The Weekly Summary segment is a look at the major news to break out for every token. It also includes other technology and regulatory decisions related news from around the world which made a difference this past week.
- Bitcoin started the week on a high with a 14% spike in value after news from Japan stated that the Mt. Gox trustee claimed that his selling of Bitcoins didn’t affect the price.
- Darknet market vendors or called DNM vendors might have a lot of Bitcoins but with the growing regulatory concerns, cashing them out could be an issue.
- The Chief Executive of Twitter said that Bitcoin could take over the Dollar in importance very soon.
- Bitcoin’s blockchain allegedly appears to be filled with illicit content like child pornography
- The recent hack in the city of Atlanta has hackers demand exchange ransom of $51,000 worth Bitcoins.
- The week started out on a low note for ETH with prices hitting a low of $450 before coming back up again. Allegedly ICOs started dumping ETH and major tokens like EOS was blamed for the fiasco too.
- Ethereum generally considered as the “lesser” volatile crypto was still one of the biggest losers the past week despite the market being green till yesterday.
- Ripple [XRP] got listed on BitBay
- The Ripple team explained liquidy solutions through xRapid
- Cory Johnson, Ripple’s new Chief Market Strategist joins them from Bloomberg and markets were excited that day.
- Ripple’s team announced the updated of the new Rippled version which is meant to fix external security issues and bugs.
- In a move to hit the Chinese markets, Ripple announced their new cross-border payment solution using xCurrent.
- They announced a new bug bounty hunter program.
- The biggest news that hit the market was the Santander UK and Ripple partnership for the launch of a new app.
- AbraGlobal decided to use the Litecoin network over others.
- The iOS update for Loaf Wallet and the new updates related to making international transfers easier were released by the Litecoin team.
Stellar Lumens [XLM]:
- Markets reacted positively on March 20th after Stellar announced that they would be adopting the Lightning Network
- Jed McCaleb talked about how Stellar Lumens could change the way the global payment systems work currently.
- Stellar welcomed Kin Foundation a partnership the community believes will help change things for the better in the future.
- Justin Sun announced the launch of the Test Net countdown timer – the most anticipated update by the community.
- TRON [TRX] got listed on the OTCBTC exchange platform.
- Justin Sun and Ari Paul announced their support for Rick and Morty season 4.
- With Test Net launch just a week away, TRON added another person to their tech team to strengthen its process.
- Tron surged by more than 60% in anticipation of the Test Net which is set to remove the Ethereum dependancy.
Technology News this past week:
- Earlier this week, fake emails imitating PayPal had spooked users – it sent out a “warning” notice against using Bitcoins.
- IBM announced a new alarm technology to warn users against hacks.
- Google becomes the latest entrant who wants to try out blockchain technology for various purposes.
- Yahoo Japan could possibly start a new cryptocurrency exchange.
- CZ confirmed the FSA notice on Binance but reiterated that users didn’t have to worry.
- Snapchat banned ICO ads following Facebook, Google and Twitter.
- US President, Donald Trump banned the trade of the Venezuelan digital cryptocurrency trade in the US.
- Circle revealed their plans to expand their offerings to improve Poloniex.
Other Noticeable mentions this past week:
- NANO updates aim to improve their reach in the market.
- NEM [XEM] was available to trade on Binance with a Bitcoin, Ethereum or a BNB pairing.
- QTUM went berserk earlier this week with a 55% gain.
- Monero [XMR]’s new mining algorithm was released.
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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