Market Update for May 31st

Friday, May 31st 2019

Recent Headlines

Bitcoin Jumps to $9,000 in Best-Performing Month Since 2017

Bitcoin's value has increased almost 70% this month, with other major altcoins following a similar trend. Some reasons cited for this increase are the ongoing trade tension between U.S. and China, more acceptance among merchants like AT&T and Whole Foods, and overall, a maturing of underlying technology and real use-cases in the industry. Read more...

Mobile Carrier AT&T Will Now Accept Payments in Crypto

Mobile carrier AT&T is the latest company to allow customers to use cryptocurrency to pay their bills. BitPay, one of the best-known payments companies in crypto, will be processing the payments and AT&T will receive cash at the time of the sale. This is a win for mainstream adoption and for AT&T, who will avoid credit card merchant fees. Read more...

Bitwise Report: Bitcoin is a ‘Significantly More Efficient Market’ Despite 95% Fake Volume

In the process of filing their ETF application to the SEC, Bitwise has submitted two reports — their first revealed that 95% of cryptocurrency volume is manipulated to appear higher, but their second report released last week, re-emphasizes the positives. Once you remove the fake volumes, you are "left with an extremely efficient and orderly market" with good price discoverability, as well as a growing Futures market. Read more...

IOTA Rolls Out Decentralized Transaction Validation to Replace Centralized Version

This week on their blog, Internet of Things (IoT) blockchain network IOTA has laid out their vision for how they'll be replacing their current transaction validation method, which has been known as the Coordinator, with a decentralized mechanism dubbed Coordicide. The company claims that this is an important milestone toward to becoming a completely scalable and feeless platform. IOTA's price has jumped around 18% since the news. Read more...

Bitcoin Whales Bought the F**king Dip: Research

According to the latest issue of Diar, more than one-fourth of all Bitcoin funds are held in “whale” wallets with more than 1,000 BTC each. The research article correlates the increase in significant holdings with the last time Bitcoin was at its current price (last August) and points out that addresses holding this level of coin have increased to over 26% of the circulating BTC supply. Read more...

Facebook's Upcoming 'Cryptocurrency' Has Nothing to Do With Bitcoin

Facebook's rumoured cryptocurrency has been talked about a lot. It has been speculated that it could bring a lot of awareness to the space, but it is worth considering what it would really have in common with a cryptocurrency as we know it, and how centralized the currency may end up being. It's possible their offering will be "more PayPal than Bitcoin", lacking anonymity and protection from censorship. Read more...

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