Experts give BTC price predictions, while the Bitcoin hash rate fluters to the new all-time high. The review of the week May 4 - May 10 by BTCMEX.
Break’N Crypto - Fintech news by BTCMEX
The Bitcoin halving is much anticipated as two previous halvings resulted in massive rallies. The block reward cut brought the BTC price from $11 to $1,000 in 2012 within a year. The third block reward halving is expected to happen on May 12, 2020.
Bitcoin’s mining hash rate set the new all-time high on May 3 of more than 142 exahashes per second, beating its record reached in March. The difficulty is set to increase by a modest 1.4% on May 5 and will be the last such increase before the halving seven days later.
Amid the extreme network volatility, Bitcoin price climbed above $10,000 on May 8, making a 160% gain since Black Thursday (March 12, 2020). BTC slipped back soon and was trading at above $9,700 for the rest of the week.
One more Bitcoin record was set in Africa. The peer-to-peer trading volume broke the heights of 2017 BTC rally, as nearly $10 million worth of trade took place across the P2P Bitcoin markets of the Sub-Saharan region.
The US adding $1 Trillion of Debt per Month
Since April 9, the US country’s debt mountain has increased by $1 trillion, peaking at $25 trillion USD. According to data, it is the equivalent of $24 million added to the national debt every single minute last month.
The world is still coping with the negative impact of COVID-19 outbreak on global economics, which drives experts to watch Bitcoin’s performance closer. Bloomberg reported that hedge fund manager Paul Tudor Jones stated that he’d rather “bet on Bitcoin”, advising to “own the fastest horse” in his client letter.
A dedicated Twitter account covering the US stimulus checks notes that a $1,200 check invested in Bitcoin on April 15 would now instead be worth $1,609.
Free Ton Blockchain
The Free Ton community requires Telegram to step away from the project by launching the free version of Telegram open blockchain. An independent group of developers and validators announced the new truly decentralized blockchain on the Telegram Open Network on May 7.
According to an announcement shared by TON Labs, Telegram can “no longer be involved” in the project due to the long-running dispute with the US regulators, resembling Facebook Libra’s imbroglio.
The free community is currently working on the Declaration of Decentralization, proclaiming values of the free market, personal data protection, decentralized governance, censorship resistance, and cooperation around the world.
Mitja Goroshevsky, CTO at TON Labs, announced that there was no Hard Fork.
We didn’t really fork anything. We’ve built from the available repositories. I think people are using two different meanings of the “fork” - the fork of the repository and the fork of the network. The fork of the repository is a basic thing how GitHub works. [...] If the question is about the fork of the network, then there is no network to fork.
MakerDao seeks improvement
The Ethereum based lending platform MakerDao had to update the protocol to prevent forced liquidations. MakerDao published a report that provided an examination of the losses incurred from the zero-bids that occurred on Black Thursday.
Like the whole crypto market, Maker suffered significant losses during the price collapse of Black Thursday on March 12. Ether (ETH) dropped 50% in value, triggering mass liquidations on the blockchain. The massive ETH price decline meant that MakerDao positions became undercollateralized. Following the losses incurred, MakerDAO corrected the collateral shortfall via debt auctions with investors buying newly minted MKR tokens.
On May 5, crypto analysts of AlfaBlok published a fundamental analysis, stating that DAI will need a supply of several trillion to remain pegged to 1 USD, which is challenging but still possible for the network.
Ukraine supports Eco-Mining
The Ministry of Energy of Ukraine proposed using nuclear power plants for cryptocurrency mining. Crypto mining, could prove to be one of the efficient solutions of smartly used energy surplus, stated the document released on Facebook. Progressive solutions to avoid wasting energy are part of the government’s course towards the digitalization policy currently being implemented by president Volodymyr Zelensky.
Stars in Сrosshairs
The high profile New York entertainment law firm - Grubman Shire Meiselas & Sacks - suffered a ransomware attack. The stolen data includes confidential contracts, telephone numbers, email addresses, personal correspondence, non-disclosure agreements, and more. The firm represents the stars of Hollywood and the music industry including AC/DC, Barbara Streisand, Bette Midler, KISS, U2, Madonna, Maroon 5, Robert De Niro, Elton John, John Mellencamp, Rod Stewart, Ricky Martin, Shania Twain, KISS, The Weeknd, Lil Wayne, and David Letterman.
The data published by hackers so far “seems to be just a warning shot”, according to the information security firm Emsisoft’s report.
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