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From a potential Bitcoin surge to the battle for DApp supremacy, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
Fundstrat co-founder and head of research Tom Lee says he’s watching one key resistance level for Bitcoin. In a new interview on the Binance Podcast, Lee outlines why he believes Bitcoin’s ability to cross $10,000 will trigger an outbreak of FOMO (fear of missing out) that brings Bitcoin well beyond a new all-time high.
“FOMO really occurs when the price achieves a level that’s only happened 3% of the time. So in past cycles, that level was $8.50 in 2011. Today that number is $10,000 because Bitcoin’s prior to today has only traded above $10,000 for 87 days…
So we said once it achieves this level, every institution’s going to realize at $10K it’s likely to go back to its all-time high, which is a double. There are very few things that can double. So I think FOMO really gets triggered once Bitcoin hits $10,000. If you look at half cycles, when you get to that 3% threshold, the typical surge in the next five months is 200-400%. So if Bitcoin somehow manages to get to $10K, it’s very likely going to make a run to $40,000 within five months.”
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Lee says major players on Wall Street will enter the market when they believe Bitcoin’s demise has been greatly exaggerated.
“At the end of the day, Wall Street – if there’s a known asset class and they believe they can have an edge – they’re going to be quite interested in investing in it. Because Wall Street has the ability to marshall a lot of resources to develop either a fundamental edge or trading expertise and make money…
We published a piece that says what’s a way to quantify Wall Street FOMO? And the reason it matters is because when Bitcoin fell 85% last year, Wall Street basically said Bitcoin is broken and it’s going to zero. And they had good reason for that because 80% of stocks that fall 90% never recover. So in their minds, the probability of Bitcoin going to zero was essentially 80% because it had already fallen 85%. But now that Bitcoin is back to $8,000, it’s only traded at this level 5% of the days in its entire history.”
Ethereum, EOS, Tron, Steem
The dollar value of cryptocurrency flowing through decentralized apps (DApps) on the Tron network have surged ahead of EOS.
According to DappReview, $11.6 million worth of TRX moved through DApps on the Tron network in the last 24 hours, compared to $10.9 million worth of EOS on its own network. EOS still had a far greater number of users, however, with 109,400 compared to Tron’s 55,300.
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Meanwhile, 13,400 users spent $5.1 million worth of ETH on Ethereum-based DApps, while 8,000 users spent $7,000 worth of STEEM on STEEM-based DApps.
Ripple and XRP
The crypto wallet company GateHub says customers who have been individually notified by email should move their XRP into a GateHub-hosted wallet immediately.
A few days ago, the company discovered a hacker had accessed several dozen native XRP Ledger wallets and a database holding valid access tokens for customers.
“Altogether we detected 18,473 accounts that were potentially affected as a result of suspicious API calls. From these 18,473 accounts, 5,045 XRP Ledger wallets contained active balances. We promptly notified all GateHub customers who might have been affected through multiple channels, including emails, telephone messages, and calls.”
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Stellar
The crypto exchange Poloniex says it’s distributing hundreds of thousands of Stellar Lumens to customers eligible for Stellar inflation rewards. The exchange says 408,000 have been handed out as of June 5th.
“Stellar has a unique inflationary mechanism that issues new Lumens to existing holders based on a weekly vote.
Lumen holders vote on which addresses the Stellar protocol should distribute inflation to by voting for a specific destination address. 1 Lumen = 1 vote. Any destination address that receives at least .05% of the weekly votes will receive inflation rewards proportionate to the number of votes submitted.”
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Tron
Justin Sun wants your suggestion: Who should he bring to his lunch with Warren Buffett?
The Tron founder made waves earlier this month for bidding $4.57 million at a charity auction to dine with Buffett, a longtime doubter of crypto. Sun has billed the lunch as an opportunity to change the famed investor’s mind about the industry.