Today we have a Daily Token Review and four really awesome cryptocurrency news segments to share with you. When it comes to today’s news, first up, hackers steal over $40 million worth of Bitcoin from binance, one of the world’s largest cryptocurrency exchanges, using a variety of methods to carry out the large scale security breach. Second up, Justin Sun, the eccentric founder of the TRON distributed ledger technology (DLT) project, who has revealed plans to make TRX token regain its position in the top 10 cryptos rankings by June this year. Third, Blockstream, a leading bitcoin (BTC) and blockchain technology infrastructure provider have added 14 new members to its Liquid crypto and fiat exchange. And finally, while big whales such as Fidelity Investments and others are gearing up to enter the cryptospace, Cardano (ADA) founder, Charles Hoskinson, firmly believes that the time is not yet right for more institutional investors to enter the cryptospace.
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As seen on CoinMarketCap, we have a pretty lush market to kick off the day. The world’s flagship cryptocurrency, bitcoin (BTC) is gaining by 3.41 percent. Ether (ETH) still maintains its “second in command” status and has decreased by 1.35 percent. Ripple’s XRP sits at the number three spot, and it has decreased by 0.41 percent. Now, if I scroll down to the top 20, we’re also having quite a green market with a few reds in there. Interestingly, Bitcoin SV is gaining well, increasing by 9.27 percent. While Bitcoin SV has dropped significantly in the last few months, perhaps BitBoss, releasing a javascript library for bitcoin SV wallets has helped contribute further to the Bitcoin SV ecosystem and people’s trust in the token.
Now onto the news! First up, the Binance Hack. According to CNBC, hackers stole 7,000 Bitcoin, which is worth over $40 million from Binance using a variety of methods to carry out the large scale security breach on Tuesday. The exchange was, however, able to trace the stolen Bitcoin tokens to a single wallet. The theft occurred from Binance’s hot wallet, accounting for 2% of its total Bitcoin holdings. Deposits and withdrawals are currently suspended however trading can still take place.
Despite the tragic incident, Binance users can rest assured as the company said that it will cover the incident “in full” and no users’ funds will be affected. Now during the chaos, according to CoinDesk, Changpeng Zhao, the CEO of Binance, publicly discussed with a number of parties whether the company might seek to encourage miners and node operators to “rollback” the bitcoin blockchain, reversing transactions confirmed by the network to return the funds. After a lot of consideration, Zhao released a tweet mentioning that he will not move forward with the reorganization approach as there are ethical and reputational consequences for the Bitcoin network.
Now onto the second news item for today! According to a report by Ethereum World News, the creator of the TRON blockchain project, whose TRX native cryptocurrency has fallen to the 11th position on the global crypto rankings table, has pledged to put in more effort that would make the token to take back its position in the crypto markets. That’s not all, Sun has also stated via Twitter that he sees BTT, which is the native token of the BitTorrent ecosystem it acquired recently, occupying a place among the top 30 digital assets in the world, shortly.
In his words: “#TRON will be back to Top 10 in June! #BitTorrent will be Top 30 in Q2! Let’s wait and see! #BTT $BTT $TRX #TRX.” While TRON remains one of the most active blockchain projects in the world and rightly deserves a place in the top ten cryptos table considering the fact it is among the top three most robust platforms for developing decentralized applications (dApps), projects such as Binance (BNB), Cardano (ADA), and Stellar (XLM) are also creating real use cases for the cryptosphere, therefore overtaking them will definitely not be an easy task.
BTT on the other hand, currently occupies the 47th position on the CoinMarketCap top 50 cryptos table and it has to outperform other solid projects such as Zilliqa (ZIL), ICON (ICX), NANO, Augur and even Decred to take the 30th “iron throne.” While nothing is impossible in the cryptosphere, whether Sun’s “prophecy” will come to pass remains to be seen.
Now, onto the third news item for today! According to a report by CryptoNinjas, Blockstream, a leading infrastructure developer for Bitcoin and blockchain technology, has announced that 14 new platforms have joined its Liquid network. For those who are unaware, Liquid is an inter-exchange settlement network that connects cryptocurrency exchanges and institutions across the globe, enabling faster bitcoin transactions and cryptoassets issuance.
Some of the new projects that have joined the Liquid Network include Gate.io, Huobi, TaoTao, DMM Bitcoin, FRNT Financial and more. Commenting on the exciting development, the CSO of Blockstream, Samson Mow stated that “Liquid is bringing new superpowers to cryptocurrency traders. Two-minute settlement times will allow traders to move bitcoin rapidly between participating exchanges, or even back to their own liquid wallets for safe-keeping.”
Interestingly, it has been revealed that more projects will join the Liquid Network in the coming weeks, including Tether (USDT), BitMEX and several others.
Now, onto the fourth news item for today! Per a report by Invest In Blockchain, while there is a widespread excitement in the cryptospace due to the impending entry of big institutional investors into the space, Charles Hoskinson, the founder of Cardano (ADA), which is presently the 10th largest crypto and blockchain project in the world, has stated categorically that the time is not yet right for mainstream adoption of cryptos. Specifically, Hoskinson has opined that it will take another 12 to 24 months before the digital assets ecosystem gets matured enough to hold massive institutional money.
In his words: “The really smart money is aware that the market is not yet stable and that it is just not at the level of maturity [yet] to support the institutional surge.” Explaining further, Hoskinson noted that it is very essential for top financial regulators across the globe to put in place amenable regulations for the crypto industry, to eliminate uncertainties and there also has to be more robust custodial services for cryptoassets. Only then will the industry be able to handle huge funds from institutional investors such as BlackRock, an American global investment management corporation with roughly $6 trillion in assets under management.
So what are your thoughts on this situation?
Do you think the hack was a big road bump for crypto exchange Binance? Do you think that Justin Sun’s prediction concerning a TRON and BTT rally will come to fruition? What do u think about the Liquid Network? Does it have real value to add to the cryptospace? And what are your thoughts about Hoskinson’s latest comments concerning the influx of institutional money into the crypto markets?
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.