Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

Daily Crypto News – May 18

1) XRP-backed stablecoin: Kava Labs is developing a stablecoin, USDX, backed by XRP on a Cosmos Zone, which dynamically maintains stability to USD with decentralized mechanisms.

Read more at https://bit.ly/2HE7xAv

2) BitMEX insurance funds: While some panicked when Bitcoin crashed suddenly, others remained calm and assessed the situation. It was noticed that there was a huge sell order on Bitstamp, which pushed the price of Bitcoin by ~20% in a few minutes.

Read more at https://bit.ly/2VNgUaK

3) USDC do not exceed balance of US dollars: News revolving around the USD Coin [USDC] had taken a negative connotation when Coinbase CEO Brian Armstrong was called out for shilling the cryptocurrency. As a way to put any fears or speculations to bed, Grant Thornton LLP, an independent accounting firm released the latest attestation report on US dollar reserves backing USDC.

Read more at https://bit.ly/2Ej5dxM

4) SatoshiPay launches Solar Wallet: SatoshiPay has been working closely and designing micro-payment apps for the Stellar Network. Earlier this year, the micro-payment solution company launched ‘Solar wallet’, a stellar network-based and user-friendly desktop wallet. The Solar Wallet has proved to be user-friendly and easy-to-use and can securely manage funds.

Read more at https://bit.ly/2HrJ6HH

5) Blockstream CSO on Bitcoin: Samson Mow, Blockstream’s Chief Strategy Officer appeared in the latest Keiser Report discussion featuring Max Keiser. Talking about the satellite, Mow said that the purpose of Blockstream satellite was to provide redundancy for the Bitcoin [BTC] network.

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