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Bitcoin News

A New 7nm Chip: BITMAIN’s CEO Unveils The New & Next-Gen ASIC Chip

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In the latest crypto news, Bitmain is in the focus – this time for extending the features of its Bitcoin mining technology and unveiling the new and next-generation ASIC chip. As the company announced, the new chip will be first used in the new “Antminer” crypto mining machines.

Meanwhile, ASIC chips are a piece of tailored mining hardware that is geared to mine cryptocurrency based on a specific hashing algorithm. The CEO and co-founder of Bitmain, Jihan Wu has reportedly announced the new crypto-mining specific chip during his keynote lecture at the World Digital Mining Summit in Georgia.

Furthermore, Wu added that the new ASIC chip is said to use an SHA256 algorithm and as such is based on a highly advanced semiconductor manufacturing technology, 7nm Finfet. The chip reportedly integrates “more than a billion transactions” and uses a special circuit structure with a low power-intensive technology to optimize the efficiency.

The CEO of Bitmain also said that as the industry matures, “exponential growth” in blockchain will be required in order for the technology to keep pace. He also predicted that the bleeding-edge computing technology development will also need to be integrated with blockchain to address the challenges of the burgeoning industry.

This again confirms that Bitmain is on the path towards becoming the biggest company in the crypto business, which has been reported on our news site on several occasions.

 

 

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Altcoin News

Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600

The latest Bitcoin news show that the most dominant cryptocurrency is kind of idle when it comes to fast growth. Over the past few days, it managed to go in the green and in the red with less than 1% movements, holding firmly above the $3,600 mark. Bitcoin has stayed above the $3,600 threshold for some time now, while its highest price point over the past 24 hours was $3,707. Currently, BTC is at $3,637 with a loss of 0.32% overnight. The total market capitalization is down from $122 billion yesterday to $121 billion today - and down by more than $2 billion from the intraweekly high of $123..2 billion. Ripple (XRP) is slightly down as well, trading at $0.32 and falling by one cent compared to yesterday's numbers. Ethereum (ETH) also declined by 0.64% and is still at $122. EOS managed to surge by 0.68% overnight and is now trading at $2.44. While most of the top 10 is green, only EOS (EOS) and Tron (TRX) managed to rise. TRX rose to $0.024 with a 0.94% growth just like EOS and its sub-1% movements. The biggest growth overnight was initiated by Cardano (ADA) and Binance Coin (BNB). While ADA surged by 2.71% to a new price of $0.045, BNB managed to climb to $6.20 rising by 2% overnight. As it is right now, the cryptocurrency market definitely needs some movement on the green side. However, the idle movements can continue as well, proving that another bear market is here.
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Altcoin News

Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation

Over the past day, the crypto market recovered from its previous position and reached $123 billion as Bitcoin also managed to avoid another drop below the $3,600 mark. In the latest crypto news, we take a look at some analysis from multiple crypto technical analysts. Some analysts think that because of the high sell-off intensity in the previous period, there is a strong chance for the price of BTC and other altcoins to drop even further below their support levels in the short-term. Also, they believe that Bitcoin will even decline as low as $3,100 by the end of the bear market before recovering by the end of 2019. Crypto technical analyst Eric Thies said that Bitcoin might start a strong movement upwards by the end of 2019:
 “Similar to 2015, 2019 may be the year of accumulation.’’
Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’
Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
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Altcoin News

Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019

A professor from the University of California, Los Angeles (UCLA), Scott Galloway, believes that crypto will be even worse this year and in our bitcoin news today we find out more about his opinions. Galloway thinks that crypto will struggle even further in the following 12 months because most of the emerging technologies and markets tend to move by cycles. This is why the crypto market seems to be unaffected by the developments in the industry and this is why the value of digital assets moves mostly because of sentiment than by short-term events. Last year, many of the emerging markets such as crypto and virtual reality, had really poor progress and market growth. It is extremely hard for new technologies to go with massive changes since the investors become impatient really easy. However, prior to 2018, all of these technologies had great years which led to their value increases. The professor pointed out:
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’
His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
 “So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
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Bitcoin News

Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”

The CIO of Pantera Capital, Joey Krug, is in the latest cryptocurrency news for his recently written thesis in which he states that Bitcoin won't succeed as money. As Krug believes, cash payments are not the primary areas where blockchain technology catalyzes a paradigm shift. According to Krug, Bitcoin may become digital gold - but never succeed as money - mostly because of its volatility and the lack of a dynamic monetary policy for the most dominant cryptocurrency. Krug also stated that the Beam Network has a good chance of tackling the issue of money. The organization is in fact led by him as well as the founder of Bolt, Ryan Breslow, among others. It aims to pursue the original vision of crypto payments.
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.
He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
 
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