Bitcoin is rising despite the bad news View in browser

"Bitcoin has been in a Bull Market since inception” ~ Tuur Demeester

Market State

The cryptocurrency market performed extremely well last week. Bitcoin has been gaining $100 every hour. It reached as high as $8265. Currently Bitcoin is trading at around $8100.  Altcoins have waited a little before they followed Bitcoin. Massive amount of money flowed into the crypto market. The overall crypto market is over $239 billion. It gained $51 billion since last week. Bitcoin’s market dominance reached 60% during the last week which was the level we haven’t seen since December 2017.  

Bitcoin was rising despite the bad news, including Tether reserves not covered fully, Binance $41 million hack, Warren Buffet calling Bitcoin a gambling device and U.S. Congressman Brad Sherman urged Congress to pass a law that would ban Americans from purchasing cryptocurrencies. Massive influx of money came to the market maybe in anticipation of a big announcement such as Fidelity offering crypto trading service. Big institutional players are getting into the crypto space. A recent Fidelity survey showed that out of 441 institutional investors 47% think digital assets should have a place in their portfolio.

Check the latest Bitcoin Price
Quiz of the week

How much is one Satoshi worth?

  1. 0.0001 BTC
  2. 0.00000001 BTC
  3. 0.01 BTC

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

Top stories of the week
Inlock, Peer-to-Peer Lending Platform is Live

The crypto backed lending platform developed by INLOCK launched its live operation on 7th of May, 2019. Founded by the Hungarian top cryptocurrency expert, Csaba Csabai, the peer-to-peer lending platform allows cryptocurrency hodlers to access the purchasing power of their digital assets without selling them. This way crypto investors can unlock liquidity of their digital assets and receive their cryptocurrencies back once they pay back their loan. The other side consists of those crypto investors who would like to earn fixed interest income without price volatility. Customers need to deposit a stablecoin (USDC or INLOCK token) on the platform to become a lender. You can purchase the required USDC stablecoin or INLOCK token at MrCoin if you would like to try out the alternative form of investment offered by INLOCK.

Binance Exchange Was Hacked For 7000 Bitcoins

Crypto exchange Binance has been hacked, which resulted in the theft of 7000 Bitcoins, worth roughly about $41 million. The amount was stolen from the exchange’s hot wallets which contain approximately 2% of Binance’s total Bitcoin holding. As described by Binance’s CEO, hackers used both users’ side and Binance’s side to infiltrate the exchange, such as phishing attacks and viruses to get hold of information. Hackers were patient, they waited until they gained access to high net worth accounts and then withdrew in one big transaction. Binance immediately disabled all the withdrawals and deposits and encouraged users to reset their credentials. Binance has covered users fund using its Secure Asset Fund for Users  (SAFU), an emergency fund established in 2018 to protect users from security failures.

Facebook Eases Restrictions On Cryptocurrency Ad Ban

A year ago Facebook banned any ads that promoted cryptocurrency products and services. Only pre-approved advertisers could run crypto related ads. Last week Facebook announced that it’s easing the ban on blockchain and cryptocurrency ads. Ads related to blockchain technology, industry news, education or crypto events will no longer require prior written approval while ads that promote individual cryptocurrency, crypto exchanges and crypto mining hardware and services will still be required to get permission. Facebook continues to ban ads for token sales or initial coin offerings (ICOs). Crypto community deems that easing crypto ad policy was in preparation for Facebook’s own stablecoin that will be pegged to USD dollar. Facebook is seeking to raise $1 billion for its crypto payment project Libra and already in talks with Visa and MasterCard.

Fidelity Soon To Offer Cryptocurrency Trading

Fidelity Investments announced that it would start offering Bitcoin trading within the next few weeks. The asset management firm launched a custody service to hold Bitcoin for its customers earlier this year. Now they will buy and sell crypto for their institutional clients. The clients will be able to trade Bitcoin at first but other digital assets are likely to follow. Other brokerage firms E*Trade and Robinhood have got into crypto industry way before Fidelity. While  E*Trade and Robinhood offer their services to retail investors, Fidelity goes after institutional clients. According to a recent study, Fidelity revealed that out of 441 institutional investors 47% think digital assets are worth investing in. The survey also found that 46% of respondents like the low correlation between cryptocurrencies and other asset classes.

Bitcoin Full Node On HTC Smart Phone

Taiwanese smartphone manufacturer announced at the Magical Crypto Conference in New York that their new smartphone, EXODUS 1S and its preceder EXODUS 1 would run a Bitcoin full node. This means users will be able store the entire Bitcoin blockchain history on their mobiles and will be able to verify transactions. HTC plans to launch the phone by the end of Q3. The new smartphone will be a lot cheaper than its previous model, EXODUS 1 which costs $699. EXODUS 1S is expected to range between $250-$300 and will be more accessible. Users will have an extra SD card and will use a pruned version of the Bitcoin blockchain, which will help syncing faster. Pruned version of a blockchain refers to deleting older blocks and only downloading the latest blocks.

BCH Is Getting Schnorr Signatures Before BTC

A big upgrade is coming to Bitcoin Cash on 15th of May, 2019. Bitcoin Cash upgrades every 6 months. The upcoming upgrade is incorporating Schnorr Signatures into BCH. Schnorr Signatures have significant advantages on three key areas. The first advantage is better privacy. Schnorr Signatures aggregate signatures of transactions and sign the whole block with one signature. This makes our addresses hidden and gives better privacy. The second and third advantages are faster transactions and lower fees. Schnorr Signatures are smaller than individual signatures which means transaction sizes are smaller. Small transactions enable faster and higher number of transactions. Since transaction fees are proportionate to transaction sizes, small transactions will result cheaper transactions.

Tweet of the week
Meme of the week
Crypto word of the week

Full nodes store every transaction that ever took place and download and verify new blocks from other nodes to complete their own local copies of the blockchain. Mining a Bitcoin and running a full node are two different things. Nodes are like servers of blockchains. They communicate with each other and propagate transactions and blocks.

Quiz answer

How much is one Satoshi worth?

The correct answer is “B”.

One Satoshi equals hundred millionth of a single Bitcoin. 1 Satoshi = 0.00000001 BTC

Thank you for reading :) 

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