While there are more than a few hiccups in the form of hacks, bashings, regulatory changes and what not, the cryptocurrency market managed to continue its bullish moment throughout the week. However, the ecosystem also had a fair share of good news as well, let see how was the week that was.
Bitcoin rallies over $6,000 and only days later this week, with Bulls Targets at $6400. The rally aided the token to achieve a market capitalization over $200 billion for the first time in almost six months. After a very long time, the traders have focused on the positives and have disregarded the negative news. Other winners of the week include Ethereum (up 2%), Chainlink (39%), ABBC Coin (46.75%), and Arcblock (116%).
Canaccord Genuity predicts a brighter future for BTC – Financial advisory firm Canaccord Genuity publishes analysis on May 9, predicting that bitcoin (BTC) could hit $20,000 by 2021 as per its retrospective projections. Based on a close similarity between the four-year price cycles of bitcoin during the 2011–2015 and 2015–2019 ranges.
Anti-hack and scam strategies – A group of cryptocurrency trading firms comes together for an initiative targetted at preventing the rising number of hacks and scams in the cryptocurrency industry. The round-table event in Chicago included Ripple, market maker Cumberland, Michael Novogratz’s Galaxy Digital Holdings and over 30 other firms.
One of the standout ideas was creating a list of entities involved directly or indirectly in criminal activities such as money laundering and drug trafficking.
Facebook Coin may be out by Q3 – The very secretive cryptocurrency token by the social networking giant Facebook could go live as soon as Q3 2019, as per a Bloomberg report, which quotes anonymous sources. In addition, Facebook is hiring PayPal staff ahead of the alleged launch.
In addition, just this week the Social media giant updates it’s crypto and…