Crypto Analyst Sells Bitcoin (BTC) After ‘Scary’ Plunge Below $8K – Plus Ripple and XRP, Litecoin, Ethereum, Tron, Cardano
From Bitcoin’s sudden drop below $8,000 to a quick rebrand for a new XRP-based app, here’s a look at some of the stories breaking in the world of crypto.
An influential analyst says he’s taking his crypto chips off the table after Bitcoin’s sudden plunge below $8,000.
The Crypto Dog told his 139,000 followers on Twitter that he’s sold his BTC for Tether in case the “scary” looking king of crypto continues to plummet. He now believes the price of Bitcoin is likely to hit $7,000 before it hits $9,000.
This may have been overly cautious, but I'd rather take risk off the table before sleeping.
Big picture I am not confident $9k+ before $7ks again. If I miss it moon NBD – there will always be another pump.
— The Crypto Dog📈 (@TheCryptoDog) June 4, 2019
Right now, Bitcoin is down 8.56% at $7,946 according to COIN360 at time of publishing. The entire crypto market is dragging, with Ethereum down 8.19% at $247.73 and XRP down 10.35% at $0.4123.
A panel on all things Ethereum from the recent Consensus 2019 conference in New York has just been released.
The event covers the latest on the Ethereum scaling solutions known as Ethereum 1.x and Ethereum 2.0, plus a look at recent changes to the Foundation’s grants program which is designed to help support the platform’s growing ecosystem.
Ripple and XRP
The founder of the Ripple-backed startup XRPL Labs says the company’s newly announced banking app for the unbanked is already going through a name change. To avoid copyright issues, the platform will be called xumm instead of xign.
We rebranded our @XRPLLabs signing app & platform to 𝘅𝘂𝗺𝗺. We went from the Latin word 𝗌𝗎𝗆𝗆𝖺 to 𝗌𝗎𝗆𝗆 to 𝘅𝘂𝗺𝗺. No relevant trademarks (so we started that process) and available domains (https://t.co/IH7BFQfAa7, just a placeholder for now). pic.twitter.com/PRETY3SkY0
— Wietse Wind (@WietseWind) June 3, 2019
Wind recently gave an overview on how the app enables users to manage and pay for goods and services with multiple currencies including XRP.
The Litecoin Foundation has posted an update on its efforts in China.
“Normally, with a project in its infancy, there is little help from the outside and the early members are forced to be extremely resourceful and self-sufficient. However, we’ve seen an incredible outpouring of support from the community in a very short time. We’ve since grown the team to 10 volunteers and have our sights set on even more growth.
I can’t say I’m surprised at the early support we’ve seen to date as this is just an extension of the tight-knit community built around Litecoin. To date, the promotion of Litecoin in China has been pretty siloed and we look forward to putting a collective effort behind it to reach many more people and organizations.”
Also in China, IOHK, the company behind Cardano, has released a video from a recent conference highlighting the push to bring Cardano to the Chinese market and encourage more people to develop on the smart contract platform.
Tron’s latest weekly report is out. The new edition looks at the announcement of the new BitTorrent File System, an increase in the number of decentralized apps on the network, the latest media coverage for Tron and more.