Week 18 - 2020 News Recap
How Difficult is to Get YouTube To Respond to Abuse: Ripple Lawsuit Against YouTube
When an average individual has a problem with a social network, the turmoil can go on forever as social networks like Facebook usually offer automated forms that users can fill and send when having issues or the need to report an abuse problem. More often, an automated form has not shown to be a good choice for resolving such problems effectively. But what happens when a company wants to sue a social network? In a similar case scenario, Brad Garlinghouse, the CEO of Ripple, is suing YouTube. In a complaint file, as reported by the Verge, Brad Garlinghouse from Ripple is accusing the famous video platform, YouTube, of selling ads and verifying accounts that are involved in the promotion of fake and scam cryptocurrency. Garlinghouse also added that YouTube is ignoring complaints on these scam accounts.
Moreover, Garlinghouse and the Ripple company are directly affected by the scammers operating on YouTube. Over the past several months, scammers have created accounts for Ripple and the CEO of the company, Garlinghouse, while these accounts could be easily mistaken as official by an average user. The scammers got hundreds and thousands of subscribers on the name of Ripple and XRP, fooling subscribers into thinking that these accounts were made by Ripple’s official representatives. Scammers even offered rewards in exchange for a smaller payment. YouTube received over 350 complaints on these accounts, but the platform never banned or closed any of the scammers’ accounts. One of these accounts supposedly earned 15,000$ in XRP by scamming YT users. Garlinghouse claims that many of the scammed users were complaining to YouTube that Ripple stole their money, staining the name of the company even though YouTube could have prevented the illicit activities in the first place.
May Markets: Bitcoin Steady at $8,700 and Equities Start Lower in May
It seems that May didn’t start benevolently for all sectors as traditional markets started the month by selling off assets. Bitcoin , on the other hand, is trading at a steady pace at the value of 8,700 US dollars. In the course of a single day traded by 1.2% to reach the price of 8,728$. There was a slight rally in the price of BTC the same day when the top crypto touched the price of 9,000$ for a brief but quickly returned to previous levels at the value of 8,700$. In the meantime, markets in Europe were closed during holidays on Friday, while the export sector from South Korea saw a major drop of 24% in the first quarter of 2020.
The S&P Index was also discouraging for real estate and manufacturing the last Friday, dropping by 2.8%. Furthermore, the reported revenue for the first quarter in the sector of tech was disappointing, which is consequently affecting the US equities. Some markets in the sector of crypto also traded lower with open interest and contracts on crypto derivatives on BitMex traded lower as well. Depending on the positioning made by traders, some crypto exchanges showed decreased activity last week.
Behind the Bitcoin Rally: The US Traders and BTC Whales Might Be Responsible for the Surge
The number of Bitcoin whales on the global level has increased since mid-2019, while it is also presumed that the American traders are driving the latest Bitcoin rally by directly buying BTC or trading crypto derivatives on exchanges. Driven by positive trends and increased demand, Bitcoin marked 20% in gains on a year to date level the last Tuesday. The data indicates that the US traders are driving the latest rally as the US-based exchanges are showing stronger buy pressure when compared to other markets. As the CEO of Three Arrows Capital noted in this case, strong US tax policy mean s that US traders are not ready to sell their positions for nothing.
In the meantime, the number of Bitcoin addresses keeping more than 10,000 BTC reached the highest level since mid-2019, indicating that the number of whale traders is growing. Whales can greatly contribute to the bullish environment surrounding the first and the top cryptocurrency. Startups are operating with Bitcoin wallets are also reporting an uptick in the number of users and profits. It is presumed that the mentioned increase appears as a consequence due to disruption caused by the COVID-19 fallout. Such events, as Will Cole from Unchained claims, is making people think about the way they are storing Bitcoin.
Bitcoin Halving: Can Hash Rate Indicate the Future of Bitcoin Halving Dynamics?
As more time passes by since the first Bitcoin halving, the process of halving becomes more significant and more important for the price of Bitcoin, as well as for the involvement of miners and mining profitability. Is it possible to predict the future of Bitcoin after halving by using historical dynamics driven by hash rate?
The next process of halving for Bitcoin is scheduled for the 12th of May, which is why many crypto analysts indicate that the last Bitcoin’s rally with the beginning of May is directly related to traders’ expectations on what will happen to Bitcoin ahead and after the process of halving. Many are also indicating that Bitcoin’s hash rates are strongly related to the price movements of the top crypto. After the first halving, BTC went up from a modest value of 12$ to 1,100$ dollars - the increase, however, took 12 months from November 2012 to November 2013. Moreover, analysts claim that the price of BTC is always higher after the halving than the price marked on the day of the initial halving process. Since the process of halving is placing a constraint in on the supply of BTC, it normally creates an increased demand even if takes months for BTC to rise since the day of the initial halving. Higher hash rates are indicating more computational power used on the network, which is how the hash rate can be a valuable indicator around the halving.
More Women in Crypto with the First Quarter of 2020
CoinMarketCap released a new report with the end of the first quarter of 2020, reporting a significant increase in the number of women operating with cryptocurrency in Europe and the Americas. The study reports a 43% growth in the number of female crypto users in comparison to a mere increase that 2019 saw in the number of users in the same demographics, showing a 15.5% increase for that year. In 2020, alone in the first quarter, the increase is nearly three times higher.
Within the three continents, including Europe, and South and North Americas, the increase in the number of users between the ages of 18 and 24 are also flattering to the stats, showing 65%. In Europe, Greece is on the top of statistics in the growing number of crypto users, followed by Romania, Portugal, Ukraine, and Czechia. In Latin America, the leading country is Argentina, followed by Colombia and Venezuela.