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Charlie Lee’s Twitter statement causes NANO prices to hike

Prajit Mukherji

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Charlie Lee’s interest causes NANO prices to hike
Source: TradingView

In a recent post on Twitter, founder of LTC Charlie Lee says,

I took a look at NANO currency recently. Pretty neat. Every account has it’s own blockchain. It focuses on fast and free transactions for payments. Uses PoS for double spend protection and PoW to fight spam. The challenge is to keep it decentralized.
Disclaimer: I own some NANO”

Charlie Lee, the creator of the 5th most valuable cryptocurrency LTC is intrigued and has invested in the 18th most valuable cryptocurrency, NANO.

There was a hike in the exchange rate of 14.87% after Charlie Lee tweeted about NANO.

It’s controversial as they are competitors in the fast-growing currency market, or maybe this is a pseudo-endorsement for NANO to bring in investor interest.

Previously known as RaiBlocks, NANO has been in the headlines ever since they re-branded in early February this year. But sadly, few days after the re-branding from RaiBlocks to NANO, $150 million worth of NANO was stolen from BitGrail, an Italian cryptocurrency exchange.

In reality, Charlie is trying to build an effective peer-to-peer electronic cash system that is efficient, fast and secure and can streamline all major transaction in one singular platform.

So far he has publicly shown his support in project Decred, an autonomous digital currency. It is a positive thing for knowledgeable and influential members of the community to shed light on quality projects like these.

LTC is one of the big percentage holders in the cryptocurrency market, but Charlie Lee publicly endorsing NANO for the first time has quickly grabbed the attention of many and is turning it to be a big buzz in the cryptocurrency market.

Charlie’s interest is probably not in the exchange rate or price of LTC in USD, he cares about the volume, adoption and the potential impact it might have in the near future.

NANO accounts have their own blockchain technology but in reality, it serves no purpose. It is also centralized as it lacks diversity in its representation, but Nano’s block lattice structure is pretty amazing, probably being the reason Charlie’s interest. 

Every NANO account has its own blockchain, controlled by the accounts’ private key. This key can be used to replicate each block to all its peers. Having individual blockchain for each NANO wallet minimizes slowing down of the network.

Peter Thiel, an American entrepreneur stated that



“it was immoral to invest in a new company and treat it as a lottery ticket.”

NANO is getting really popular on social media, but the crypto community is also focusing on real-world adoption with merchants to verify the potential for the streamlined and zero-fee solution to serve as digital cash.

Prashant Patil an Indian cryptocurrency fanatic from Aurangabad says,

“NANO reminds me of the cheapest Indian car, Nano. Nothing cheap about the crypto Nano though, waiting for it go to the mooooon!! Could easily be in the top 5 soon”





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Prajit has graduated from St. Xavier's Kolkata, his interests in blockchain and cryptocurrencies have led him to work with AMBCrypto as a News reporter.

Bitcoin

Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%

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Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.



Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”





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