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Bitcoin may resume decline

Aug 12, 2019

Demand for BTC remains moderate, especially under the psychological resistance level of $ \12000. But despite its moderate decline in the previous week, the share of BTC in the cryptocurrency market continues to increase. At the moment, BTC capitalization exceeds  203B and amounts to about 68.6% of the total market. It is also noteworthy that 11 out of 14 coins with a capitalization of more than $1B decrease faster than BTC. And only Binance Coin (BNB) completed the week in the green zone, adding more than 7%. Litecoin (LTC) turned out to be an outsider of the week, losing more than 10%, even taking into account corrective growth.

Binance Coin has risen in price after the announcement of the next IEO on the exchange

Binance has announced the details of the eighth IEO on its Launchpad platform. Fixing balances of potential participants of the Perlin Network crowdsale will begin on August 9 and will last until August 23. Now, the accounting of BNB tokens in the account will be carried out every hour.

Singapore-based startup Perlin Network plans to sell 86,530,500 tokens worth $6.7 million. Each user who has more than 500 BNB on their balance can receive up to 10 lottery tickets. For each of them, it will be possible to purchase new tokens worth $500. Winning tickets will be announced on August 24. All lottery participants who won’t get winning tickets will be able to participate in the airdrop for $300000.

The attack on Litecoin

Analysts of Binance bitcoin a large-scale “dust attack” on the Litecoin cryptocurrency network; the purpose of this attack was to compromise user privacy.

So, the attackers sent tiny amounts of LTC to various wallets to track the further movement of these funds and establish the company /identity behind the addresses. In theory, this could allow hackers to carry out targeted phishing attacks or blackmail.

The listing of Binance

Binance cryptocurrency exchange has published a list of 30 crypto assets considered for inclusion in the listing of the American division – Binance US. 

Besides Bitcoin, Ethereum and Litecoin, there are  ADA, ATOM, BAT, BCH, BNB, DASH, EOS, ETC, HOT, IOTA, LINK, LOOM, MANA, NANO, NEO, PAX, REP, RVN, TUSD, USDC, USDT, VET, WAVES, XLM, XRP, ZIL, ZRX.

Opinions

 Tim Draper, an influential venture capital investor, crypto enthusiast and CEO of Draper Associates, has revised its forecast for BTC growth. In his opinion, BTC will reach $250000 in the first quarter of 2023, and not in 2022. But even this forecast is extremely optimistic.

“I play it safe a bit, may be  the first quarter of 2023. But still, I’m sure that Bitcoin will reach $250000 earlier, ”said Tim.

China is ready to launch its own digital currency

Mu Changchun, the deputy head of the payment unit within the People’s Bank of China, said that the digital currency (CBDC), which has been developing since 2014, is almost ready.

The CBDC-issued digital currency will not be entirely based on the blockchain. According to representatives of the central bank, this approach makes CBDC bandwidth sufficient for retail payments. It is noteworthy that the digital currency of the People’s Bank of China involves the use of a two-level system: the base layer is the central bank, the second level is commercial banks.

In general, this is a positive signal for the cryptocurrency market, but the government’s restrictions on other coins will play an important role as well.

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