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Inside Bitcoin

Inside Bitcoin (Jul 1st, 2019)

Market Watch: Two coins in the top 30 have seen positive movement over the past 24 hours. Bitcoin and Ethereum are down a combined 13 percent over the past day, while Litecoin is down almost 10 percent. 

  • Bitcoin: $1,330.49 (⬇️ 8.32%) // $183.79 billion market cap.
  • Ethereum: $285.75 (⬇️ 5.18%) // $30.49 billion market cap.
  • XRP: $0.39 (⬇️2.34%) // $16.89 billion market cap.
  • Litecoin: $117.55 (⬇️ 9.19%) // $7.34 billion market cap.
  • Top 100 Winner: Revain: $0.13 (⬆️ 21.14%) // $65 million market cap.
  • Top 100 Loser: Aurora: $0.03 (⬇️ 17.88%) // $196 million market cap.

Prices are as of 3:05pm EDT.

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1. Craig Wright -- who claims to be the creator of Bitcoin, Satoshi Nakamoto -- told a Florida judge that he cannot access the funds of his early Bitcoin addresses, and may never be able to. Wright is accused of stealing Bitcoins worth billions of dollars from his late working partner, Dave Kleiman. Wright told the court, “I brought in Dave because he was a friend and he knew who I was and he was a forensic expert, and I wanted to wipe everything I had to do with Bitcoin from the public record." Wright said in 2013 he handed over key pieces of information to Kleiman that are needed to access his Bitcoin wallets and now that information cannot be located since Kleiman's death. - Bloomberg

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2. Bitcoin has tripled in price since January and has left most altcoins behind. Bitcoin now makes up over 62 percent of the cryptocurrency total market value. Bitcoin makes up a greater percentage of the cryptocurrency market than it did during the 2018 bull market when it was around 38 percent. "There was definitely a view in 2017 that while bitcoin was obviously the market leader, new technology and innovation would disrupt it," said Richard Byworth, Chief Executive at Diginex. - WALL STREET JOURNAL

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3. From The Forums: A post on Reddit showed a graphic that displayed Bitcoin Hashrates hitting all-time highs. @Stepjenvsawyer posted, "Why? What does this mean? What does it signify?" I'm glad he asked that because he got a slew of great answers. 

@GeneralJenkins responded, " A network's hashrate is the most important data point in blockchain tech. Essentially, the hashrate describes how much computing power is being thrown at the network, by users all across the world.

If you want to attack bitcoin blockchain you need to have a higher hashrate than the rest of the network (51% Attack). This becomes more difficult the more hashrate the rest of the network has. So more hashrate ideally means the network is safer. Smaller coins often have a low hashrate and therefore are more likely to be attacked."

@Suninabox added on by saying," Only if the attack is an entirely new player with no relation to any existing miners trying to single-handedly produce 51% of the hashrate. For an attack like, the Chinese state seizing every miner in China, or several large mining pools forming a cartel, or the manufacturer of most of the hardware backdooring that hardware, overall hash rate is irrelevant, and distribution of hash rate is only mildly relevant.

If the overall hash rate increases, but it's concentrated in fewer miners then that means fewer points of failure which makes it weaker to lots of attacks."

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4. Bitcoin trades 24/7 and prices tend to spike on the weekend. Since the beginning of May, 40% of Bitcoin price gains,this year have come on the weekend. David Tawil, president of crypto hedge fund ProChain Capital, said, “It’s a little bit of anticipatory or front-running the news cycle by trading up on the weekend. You’re somewhat flying blind in the sense that you don’t know if there will really be an announcement made on Monday morning but in a packed news cycle like crypto, where there are developments really every day, I don’t think it’s wrong to bet that Monday morning would have a positive development.” - BLOOMBERG

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5. BitMex topped $1 trillion in trade volume over the past 365 days. BitMex has processed $164.01 billion in the last 30 days, and $6.97 billion in the last 24 hours according to a tweet from the CEO, Arthur Hayes. - ARTHUR HAYES

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6. Coinbase looked at key findings in the crypto landscape over the past year titled, The United States of Crypto. Below is what they found.

  • Currently, 58 percent of Americans say they’ve heard of Bitcoin.
  • Over the past year, more people searched on Google for Bitcoin than the “royal wedding” or “election results.”
  • To date, more than 70 percent of US States have enacted legislation that addresses cryptocurrency or blockchain.
  • Crypto is becoming an increasingly important aspect of local economies. The top 10 US States for percentage of the population that owns crypto are: California, New Jersey, Washington, New York, Colorado, Utah, Florida, Alaska, Nevada, and Massachusetts. - COINBASE
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7. Daily Ethereum transactions exceeded 1 million. That's the first time since May 2018 that Ethereum eclipsed 1 million daily transactions. - COIN TELEGRAPH

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8. Crypto apps have seen no growth during the current bull market. Data from Appie Annie showed that downloads for cryptocurrency apps were the same amount downloaded as the first half of 2018 during the bear market. - BLOOMBERG

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9. VeChain foundation is going to buy back $25 million in VET coins. The foundation will buy back the coins over a 12-month period celebrating its independence from the Ethereum main net. - DECRYPT

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10. Grayscale Bitcoin Trust gained 192 percent this quarter outperforming all crypto funds. During the last bitcoin wave in 2017, Grayscale Bitcoin Trust was the best performing fund in the industry as it rose 1,391.44 percent over the course of the year. - WALL STREET JOURNAL

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Written and curated by Darren Webb. He created Currencylists and has worked in marketing roles for a multitude of cryptocurrency and blockchain projects since 2014. Based in NYC, Darren loves to read and continue to learn about cryptocurrency and emerging technology in his spare time. You can find him on Twitter @Dwebbny.

Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside), David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology), and Bobby Cherry (senior editor at Inside, who’s always on social media).

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