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August 2007

Bitcoin Extends the Fall, Now at One-Month Low Below $8K



The year commenced with a massive rally in Bitcoin (BTC) that ultimately led to a sustained bull run, and the price of the world’s biggest cryptocurrency eventually reached levels that raised visions of 2017’s climb. However, that eventually came to an end, and the last few months have been pretty tough for the crypto industry at large.

Why the Sudden Reversal?

In a new development that would come as a bit of a shock for many in the crypto space, BTC has collapsed to below $8,000 levels today. This is the lowest level for the cryptocurrency in a month, and the latest plunge comes after BTC had been on a bit of a downward spiral for around a week.

At the start of the year, it had been thought that 2019 was going to be a particularly good year for Bitcoin, since institutional money and fresh investors were going to flock to the cryptocurrency. With new money flowing in, the price of the token would have increased steadily as well. However, that has not come to pass. According to the head of investment at asset manager Acra, BTC has seen very low volumes, and fresh capital has not come into it at all in recent days. At the same time, other asset classes, like stocks or bonds, have generated highly impressive returns.

There is a consensus among experts that money may be moving on from BTC and crypto to other asset classes. Earlier on in November, the CEO of Luno, Marcus Swanepoel, observed in a note, “The downward pressure is being caused by a divergence of investment strategy across all asset classes, which has created indecision and cautiousness.”

>> Binance Drops Out of CryptoCompare’s Top 10 Exchanges

The past few days have definitely given the impression that a hard selloff has been taking place, as money is being taken out of the marketplace by traders. However, it should be noted that Bitcoin has had bigger drops and has come back stronger than ever.

Featured image: DepositPhotos © EdZbarzhyvetsky

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Which Cryptocurrencies Will Survive the Next Decade?



In the last ten years, we have seen the cryptocurrency and blockchain industry thrive and adapt to our economic and technological landscape. During that period, the global market cap rose from near zero to its all-time-high of $800 billion in early 2018. While the current market cap is nowhere near that number right now, this does not take away from the milestone. During that period, we have also seen the rise of the altcoin market, with one coin even reaching a high enough status as to rival Bitcoin; namely Ethereum. And this is not to even mention the developments that have taken place to the blockchain.

Cryptocurrency has managed to reach a state where it is regularly discussed within financial circles, and constantly featured on economics-based news sites. It is fair to say that cryptocurrency is here to stay, but which coins will make the cut? The last ten years have seen multiple coins and tokens come and go, with many falling into obscurity. This begs the question: which coins will survive the next decade?

Environmentally-Friendly Coins

A 2018 study found that Bitcoin consumes, at a minimum, 2.55 gigawatts, which is near-equivalent to the electricity consumption of Ireland. It is fair to say that this is a large quantity of energy, and this is only for one coin. There are no clear and wide-scale statistics on how all cryptocurrencies have collectively impacted the environment, but considering how Bitcoin is consuming so much, it is likely that the whole industry is harming the environment much further.

In large part, this is due to the way Proof-of-Work blockchains operate, as they rely on excessive processing power. At the start of the industry, there was no way of avoiding this; however, nowadays, there are numerous other consensus algorithms that require less energy. Proof-of-Stake coins, such as DASH, and DAGs, such as IOTA, use considerably less power than the likes of Bitcoin and Ethereum. As society becomes more environmentally conscious, these types of coins will continue to thrive.

AI-Focused Coins

Artificial Intelligence has been steadily improving as a field, and in recent years it has been recognized by the blockchain industry. Cryptocurrencies such as DeepBrainChain and Velas place a high focus on AI, using it to maintain their blockchains and set the agenda for their milestones. AI is an extremely useful asset in this area, as cryptography focuses on large quantities of data, and nothing handles the processing of data like AI. The next ten years will see AI expanding its reach further, and coins that utilize it will go far.

>> Crypto Phone to Be Launched by Samsung: What You Need to Know

Coins Designed for Global Expansion

For a coin to be futureproof, it needs to be ready for global adoption. This means that it needs to have protocols in place to prevent it from slowing down during periods of high traffic, and a mechanism for controlling transaction fees. Without these, coins are set to fail before they even become popular. Even though Bitcoin struggles with both of these features, many of its contemporaries such as Ethereum don’t. Bitcoin is only allowed to survive through these issues because of its name recognition, and the fact that it was the first within the industry. No other coins or tokens are afforded the same privilege.

Cryptocurrencies that adhere to these factors have a high chance of sustained success within the next decade. This type of finance will not be going anywhere, but it is sure to undergo several changes in the time to come. It’s hard to guess which coins will stand the test of time, but a fair assumption would be that the ones that are ready for the future will survive into it.

Disclaimer: I currently hold a small amount of Bitcoin and XRP. I am associated with none of the companies mentioned.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

Featured image: DepositPhotos © kentoh

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Walmart China Launches Blockchain Platform to Aid with Food Safety Scandals


As with cryptocurrencies, several companies are moving into the blockchain space. The latest, however, is Walmart China, which is the Chinese branch of the US supermarket chain.

Here’s what we know.

Walmart China Blockchain Platform: What We Know

On June 25, Walmart China said it’s launched a blockchain platform that will address food safety concerns. According to the press release, the company will be working with PwC, VeChain, and other blockchain players on the ‘Walmart China Blockchain Traceability Platform.’

While the announcement came out today, the Walmart China blockchain platform has already seen some successes. In fact, it boasts 23 product lines listed and tested, according to the press release. Plus, by the end of 2020, Walmart China hopes to see the meat products that are being tracked on the platform accounting for roughly 50% of its total sales in that division.

Speaking on the news, Elton Yeung, innovation lead at PwC Mainland China and Hong Kong, said:

“We believe that Walmart’s Blockchain Traceability System will be an excellent example of blockchain technology applied in the retail industry, helping to improve food safety and quality management, and providing a strong guarantee for building consumer trust.”

>> Ethereum (ETH) Eyes Further Gains as Liquidity Increases

In the past, Walmart has utilized blockchain technologies. However, this one is different; there’s something interesting about it. Maybe it’s because it has to do with solving China’s issues with food safety. Or maybe, because the Walmart China products will be tracked via VeChain’s blockchain, it’s because the company is using a public blockchain.

Either way, the partnership between Walmart China and VeChain, as well as PwC, is a good thing. Why? Because it means solutions will be provided that will help promote the traceability of fresh food, something China has had trouble with recently.


What do you think of Walmart China launching a blockchain platform? Let us know your thoughts in the comments below!

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Weiss Cryptocurrency Ratings Places XRP, EOS, BTC, and BNB on Top

Weiss Cryptocurrency Ratings

Weiss Cryptocurrency Ratings

Weiss Cryptocurrency Ratings released its March 2019 “Weiss Cryptocurrency Outlook” report, with Ripple (XRP), EOS, Bitcoin (BTC), and Binance Coin (BNB) receiving the top four spots on the list of 122 cryptocurrencies. Weiss Ratings is the world’s only financial rating agency that provides grades on cryptocurrencies.

The report, which is called “Dark Shadows with a Bright Future,” examines the cryptocurrencies available on the market using two factors—the tech/adoption grade for long-term investors and the risk/reward grade based on short-term factors.

Of the 122 cryptocurrencies examined in the report, XRP, EOS, Bitcoin, and Binance Coin were given an overall B- rating, while none received an A rating, which is considered excellent.

Remarkable Growth in the Cryptocurrency Space

Authors Martin Weiss and chief cryptocurrency analyst, Juan Villaverde, start the report by noting that despite a sharp decline in the price of cryptocurrencies, “the industry’s network capacity and security have improved dramatically and underlying technology has evolved with new, more efficient ways to create digital assets.”

What’s more, leading cryptocurrencies are seeing three times more volume in user (on-chain) transactions than they did in early 2018. These improved fundamentals and lower prices offer new opportunities for investors, although this is dependent on whether or not they can “afford the risk, avoid the worst and invest in the best.”

Cryptocurrency Market Still Risky

Despite improvements to cryptocurrency fundamentals, the Weiss Cryptocurrency Ratings report authors still advise investors who cannot afford to lose money to be wary in the near term.

“Investors who cannot afford to lose money, the recent market declines and doldrums imply high risk and uncertain rewards. Crypto market liquidity is very thin. Trading comes in spurts. Relatively small infusions of new buying cause sudden price rallies. Equally small bouts of selling cause unexpected market crashes,” said the report.

>> Wuabit Service Means Users Can Send Crypto through WhatsApp

Cryptocurrency Trends to Watch

In the report, Weiss and Villaverde identified trends in the cryptocurrency space that investors should keep in mind. These trends include changes to the way cryptocurrencies are secured and some cryptocurrencies moving away from blockchain entirely, as well as killer dApps like decentralized, crypto-based social media, peer-to-peer lending, and fair and secure elections playing the biggest role in determining the future winners.

What do you think will happen in the cryptocurrency space moving forward? Which cryptocurrency do you have your eye on?

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