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Huge Litecoin Transaction Was Fast And Cheap

LITCOIN FAST

Much like a visit to a fast food restaurant, a recent mammoth litecoin transaction was fast and cheap. In a single trade last Thursday, $99 million of litecoin was sent between two wallets, sparking conversation on Reddit.

“A thread about the transaction was the third most popular post on the litecoin sub-Reddit on Friday afternoon. Reddit users were impressed by data showing the transaction took just 2.5 minutes to settle and cost only $0.40 in mining fees,” reports Business Insider.

At this writing Sunday, litecoin was the sixth-largest cryptocurrency with a market value of $8.33 billion. Litecoin, which was created in 2011, has been dubbed the silver to bitcoin’s gold. Litecoin was created to be a faster, more cost-competitive alternative to bitcoin.

Chart Courtesy: Coinmarketcap.com

More Litecoin Details

Litecoin features faster coin generation than bitcoin and the former’s algorithm is script-based rather than the SHA-256 behind bitcoin’s algorithm. Litecoin is more easily obtained than bitcoin.

“Sme proponents of cryptocurrencies such as litecoin and Ripple’s XRP say it has the potential to provide a cheaper, quicker, and more reliable alternative to the current payment rails, particularly when it comes to international transactions,” according to Business Insider.

Recently, Korean exchange operator Korbit said it will make litecoin available on its platform. According to litecoin founder Charlie Lee, Gemini is the only major digital currency exchange currently not offering litecoin on its platform.

Litecoin prices have rallied from $116 on April 1st to over $148 at this writing, prompting some technical analysts to point to $175 as the next level for a potentially lucrative upside breakout for the cryptocurrency.

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Bitcoin

Bitcoin Price Hits 8-Month High Close to $7K

There seems to be no stopping the bitcoin (BTC) freight train.

The leading cryptocurrency by market value jumped to $6,964 at 06:00 UTC today on Bitstamp, the highest level since Sept. 5, 2018, having found acceptance above the crucial 200-week moving average at $6,500 in early Asian trading hours.

Prices have set a new multi-month high for the fourth straight day and have rallied in excess of over 70 percent in the last 5.5-weeks.

Notably, with the sharp rally, the 100-day MA of bitcoin’s price has moved above the 200-day MA. That is the first bullish crossover between the two averages since July 2015.

The development further confirms the long-term bearish-to-bullish trend change signaled by several technical indicators, including a golden crossover, over the last few weeks.

The moving average studies, however, are lagging indicators and have limited predictive abilities, as they take old price history into account.

Even so, investors may take heart as a similar crossover in July 2015 was followed by a 2.5-year bull run.

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Binance

Binance got hacked for $40 Million Dollars in Bitcoin, is your money safe?

The short answer is Yes, your money is safe.
Fortunately, Binance was prepared and your money is safe in due to SAFU. Meaning the ‘Secure Asset Fund for Users’ will cover this completely. This is the very reason Binance is self-insured.

Technically speaking the Binance exchange itself was not hacked, it has officially been stated by Binance that a large number of API Keys, 2FA Codes, and other user info was acquired by said hackers utilizing techniques such as phishing, viruses and other types of digital attacks. This means that it was user accounts that were compromised by the users themselves and not Binance.

In an age where digital security is more important than ever, this is a stark reminder to keep your data safe and secure at all times.

TLDR About the Binance Hack:

• 7000 BTC was stolen
• The BTC was stolen from Binance’s Hot Wallet
• Binance’s Hot Wallet holds only 2% of their total holdings
• All funds are insured and do not affect users

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Bitcoin

Why Is Bitcoin Not Taking Off In 2019?

PEAK BITCOIN

As you are likely referring to the price, Bitcoin is quite frankly doing what it has always done, as in go through a cycle. Right now it appears to be in the accumulation phase before it starts to climb and then vault higher than it was before.

If you take a look at this Bitcoin chart and go back to what happened in the run up to late 2013, it extremely similar to 2017, and then what happened directly after in 2014, 2015 and 2018, 2019 is quite similar.

 

We can see from the chart that there was a prior accumulation phase happening throughout 2015 and 2016 after the drop in 2014 subsequent to the spike in 2013. But this is dwarfed by the spike that happened in late 2017.

The other point to note is that Bitcoin is not unique when it comes to this cycle, it has happened before in many different markets. It’s just that Bitcoin is a new technology phenomenon that is following a very similar path. Of course we can never be certain as to how long the current phase will last, but when it’s done I suspect a lot of people will look back once again and wish they had accumulated during this phase.

Finally, whether it still has further to drop or not won’t really have any substantive bearing on the ultimate long term trajectory in our honest opinion.

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