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- The Plunge: Crypto Trader Bets $4 Million Long on Bitcoin (BTC) – Plus Ethereum, XRP, Ripple, Stellar, Tron Updates
The Plunge: Crypto Trader Bets $4 Million Long on Bitcoin (BTC) – Plus Ethereum, XRP, Ripple, Stellar, Tron Updates
From a big bet on Bitcoin to the friendly competition between Ethereum and XRP, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
A popular margin trader on the crypto exchange BitMEX says he’s taking a $4-million bet on Bitcoin.
The trader, known in the industry as Flood, tells his 72,800 followers on Twitter that he’s now long on BTC and took the multi million-dollar position when the leading crypto hit $8,105.
https://twitter.com/ThinkingUSD/status/1196950622282616832
In the long term, a former Wall Street trader and vice president at JP Morgan Chase, Tone Vays, says Bitcoin remains in a descending channel. He’s looking for BTC to move as low as $5,000.
Vays has been consistently bearish on the king coin throughout 2019 and says he’s looking forward to becoming a bull.
“At the moment, I’m still looking for $5,000, but not necessarily this year. We have about a month and a half to go, maybe even less. I am looking for that $5,000, more like January or February to finally, finally say I am no longer a bear.
You can say that that happened a year later than it should have. But the low a year ago was $3,000. If the secondary low comes in at $4,500 to $5,000, I’ll be ok with that. I’d rather be a year late at approximately the same price and I’m perfectly fine with that.”
Ripple, XRP and Ethereum
The CEO of the Malta-based crypto exchange CoinField says he’s a fan of both Ethereum and XRP.
After saying XRP has “better technology” than Ethereum in a recent interview, Bob Ras took to Twitter to say he’s a fan of both networks.
“The fact that we’ve selected the XRP Ledger over Ethereum doesn’t mean Ether has weak technology! We needed to offer the fastest and most cost-efficient solution within [the] Sologenic ecosystem to move liquidity in additional to the basic smart contract capability. The choice was XRP.”
CoinField recently fired up a Ripple-approved validator on the XRP Ledger as it gears up to launch Sologenic.
The platform is designed to let people trade thousands of tokenized versions of stocks and ETFs against both XRP and a new token called SOLO.
Tron
Tron creator Justin Sun has issued one of his trademark pre-announcement announcements.
Sun is promising to reveal a new acquisition soon and says he’s already sealed the deal. Tron’s most noteworthy acquisition came in July of last year, when the company bought the decentralized file-sharing platform BitTorrent for more than $100 million.
New acquisition in #TRON ecosystem is done. Stay tuned! #TRX $TRX
— H.E. Justin Sun ??? (@justinsuntron) November 19, 2019
Stellar
The Stellar Development Foundation says it’s gearing up to give away 3,000,000 of its native crypto asset XLM.
It will be handed to developers and entrepreneurs looking to build on the network.
The deadline to submit proposals is December 14th and the winners will be announced in January.
The #Stellar Community Fund (SCF) is part of what makes our ecosystem so unique. It's a community-driven event that rewards Stellar-powered innovation!
If you're a dreamer, developer, entrepreneur, submit your proposal!https://t.co/0BlfYJG76d pic.twitter.com/kHzqFlnWwF
— Stellar (@StellarOrg) November 19, 2019