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July 2013

Bitcoin Price Plunges | Bitcoin Investors’ Joy is Shortlived

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Bitcoin Price

Bitcoin Price

After trading above $8,000 less than a day, Bitcoin (BTC) price plunged on May 17 and it was trading at around $7,200 which is a 10% drop within a day.

Other cryptocurrencies have also experienced a price drop. Ethereum dropped 7.97% to around $240 while XRP lost 15.4% and it’s trading at $0.399. The cryptocurrency industry market capitalization fell by 8% which result in about $21 billion being wiped out in 24 hours.

Bitcoin Price Drop Triggered by Huge Bitcoin Sell Order

The sudden decline in Bitcoin price was prompted by the placement of a huge sell order on Bitstamp as well as other cryptocurrency exchanges which caused contracts on margin trading exchanges such as BitMEX to be liquidated.

Someone placed a huge sell order of 5,000 bitcoin on Bitstamp that BitMEX uses for about 50% of its feed and it seems like it triggered some kind of algorithm that impacted on BitMEX. Gnosis Developer Eric Conner said that the manipulation of the cryptocurrency market by a single sell order may actually hurt the possibility of the exchange-traded fund getting approval in future.

The 5,000 BTC Bitstamp sell resulted in a sell-off on Ethereum and Bitcoin on BitMEX which resulted in a drop in the valuation of the cryptocurrency market by almost $30 billon. In the past week, Bitcoin price jumped 26% from $6,200 to around $8,300.

Crypto Assets Far From Being Viable Currency Options

Analysts such as Alex Kruger of Global markets believe that the overnight 10% decline of cryptocurrencies indicates how the narrative of crypto assets being a viable option to global financial instability is far from being true.

Despite the short-term drop in bitcoin price and other crypto assets there is still hope that the market will pick an upward momentum in coming months.  Although the drop is seen as a minor setback it nonetheless caught most investors by surprise.

If cryptocurrency markets were regulated with trusted platforms then it could have been difficult to manipulated prices of crypto assets and the market like what happened.

Featured Image: Sinenkiy

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Bitcoin Suddenly Gains Momentum | Is This a Breakout?

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Bitcoin

Bitcoin

2019 has been a remarkable year for cryptocurrencies, and much of that was marked by the hugely impressive Bitcoin rally during the first half of the year. However, that rally seems to have fizzled out, and the world’s biggest cryptocurrency has been experiencing a sustained slump.

Bitcoin Holds Gain

Moreover, the cryptocurrency has also been incredibly volatile over the past month or so, and it was particularly so during the last week. After going down to $7,400 per token, BTC managed to rally to $10,350 on certain platforms. Now, the question remains whether BTC can maintain this momentum and soar higher.

The current Bitcoin rally is certainly good news for many investors and traders; however, it seems that there is very little consensus in the market with regards to the reason behind it. While some believe that this could well be a case of manipulation by some of the biggest traders, others think the rally could have been triggered by China’s newfound affinity towards blockchain tech and cryptocurrencies.

One of China’s most popular newspapers, People’s Daily, did a story on blockchain recently, and it goes without saying that if the world’s second-biggest economy gets interested in cryptocurrencies, then it could be a massive development.

>> Bitfinex Denies Money Laundering as Crypto Capital President Arrested

That being said, it is still unknown whether the developments in China were responsible for the remarkable recovery made by BTC over the weekend. The rally does not seem to be entirely random, considering the fact that there are some other developments that could be considered as blessings for BTC. For instance, BTC has now been added to the Opera cryptocurrency wallet, and that could make the token more easily available for people all over the world.

According to analysts, the wide-ranging positive developments around Bitcoin all over the world are definitely positive for the cryptocurrency in the long run. However, it remains to be seen how it performs over the coming days.

Featured image: DepositPhotos © AntonMatyukha

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Bitcoin Hash Rate Hits 80 Quintillion for the First Time

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Bitcoin

Bitcoin

Bitcoin (BTC) surpassed another milestone on Thursday, August 8, as the world’s leading cryptocurrency’s hash rate hit 80 quintillion for the first time.

This news comes during a good week for BTC, which saw the coin’s value top $12,000 USD twice in three days amid fears that a global recession is on the horizon.

What is Hash Rate?

In its simplest terms, hash rate is a measure of the processing power of the Bitcoin network. When Bitcoins are mined, a difficult mathematical puzzle must be solved before mined coins can be added to the blockchain. The hash rate is a measure of how many times the network can attempt to complete this puzzle every second. The higher the hash rate of the network, the greater the number of miners would be needed to commit an attack on the network. Essentially, hash rate is a measure of Bitcoin network security.

However, just because the Bitcoin network is growing in computing power, does not mean that the coin can be mined any faster. Bitcoin’s network is programmed to mine a block about every 10 minutes, and this rate is maintained by adjusting the mining difficulty (how hard it is to solve the mathematical puzzles) in line with the overall hash rate of the network.

Over Bitcoin’s 10-year lifespan, the network has grown so powerful that it can compute quintillions of hashes every second. For simplicity, 80 quintillion hashes per second is written as 80 EH/s.

Cause for Concern?

While this may sound like more good news for BTC, there may be a slight cause for concern when it comes to ownership of hash power. Research by academics from Princeton and Florida International Universities from October 2018 shows that 74% of BTC’s hash power is controlled by mining pools that are operated by companies or individuals in China. Theoretically, this gives China significant power over the Bitcoin network. This high level of centralized network power in China exposes BTC to rampant censorship and other potentially damaging attacks.

>> Chipmixer Used to Launder BTC from Recent Binance Hack

What Does This Mean for Investors?

Naturally, investors will have more confidence in a network that is more secure, and so today’s news will contribute to the overall bullish attitude investors have towards BTC at the minute. It’s notable that during BTC’s all-time price peak in December 2017, its hash rate was around 10 EH/s. This spiked to around 55 EH/s in October 2018 before falling sharply to around 35 EH/s by the end of the year. BTC’s hash rate has enjoyed a resurgence in 2019, as seen by today’s news, to coincide with its recent resurgence in value.

Featured image: DepositPhotos © stevanovicigor

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LiteLink Expands to East Coast and Enters Agriculture And Produce Industry Through Strategic Partnership with Pommes Ma-Gic Inc

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VANCOUVER, British Columbia, Nov. 19, 2019 (GLOBE NEWSWIRE) — LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(OTC:LLNKF)(FRA:C0B), a key player in digital freight & logistics platforms as well as payment solutions, is pleased to announce that it will be expanding to the east coast and bring its 1SHIFT Logistics platform to the agriculture and produce industry through a commercial agreement and a partnership with Pommes Ma-Gic Inc. (“Pommes Ma-Gic”).

Under the commercial agreement, LiteLink will provide Pommes Ma-Gic with a trial of the 1SHIFT platform for services such as:

  • managing produce freshness logistics,
  • tracking and tracing shipments,
  • route optimization to get produce to consumers as fast as possible,
  • capacity planning, manifest digitization, and geofencing; and
  • streamlining delivery from field to buyer.

The goal of the platform is to provide any farm or producer with the ability to deliver their product as safely and quickly as possible. 1SHIFT will help Pommes Ma-Gic to demonstrate the best path was taken to maximize freshness and quality.

Pommes Ma-Gic and LiteLink have also entered into a partnership that will permit LiteLink to open an east coast office at the Pommes Ma-Gic headquarters in Rougemont, Quebec.  Recognized for many years as “Capital of the Apple”, Rougemont is strategically positioned in the heart of Quebec’s produce industry. Under the terms of the partnership, Pommes Ma-Gic will provide cold room storage facilities as well as trucks and trailers for LiteLink to use as a research and development lab for temperature and moisture monitoring. LiteLink will also be using this facility to test their IOT & 5G sensors and devices through different conditions.

“We are very excited for this partnership,” says Pommes Ma-Gic President and General Manager, Sébastien Alix. “I’ve been through tons of logistics solutions and technologies, and the 1SHIFT platform was chosen because of its ease of use, solid cost savings, and technology enablement.”

 Sébastien added that he relies on innovation and partnerships to continue developing his company and he is glad to be turning challenges into opportunities with the 1SHIFT platform.

Through the partnership with Pommes Ma-Gic, LiteLink will gain access to a network of prolific produce growers, shippers, and distributors.

“We select our partners very carefully. Sébastien and his company have 100 years of proven history, the trust of the largest retailers in North America, and the same passion to deliver the best produce using next-generation technology,” says LiteLink CEO, Ashik Karim. “Not only will we gain important R&D capabilities and position ourselves in the heart of Quebec’s produce industry, Pommes Ma-Gic will enjoy real-time shipment visibility, including the ability to monitor product freshness in transit to enrich their service and customer experience. Quebec and the rest of Canada are rich with agriculture, and the industry is hungry to find value through technology. We have our sights on being a part of their ecosystem as well as lowering the cost and wastage found in spoilage.”

LiteLink has broken ground in the freight brokerage and nursery industries across Canada and the US over the last six months. Expanding to the agriculture and produce market segment is a natural progression in its product offering, complementing its business logic logistics platform paired with next-generation IOT sensors.

About Pommes Ma-Gic Inc.

Located in Rougemont, Quebec, Pommes Ma-Gic has been part of the Canadian produce industry for more than a century. Through four generations, President and General Manager Sébastien Alix and his family have helped innovate the agri-food sphere by introducing the Collatio brand and cut-apple production to Quebec. Pommes Ma-Gic works with Sobeys, METRO, Loblaws, and other food retailers.

About LiteLink Technologies Inc.

LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT)(OTC:LLNKF)(FRA:C0B) is a major player in developing world-class enterprise platforms that utilize artificial intelligence, blockchain, and predictive analytics to solve fragmented and outdated technology problems in the logistics and digital payment industries. Our flagship 1SHIFT logistics platform offers real-time transparency and tracking which allows brokers, shippers, and carriers to track shipments and settle payments in real-time.

The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.

Cautionary Statement Regarding Forward-Looking Statements

This news release may contain certain forward-looking statements and information (together, “forward-looking statements”) within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “will”, “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information.  These forward-looking statements or information may relate to the nature of the business of LiteLink, the intended success or results of the commercial and partnership agreements with Pommes Ma-Gic, and other factors or information. Such statements represent LiteLink’s current views with respect to future events and are necessarily based upon a number of assumptions and estimate that, while considered reasonable by LiteLink, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties.  Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements.  LiteLink does not intend and does not assume any obligation to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

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