Crypto Weekly | Could things get worse or better?
Hi guys and welcome to another beautiful week, here with you today is your favorite host and we are going to take a look into what happened in crypto last week.
As usual, Crypto weekly hopes to share knowledge about some of the worthy news that took place within the BTC, ETH, and EOS blockchain while staying fair and ensuring users have full details about what and why.
It’s a new week and not the best of moments, while the economy still falling behind, crypto is not left out with the majority of the coins already showing a negative balance as it relates to those who bought one or more before the dip began, lets quickly start with the BTC blockchain and see how it operated last week.
Bitcoin
The concept of Bitcoin has not changed as it still remains a decentralized digital form of money to pay for goods and services and not controlled by any governmental body or organization.
Last week we saw a decline in price and no one ever expected things could turn out any worse than it was, with the price of bitcoin hovering around $8k others saw it as a good fit to jump in and also a good swing trade but what happened next was beyond anyone comprehension.
March 11th was probably the telling point, a gradual decrease in the price of bitcoin was detected with it falling below the 8k mark after it has held for some period and what happened within the next 2 days brought about a series of question with bitcoin falling below 4k and now back to 5k where it currently stands. The future of bitcoin just became more uncertain and with bitcoin halving coming May 11th the situation of what to expect is nothing like it was a month back.
May 11th, Bitcoin halving
A bitcoin halving (sometimes ‘halvening’) is an event where the reward for mining new blocks is halved, meaning miners receive 50% fewer bitcoins for verifying transactions.
With the hope of Bitcoin's price going up before the due date of halving, we can only hope for the best and expect the worse. That said, users are always advised to do their own research before investing in any digital platform.
Ethereum
While the bloodbath continues in the economy, Ethereum was not spared as users saw a huge drop in its price from the $200 mark to the now $120+ mark, platforms which operated on the Ethereum chain was not spared as well, with some incurring more depts than they already were, others had to stop operation due to the high transaction fee put in place caused by a large number of users simply trying to move their Ethereum from one account to another.
An example of a platform affected by this sudden fall in price is gods unchained.
After releasing a new feature called flux several weeks ago that allowed its users to merge two identical core cards to form a Meteorite card which then allowed such cards to be sold/gift from one account to another, the game soon saw a rise in daily users and also the good amount in daily transactions, that was until the Ethereum network became congested and the team was forced to make difficult and hard decisions as shown in an article published two days back
Due to congestion on the Ethereum network, fusing Core cards in the Forge has been temporarily paused — being reactivated once the issue has been resolved. You won’t be able to combine Core cards into Meteorite cards during this period.
You can read about the full article here https://blog.godsunchained.com/2020/03/13/fusing-cards-temporarily-on-hold/
EOS
Well, I wouldn’t call it leaves the best for last as EOS was not spared as well, EOS users just as BTC and ETH also experienced a drop in the price of EOS falling from its $3+ to its present price as of the time of writing this article just above $2, while the economy is down, the next movement in cryptocurrency is uncertain.
As WHO calls coronavirus a pandemic and individuals advised to stay safe at all time, some crypto enthusiasts see it as a good time for mass adoption as experts have said continuously that paper money is able to carry germs and also unhygienic, one can only wonder if mass adoption of a digital form of payment is on its way. That said, users are always advised to do their own research before investing any platform, be it digital or not.
While the subject of mass adoption continues, the EOS chain experienced some welcoming news, Binance a well-known cryptocurrency exchange made an announcement on supporting staking in EOS chain
This was mentioned in a Tweet from the Official Binance Twitter account which read Binance Will Support EOS (EOS) Staking and also an article explaining the EOS staking feature offered by Binance which can be read here https://www.binance.com/en/support/articles/360040831951
The other welcoming announcement was from the game called Prospectors after been launched several months back, the team just made a huge update to their play system in a bid to spread out reward more while decreasing bots action in the game, you can read about the update here https://medium.com/@prospectorsgame/the-prospectors-big-update-successfully-launched-9d6ac624a687
This is all we have for this week, don’t forget to join our various platforms to keep up with the happenings around TokenPocket wallet.
Written by Oteme Eghele
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