As reported by the Daily Hodl, several things have come out of the industry this week including a new analysis on the Bitcoin and crypto market sell-off being published and the decision to choose Stellar over Ethereum. So here is a look at just a few of the stories breaking in the world of crypto.
ETH & XLM
First of all, let’s have a look at Ethereum and Stellar.
The minds behind the popular messaging app, Kik came out with there native cryptocurrency, Kin says the platform will exclusively use the Stellar network over Ethereum.
In the back end of last year, Kik launched its ICO on Ethereum where it then came to the decision to use Stellar and Ethereum together. This was prior to announcing it in a blog post that it will separate itself Ethereum completely:
“At every stage, we’ve quickly learned and iterated to build the best infrastructure for the ecosystem. First, Kin was launched as an ERC20 token on the Ethereum blockchain for its robust decentralization. Then Kin moved to a hybrid solution utilizing both Ethereum and a custom fork of Stellar to incorporate feeless transactions and scale.
Now, after working with the fork of Stellar, we will migrate all Kin to the Kin blockchain to simplify the technology and its connection to exchanges.”
BTC & BCH
Next, we’ll look into Bitcoin and Bitcoin Cash.
Brian Kelly, the CEO of the crypto investment company BKCM has said that he believes the big Bitcoin and crypto market sell-off is short-term event triggered by the Bitcoin Cash hard fork, set to be in talks for today (15th November).
“People are concerned that both Bitcoin and Bitcoin Cash markets – their networks might slow down. They might not work as well. That software upgrade might not go through or if it does go through, we’ll end up with some chaos.
People started selling. That triggered stops. Everybody got concerned and that’s what happened today – the entire market sell-out. In my view – very short-term type of event. I think it’s probably an opportunity. In fact, we did some buying at my fund today.”
Over the past day, the markets have seen a huge crash with Bitcoin going below $6,000 level and is currently priced at $5,506. The worst part is that it doesn’t seem like we’re not out of the woods just yet...
What are your thoughts? Let us know what you think down in the comments below!