In this report we will be taking you though multiple headlines including rumors BTC will rise in late December, another crypto pioneer predicts BTC to hit $100k, Nike using blockchain tech to breed their sneakers , and news that China controls 66% of Bitcoin hashrate!
Before we continue on the latest news that has been doing the rounds in the crypto world over the past week, we would just like to wish our readers a Merry Christmas! Hopefully, you have all enjoyed a prosperous crypto year and have made enough profits to get your loved ones the special pressies that they deserve!
We have asked the question many times in our previous reports regarding the possibility of BTC suddenly rising before the year is out. Now we can throw fuel onto this fire with this story.
According to Investors that have been crypto trading for a good few years now might just have discovered something of a pattern in recent years. Bitcoin has enjoyed positive price gains of at least 30% in December since 2015. Will this trend continue throughout the holiday period this year or will that trend be broken?
The festive period is known to create additional action in traditional and cryptocurrency markets, so much so that it has been given its own name. Called a Santa Claus Rally, this phenomenon is believed to be due to increased holiday shopping and people having time off over the holidays and therefore the time to enjoy a bit of trading.
If you are thinking of getting in on the action however, you should also know that while December is known for bringing big gains, January is also known for those gains to drop off.
Commentators and analysts all have their own opinions on how Bitcoin will perform in 2020 but none are anywhere near as optimistic as those from Ross Ulbricht. He claims via a number of blog posts and through social media, that BTC will increase to be worth as much as $100,000 within the next year.
https://t.co/BiXBUxB8bh— DiviBTC (@DividendRaptor) December 23, 2019
It's been said that Ross Ulbrichts co-founder (a netizen that lived in Japan purportedly) was also the cofounder of MtGox. Their webhost was from a web server he created with offshore shell corps. Most of the intricacies were laid like traps by him.
For those that do not know Ulbricht, he was the mastermind behind the ‘Silk Road’ darknet website who is now serving two life sentences in prison. On that website, users were able to buy and sell anything that they wanted – including murder contracts, weapons, drugs, and just about anything else no matter the legality.
Hosted on the Darknet, users were able to use the website anonymously and make payments anonymously using Bitcoin and other cryptocurrencies.
As for his predictions, he is not the only one to predict massive gains to come from BTC. Robert Beadles who is the president at Monarch has gone as far as saying that BTC will be worth $2 million a coin within the next five years.
Nike products are counterfeited more than most others and in an attempt to clamp down on this, the company has turned to blockchain technology. They have recently received a patent for CryptoKicks, sneakers that can be authenticated using the Ethereum blockchain.
When purchased, the owner can unlock the token by linking a code found in the box to an owner identification code that can be created using an app. This will allow customers to authenticate their purchase.
Furthermore, Nike has even bigger plans for CryptoKicks. In a similar way to CryptoKitties, customers will eventually be able to breed their shoes. By breeding two different shoes, customers will have the ability to create a new shoe that should it be accepted by Nike, could actually be manufactured as a physical shoe.
AMD has recently become the first major hardware brand to join other members of the Blockchain Game Alliance. The BGA is an organization that is dedicated to bringing the coming together of blockchain technologies and the gaming industry.
As well as joining the BGA, AMD has also secured partnerships with Robot Cache and ULTRA. Both of those companies have been developing gaming marketplaces using blockchain technology that once finished, will provide gamers and software development companies, with better purchase options.
Boosted by the success of their Ryzen and EPYC processors, it would seem that AMD wants to jump to the front of the queue over their rival Intel by being the first to get involved with blockchain technologies.
Traders that were negatively affected by the closure of the QuadrigaCX cryptocurrency exchange are going to unprecedented lengths to recoup as much as the combined $190 million losses as possible.
The Canadian exchange was shut down after the sudden death of owner Gerald Cotton in December 2018. Seemingly taking the keys and passwords to numerous crypto wallets with him to the grave, close to $200 million is now seemingly in a blockchain black hole that cannot be accessed.
Those affected by the closure have now called for the body of Mr Cotton to be exhumed as many are not convinced that he is really dead. They claim that there is a chance that Cotton faked his death in India rather than actually passing away as a result of a fatal disease.
Miller Thomson is the law firm representing the victims and on the 13th of December, they sent this letter to the Royal Canadian Mounted Police. Asking for an exhumation and autopsy, victims want to establish whether the body really is that of Cotton.
This comes after auditors discovered a number of problems in how the cryptocurrency exchange was managed. This has led to rumours that Cotton may have staged his own death, created a new identity, and is now enjoying life with the cryptocurrencies of those that used the exchange.
As one of the largest health insurance companies in the US, Anthem is looking to further improve their services by giving customers the ability to have better control over their medical records.
Over the next three years, Anthem wants to make use of blockchain technology so that customers can access and share their medical data as they see fit. Using the technology, customers will be able to set permissions allowing different healthcare providers to have time-limited access to their records.
Having piloted the technology with a small number of their customers, Anthem plans to roll out the technology that includes an app with a QR code in various stages throughout 2020.
A recent report has claimed that women make up 43% of investors that are interested in Bitcoin. That figure was discovered after a study of more than 1,000 investors in the US between the ages of 25 and 64. Each person that took part in the study had an active interest in investing and owned a minimum of $10k of investable assets.
That number is quite surprising as Bitcoin and the cryptocurrency industry has long been thought to be male-dominated. In fact, GoogleAnalytics has previously reported that as much as 90% of engagement around Bitcoin is performed by men.
Technology advancement never ceases to amaze and this story of AI-powered courts in China is another that does just that. Called ‘Smart Courts’, these courts have now been responsible for settling more than 3 million litigation cases in the country in the last six months.
Using cutting edge AI technology and blockchain technology, these courts allow citizens to settle cases from the comfort of their own home. In fact, citizens can be informed of the final ruling via text message.
Blockchain and AI are the technologies used to create what is called an assistant judge who will pre-determine the ruling of each case. That ruling is then signed off by a human judge.
Currently, there are more than a million people registered with this new court system which was first launched in 2017. Still in its early days, some commentators suggest that eventually, these AI judges will be making the judgements without the need for an actual real-life judge.
Early last week, Reuters reported that Bitcoin miners in China have close to two-thirds of the ‘Hashrate’ or processing power behind the blockchain network. Hashrate is the measure of the power of computers that are used on the network to mine for new coins.
This means that miners in the country based on the current price of Bitcoin, are responsible for mining close to $5 billion worth of Bitcoin annually.
That just about sums up what has been happening in the last seven days but don’t forget that you can keep up to date with how a number of the popular cryptocurrencies are performing in the markets using our weekly crypto reports and the analysis within them. We will also be back with another news roundup around this time next week!
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