Grayscale Releases November Update For Its Investment Products

The best performing product on November 29 was the Grayscale Bitcoin Trust with a day change of 4.52% followed by the Grayscale Ethereum Classic Trust with an increase of 4.18%.

Grayscale Releases November Update

According to data provided by Grayscale on November 29, all their single asset products experienced gains.

The worst performing product was the Grayscale Stellar Lumens Trust that grew just 1.95%, followed by the Grayscale Litecoin Trust with a growth of only 2.67%.

Other products include the Grayscale Bitcoin Cash Trust with an increase of 3.75%, the Grayscale Ethereum Trust, that grew 3.75%, the Grayscale Horizen Trust, expanding 3.36%, the Grayscale XRP Trust, surging 2.73% and the Grayscale Zcash Trust with an appreciation of 3.75%.

A few weeks ago we wrote that back on November 19, 2018, things were looking very bad for cryptocurrencies.

Indeed, every single product provided by Grayscale was experiencing massive losses with the exception of the XRP Investment Trust that registered an increase of 3.2%.

It is worth mentioning that these losses were related to the fact that the crypto market was experiencing a capitulation. After the Bitcoin Cash (BCH) hard fork on November 15, things turned out to be very negative for Bitcoin (BTC) and all other cryptocurrencies in the market.

Grayscale is a market leader in digital currency investing with a wide range of solutions for investors in the crypto space. The company provides investing and crypto asset management for larger and traditional investors.

The solutions provided by the firm allow many interested parties in gaining exposure to this innovative and exciting market.

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Author: Carl T

Bakkt CEO Expected to Be Appointed to Senate, But President Donald Trump Isn’t Too Happy

  • Bakkt is a platform developed by the Intercontinental Exchange.
  • President Donald Trump is wants to appoint U.S. Representative Doug Collins instead.

Kelly Loeffler is the CEO of Bakkt, the institutional Bitcoin futures platform launched by the Intercontinental Exchange. As Georgia Governor Brian Kemp aims to appeal to Republican women, reports indicate that he is expected to appoint Loeffler to a seat in the Senate next week. If she is nominated, Loeffler will make history for the state, becoming only the second woman in Georgia to ever serve with the US Senate. Local news outlet AJC reported on November 29th that it is even possible for Loeffler to finance GOP activities with her own funds alone, which could mean that some fundraising records will be broken.

Working to get the Republican vote in her favor, Loeffler expressed that strengthening the border is a goal of hers, as well as shutting down the trafficking of humans and drugs. Loeffler wants to see healthcare costs lowered for the public, and she has shown the desire to protect the national interests of citizens. In her own statement, Loeffler added,

“If chosen, I will stand with President Trump, Senator David Perdue, and you to Keep America Great.”

Presently, the seat that Loeffler would occupy is possessed by Johnny Isakson, who is facing health problems that are forcing him to step down. Officials from the Republican Party, though unnamed, stated that a public announcement on Loeffler’s appointment is expected from Brian Kemp at an upcoming press conference, planned for next week.

Despite Kemp’s apparent intentions, Trump and other party leaders reportedly are set on appointing U.S. Representative Doug Collins, rather the Loeffler. Collins has strongly supported Trump, as well as anti-abortion efforts and gun rights, which have been many of the deciding factors for Republican leaders getting behind the representative.

Loeffler, as the president and many loyal followers, see her, is too moderate. Though Kemp recently met with both Loeffler and the president last week for approval, he was unsuccessful in his efforts.

Even with this setback, Bakkt recently set a new record for daily volume of their Bitcoin futures contracts at $42.5 million on November 28th.

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Author: Krystle M

Blockchain Card Game to Be Launched by Eidos and Microsoft, Based On 1980s “The Way of the Tiger” Gamebook

  • Blockchain technology has been integrated to other online games as well, including F1 Delta Time and Gods Unchained.
  • The new game will be called Arena of Death.

Blockchain technology is being used in a substantial number of industries, and the gaming sector is revving up to combine this fintech with a retro gamebook. The Way of the Tiger, which was a best-selling gamebook in the 1980s, has earned recent attention from the Fabled Lands gamebook firm. Now, according to reports from Cointelegraph, Microsoft and Eidos are working with the firm to launch a blockchain card game, based on the gamebook.

The press release, which was published on Sunday, December 1st, states that the card game will be based on this best-selling book by Jamie Thomson and Mark Smith. Players will be able to engage in fantasy-based card battles in “Arena of Death,” the new title of this game. Features of the game will include details that were found in the original series.

Thomson, the CEO of Fabled Lands, chose blockchain tech as the basis for the new game because he believes that it provides better means for his goals within his program than what a traditional video game provides.

He commented, “We were going to relaunch the series in to a computer game format but this new technology (blockchain) just made more sense. Imagine playing Magic the Gathering but knowing, if you owned a card, it really does belong to you. Or if we say there are only 100 editions of an item or skill, you know there really are only 100 editions.”

The Vechain blockchain, which has been used in both supply chain management and the management of enterprises, will make it possible for gamers to use non-fungible tokens (NFT). In doing so, ownership of in-game items is easy to track. Thomson noted that the use of this blockchain will allow for in-game items and cards to be created, but “without having to deal with all the crypto stuff.”

There are many companies and games starting to integrate tokenized assets for games. Towards the end of November, F1 Delta Time recently auctioned F1 car-branded NFTs for their series. F1 Delta Time is known for their world-renowned Formula 1 racing series that ethey licensed.

A trading card game, Gods Unchained, is based on Ethereum, and they’ve managed to surpass the volume of CryptoKitties. Their surge past CryptoKitties correlated with a censorship problem with Blizzard, a game developer, leading them to nearly half a million NFT transfers daily.

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Author: Krystle M

$8,000 Cancelled? Bitcoin’s Next Target is $6,300 Following the Worst Month of 2019

  • November was Bitcoin’s worst month of 2019
  • As long as the BTC price stays below $8,300, the next target is $6,000
  • Anything between $10 trillion to $100 trillion is fair game – Analyst Willy Woo
  • November was the worst month for Bitcoin in the past 11 months.

Last month, Bitcoin recorded the highest losses of more than 20% despite seeing gains towards the end of the month.

Bitcoin started the year on a red note as January was a red month for the world’s leading cryptocurrency but only with a small percentage of loss that was followed by five consecutive months of green candle. This was when BTC topped at $13,900 and Bitcoin experienced three more months of red candles. October provided us with relief but November wiped out all those gains.

Now, December has started on a red note.

Bitcoin today went down to as low as $7,233 and has been trading around $7,300 at the time of writing, as per Coincodex while managing the daily trading volume of just $302 million.

$6,300 Incoming?

In Thanksgiving day after pump, Bitcoin jumped to $7,800 level but as the market feared this has been only short-lived and we are back around $7,000 level.

Crypto trader with the moniker CryptoBirb says for bullish divergence Bitcoin must reclaim $7,960 to swing to $9,100 level. The early signal for that would be the 3-day close above MA 100 and anything below this means $5,400.

For now, trader Crypto ISO doesn’t see $8,000 coming.

Meanwhile TraderSZ’s plan for BTC as long as it stays below $8,300 is $6,000.

Crypto investor and trader Nebraskan Gooner also points out that the all-knowing fractal that predicted Bitcoin’s drop to $6,600 and then to about $8,000 in the past few days is now calling out a drop of over 13% from current BTC price level.

“The all knowing fractal says the top is likely in for now. Trend line breakdown retest looks completed. $6,300 incoming?” notes Gooner.

Anything between $10 trillion to $100 trillion is fair game

These fluctuations in price isn’t anything new for the cryptocurrency market, actually as Nigel Green of deVere Group says it is no different than the volatility prevalent in other markets.

“There are peaks and troughs in all financial markets; the cryptocurrency market is not — and should not be — any different,” said Green.

On a bullish note, on-chain analyst Willy Woo says Bitcoin has a long way to go to discover its price ceiling.

“Anything between a (market cap) of $10 trillion to $100 trillion is fair game,” Woo said.

Currently, the flagship cryptocurrency has a market capitalization of just about $134 billion and has scope for growth of 100x to 1,000x.

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Author: AnTy

If 1 Billion XRP Unlocked from Ripple Escrow Wallet Pushes Price Lower, it would be “Catastrophic”

  • $225,092,030 USD cost only 0.05 XRP or $0.011on XRP Ledger
  • XRP Price on “thin ice”
  • Yes, it’s that time of the month again.

Ripple has released 1 billion XRP worth $225,092,030 USD from its escrow wallet. This transaction on the XRP Ledger cost only 0.05 XRP that is just $0.011 as fees.

55% of the total XRP supply, 55 billion XRP are locked in the escrow account of the company that is based on the XRP Ledger. Ripple clarifies:

“The escrow consists of independent on ledger escrows that release a total of one billion XRP each month over the next 55 months. This provides an upper limit on the amount of new XRP that can be brought into circulation,” clarifies Ripple.

This transaction has renewed the XRP community’s fear of the digital asset’s price.

However, in its Q3 2019 market report, while tackling the dumping allegations, Ripple said the large movements of XRP that are the basis of “dumping’ allegations are the transfers between Ripple treasury and escrow management accounts. These transfers he said doesn’t entail Ripple distributing XRP.

Ripple CEO Brad Garlingouse also said that Ripple can’t control the digital asset’s price any more than the whale can control the price of BTC. Also, the company has decreased its XRP sales by volume quarter on quarter, pushing its inflation rate lower than that of Bitcoin and Ether.

XRP Price on “Thin Ice”

The third-largest cryptocurrency recently dropped $0.20 level which was not only the lowest price recorded by XRP but also a level last seen in October 2017.

Among the top cryptocurrencies, in November XRP was also the biggest loser with over 25% drop in value. The digital currency is still down 93.45% from its all-time high of $3.40.

According to crypto analyst Magic Poop Cannon, XRP can very well crash another 85% from its current trading level $0.22, to $0.03. That situation would arise if Bitcoin falls to the 1,000 range.

In his detailed analysis, Magic explains that he could be wrong because of the similarities between the current XRP price chart and that of late 2016 and early 2017 which suggests it “may be just at the point of launch.”

Also, with rising support level for momentum showing sell-side pressure falling over time, a bullish picture can be seen in the digital asset’s near future.

XRP, Magic says on “thin ice” and if price deviates to the downside, he says it could be “catastrophic” for its price. If the price begins to fall, a lot of investors will make an exit and breaking down below $0.195 level means greater chances of XRP testing $0.15.

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Author: AnTy

Thanksgiving Brings New ATH Record for XRP Transactions

  • The increase in transactions has led to substantial speculation that the volume is based on market manipulation.
  • XRP has lost over 2% of its value in the last 24 hours.

The XRP community has a lot to be thankful for at this time of year. Recent reports from AMB Crypto indicate that XRP transactions are increasing, following a surge that just was recorded last week. Now, XRPL transactions have reached yet another all-time high, reaching 4.52 billion on Thursday.

Nik Bougalis, the Software Engineer at Ripple, stated, “That works out to an average sustained rate of 55 tps for 24 hours. Pretty cool.”

The XRP Chart website revealed that the most recent ATH, recorded on November 23rd, came just a day after the whole market fell below $200 billion by market cap. XRP was the most transacted cryptocurrency recorded that day, as Bitcoin and Ethereum followed. Based on this data, Ethereum stood at 631,000 transactions, while Bitcoin only recorded 306,000.

At the start of the year, the XRP transactions were still less than 600,000, prior to the major traction that the crypto asset gained in October. However, considering that the creation of new XRPL accounts didn’t follow this pattern, investors are left with nothing more than confusion and guessing.

Through the month, there’s been a lot of speculations. While some say that much of this volume came from the network’s BTC IOU testing, others are suspicious that market manipulation is taking place. Thomas Silkjær recently tweeted about the surge in transactions, stating that XRPL was capable of handling about 90 transactions each section, even though it was “under attack” by payments that were just burning fees.

GreenEggsnHam, another big member in the crypto community for XRP, posted to Twitter as well, stating that he thought this activity was nothing more than “another manipulation attempt.”

Based on the most recent discoveries by Elliptic, there’s been $400 million in XRP that have been connected with illegal transactions. Overall, those transactions account for under 0.2% of all XRP transactions, which suggests that the transactions are real, rather than padding for the volumes. Elliptic is a blockchain forensics provider from London.

At the time of writing, XRP is the #3 cryptocurrency by market cap, valued at $0.225201. It has lost 2.58% of its value in the last 24 hours.

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Author: Krystle M

Research by Bitmex Reveals That Bitcoin Decentralization Is Due to Scalability Improvement

A recent study by BitMex shows that software improvements have made it easy for Bitcoin node synchronization. The study calculated Bitcoin Core’s Initial Block Download times of software released between 2012 and 2019. These are the number of times required to download and verify the blockchain. The comprehensive report on the study was published on November 29.

According to the report, it was impossible to synchronize using the older Bitcoin Core software version. The improvements in the newest version of the software have made it easy to operationalize the network.

Bitcoin Core software versions before 0.8.6 could not synchronize in the period between 2015 and 2016. When the research team tried to run older versions of the software in significantly powerful hardware, they were not operational. They run Bitcoin Core 0.7.0 in a new machine with 8 intel i9 processor and a 64GB RAM, but the node still could not synchronize past the year 2016.

“Were it not for the software enhancement, Bitcoin would be dead by now due to the inability of older versions to synchronize and the significant reduction in IBD times,” the team reported.

The major improvement was on speed after developers of version 0.12.0 employed a signature verification library for Bitcoin instead of using the standard one. However, this version could not support Segregated witness (SegWit) and therefore failed to validate signatures for such transactions, further leading to a cut on sync times.

When Bitcoin Core version o.14.0 was launched, speed and sync times significantly increased due to the scalability improvements. It was after this particular node version that Bitcoin network popularity began to grow faster than scalability updates made to the software. This imbalance resulted in longer synchronization times. The research team came to the conclusion that the blockchain is growing faster than the technological innovations can keep up with and that there is a possibility of IBD times increasing.

Bitcoin developers are focused on decentralization and keeping requisite hardware specifications necessary to run Bitcoin Core software seamlessly. They have maintained a block weigh limit of 4MB with SegWit and a block time of 10 min in order to lower requirements and check the blockchain’s growth.

The blockchain currently has a size of 293.37GB, with 1MB as the average block size. According to Bitnodes, a monitoring resource, Bitcoin Blockchain has more than 9.5 thousand nodes around the world.

Bitcoin Core version 0.19.0.1 is the latest software update, and it supports Segregated Witness transactions using Bech32, further improving on scalability.

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Author: Denis Miriti