Crypto roundup 14th June. Litecoin hits mainstream financial news!!
It's a mixed bag in #crypto today as the market is up and down across the top ten coins. Market cap sitting at just under $262.5B. #Bitcoin (#BTC) is at just over $8223, after a modest 1.5% growth in the last 24 hours.
#Litecoin has been cooling off slightly over the last few days, with a further drop this time of just under 4%, to just over $129. Many feel this coin will explode over the next two weeks, as we approach the #halvening as per previous times, but time will tell.
One of the big winners in the last 24 hours has been #Chainlink up nearly 36%, after announcing a partnership Matic network.
In News today:
From Bloomberg: Hottest Crypto Is Up 330% This Year and Its Name Isn’t Bitcoin
Bloomberg reports: This year’s top-performing cryptocurrency is up more than threefold and you’ve likely never heard of it.
Litecoin, which has gained more than 330% since the beginning of the year, is outpacing all its crypto peers, including Ether and XRP, as well as the best-known and largest token Bitcoin. It has a market cap of about $8.4 billion, making it the seventh-largest digital asset, according to data compiled by Mosaic Research Ltd.
The rally can partly be attributed to Litecoin’s upcoming halving (also known as halvening), whereby the number of coins awarded to so-called miners is slashed by 50%. The idea is that a cut in supply will not only drive up its price but will also prevent an erosion of value. Miners currently receive 25 new Litecoins per block, but following the halving -- which is expected to fall on Aug. 6 -- they will receive 12.5. Full article link via image above
From CCN: John McAfee’s New Crypto Trading Platform ‘Magic’ Goes Live
Coindesk reports: Noted cybersecurity expert and eccentric crypto fan John McAfee has just launched a cryptocurrency trading platform.
Dubbed “Magic,” the site is touted as allowing users to “trade cryptocurrencies on multiple exchanges within a single dashboard, automatically and manually.”
Notably, the exchange appears to be non-custodial, with users’ crypto holdings remaining on eight other exchange platforms. When a trade is executed, funds are transferred from those accounts to complete the transaction. To set this up, users will need to plug in APIs from their other exchanges.
Two “portals” are on offer, one for normal spot trading, the other for “shadow trading,” in which a user’s trades will be set to mimic those of pro-level traders who are “ranked by the community by their trading success,” McAfee indicated in a tweeted image. Full article link via image above
From CCN, Lamb to Slaughter? Visa Follows Zuck into Facebook’s Centralized Crypto
By CCN Markets: Facebook has managed to lure some big names to support its cryptocurrency endeavor. According to a report in the Wall Street Journal, payment giants Visa and Mastercard in addition to PayPal and Uber have all jumped onto Mark Zuckerberg’s crypto bandwagon. They are each going to pour $10 million into the project for the opportunity to be part of the governance structure of the new cryptocurrency. They even have a name and will be part of what Facebook is calling the Libra Association in a nod to the codename of crypto project.
It’s understandable why payment companies would want to cozy up to Facebook as the social media giant is set to infringe upon their turf. And it’s not shocking that they would look for a way to participate in the burgeoning crypto space. Here’s the rub. They’ve chosen to follow a tech behemoth with an enormous amount of control over user data, which is the antithesis of decentralized cryptocurrencies and the blockchain. While Facebook will reportedly separate its social media platform from Libra, since when does the world take Mark Zuckerberg’s word for something? As we’ve said before but it bears repeating – a zebra doesn’t change its stripes. Full article link via image above
From NEWSBTC: Cardano (ADA) Leads Crypto Market With Staggering 24% Gain in 4 Days
The past 24 hours witnessed the ADA/USD instrument rising by close to 11 percent — from $0.084 to $0.093. Measure from an intraday top of $0.095, the pair surged by more than 24 percent in the last four days alone, posting daily sessions in green consecutively. In contrast, other leading cryptocurrencies such as Bitcoin and Ethereum showcased a weaker upside momentum.
Shelly, Coinbase Listing Behind Latest Moves?
The Cardano price rise follows a fresh wave of buying sentiment arising from optimistic market fundamentals. The Cardano team last month stated that it is working on Shelly, a core update which proposes to strengthen their blockchain’s prospects of decentralization. The new version reportedly employs a proof-of-stake consensus algorithm that governs individual nodes. Full article link via image above
More news tomorrow, keep your crypto sharp people its a fast moving space ;)