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Altcoin News

VC Fred Wilson: There Will Be Signs Of Life In Crypto Land 2019



Popular venture capitalist Fred Wilson believes that 2019 will be a year in which investors should be more cautious since the crypto markets won’t be a ‘’safe haven’’. We find out more about his prediction in our altcoin news of today.

Wilson believes that the US could see a replacement in the next presidential election which will affect the entire economy and the capital markets but:

 “There will be signs of life in crypto land in 2019.”

According to him, the US equity capital markets are on shaky ground. The markets are experiencing higher rates which are showing that the economy could be weaker in 2019. He also expects the S&P 500 to drop massively and for the interest rate hikes to be transferred to the consumer and business lending:

 “When it gets more expensive to borrow, marginal projects don’t get funded. And what happens at the margin has a much larger impact on the economy than most people understand.”

On the other hand with Brexit happening, the European businesses will also be on the defensive line and the trading tensions between China and the US will still remain a question mark.

Wilson expects that 2019 will still be a ‘’solid year’’ for the tech companies and for all the startups because we are striving for an ‘’information economy rather than an industrial one.’’

He said:

 “I think we are in the process of finding the bottom on the large, liquid, and lasting crypto-tokens. But I think that process could take much of 2019 to play out.”

According to him, in order for the crypto market to succeed there should be many new projects that will be delivered in 2019 including the projects from his own portfolio such as Filecoin, Protocol Labs and Algorand Project. He did, however, point out that the crypto is still not a ‘’safe haven from the stock market downturn.’’

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Altcoin News

XLM Jumps By 11% After Banks Got Interested In IBM’s Stellar Blockchain Opportunity

The cryptocurrency backed by Stellar Lumens decentralized payment protocol- XLM, increased in value by as much as 11 percent over the past 24 hours so in the latest altcoin news we will find out what’s the reason behind the price boost. The price increase started when the early EU trading session started as well when the altcoin reached 0.118 from its previous 0.108 positions. The upward trend experienced a small correction phase which brought up the coin to reach a price of $0.113. XLM tried the same level again and formed an upside rejection trajectory during today’s EU session but still managed to maintain the bullish run over the past two days. After IBM announced yesterday that six major international banks want to use the Stellar-based payment network, the price also started slightly to increase. Stellar’s blockchain aims to provide the banks with an easier option to move value or to make cross-border payments much cheaper than traditional payment networks by using stablecoins. This could be the explanation for XLM’s performance because it is similar to the price movements that the coin made under similar circumstances. For example, XLM increased by 11 percent over a period of three days after the German media company Börsenmedien AG announced a partnership with SatoshiPay which is a company that also uses the Stellar blockchain. The other reason for the price increase might be coming from Coinbase. The crypto exchange announced that the platform will provide support for XLM trading pairs. Adding a coin to the platform is known to influence the price of a cryptocurrency just as when listing XRP sparked a price movement for the altcoin as well. XLM could be getting into a strong bullish movement but there is no clear enough proof that the six international banks using the XLM software is the reason for the price increase. The altcoin is still considered as a backup option for the banks. The price trends seem to be forming an increasing wedge formation which shows the entering in the bearish zone but the price could soon break below the wedge point and will open a short position towards $0.107.
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Altcoin News

Digitec Galaxus Group From Switzerland Officially Accepts Crypto Payments

The number one online retail store based in Switzerland, The Digitec Galaxus Group made an official announcement today that we are reading more about in our cryptocurrency news, that the platform will start accepting crypto payments. Bitcoin will be one of the options but so will a couple of other cryptocurrencies including Bitcoin cash, Litecoin, and Ether. All of the customers can read the announcement and read more information about the decision. All of the payments that will be exceeding 200 francs will be processed through a third-party service-Coinfy which is a Denmark-based startup. The Denmark service will convert the crypto payments to fiat in real-time so this way the customers will be protected from the crypto’s volatility. The retail giant will not hold their own cryptocurrency but will make possible for customers to spend them with ease. The chief innovation officer at the Digitec Galaxus Group stated:
 “By using Coinify, we are not running into the knife.  It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”
Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans.  Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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Altcoin News

New Report Shows That Bithumb Is Laying Off 50% Of Its Staff

The major cryptocurrency exchange based in South Korea, Bithumb, is in the latest news on our DC Forecasts crypto news site for reportedly cutting up to 50% of its workforce, according to new reports from CoinDesk Korea published on March 18th. The dominant exchange known for Bitcoin and altcoin trading has confirmed that it will reduce its staff from 310 (a number that was present at the beginning of this month) to around 150, cutting more than 50% of the staff. According to the report by an unnamed official within the company, there is a voluntary redundancy plan and training support to employees:
“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”
Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
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Altcoin News

Stellar (XLM) Makes Moves Up, Binance Coin (BNB) Flips

The crypto market appears to be still consolidating. As the Bitcoin news today show, there is no big price action on the market. In fact, the market is recovering and correcting since the weekend pump. Currently, the main buzz is created by altcoins as Bitcoin stalls at the $4,000 resistance marks once again. The total cryptocurrency market capitalization remains just above $140 billion and is up by around $10 billion on the same time compared to last week. Bitcoin has dropped back to $4,000 over the past 24 hours but did not fall below - instead it gradually crept back up to $4,050 where it is currently trading. The BTC volume is now over $9 billion and the most dominant cryptocurrency appears to be poised to test the weekly highs again. However, a move to $4,200 could spell a larger break to the upside. Ethereum, on the other hand, still remains at $140 without much significant improvement. In fact, ETH has weakened over the past few days and is failing to gather noticeable momentum right now. The largest altcoin by market cap is still up on the week and remains with a $1.5 billion advantage (in market cap) compared to the third-listed Ripple (XRP). Speaking of, the XRP token has also remained flat over the past couple of days. Currently, it is trading at $0.317 without a noticeable increase. At the time of writing, the top ten cryptocurrencies are in the green during the trading session - something that is bucking the trend. What's also new is Stellar Lumens (XLM) and its recent listing on Coinbase which has added to this momentum but hasn't yet produced an epic spike. In fact, Stellar (XLM) only surge by less than 7% and is now trading at $0.11. At the same time, the news helped XLM to flip Binance Coin (BNB) and Tether (USDT) and take the seventh spot with a total market cap of $2.2 billion. While the spike of XLM was not that big, this is definitely a new milestone for Stellar Lumens. All of the other crypto assets in the top ten are in a mild increase right now as the market is ready to get closer to the $141 billion mark.
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