The price of bitcoin has risen to $6,329.00 today. The price of bitcoin is expected to stay within the range of $5,800-$6,700 over the course of the upcoming week.
The digital asset continues an upward trend despite intriguing bearish events. Recent events such as the allegations against tether and Bitfinex, the Binance hack, the call by US Rep Sherman to ban crypto, and the somewhat concerning guidelines presented by FinCEN have been shrugged off by crypto enthusiasts.
We can confidently state that market sentiment is bullish. Bitcoin is back. Is bitcoin back in a major way? Let’s find out.
Market participants within the cryptocurrency continue to hold and invest further within the space. Cryptocurrency enthusiasts are building within the sector, taking more action, and solving problems.
Here are some of the most compelling events taking place within the bitcoin ecosystem.
(Stackin’ Sats, etc)
Stackin Sats continues to happen on a weekly basis via the cash app and bitcoin is certainly in accumulation.
Bitcoin Psychology and Resilience –
The Binance hack may seem to be bearish news (its 2019, exchanges should have their safeguards together) but this one showed real progress within the industry. The aftermath showed rapid response and transparency by the binance organization and its leaders. This may be deemed as progress in a sector where fraud, exit scams, and lack of transparency seem to be the norm. The more transparent, and open the exchange is the more trust and value that is placed within the organization.
Furthermore, customers funds are insured due to the Binance Secure Asset Fund for Users (SAFU).
Final Message by Matt Odell and Murtaza Ali allows individuals to send an automated encrypted message at the moment that they stop interacting with the system. The creator of the message would set up the switch and send the password to the end-recipient, in the event that the individual releases the switch, the message is sent, and the recipient unlocks the message with the password.
The system utilizes bitcoin payments to keep the interaction (or the switch alive). Users are reminded of the switch expiration (if they opt in) and renew the switch to prove that they are still alive and well.
Why it matters: When users stop funding the switch, the switch releases the message to the end party. As such, it can be an interesting way to send time-based messages while supporting the use of on-chain or LN bitcoin networks.
Research and Potential Implementations In Bitcoin
Pieter Wuille presented two Bitcoin Improvement Proposals (BIP) which bring about improvements that may have a significant impact on the privacy aspects of the currency. At the current moment, the network is mostly transparent. The next proposal accounted for improvement of efficiency within the Bitcoin network.
Open Money Initiative
The Open Money Initiative conducts research on how people use “money in closed economies and collapsing monetary systems”. The organization started its hands-on, in-the-field research in Venezuela. Supporters of the organization include Cosmos, the Human Rights Foundation, Tezos, and the Zcash Foundation.
The Abra App Brings Banks
Institutions such as Abra help to improve the user interface of the cryptosystem and add more simplicity in access and utilization of cryptocurrency. The California based company has presented many interesting features such as synthetic assets, its global investment app, and more recently, has utilized Plaid to let more users convert fiat to crypto and crypto fiat in a simple fashion. Furthermore, the app is non-custodial, as such it lets users handle their own money and gives them the freedom and responsibility to handle their digital assets.
Figure Technologies and Provenance Tokenizes Loans
Figure Technologies recently conducted a unique loan transaction on the Provenance blockchain digitizing loans on the blockchain.