The week from 13 to 19 May was marked by Bitcoin’s steady growth. The No.1 cryptocurrency reached the psychological level of $8,000, and the high market volatility driven by large sales on May 17 created favorable conditions for traders to make money.
On May 16, Bitcoin reached its new annual high of $8,319. However, the price failed to stay at this level – a correction began triggered by a sudden sale of 5,000 BTC at the price of $6,200 on the Bitstamp stock exchange. A series of long positions on BitMEX were eliminated as a result. The price plunged dramatically, but shortly bounced back to above $7,000. Such a brief sharp drop, clearly visible on the chart, is called a flash crash. Bitstamp has promised to investigate and clarify the circumstances of an alleged manipulation.
The week also witnessed an emerging growth of altcoins capitalisation: Ethereum price went up by nearly 40%, XRP – by 35%, and Binance Coin hit its new historical maximum in US dollar terms. At the time of writing, Bitcoin is traded at $7,940.
Binance upgraded the security system and burned down the BNB
The leading crypto exchange Binance, the target of a major hacker attack, successfully upgraded its security system and launched digital asset deposit /withdrawal.
Problems emerged immediately after resumption of operations: some traders could not access the exchange’s site. Binance explained that the instability had been caused by a peak load on the site’s servers. Users also reported that they had run into problems when canceling trading orders.
This week Binаnce also burned BNB tokens based on ERC-20 standard in its cold and hot storage facilities, and sent an equivalent number of native tokens from the genesis address to the new storage facility, making it public.
.@Binance will convert all the ERC20 $BNB tokens in our hot & cold wallets to native BEP2 tokens. To achieve this, all the ERC20 BNB tokens in our hot & cold wallets will be burned and equal amounts of BEP2 tokens will be sent from the creator address to our new BNB cold wallet⬇️
— CZ Binance (@cz_binance) 16 мая 2019 г.
The Cryptopia Exchange was liquidated
Binance did manage to recover from the hacking, however, the Cryptopia exchange had to start the liquidation process. The company will be unable to regain its profitability, said the exchange’s spokesperson.
The liquidating agents David Rusco and Russell Moore will identify assets to meet the claims of all participants to the process. Together with independent experts and the country’s authorities they will also define the obligations of the site.
WhatApp users will now be able to send cryptocurrencies to each other.
WhatApp launched a bot that allows users to make transactions in BTC and LTC. This was announced by the Zulu Republic team, the bot’s developers.
we are happy to announce that from today you can send and receive #bitcoin & #litecoin on #WhatsApp via @liteim_official ! try it yourself here: https://t.co/JaldSafGBK @FranklynCrypto @SatoshiLite @CharlieShrem @CCNMarkets @GLRalf
— Zulu Republic (@ztxrepublic) 19 мая 2019 г.
In addition to BTC and LTC, the new service supports Ether (ETH) and ZTX, the native token of the Zulu Republic platform. To send a cryptocurrency, one has to install the Lite.Im bot and follow the instructions.
The WhatApp audience is 1.5 billion people worldwide.
Consensus 2019, the largest conference, is over
The Consensus Conference is renowned for its impact on the entire crypto industry. This year, many important announcements have been made that will have a significant long-lasting effect. Let’s briefly review the most important ones made at the conference:
- The Flexa project, brainchild of the Winkelvoss twins, will enable big realtors to accept payments in cryptocurrencies. They have already connected 15 major retail chains to their project. The wallet supports Bitcoin, Ethereum, Bitcoin Cash, and Gemini Dollar.
- Testing of Bitcoin futures from Bakkt is to begin in July. Two futures products – daily and monthly – are expected to be issued. According to the General Manager Kelly Loeffler, the products will be regulated by the CFTC.
- Bithumb has launched a 100-leverage perpetual bitcoin futures contract.
- Microsoft is about to launch the decentralised infrastructure’s first version, built directly on Bitcoin blockchain.
- The technology giant Samsung intends to integrate the cryptocurrency wallet, previously available to the Galaxy S10 smartphone with its other phone models;
- Blockchain smartphone HTC EXODUS integrates Kyber Network for token exchange. Purchase will be made directly in the phone, without the need to go through the exchange.
- Germany’s second-largest stock exchange, Börse Stuttgart, will list exchange-traded notes (ETNs) linked to Litecoin and XRP cryptocurrencies on the new platform. The platform geared towards corporate users, will enable to issue securities compliant with the regulatory requirements.
The news once again confirms large corporations’ interest in blockchain solutions – so, global adoption of cryptocurrencies is near at hand.