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Markets Update: Digital Currency Economy Surpasses $300 Billion

Digital currency prices have spiked considerably in the last 24 hours and bitcoin core (BTC) stopped short about $70 in an attempt to cross the $10K price zone. Most cryptocurrencies are up between 2-8% on Friday, June 21 and the entire cryptoconomy surpassed $300 billion.

Six days ago news.Bitcoin.com reported on the surge that took place after a majority of cryptocurrency prices pulled back the week prior. This Friday, just before the weekend, on June 21 digital currency prices have spiked considerably and the entire market valuation of the 2000+ coins in existence has gained more than $25 billion. During the early morning trading sessions on Friday, BTC’s fiat value touched a high of $9,921 on Bitstamp but has since retreated to prices between $9,700 and $9,875.

At the time of writing 1 BTC is trading for $9,860 per coin and the market is up today by 5.6%. This is followed by ethereum (ETH) markets which are up 6.7% today and each ETH is swapping for $286. Ripple (XRP) is only up 3.5% and each XRP unit is trading for $0.44. Lastly, the fourth market cap position still belongs to litecoin (LTC) which has gained 2.4% today and is trading for $137 per LTC.

TradingView Bug in the Fibonacci Tool Ignored for Years
The Elliott waves theory basically states that stock markets and aren’t all random and have distinguishable patterns. These patterns come in the form of waves, which an experienced trader can learn to detect in order to foresee the market in the near future. Nowadays, it’s a term more commonly used for the technical analysis used to predict prices in the markets.

Last week, Cryptoteddybear’s tweets were answered by TradingView and the issue is now supposedly being investigated.

It appears however, that TradingView took their sweet time to take action. There were reports about the same bug five years ago. What’s even more interesting is that back in 2017, a TradingView employee responded to yet another publication about the bug. The employee replied:

“Hi, you are right, we have a planned task to fix this. Thanks for bringing this to our attention.”

Cryptoteddybear’s recent tweets and video make it perfectly clear that the issue isn’t solved yet.

TradingView is one of the platforms which added the “CIX100” index. The CIX100 is a revolutionary AI-powered index for the top 100 cryptocurrencies and tokens.

AI-powered indexes might sound groundbreaking now, but in about 10 to 15 years, they would probably make up the vast majority of indexes out there. In the near future, trading will be done almost entirely by AIs.

Earlier this month, Coin Metrics revealed the acquisition of the asset index firm Bletchley Indexes. Coin Metrics hopes to use this acquisition to launch crypto smart beta indexes in the near future.

Binance will release a bitcoin-provided token

The largest cryptocurrency exchange Binance will release on the basis of its own blockchain several tokens tied to cryptocurrencies. The first such coin will be BTCB - bitcoin-provided token standard BEP2.

BTCB will appear on the market in the coming days. It will be 100% secured with “digital gold”, while the addresses of its reserves are open and available for audit - 3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb. To date, Binance has already issued 9001 BTCB coins. With the launch of a new token on the Binance.com platform, the BTCB / BTC trading pair will appear.

According to representatives of the company, the new token will increase liquidity and trading volume on the exchange. In addition, the company is exploring the feasibility of listing BTCB on the Binance DEX non-custodial platform.

Peter Schiff: Facebook’s Cryptocurrency ‘Libra’ is Bad News For Bitcoin

According to Peter Schiff, Facebook’s soon-to-be-launched cryptocurrency called Libra or GlobalCoin is bad news for Bitcoin, the top cryptocurrency by market capitalization. The CEO backed his statement by the fact that Libra will be targeting the same market Bitcoin is relying on for its massive adoption. Libra will also help the unbanked nations with high inflation. And the best part “according to him” is that Libra is a stable coin and “much easier and cheaper to use as a medium of exchange than Bitcoin.”

In the case of the latter, Schiff gave a real-life scenario where the stable and inexpensive price of Libra will attract more customers to a restaurant that is accepting the virtual asset. However, Bitcoin’s expensive price would mean eating an overpriced food that could make you “sick to your stomach” when you consider how much you’ve paid for it. Thus, it is only those that do not want to eat that will visit such restaurant.

Bitcoin Mining Consumes 1% of Global Energy, Report Reveals

The US Senate committee on Energy and Natural Resources issued a document stating that mining consumes about 1% of global energy. On public blockchains, mining embroils the computation of a massive amount of mathematical calculations known as hashes. On a normal day, Bitcoin miners collectively compute over 50 billion gigahashes per second.

A lot of cryptocurrency miners will enter this market in large numbers since it is gainful to mine, then, if in future it becomes less profitable, they will automatically drop out by themselves. Generally, cryptocurrency generation is to some extent a zero-sum game, since the total revenue earned per given time unit by a particular digital asset - let’s say Bitcoin - is fixed. For instance, Bitcoin, it is almost 12 - 13 BTCs per 10 minutes (600 seconds).

Besides these revenues, cryptocurrency miners can’t avoid certain costs such as those of electricity, hardware, participation fees, and other outlays of functioning data centers. Power costs are a considerable fraction of total costs, that is to say, the focal variable in the calculation which governs the power consumption of digital currency mining at balance is nothing else but the exchange rate existing between the digital currency and fiat currency like dollars.

Last year, Ethereum developers, announced a plan of switching Ether to a more effective mining-free model. Nevertheless, other cryptocurrency developers and the ecosystem behind Bitcoin, the original cryptocurrency, have intensely repelled big changes to its design.