Crypto Trader Says Bitcoin Whales Triggered $12 Billion Crypto Surge – Plus Ripple and XRP, Ethereum, EOS, Cardano, Litecoin, Stellar
From Bitcoin’s push to stay above $8K to a comparison between EOS and Cardano, here’s a look at some of the stories breaking in the world of crypto.
A crypto trader says Bitcoin whales are responsible for BTC’s sudden surge back above $8,000, which lifted the overall crypto market by about $12 billion in less than 24 hours.
The popular analyst known as Wolf told his 10,000 followers on Twitter that BTC whales, who were spot buying, triggered FOMO which brought the price of Bitcoin roaring back to life.
So much spot buying. pic.twitter.com/NeQ1AukWk9
— wolf (@ImNotTheWolf) June 7, 2019
Meanwhile, fellow analyst Josh Rager told his crew of 40,000 that recent price action has turned resistance at $7,941 into support. He’s now looking for BTC to break the next line of resistance at around $8,200, which he believes would clear the way toward a sharp rise to nearly $9,000.
$BTC: Bullish Resistance Flips to Support
A close above current resistance will be a nice move for Bitcoin which could lead to a retest of the resistance in the $8200s
A break and close above $8200s would bullish for a further move up to high $8ks pic.twitter.com/Knvq5NFMKH
— Josh Rager 📈 (@Josh_Rager) June 7, 2019
Coinbase is implementing support for Ethereum ENS. The technology allows users to connect easy-to-read, human names to their wallet addresses, making it much easier to send and receive crypto.
For example, users can simply tell Coinbase to send crypto to MikeJames.eth’ instead of ‘0x4gdbe58u82403…”
— Ethereum Name Service (@ensdomains) June 7, 2019
Ripple and XRP
The latest episode of The Ripple Drop is out.
The new edition looks at Ripple’s network of banks and financial institutions and how XRP can improve upon the current cross-border payment status quo.
Kraken has expanded its support for Litecoin addresses. The San Francisco-based crypto exchange now supports native SegWit and non-pay to script hash (P2SH) transactions.
Kraken Litecoin (LTC) withdrawals now support all address formats – Bech32 (native SegWit starting with “ltc1”), M (P2SH starting with “M”), and L (non-P2SH starting with “L”). Existing addresses aren’t affected, only new addresses will need to use the new formats.
— Kraken Exchange (@krakenfx) May 31, 2019
EOS and Cardano
Weiss Ratings, a private company that offers market research and analysis on stocks, ETFs, mutual funds and cryptocurrency, says it’s downgrading its technology score for EOS.
The ratings agency says it’s concerned about whether EOS is truly decentralized, and is now looking toward Cardano’s attempt to launch a truly decentralized proof-of-stake blockchain.
EOS DOWNGRADE: #EOS has serious problems with centralization, and their event last week did anything to alleviate that, so we’ve severely downgraded its technology score. It’s now up to #ADA to launch a truly decentralized #PoS #blockchain. No pressure.#crypto #Cardano #BTC
— Weiss Ratings (@WeissRatings) June 7, 2019
Stellar founder Jed McCaleb says the network has officially gained enough support to adopt Protocol 11.
The update is designed to improve network capacity and change the way fees are structured.
Enough validators have armed an upgrade to Stellar Protocol 11 on Monday at 16:00 UTC that it is locked in now! If you run a node or use an SDK, make sure you've upgraded before that happens.
Description of v11:https://t.co/VWJVadZczj
— Jed McCaleb (@JedMcCaleb) June 7, 2019