From the sudden rise and fall of an obscure Bitcoin clone to the adoption of XRP as a payment method, here’s a look at some of the stories breaking in the world of crypto.
A Bitcoin fork is turning heads after a massive 6,565% surge and subsequent collapse in a matter of hours.
The fork is called Bitcoin 2 (BTC2) and launched in February of last year, promising to offer privacy features and near-instant transactions. In the last 24 hours, the coin came out of nowhere, surging from less than a dollar to a high of $29.27 before falling to $4.56 at time of publishing.
— tunez 2.2 (ceo of theta) (@cryptunez) June 6, 2019
Crypto traders immediately called out the crazy price action as a classic pump-and-dump, where whales can buy and boost the price of a coin with low volume in order to build hype and convince others to join in. Once the price rises, the whales sell all their coins to pocket a quick profit.
One trader named Trendo who trolled the order book found a huge sell order execute just as the price hit its peak.
LOL who knew that would happen. This is what pump and dumps look like folks. pic.twitter.com/FxXPF8xcrL— Tendo | ZENZO 漸増 - [ZNZ] (@Tendo_ZNZ) June 6, 2019
Ethereum scaling solution developer Prysmatic Labs just released a new update on the scaling solution known as Ethereum 2.0.
Prysmatic outlines a number of bug fixes, details the development of its next testnet and more.
Ripple and XRP
Crypto payment processor CoinGate says the number of people paying in XRP is steadily on the rise. CoinGate first added support for XRP in February and says users spend about $102 dollars per purchase, on average.
We’ve been processing $XRP payments for merchants since February. As you can see in the #infographic below, the number of people buying stuff with #XRP is increasing every month! Do you think XRP is gradually becoming a cryptocurrency for payments? pic.twitter.com/jmedyzTowx
— CoinGate (@CoinGatecom) June 6, 2019
The Litecoin community is pushing to convince Square to add Litecoin to CashApp.
The app currently only supports Bitcoin, and so far CEO Jack Dorsey has expressed little interest in adding additional coins.
RETWEET to get Litecoin listed on CashApp
It just makes sense
Besides Bitcoin, LTC is the most secure, reliable, and consistent crypto
— Crypto Capital Venture ⚡ (@cryptorecruitr) June 2, 2019
The Stellar Development Foundation has released its first developer digest.
The series is designed to offer a detailed overview of everything happening with the development of the Stellar network.
Cardano creator Charles Hoskinson has posted a new video on YouTube, covering the platform’s newly updated roadmap and answering questions on Reddit about development.