The Institute of Banking (IoB), Bank of Ireland, AIB, Ulster Bank and Deloitte are collaborating in developing a new financial services industry education platform based on blockchain technology.
The new platform is a first in the European financial services industry and will support the verification, tracking, direct access to, and management of, regulatory and other professional designations, education qualifications and lifelong learning credentials.”
The platform is designed to lead to lower costs and reduced risk throughout the banking industry.
Ripple and XRP
Crypto whale watchers are tracking large movements of XRP from Ripple. The biggest single transfer sent 61.9 million XRP to an unknown wallet.
🚨 🚨 61,975,000 #XRP (27,603,147 USD) transferred from Ripple to unknown wallet
— Whale Alert (@whale_alert) May 30, 2019
The transfer is likely a sale of XRP to an undisclosed third party. Ripple owns more than half the total supply of XRP. Each month, the company unlocks one billion of its XRP from escrow, sells a portion and returns the remainder to escrow.
Litecoin
Litecoin hodlers are thoroughly enjoying a clip of a CNBC anchor joking that Litecoin is so hot this year that people should,
“Sell the house! Sell the car! Sell the kids! Buy Litecoin!”
Will #Bitcoin sizzle or fizzle this summer after racing 130% higher so far this year? Our traders discuss. pic.twitter.com/LYEDSKfVJd
— CNBC's Fast Money (@CNBCFastMoney) May 28, 2019
Litecoin Foundation director Franklyn Richards recently warned traders not to get too hyped.
“Price has by far and away run away from any on chain metrics, meaning while this growth is positive it is not currently sustainable and we could see a pullback. Otherwise, we may risk finding ourselves in another bubble scenario sooner than we realize.”
Stellar
A new podcast featuring IBM’s former head of blockchain Jesse Lund is out.
The interview was recorded right before Lund and IBM parted ways for undisclosed reasons. IBM says it’s still moving full steam ahead with its Stellar-powered World Wire platform, which Lund helped create.
Cardano
Cardano creator Charles Hoskinson’s recent interview on YouTube’s NostrADAmus is now online.
The two talk about the status of Cardano’s development and what the smart contract platform is designed to achieve.
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