Large enterprises now understand the power of blockchain technology. View in browser

’You can’t buy Bitcoin’ – is how banks promote Bitcoin.” ~ Saifedean Ammous, economist and author of ‘The Bitcoin Standard’ book

Market State

The crypto market kept steadily increasing during the last week. Bitcoin jumped from $5300 to $5930. With the rise in price Bitcoin market cap has went over $100 billion for the first time since the 15th of November 2018. Bitcoin dominance is 55.7%, the highest level since September 2018. Ethereum rose 11% to $176. ETH 2.0, Ethereum’s transition to Proof of Stake will be finalized by the 30th of June. CEO of Tesla, Elon Musk tweeted a single word: “Ethereum” last week. In response to the tweet co-founder of Ethereum, Vitalik Buterin invited him to Ethereum’s annual conference Devcon5 in October.    

The overall market gained 11% to $187.7 billion. The crypto market didn’t collapse after Tether and Bitfinex news. Tether's circulating supply is not fully backed, only 74% of it is actually backed by USD. Bitfinex is launching its own cryptocurrency via a token sale to bring new money and pay back borrowed reserves from Tether. There have been number of announcements from large enterprises partnering up on blockchain projects in the first quarter of 2019. More and more large enterprises now understand the power of blockchain technology.

Check the latest Bitcoin Price
Quiz of the week

What is the unit that powers the Ethereum Virtual Machine (EVM)?

  1. Ether
  2. Gas
  3. Gwei

Scroll down to see the answer at the end of the newsletter.

Top stories of the week
Facebook to Launch Cryptocurrency Payments Service

The Wall Street Journal reported last week that Facebook is creating its own cryptocurrency based payment network, under the internal name Project Libra. The yet to be launched cryptocurrency will be a stablecoin backed by fiat currency. Facebook is looking to raise $1 billion in collateral for the stablecoin reserves. Also, Facebook is seeking partnerships with MasterCard and Visa and started discussions with financial services firm First Data Corp. The planned stablecoin aims to eliminate credit card fees and avoid volatility of cryptocurrencies. Facebook is also considering to tie its stablecoin with Facebook ads engine and reward users for viewing ads.

Microsoft and JPMorgan Team Up on Blockchain Project

JPMorgan and Microsoft have teamed up to promote the Quorum blockchain-technology. Quorum is the private version of Ethereum blockchain that runs on Microsoft Azure, cloud platform. Microsoft Azure is the second largest cloud service for enterprises, after Amazon Web Services. The Quorum will be used to support the JPMCoin transfers and Microsoft Xbox Live royalty program, as well as the interbank information network. The two companies have signed a memorandum of understanding to accelerate the adoption of blockchain technology among large enterprises. The partnership will make it easier for developers and enterprises, such as Starbucks and Louis Vuitton, to build applications and securely share data on the Quorum blockchain.

Bitfinex Plans To Raise $1 Billion In Token Sale

Hong Kong based crypto exchange Bitfinex is preparing to launch its own token, similar to Binance’s BNB, with the expectation to raise up to $1 billion. iFinex, the parent company of Bitfinex and Tether, is currently being sued by the New York Attorney General’s office for allegedly losing $850 million in customer funds after placing them with an unregulated payment processor, Crypto Capital. Bitfinex secretly covered up the loss with $900 million loan from Tether reserves. Currently only 74% of Tether’s circulating supply is backed by US dollars. According to Zhao Dong, Bitfinex shareholder, the raised funds will help overcome the crisis. 1 billion Bitfinex tokens will be issued by Unus Sed Leo Limited, a new company owned by iFinex. The new token will be called LEO, and each of them will be worth 1 USDT.

IOTA Partners With Jaguar Land Rover

The UK’s largest car manufacturer, Jaguar Land Rover is partnering with IOTA Foundation. The purpose of the partnership is to achieve zero accidents, zero congestion and zero emissions. Jaguar Land Rover will enable car drivers to earn IOTA for sharing data on road conditions and traffic. Smart wallets will be installed in Jaguar automobiles that can be used for coffee, tolls, parking fees and recharging, if you have an electric car. Jaguar cars will be equipped with IOT (Internet of Things) sensors, that will provide data to Tangle, the technology behind IOTA distributed ledger. The data will be then used to warn other drivers about traffic congestion, potholes and signal any infrastructure problems to local authorities. The price of IOTA jumped 20% following the news last Monday.

CoinMarketCap Issues Ultimatum to Crypto Exchange Operators

CoinMarketCap has launched a new initiative to make crypto exchange price data and trading volume more transparent. Last month Bitwise Asset Management firm reported that 95% of trading volume is fake. In response to Bitwise’s report and in occasion of its 6th birthday, CoinMarketCap is forming an alliance with major exchanges to promote greater transparency and accountability. Members of the alliance will meet biannually to improve current transparency issues. CoinMarketCap will remove exchanges from its website if they don’t provide live trading data before the 14th of June. A number of major exchanges, including Binance, Bittrex, OKEx, Huobi have already joined the alliance. CoinMarketCap has also launched its own block explorers for the Bitcoin and Ethereum (including all ERC20 tokens) blockchains.

Microsoft Outlook Hackers Are Stealing Cryptocurrencies From Victims

Earlier in April Microsoft Outlook emails have been compromised. Hackers managed to steal login credentials from Microsoft customer support workers. This allowed hackers to gain access to Outlook, MSN and Hotmail accounts. Hackers then reset users’ crypto exchange passwords and withdraw funds. One of the victims, Dutch engineer Jevon Ritmeester, claimed that he had his Kraken account compromised as a result of the hack and lost one Bitcoin. Other users have claimed they have suffered similar losses. Back then Microsoft claimed that hackers couldn’t have access to email contents only to email subjects and metadata, which was proven inaccurate. Since Microsoft didn’t take the hack seriously users have experienced losses. Jevon plans to file a police report and hold Microsoft accountable for his loss and leak of personal data.

Tweet of the week
Meme of the week

Bitcoin doesn't care

FUD: Fear, uncertainty and doubt

Crypto word of the week

Double spending is the risk that a digital currency can be spent twice. Since cryptocurrencies are electronic files it can be easy to multiply them and make endless copies of them. Bitcoin is the first cryptocurrency that avoided this problem by using blockchain technology where nodes make sure that each transaction hasn't been spent before.

Quiz answer

What is the unit that powers the Ethereum Virtual Machine (EVM)?

The correct answer is “B”.

Every transaction that takes place on the Ethereum network requires a fee, aka fuel for the computing power that is needed to execute certain operations in the EVM. The fee is paid in the form of Gas. Simple Ether transactions usually cost about 21000 Gas. The more complex the transaction, the more gas it requires to execute it. The price of Gas is paid in Ether. You can always check the current Gas price at ETH Gas Station.  

Thank you for reading :) 

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