The week 9 to 15 December was another bloody week for cryptocurrencies. The market has been bearish with the top cryptocurrencies bleeding until today when it has sustained the green zone. A number of other interesting stories also unfolded, the best of which we have picked and summarized for you in this weekly summary just in case you missed any of them.
Amazon expected to drive next Bitcoin bull run
Like I mentioned earlier the market has been bearish with BTC slipping below $3,200 this week, a year-long low and no one knows when the next bull run will happen. However, Bitcoin enthusiasts and investors have indicated their expectation the CEO of Amazon Jeff Bezos to facilitate the next bull run.
This, the CEO of crypto exchange Binance Changpeng Zhao believes is possible if Amazon’s large online store can adopt the use of cryptocurrency for payments.
Bitcoin will rise much higher says strange man with previous accurate predictions
In the face of the bear market, a man simply known as “davincij15” has appeared with a video on Youtube to give enthusiasts and investors fresh hope.
The man who has made several accurate predictions in the past including the 2018 cryptocurrency crash said BTC price will rise higher than most people think and will not crash to zero.
Tom Lee says Bitcoin is undervalued
Also speaking on the price of BTC, Tom Lee, head of Research at Fundstrat said BTC is grossly undervalued.
In Lee’s opinion, BTC should be worth ~$15,000 considering the over 22 million wallet addresses that are actively in transactions on the network. He also refused to make any predictions on the future price of BTC or when the next bull run should be expected.
New investor buys 10 BTC
Something interesting happened. While the market has been on a decline for a long time and many have sold their BTC, an investor came on Reddit to announce his purchase of 10 BTC which he said he was proud of.
He said he has waited for the crash to happen so he can invest in the asset. Contrary to what inexperienced traders believe, this man seems to understand that it is best to buy when the market is in its worst state.
No doubt he has spent years studying the market and how crypto investment works before deciding to invest.
Researchers say Bitcoin is not dying anytime soon
Finally on Bitcoin, although many have predicted that BTC will not recover from the current crash and is gone for good, a group of researchers from Cambridge University says the asset isn’t done yet.
This they found out as a result of the second Global Crypto asset Benchmarking Study which suggests that the cryptocurrency market cannot fall apart because there is sufficient framework in place to keep it going and will experience a breakthrough soon.
Is XRP a security?
Following a declaration by Ronald Tichenor of the CryptoIQ that “XRP is a Security, but Ripple Doesn’t Want You to Know”, the cryptocurrency community has been left with the puzzle of whether XRP is actually a security.
While Ripple’s CEO Brad Garlinghouse had argued that XRP is not a security because it solves a real problem, it is decentralized and no one thinks they are buying shares of Ripple, Tichenor countered all his points saying the company should make amends before the SEC names the asset a security.
With this “revelation”, investors are concerned about SEC’s verdict and how it may affect their investments.
Will Coinbase ever list XRP?
Coinbase, a top cryptocurrency exchange had shown its intention to list XRP on its exchange. However, several months down the line, the asset has not been listed although several others have.
Although the CEO of RIpple Brad Garlinghouse expressed confidence that the asset will be listed because of its great performance in the payment industry, Coinbase still seems reluctant about listing XRP. This may have to do with the uncertainty concerning the status of XRP as a security which is yet to be decided by the SEC.
Google asked ‘how to buy Ripple’
Many people have coaxed Google on ‘how to buy Ripple‘ the company that created the XRP token. However, a senior vice president of Ripple, Monica Long has repeatedly said the company is not for sale.
Monica also said those offering to buy the cryptocurrency are not really interested in the company (Ripple) but are rather after the asset (XRP). she also added that “What is Ripple” is one of the most searched phrases on the Google search engine, suggesting that the company is growing and drawing exceptional positive attention to itself.
Society for Worldwide Interbank Financial Telecommunications, SWIFT CEO Gottfried Leibbrandt hung his boots, according to reports this week.
Although the CEO did not give any clear reasons for his resignation, it is speculated that it has to do with the fact that Ripple is taking over its business by offering the same payment services as SWIFT but at a cheaper rate and much faster.
Under Leibbrandt, SWIFT has established partnership with most banks and other financial institutions around the globe and has been a leader in the payments industry until recently when Ripple came on board with better technology.
Weiss Ratings says now is the time to buy BTC
It is no longer news that Bitcoin has been in a prolonged bear market that has worsened recently. However, the globally respected financial research and analysis company Weiss Ratings says now is the perfect time to buy the asset.
According to the company, Bitcoin will experience another bull run soon with projects like Bakkt that will be launched soon.
Weiss Ratings has been very useful in guiding investors on when to buy assets and which to buy so their verdict on Bitcoin may be a great source of encouragement to investors on Bitcoin investment.
Weiss Ratings says both Ethereum and EOS networks are better than Tron
Tron CEO Justin Sun has urged developers on the Ethereum and EOS networks to migrate their projects to Tron, promising to help them repair their “collapsed” platforms. In response to Tron’s claim that his network is better than Ethereum and EOS, Weiss Ratings has said both platforms are better than Tron so there is no need for developers to migrate to Tron.
Tron exceeds 2 million transactions per day
This week, Tron’s Justin Sun in a tweet said the company has recorded 2.5 million transactions in a day. The company has also gained an advantage with more developers migrating their projects from EOS and Ethereum to its own network.
The company has invested heavily in its system to make it conducive for developers and it seems they are finally reaping the fruit of its labor despite.
Top among happenings with Bitcoin Cash (BCH) this week is the fact that it got knocked off the 7th position on the cryptocurrency list by market capitalization. Replaced in the position by Litecoin, BCH has gone down one step and seems to have settled in the 8th spot.
The cryptocurrency has been struggling since the BCH fork which took place in November and is yet to recover from the effect. It is unlikely that BCH will reclaim its position because although it is now in the green like most cryptocurrencies, Litecoin is still ahead of it by over $100 million as opposed to the former $70 million. The other fork Bitcoin SV is almost catching up with it. Will it overtake BCH as well?