Cryptocurrency

Eos Usurps Litecoin For Fifth Spot Among Cryptos

Eos, the cryptocurrency backing the eos.ios platform, vaulted into the fifth spot in terms of market capitalization among digital currencies. After surging more than 30% over the past 24 hours to race to a market value of $7.1 billion, EOS surpassed Litecoin as the fifth-largest digital currency.

At this writing, EOS had a market value of $6.91 billion, just ahead of Litecoin’s $6.84 billion. The four largest digital currencies are Bitcoin, Ethereum, Ripple and Bitcoin Cash.

Courtesy: Coinmarketcap.com

“Currently, there is no direct way to buy EOS with a credit card, debit card, or bank account on any US Exchange. The cheapest and most efficient way to obtain EOS is to first purchase Ethereum or Bitcoin through Coinbase (Currently Ethereum offers a much lower transfer and exchange fee than Bitcoin),” Cryptobase.io reported earlier this year.

What Sparked the EOS Surge

The rise in eos market value is undoubtedly impressive. In late January, it was merely the tenth-largest cryptocurrency before it ascended to the ninth spot in mid-February. Less than two months, later eos is in the fifth spot. As is the case with many crypto spikes, speculation about favorable news swirled, prompting the eos run-up.

“A group of developers who also claim involvement with the eos project are planning to distribute one eosDAC token to all accounts with at least 100 eos tokens at 1 a.m. UTC April 15, or 9 p.m. ET Saturday,” according to CNBC.

Some market observers believe EOS could be a credible rival to Ethereum and that the former could enhance adoption of cryptocurrencies.

Earlier this month, Block.one, the developer behind the pioneering blockchain software EOSIO, announced the formation of a $200 million venture fund known as EOS Global.

“EOS Global will make strategic investments in Asia-focused projects utilizing EOSIO, and is the fourth injection of capital through Block.one’s EOS VC initiative which now totals $600 million,” according to Block.one.

The circulating supply of eos is over 788.66 million.

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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.

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

Bitcoin

Why Is Bitcoin Not Taking Off In 2019?

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.