Week 19 - 2020 News Recap
Solo Trading Competition Taking Place on Tokens.net
SOLO coin is a stablecoin issued on XRP Ledger and it represents a part of the Sologenic system. SOLO coins are created to enable moving liquidity almost instantly, creating a dynamic bridge between blockchain-based and traditional assets. SOLO also allows users to tokenize real-life assets of value. On May 12th, 2020, at 12 UTC Tokens.net will host the SOLO trading competition as a way to celebrate listing SOLO on Tokens.net exchange. All traders are welcome to join the competition on the specified date, while there are rewards for 10 most successful traders. Traders who manage to generate the highest trading volumes during SOLO trading competition will be rewarded with a total of 4995 SOLO. Anyone interested in trading can join, while all competitors need to generate trading volumes for SOLO/USDT to qualify for the rewards in a total of 4995 SOLO. The competition for SOLO/USDT traders will last from May 12th, at 12 UTC till June 12th, 12 UTC, so all traders have plenty of time to join and boost their SOLO/USDT trading volumes. The winner of the trading competition will receive 1500 SOLO, following rewards for the rest of 10 winners ranging from 1000 to 285 SOLO.
The first AMA with SOLO hosted by Tokens.net has already started. All interested parties can post questions for Tokens.net and SOLO teams in the group. All users submitting questions to the group are welcome to use a hashtag #SoloAMA in questions. At the end of the day, teams will collect all the questions and provide answers. The top 5 questions will be announced and rewarded on May 11th, 2020.
Bitcoin Price Rising Ahead of the BTC Halving, Post-halving Declines Possible
Bitcoin went over doubling the market price in the course of the last two months since the “Black Thursday”. Into the Block, intelligence firm reports that almost all addresses holding Bitcoin are “in the money” as a result of 160% rises in the market for BTC in the period ahead of the next BTC halving. Even though the top cryptocurrency is trading at nearly 9,000$ at the moment of writing, the data collected from the market suggests that BTC price might suffer declines in the post-halving period. With the latest rises ahead of halving, BTC is up by nearly 160% since touching a low price of 3,867$ on March, 12th as per BTC price reported by CoinDesk.
Almost 85% of addresses holding BTC are profiting ahead of the next halving as buyers purchased BTC at lower prices than the present market value of Bitcoin as reported by Into the Block. Since many buyers are profiting, analysts expect to see an emerging selling pressure that should follow the halving of mining rewards for BTC miners scheduled for May 12th. In the meantime, the number of addresses holding at least 0.1 BTC has significantly increased, now reaching a record high with 3,014,888 addresses holding BTC.
Telegram Provides SEC with Bank Records as the TON Lawsuit Moves Forward
As a part of the ongoing lawsuit initiated by the Securities and Exchange Commission against TON, Telegram agreed to turn over communications, bank records, and other crucial documents to the SEC. SEC based the lawsuit against the messaging startup on the claim that Telegram violated the US securities law with their token sale in 2018 valued at 1.7 billion dollars. As a part of the disclosure of important information including the bank, records Telegram is supposed to share with the SEC, Telegram also agreed to answer questions regarding the bank records. The agreement made between the SEC and Telegram was submitted on May 7th and was signed off by the judge the next day.
At the same time, TON Labs, representing an independent entity to Telegram, announced a fork launch of the TON blockchain for their token called Free Ton. The announcement of the TON Labs fork came as a direct response to the news shared by Telegram on postponing the launch of their network. The launch has been postponed by another year and should take place in April 2021. Telegram also came up with a solution to return the initial funds to investors. Investors can choose between taking back 72% of their initial investment immediately or lending their investment to Telegram for a year and getting back 110% on their investment.
Blockchain-related Jobs the Highest-paying Tech Positions in the UK
According to the new study by Capital on Tap, a digital lender, the numbers revealed that the blockchain-related jobs are the highest-paying positions in the UK in the sector of disruptive technologies. The study also revealed that startups dealing with blockchain technology are providing 544 permanent jobs in the sector and across the country. An average annual salary in blockchain in the UK is said to be around 75,000 GBP, which would be more than 93,000$ a year. The study conducted and released by the firm Capital on Tap also emphasizes that disruptive technology is slowly emerging to become a part of numerous industries and sectors, which includes 3D technologies, virtual and augmented reality, the Internet of Things, machine learning, and more. Still, the United States holds first place in the number of businesses dealing with blockchain and disruptive technologies.
Following the US, India and the UK are holding the second and the first place in the same category. While the United States is holding the first place in disruptive technologies and blockchain when it comes to the number of operating businesses, Cointelegraph reported that salaries in the sector are set on the decline in China as concluded in March 2020. In the meanwhile, salaries in the sector of blockchain are on the rise in Canada according to the Canadian Digital Chamber of Commerce.
Bitcoin Halving” a Surging Term in Google Search
"Bitcoin halving” is one of the top-searched terms in Google search according to trending statistics, exceeding the number of searches on Bitcoin halving back in 2016. The term has hit its all-time high, recording growth in interest by 350%. Google’s normalized scale for searches was set at 28 for the previous halving that took place in 2016, while the same metrics are now set at the value of 100 for the upcoming 2020 Bitcoin halving, showing that more internet users are interested in Bitcoin and the process of halving.
The last halving has seen a decrease in the mining rewards for BTC miners from 25 BTC to 12.5 BTC, afterwards seeing BTC on the road to price declines and bear trends. The price of BTC did rise after the 2016 halving, however, the bulls took place only months later. A similar scenario is expected to be seen with the upcoming halving in May 2020. With the previous halving, BTC broke the record and made it to an all-time high of 20,000$, however, 17 months after the process of halving in 2016. For the last two and a half years except for the latest price rises, BTC has been driven by bear trends. Currently trading around 10,000$, Bitcoin is still 50% away from its all-time high.