This year, we are marking 10 years since Bitcoin was adopted – and 10 years since its creator (Satoshi Nakamoto) published the first white paper on Bitcoin and the technology. In the latest Bitcoin news, it is safe to say that the global economy has never been the same from the introduction of this cryptocurrency. With a market cap of $112 billion, Bitcoin is the leading cryptocurrency that has been on the throne for years – with a dominance level of more than 53%.
However, according to the CEO and founder of the financial advisory firm deVere Group Nigel Green – and his new press release – the next 10 years will put altcoins in the spotlight. As Green analyzed, the “crypto revolution” is definitely due to Bitcoin, changing the way money is transacted forever.
However, Green also believes that Bitcoin’s “dominance and influence on the crypto sector” are expected to “drastically reduce” while the value of the broader crypto market will apparently expand by 5,000% along with the rise of the altcoin market, according to his estimates.
As Green stated in the press release:
“[While] I don’t wish to rain on anyone’s parade, I believe that Bitcoin’s influence and dominance of the cryptocurrency sector will drastically reduce in its second decade. This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched – by organizations in both the private and the public sectors. This will increase competition for Bitcoin and dent its market share.”
Green’s deVere Group now boasts around $10 million in AUM. Based in Dubai and with offices around the world, the CEO and founder is active in the crypto market. When asked about the altcoins that will apparently ‘steal Bitcoin’s show’, he pointed to coins like Ripple (XRP) and Ethereum (ETH), stating:
“I believe that…XRP will be one of the main digital assets to dent Bitcoin’s market share over the next few years due to its apparent focus on integrating with banks and other financial institutions.”
Even if the dominance of Bitcoin fades, Green believes that there will be a clear shift among retail and institutional investors – putting their investments away from fiat money and gearing towards crypto.
Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors
“The top holder activity signal is the percentage of Coinbase customers with large balances of an asset (top 10%) who have net increased (bought) or decreased (sold) their positions in that asset through trading over the last 24 hours,” Coinbase explained in a blog post which went viral in the altcoin news. “This is updated approximately every 2 hours.”Speaking to CoinDesk, one Coinbase spokesperson further noted that top holder activity would be aggregated from all of the individual Coinbase accounts across the exchange - excluding the ones set up by institutions. Beyond the sharing metrics on Coinbase power users, the fact that Coinbase is rolling out their data tools will apparently help retail users make more informed decisions. The Coinbase customers will also be able to see the median number of days an asset is held by traders on the exchange before it is sold or moved to another address, the latest cryptocurrency news show. Another tool which Coinbase is rolling out will gauge the popularity of assets on Coinbase as well as their relative price correlations to other crypto assets. All of the "exclusive" data tools are available to any user for free starting from today.
“For individual investors, especially those new to crypto, we hope these new signals will encourage more informed management of a diversified crypto portfolio. We want trading signals to help first-time investors build the right portfolio to suit their investment goals,” a spokesperson from Coinbase noted.Now that Coinbase is rolling out these data tools, a senior engineer from the company named Will Drevo says that the platform's top crypto accounts have a tendency to buy rather than sell their portfolio positions.
“Historically, when top holders are either unusually bullish or bearish this has been indicative of changing market conditions, but not always," Drevo wrote in another post.Founded in 2012, Coinbase has snagged a $8 billion valuation this year.
Web Search Stats Show Rising Interest For Facebook Libra
Bear Euphoria Continues As Bitcoin Plummets Below $10,000
“Bull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows.”We can also see the Bitcoin hater Nouriel Roubini who is featured on many best cryptocurrency news sites for his pessimistic statement towards BTC and optimistic towards the Trump-Congress hearings. He said:
“Bitcoin has crashed by almost 30% in the last week and over 15% in the last day. As Congress, Mnuchin, Trump and myself point out that the criminal scams of crypto shitcoins-land will be cracked down on, the scammers and criminals know their days of unregulated casinos are gone!”As a reminder, the bear euphoria has made BTC correct more than eight times during the previous bull run - and Bitcoin lost more than 30% in the same period before reaching the all time high close to $20,000 at the end of 2017.
Privacy And Trust Issues: Libra Hearing Continues In US Senate
The ongoing hearing of Facebook's Libra cryptocurrency project with the Banking Committee of the United States Senate is continuing. The latest cryptocurrency news show that the US lawmakers and senators are mostly concerned about Libra's privacy and trust issues.
This is the main interrogation subject from them. As many best cryptocurrency news sites reported recently, the head of Facebook's crypto wallet Calibra is stressing the project's trust and regulatory compliance - but the regulators are not convinced.
For instance, Senator Jon Tester asked about Libra's privacy and trust issues. He questioned if Libra is able to make assurances against fraudulent purchases or loss of funds, along the line of credit cards or the Federal Deposit Insurance Corporation. As David Marcus from Calibra responded, “we will do our best to resolve those types of issues and claims as quickly as possible.” Tester stated that “it is critical that that is resolved before it goes live.”
Another US Senator jumped in the altcoin news. Sherrod Brown of Ohio took a more critical stance towards the project and asked "do you really think people should trust Facebook with their hard-earned money?" Marcus said that Facebook “will have no special privilege,” at which point Brown interrupted: “Mr. Marcus, you know better than that.”
Brown also addressed the privacy and trust issues and asked Marcus if there is anything elected leaders can say that will convince Marcus and the company to not launch Libra. Marcus responded:
“If our country fails to act, we could soon see a digital currency controlled by others whose values differ radically from ours.”
When the chair of the Committee Mike Crapo asked Marcus why the Libra Corporation had chosen to register in Switzerland, Marcus said that they would also register with US regulators. He pointed out that social and financial data would be entirely separate on the Calibra Network and added "in order to earn people's trust, we will have to have the highest standards in terms of privacy."
Aside from the privacy and trust issues, the Senator and presidential candidate Elizabeth Warren (known as a big cryptocurrency critic) also jumped in the coming altcoin news and asked about Facebook's willingness to allow data portability. She asked:
“If a Facebook user wishes to use a wallet other than Calibra, will you make it easy to allow the export of other data?”
In response to this, Marcus answered "absolutely, Senator." She then followed up by asking for the same commitment for messaging apps WhatsApp and Messenger, on which Marcus hedged too.
The official hearing on Libra with the US House of Financial Services Committee is scheduled for July 17, 2019.
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