Week 43 News Recap
Bulls Take Bitcoin to Over $10,000 with the Latest Five-Week High
Bitcoin had easily touched the value of $10,000 and above in the latest bull run that took the largest cryptocurrency to the new five-week high. However, although Bitcoin managed to record a five-digit value, the bulls were short-breathed, so BTC soon fell below the initial value. Nevertheless, the price of around $10,300 was the highest recorded value since September 24th, 2019. Bear markets pressured Bitcoin into falling below the price of $8,000, that way touching the value of $7,500 until October 25th brought the bulls that took Bitcoin to new heights. According to global markets, Bitcoin managed to reach the price of $10,300, while some exchanges recorded BTC touching the value of $10,600. Even after the decline in the price that followed after the bulls, probably due to overselling for collecting returns, the first crypto collected nearly 40% of gains in the course of less than 36 hours. According to market statistics, the latest case of bulls was also the 4th largest gain in the history of Bitcoin since May 2011 in terms of daily returns. Although opinions on what caused the latest rebound are different one from another, many analysts agree that a great portion of bulls was due to the President Xi Jinping’s statement in favor of support of development and application of blockchain technology.
Istanbul Mainnet Activation Set to Arrive in December 2019
After the latest meeting between Ethereum core developers that took place on October 25th, December 4th, 2019 is expected to be the day when Istanbul activation should arrive on the mainnet. As suggested by one of the core developers, Danno Ferrin, activation should take place once the block height reaches 9,056,000, which matches the predicted date for the mainnet activation. During the online meetup, core developers also agreed that the activation would be postponed in case any issues are encountered during the initial system update to Istanbul, deemed as one of the biggest updates for Ethereum by far. In case of postponement, activation of Istanbul upgrade should come nearly one month later, on January 8th, 2020. Due to the case of discovered vulnerability in the last update, Constantinople, only 48 hours before the planned update, core developers are thinking in advance. That is how they decided to count in an additional month for Istanbul update just in case an issue occurs as it was the case with Constantinople. The upcoming upgrade will bring larger fees to developers using the second-largest cryptocurrency network in the market, however on the cost of improved safety and security. At the same time, the network should allow faster authentication and verification of blockchain data after the update.
Tron Spiking by 25%: China’s Pro-Blockchain Sentiment could be the Reason
After China’s open lack of interest in blockchain technology and cryptocurrency, the country is now changing their attitude towards the foundational technology that blockchain represents as of the ending weeks of October 2019. President Xi Jinping and his officials announced that China has an interest in becoming one of the leaders in the sector of development and implementation of blockchain technology. Moreover, China is censoring all social media posts in the country containing anti-blockchain propaganda as the president has announced future blockchain implementation across the economy.
As a result, Bitcoin has had a major surge, having many analysts believe that China’s approval of blockchain has brought a major surge to the market of cryptocurrencies. As a result, Tron (TRX) spiked by 25% in the course of only 24 hours. In addition to President Xi Jinping’s speech in favor of blockchain development and application, Tron’s CEO and founder, Justin Sun, announced a major partnership betweenv Tron network and a major corporation that remains a mystery till further notice. Moreover, China’s most downloaded app on Apple Store, Xuexi Qiangguo, will feature educational material on blockchain technology.
Bitcoin One of the Top Trending Searches on Google Side by Side with Kanye West and Call of Duty
After the latest surge that took over Bitcoin in the last days of October 2019, Bitcoin has become one of the most searched terms on Google, alongside Rudy Giuliani, Kanye West and Call of Duty. This case might be indicating that crypto is getting back in shape with a strong chance of diving into the mainstream waters. Bitcoin is taking the fifth spot on Google trends right after Call of Duty, specifically referring to searches regarding the price of Bitcoin. The case of the most commonly used keywords related to Bitcoin in the last several days clearly indicate that internet surfers and cryptocurrency traders are experiencing increased interest in BTC due to the case of the latest surge. During this bull run, Bitcoin managed to score 42% of gains in the course of less than 48 hours, deeming it the greatest one-day surge since May 2011. To understand the importance of having Bitcoin googled nearly as many times as Call of Duty, it must be said that the video game is one of the most popular games ever, having sold over 250 million copies and representing a strong brand in the industry.
Twitter CEO Says “No” to Facebook’s Libra Association
Although Twitter’s CEO, Jack Dorsey, is known to have a positive attitude towards blockchain and cryptocurrencies in terms of development, implementation and adoption, he recently stated that Twitter will never have anything to do with Facebook’s Libra association. According to his interview for The Verge, Dorsey said “Hell no” to implications that Twitter will be joining Libra Association as Facebook previously implied back in June 2019. Furthermore, the first man of Twitter stated that he doesn’t understand why Facebook needed its own cryptocurrency to deliver the goals of their project.
Dorsey doesn’t see Twitter joining Facebook as Libra currency, in accordance with Dorsey, is not compliant with internet open standard. However, he believes that Bitcoin will one day rise to become the native currency of the internet. In the meanwhile, Facebook is having troubles with governments from around the world ever since Libra project was officially announced, sharing concerns that Libra might compromise nations’ sovereignty. In that spirit, Zuckerberg attended congressional hearing that lasted for six hours, and during which the officials once again shared their concerns on Libra and Facebook’s financial plans.