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Loving Litecoin: Abra Announcement Sends Litecoin Surging

Bitcoin was not the only digital currency that rallied Tuesday. At one point during Tuesday’s U.S. trading session, litecoin was higher by about 15% after crypto startup Abra said it is expanding its use of litecoin to bolster the company’s exchange and wallet offerings.

In a session on Reddit on Monday, Abra CEO Bill Barhydt said, “We went with Litecoin as the second asset class, after bitcoin, for our smart contract investing solution for 3 primary reasons: 1. commitment to bitcoin compatibility: core roadmap, p2sh support, lightning support, etc; 2. slightly better scalability than bitcoin in short term (block size and block times); 3. mining fees which are primarily a function of #2 although this is more of a short term benefit as mining fees would likely sky rocket if we’re successful anyway!”

The news first broke late last month, but gained more attraction ahead of Barhydt’s Reddit session. Charlie Lee, founder of Litecoin, had recently been touting a major announcement regarding the digital currency. With a market value of around $7.40 billion, litecoin is one of the largest digital currencies after bitcoin.

“P2SH (supported in Bitcoin, Litecoin and Bitcoin Cash) is the perfect model for simulating our synthetic CFD. It’s secure, easier to work with and more liquid than ether for our purposes. We may support native ether via this model in the future but don’t have any immediate plans to announce such news,” said Barhydt on Reddit.

More On Abra And Litecoin

Abra has raised $40 million in venture funding from the likes of American Express, Fidelity’s venture capital arm, and Foxconn, the major Apple supplier.

“Abra is the only global app that allows you to buy, store, and invest in 20 cryptocurrencies in one place. Fund your wallet on your mobile phone with fiat or bitcoin. Then invest in bitcoin, ethereum, ripple, bitcoin cash, litecoin, dash, and many more cryptocurrencies – instantly,” according to the company’s web site.

Lee, a former Google engineer, created Litecoin in 2011 to be something of a silver to bitcoin’s gold. 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.

The price of litecoin would have to more than double from current levels to return to the 52-week high of over $365.

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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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