Only one day 2019 will officially close with many memorable events in the Blockchain industry in general and the cryptocurrency sector in particular. In this article, AZCoin News will accompany readers to review popular events through the lens of the top ten biggest cryptocurrency and Blockchain stories that stand out in 2019.
1. Binance releases IEO – a new trend for the cryptocurrency market
Leading the wave of IEO in the cryptocurrency market is Binance. In 2019, Binance introduced the IEO token selling platform called Binance Launchpad. After many open sales, projects on Binance Launchpad are profitable for buyers.
Binance Launchpad is the platform within the Binance ecosystem. Binance Launchpad helps Blockchain projects call for investment. Through its user base, Binance Launchpad supports the plan to increase accessibility throughout the cryptocurrency ecosystem.
Binance Launchpad is not only a token sale platform but also a package consulting service for the project. It helps the project to focus on the most critical work: product development and product applicability. Projects participating in Binance Launchpad will benefit from Binance Labs’ incubation experience, as well as benefit from Binance’s 10 million users.
2. Facebook announces the Libra project
In December 2018, Facebook Inc was reportedly developing a stablecoin that would allow users to make money transfers via the WhatsApp messaging app. And until May 2019, Facebook had registered the brand “Libra” for the secret project.
This news comes at a time when there are reports that Facebook is negotiating with payment companies, including Western Union, Visa, and Mastercard. It is known that the purpose of this negotiation is to provide financial support and assistance to the stablecoin that is pegged to their fiat.
Moreover, Facebook’s revenue is forecast to increase by $ 3 billion if Libra is implemented. And, the additional revenue could reach as little as $ 19 billion by 2021. The project is also expected to enable billions of Facebook users to transfer money as well as making online purchases more manageable.
However, Libra has encountered many difficulties since then.
3. China: Blockchain, no Bitcoin!
According to a report by Xinhua News Agency (official Chinese media agency), the Politburo of the Central Committee of the Communist Party of China (CPC) completed its 18th collective research on blockchain technology on 24 / 10/2019.
Chinese President Xi Jinping – who is also General Secretary of CPC Central Committee – made a speech:
“Emphasizing that the integrated application of Blockchain technology plays an important role in technology innovation and industrial transformation.”
Xi Jinping’s statement is focused on Blockchain technology, not a decentralized cryptocurrency like Bitcoin (which China still doesn’t approve).
Besides, China seems ready to become the first major economy to launch a central bank digital currency (CBDC). The Chinese currency, called DC/EP, is currently in beta and will be available to the public in 2020.
4. Trump Tweets about Bitcoin and cryptocurrency market
Donald Trump’s Twitter is one of the most potent tools globally. As long as he tweeted a few lines, the whole world could stir. And of course, when he shared the nuanced view of cryptocurrencies on Twitter, Trump made the cryptocurrency market tumultuous.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Besides mentioning Bitcoin with a view that cryptocurrency investors would consider harmful, this powerful president did not forget to mention Libra. Trump expressed an unhappy attitude towards Libra to prove his anti-cryptocurrency stance, backing his dollar.
….Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…
— Donald J. Trump (@realDonaldTrump) July 12, 2019
This statement by Donald Trump seems to be receiving a lot of outrage from individuals who prefer cryptocurrency. We can also clearly observe US democratic freedom in the way these individuals respond to President Donald Trump’s Twitter. They do not hesitate to express their views, even criticize the president directly.
Interestingly enough, after Donald Trump posted this information, the Bitcoin price showed an upward trend. Perhaps Bitcoin itself is dissatisfied with Mr. Trump’s view.
Bitcoin price at the time Trump tweeted | Source: TradingView
5. Ethereum upgrades
After many delays, the Ethereum network finally successfully implemented the Istanbul hard fork in December 2019. This is an intended update to improve the Blockchain’s speed, efficiency, and scalability.
Currently, Ethereum is preparing for a further update, which is moving to Ethereum 2.0 – the new-and-improved version of the Ethereum network.
6. Litecoin halving
Over the past few months, Litecoin has received significant attention from the community. In August, Litecoin halving reduced block rewards to half. In the time before halving, Litecoin’s profit margin ultimately defeated the overall market.
Investors expect after Litecoin’s halving event, and prices will continue to grow. However, this prediction is opposite to reality. After halving, the price of Litecoin has quickly adjusted by more than 50% from the pre-halving peak.
Litecoin price movements during halving periods | Source: CoinMarketCap
So far, Litecoin has experienced two halving phases. And in both waves, Litecoin price volatility is similar. Increase sharply before halving and decrease dramatically after halving. From this point on, the community began to question whether halving values the value of a currency. Or is it just an event to manipulate prices easier. In May 2020, Bitcoin will perform its third halving. Looking at Litecoin, investors are starting to doubt Bitcoin’s halving.
7. DeFi takes off
2019 is said to be the year of decentralized finance (DeFi). The Ethereum blockchain has become the home of decentralized financial services, such as decentralized lending, trading, and stablecoins.
We can expect the DeFi market to grow by 2020, which will benefit the Ethereum ecosystem. Readers AZCoin News can read more about the DeFi market situation and trends in 2020 here.
8. Justin Sun canceled lunch with billionaire Warren Buffet, stoping discussing cryptocurrency
Earlier this year, a charity program was launched by legendary Wall Street investor, Warren Buffet. To successfully auction lunch with this billionaire, Justin Sun, CEO of Tron, said he spent $ 4.5 million.
Sun said he planned to talk and convince Buffett that crypto would be the future of finance. Unfortunately, the afternoon was canceled and created an atmosphere of disappointment in the cryptocurrency community.
TRON Foundation announces postponement of Warren Buffett lunch, press conferences after founder Justin Sun falls ill with kidney stones. Parties agreed to reschedule at a later date. @GLIDEsf @WarrenBuffett
— TRON Foundation (@Tronfoundation) July 22, 2019
According to a message from Twitter, Sun had kidney stones, so the parties agreed to reschedule “another day.”
9. Plus Token scam $4 billion
One of the reasons Bitcoin has dropped below $ 7,000 over the past few months is being attributed to the Plus Token Ponzi scheme.
In early 2019, Plus Token announced it had attracted more than 10 million members. At the end of June 2019, Plus Token completed the scam, took the money, and ran away. It is widely believed that the Plus Token cheated investors up to $ 4 billion. This is considered the most massive Ponzi scam in China. The Plus Token team has collected over 200,000 BTC and over 800,000 ETH.
— Matthew Graham (@mg0314a) August 16, 2019
PlusToken is currently discharging the bitcoins they hold, the exact number of discharges is unknown. PlusToken also made China strong control of this field. After that, Bitcoin was under further selling pressure when authorities in Shanghai announced a call to clean up businesses with operations related to cryptocurrency trading.
10. The scandal between Tether and cryptocurrency exchange Bitfinex
This seems to be one of the biggest cryptocurrency scandals of 2019 seen so far, U.S. Attorney General in New York has accused Bitfinex of using Tether cash reserves to offset $850 million in losses.
At least $185 million worth of assets has left the Bitifinex wallet after the allegations were announced. At the same time, the USDT remains almost immovable after a slight 2% drop has now returned to $1.
New York court ordered iFinex Inc. must immediately freeze the amount of USD used to secure USDT stablecoins. Besides, this company must provide information and documents for investigation. The court also prohibited the parties from destroying evidence related to the case.
Read more:
- DLive Will Join BitTorrent To Compete With Youtube; Users Videos Will Not Be Able To Delete
- Legal Improvement To CBDC’s China “Cryptography Law” Enforced On January 1, 2020