The crypto market is looking forward to the next price surge. View in browser

That’s a kind of developer momentum that makes me believe that, imperfect or not, unless they really screw it up, Ethereum is the choice.” ~ Paul Brody, global innovation leader for EY

Market State

The overall sentiment around cryptocurrency has been positive during the month of April. Bitcoin mining is profitable once again according to Alex Krüger, an economist and a global markets analyst. Most crypto enthusiasts believe that we have seen the bottom of the market and are confident in the long-term growth of the cryptocurrency. The awareness towards the cryptocurrency is greater than ever and the market is looking forward to the next price surge.

Compared to last week the total market capitalization gained $11.7 billion. Bitcoin is up by about 9% to $5556 and Ether rose by 7% to $175. Binance Coin was the top performer of the week, it has became the second coin to achieve its all time high of 2017 following the launch of its own blockchain Binance Chain.  If you own Binance Coin on Ethereum blockchain you can swap it to Binance mainnet token starting from 23rd of April. BNB coins kept on Binance exchange will be automatically converted to the native Binance coins. According to Binance Research this will be the second largest mainnet swap in crypto history after EOS.

Check the latest Bitcoin Price
Quiz of the week

Which one of these statements is false?

  1. Coins have their own blockchain and can be earned for mining
  2. Tokens don’t have their own blockchain, they are created on top of existing blockchains
  3. Tokens have their own blockchain and can be used for securing the network

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

Top stories of the week
Ernst & Young Adopts Ethereum

Ernst & Young (EY), one of the big four accounting firms, has announced a new blockchain product on top of Ethereum blockchain. The product is called Nightfall which allows users to make private transactions using Zero-Knowledge proofs to encrypt data. Nightfall has been created by over 200 blockchain developers for a year and will be released in May 2019. EY is not only open sourcing the code of Nightfall, it is also putting the code into the public domain. Nightfall will enable to track tokenized items and allow companies to provide full traceability and transaction history to auditors and regulators without revealing transaction content. Partners, such as Microsoft and supermarket Carrefour are already testing Nightfall out. Microsoft is using it for tracking software licences for Xbox video games. Carrefour is using Nightfall for tracking food items.

Major Crypto Exchanges Have Delisted BSV

Craig Wright, the creator of Bitcoin SV (Satoshi Vision) and self-proclaimed Satoshi Nakamoto has been threatening to sue individuals who publicly claimed that he is a fraud and not the creator of Bitcoin. Many have called Craig Wright a fraud, including Changpeng Zhao, Binance CEO, who said that the real Satoshi can digitally sign any message to prove it and doing it would be so simple. Craig Wright had already sent legal notices to an anonymous twitter user Hodlonaut, the “What Bitcoin Did” podcast host Peter McCormack, Blockstream CEO Adam Back and Ethereum co-founder Vitalik Buterin. As a result, a number of exchanges such as Binance, Kraken and Shapeshift have delisted Bitcoin SV, which caused the value of Bitcoin SV to crash by 30% last week.

A Global Hunt for $1 Million Bitcoin

A treasure hunt game called “Satoshi’s Treasure”, which has hidden the keys to $1 million worth of Bitcoin, has launched last week. A cryptic message was broadcasted via Blockstream satellite and challenged Bitcoin community to solve a series of puzzles. The keys to a Bitcoin wallet were divided into 1000 pieces and the players must find minimum 400 keys to access the fund. Clues are released periodically on the game’s official website or via its newsletter. The first three clues hid QR codes in different locations such as Peking, Tokyo, Seoul, Uganda, Sydney, London, New York, Boston etc. But one player has claimed to solve them by hacking it and tweeted about how he did it. The fourth clue was released on Sunday. The game has no rules and requires participants to collaborate. More than 40000 players have signed up to the newsletter of the game to receive clues.

Bitcoin In Heavy Accumulation, Report by Adamant Capital

Adamant Capital, one of the oldest crypto funds, released their third report titled “Bitcoin in heavy accumulation.” The new report was read by more than 7,000 investors worldwide within 24 hours of release. Adamant Capital has published similar reports in 2012 and 2015 when Bitcoin was down more than 80% from its all-time high. Back then people thought Bitcoin would never recover to its old times high, let alone there would be another bull-run. However Adamant was correct with their previous reports as the price of Bitcoin reached new all time highs in 2013 and 2017. The new report claims that Bitcoin is now undervalued and is in the accumulation phase. Adamant expects Bitcoin to trade in the range of of $3,000 to $6,500, until the next bull market. Overall the report is positive about Bitcoin’s future and concluded that Bitcoin is currently the most favorable of any liquid investment in the world.

UK’s Biggest Travel Company Now Accepts Bitcoin

Corporate Traveller, the largest travel management firm in the UK has recently partnered up with BitPay blockchain payment processor in order to accept crypto payments. The company stated that it added support for crypto in response to an increasing demand from its customers to pay in Bitcoin for travel bookings. Customers can now pay for their business travel bookings using Bitcoin and Bitcoin Cash. Corporate Traveller doesn’t have to deal with price volatility as the cryptocurrencies will be converted directly to British Pounds. Corporate Traveller also notes that compared to the high cost of credit cards, which is usually 3%, BitPay charges only 1% fee to process crypto payments. This news is an indicator of a larger trend toward crypto merchant adoption.

Binance Launched Its Own Blockchain

Binance has launched its own blockchain, which will open to the public on 23rd of April. All Binance Coins (BNB) which were previously launched on Ethereum, will be migrated to its own blockchain. Like Ethereum’s ERC-20 token standard, Binance has its own token standard,  called BEP-2. Users can create a new token on Binance Chain just like they can do on Ethereum, except Binance Chain is not as programmable as Ethereum. Crypto enthusiasts say that Binance is taking a huge part of Ethereum’s use case which is crowdfunding in the form of ICOs. Now that Binance Chain is live, crowdfunding might migrate from Ethereum to Binance. Binance Chain also hosts Binance’s decentralized exchange. However Binance Chain has only eleven validators, which are owned by Binance, thus Binance DEX is semi-decentralized.

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

Zero-Knowledge Proof (ZKP) is cryptographic technique that enables to share information without actually revealing how you know the content. Let’s suppose you left your pin locked phone in a restaurant. In order to get your phone back you need to prove to a waitress that the phone is yours by unlocking it. Obviously you won’t give your pin code to the waitress. When you unlock your phone the waitress will know you’re not lying and the phone actually belongs to you. Currently ZKP is used by ZCash, Monero, and PIVX.

Quiz answer

Which one of these statements is false?

The correct answer is “C”.

Tokens are created on top of another blockchain using smart contract. The most common platform for creating tokens is Ethereum, where ERC-20 is the most popular token standard. There are other blockchains that host tokens too, such as Binance Chain, EOS and Stellar.

Thank you for reading :) 

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