Crypto News of the Day (25.3.) | Bitcoin’s market capitalization could reach up to $ 2 trillion • and other news
5 min read
Here you can find an overview of the most important events that took place during the last day in the cryptoworld.
Markets
There was some calming on the crypto markets, although Bitcoin kept its profits, but it did not grow significantly and is now trading around $ 6,700. Altcoins now also fluctuate slightly, currently rather into red numbers. Trump’s announcement of a $ 6 trillion package of economic support probably surprised the markets.
You can monitor the current cryptocurrency prices – here.
Cryptocurrency
Bitcoin (BTC), the largest cryptocurrency in the market, could attract a large number of investors in the future. If just a small portion of the world economy enters the space, it may be possible for it to reach a market capitalization of $2 trillion. In a recent tweet, Changpeng Zhao the CEO of Binance explained that this market cap would push Bitcoin to $100,000.
As we get used to talk about Trillions, a modest $2 trillion market cap of #bitcoin will put 1 BTC at $100,000. Not such a hard to imagine number now, right?
— CZ Binance ??? (@cz_binance) March 25, 2020
As most BTC are not for sell (HODLers), we only need a small portion of that $2t to buy to reach it.
Decentralized exchanges remain a utopian idea despite numerous projects attempting to make them go mainstream. The fact that there is no way to swap Bitcoin for Ethereum (and vice versa) without relying on third parties is ‘embarrassing’ for Ethereum founder Vitalik Buterin who recently floated the idea of a ‘trustless’ and ‘serverless’ DEX. He wants to make it as easy to exchange BTC for ETH as to trade ERC-20 tokens with the help of the Uniswap protocol.
We should put resources toward a proper (trustless, serverless, maximally Uniswap-like UX) ETH <-> BTC decentralized exchange. It's embarrassing that we still can't easily move between the two largest crypto ecosystems trustlessly.
— vitalik.eth (@VitalikButerin) March 24, 2020
IOHK has released Ouroboros Hydra – an off-chain protocol created by the IOHK team and the company’s partners from the DLT research lab at Edinburgh University. The team took five years to create Hydra and now, the press release says, it is going to give Cardano some crucial improvements. Hydra allows increasingly higher scalability for the Cardano network and, at the same time, will ensure low latency and minimal storage of data per node.Hydra will also allow developers to build various dapps, such as those that deal with micropayments, voting, etc. – everything where low fees and instantly confirmed operations are required.
The new solution will allow users to connect to the network and simultaneously create ten extra ‘heads’. Each of those will create an extra ‘lane’ of throughput for transactions and data. This will enable the system to work much faster and greatly increase its scalability. More details.
- U.S. Court Supports SEC and Blocks Telegram from Issuing Its Gram Tokens
The court said that since Telegram was planning to sell its TON tokens in the secondary markets, they shall be categorized as unregistered securities under the Howey Test. The plan for the issuance of Telegram‘s Gram tokens has hit yet another roadblock recently. Upon special request by the Securities and Exchange Commission (SEC) a U.S. Court has asked the messaging platform Telegram to refrain from its token issuance process scheduled next month.
On Tuesday, March 24, U.S. District Judge P. Kevin Castel, of the Southern District of New York, said that SEC has a plausible accusation of Telegram selling unregistered securities. Besides, the judge also mentioned that Telegram’s $1.7 TON token sale resembles a structure that maximizes purchasers’ profit upon sale. In an official statement by the judge, he wrote:
“The Court finds that the SEC has shown a substantial likelihood of success in proving that the contracts and understandings at issue, including the sale of 2.9 billion Grams to 175 purchasers in exchange for $1.7 billion, are part of a larger scheme to distribute those Grams into a secondary public market, which would be supported by Telegram’s ongoing efforts”.
more details
There’s a whole lot of secret mining happening on the BSV blockchain and no one’s quite sure where the hashrate stems from. At press time, the stealth miners hashing the BSV chain right now represent 55% of the overall hash during the last seven days and 58% of the hashrate today. Most bitcoiners understand that if a single entity controls more than 51% of the network then it’s possible to execute double spends and chain reorganizations.
Crypto exchanges
Crypto exchange company OKEx, announced today the launch of ‘EARN’ — a new consolidated dashboard with all of the company’s passive income offers in a single interface. OKEx administers staking and various savings services.
Savings
Savings enables users to share OKEx’s income from margin loans. A portion of the interest collected from margin traders is allocated for Savings, income is accrued every day from the second day after deposit. OKEx currently supports a total of 32 assets in Savings. This includes: BTC, LTC, ETH, ETC, BCH, USDT, BSV, DASH, EOS, NEO, QTUM, TRX, XRP, ADA, ALGO, ATOM, BTM, BTT, ELF, HC, IOST, IOTA, LINK, OKB, OMG, ONT, VSYS, XLM, XMR, XTZ, ZEC, and ZIL.
Staking
The OKEx Mining Pool provides users with multi-currency, multi-type mining services alongside staking. Users are able to easily subscribe to staking services on supported coins. Before subscribing, users can view details regarding estimated yield. Going forward, the staking service will now settle yields in the natively staked asset. Example: EOS staking orders will be settled in EOS. IOST staking orders in IOST, etc.
Term-Deposit
A new Term Deposit service allows users to further generate extra income in a fixed-term. User deposits accrue passive income; ranging from one to three months. Term Deposits feature different returns corresponding to the staked assets.
