[the_ad id=”36860″]
From a warning about Bitcoin’s 2019 rally to new support for Stellar Lumens, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
A prominent crypto analyst warns the 2019 Bitcoin rally is an “exchange driven pump” that’s due for a significant pullback. According to Willy Woo, Bitcoin’s Network Value to Transactions (NVT) ratio is now way out of whack.
“Presently the market price of BTC has outstripped organic investor flow unseen since the bull market mania phases of 2013 and 2017. Never before have we seen such a divergence so early in the bull market.”
The NVT ratio measures the utility value of Bitcoin according to the number of transactions on the network relative to the price. Because on-chain investor volumes are in the normal range, Woo says the only explanation is “a quant fund driven short squeeze devoid of any true investor volume.”
[the_ad id=”36860″]
Whales can short squeeze a majority-short market by buying it up until the shorts are liquidated, forcing a torrent of buys that inflate the price, Woo explains.
“If you have sufficient capital. You can keep buying to liquidate the bears. It’s extremely profitable. You only stop when it’s no longer profitable. At the $8k-9k mark the market switched from short to majority long. This put a cap on the profitability of short squeezing.
“I’m awaiting this exchange driven pump to blow off, a proper retrace, and only then do I think real investor flows will come in and drive the true organic bull market.”
Ethereum
Ernst & Young’s global blockchain leader, Paul Brody, says blockchain is poised to trigger a fundamental transformation of how enterprises do business.
[the_ad id=”36860″]
The accounting and consulting giant EY is building on Ethereum, and Brody says use cases for audits and supply chain management are some early examples of prime use cases for the technology.
“What I hope you’ll take away from this today is that blockchain is maturing. We have real products, real customers, real use cases, real value creation, stuff that’s in operations, and we also have a road map for where things can and should go in the future and how this can have an ever-bigger impact…
Blockchains we think are going to be the future way in which companies model and manage their business processes and, in particular, we can basically model any process between two enterprises or two agencies or two governments as a combination of tokens to represent assets and items of value and contract.”
Ripple and XRP
A presentation from Ripple’s chief technology officer David Schwartz is now online. At the We Are Developers in Berlin, Schwartz talks about the future of blockchain beyond the hype.
Litecoin
The Litecoin Foundation’s unique methods for raising funds to support the LTC ecosystem continue.
The Foundation has started to ship custom Litecoin cufflinks and tie bars, with a signed certificate of authenticity from LTC creator Charlie Lee.
Our Limited Edition sterling silver Litecoin cufflinks, tie bar & certificate signed by @SatoshiLite are starting to ship out! ⚡️🎁
Get yours before they're gone!: https://t.co/F1RbZ60kpY … … … #FathersDay #LitecoinFam pic.twitter.com/62327PbV2Z
— Litecoin Foundation (@LTCFoundation) June 6, 2019
[the_ad id=”36860″]
Stellar
Crypto.com has added Stellar Lumens (XLM) to its Wallet & Card app.
Users of the app can now purchase XLM at true cost with no fees, with both credit cards and bank transfers supported. People can also use XLM with Crypto.com’s MCO Visa Card, making it easier to convert Stellar’s token into fiat for purchases from everyday merchants.
Tron
Tron’s latest report on the network’s decentralized app ecosystem is out.
According to the report, four new gaming DApps launched on the network this week, along with a decentralized exchange called SunDex.
