Bitcoin Flash Crash Sends BTC/CAD Pair to Nearly Zero – Plus Ripple and XRP, Ethereum, Litecoin, Stellar, NEO, Tron
From a huge Bitcoin flash crash on the crypto exchange Kraken to new adoption for Ethereum, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
Crypto traders are trying to figure out exactly what triggered a flash crash that brought the price of Bitcoin’s pair with the Canadian dollar crashing down to as low as $101 CAD.
For about five minutes on the cryptocurrency exchange Kraken, the price of BTC plummeted from $11,250 CAD to a low of $101.20, a drop of more than 99%.
Crypto sleuths on Reddit say the order book shows a trader or a rogue trading bot may have mistakenly sold 1,155 BTC (roughly $10 million USD) for $101 CAD each.
So far, Kraken has not commented on exactly what went down. Canadian crypto traders have been looking for alternative places to buy BTC after the collapse of QuadrigaCX, the country’s largest crypto exchange, which shut down after the death of its CEO.
Meanwhile, Bittrex partner CatalX just opened a new digital asset trading platform offering Canadians more than 100 coins at launch.
Ethereum
A new edition of the Week in Ethereum blog post is out.
This week’s post covers the latest efforts to scale the Ethereum blockchain and includes a number of updates on Ethereum-based platforms such as Quorum, Chainlink and Maker.
Ripple and XRP
Stephan Thomas, Coil’s co-founder and CEO, says XRP “fixes” a lot of things he doesn’t think work well for Bitcoin.
Thomas was an early Bitcoin advocate who joined Ripple in 2012, becoming the company’s chief technology officer within a year. During an AMA on Reddit, he outlined what he prefers about the latter.
Litecoin
The Litecoin Foundation is bringing on 11 new volunteers to their Chinese team to help promote adoption and awareness.
Rebecca Yang, the LTC Foundation’s Litecoin lead ambassador in the country, says the new volunteers include a developer, copywriter, designer and community manager.
Stellar
Boris Reznikov, the director of partnerships at Stellar, just gave a speech looking at the platform’s past, present and future.
Reznikov says one of Stellar’s main goals is to ensure that money flows as seamlessly, quickly, and cheaply as email.
Tron
From boosting DApp data management to incentivizing users to share files, Tron is laying out the benefits of the newly announced BitTorrent File System.
NEO
The NEO mainnet is hours away from a new upgrade, which is set to happen on June 3rd.
“In this upgrade, all MainNet consensus nodes will be upgraded to neo-cli v2.10.2 with the optimized dBFT 2.0 consensus algorithm. In order to improve network stability, the Network Fee mechanism will also be adjusted. The main change is the addition of an Oversize Fee that will be charged relative to size on transactions larger than 1024 bytes.”
The upgrade is also designed to prevent malicious transactions and network attacks, according to NEO.
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