Weekly Crypto News Roundup - 1st of May - 7th of May

Weekly Crypto News Roundup - 1st of May - 7th of May

By pheonixdown-dee | Crypto 101 | 7 May 2020

Every week, I will be collecting some news stories / opinion pieces that I have found to be interesting in the crypto world and condensing them down into one easily digestible article. All the article and images are taken from a news source that I like to use and an alternative to CoinTelegram called BeInCrypto

BeInCrypto is a news website founded in August 2018 that specialises in cryptographic technology, privacy, fintech, and the Internet — among other related topics. The primary goal of the website is to inject transparency into an industry rife with disingenuous reporting, unlabelled sponsored articles, and paid news masquerading as honest journalism. You can visit their website by clicking here or join their new Telegram Trading channel by clicking here. I am also part of that group and like the content they are discussing. There is a lot of news that came out last week, So let's get started!


Venezuelan Government Insists Petro is Worth $60 but Free Market Says Otherwise


The Venezuelan government has continued to promote the use of their national cryptocurrency, the Petro, by insisting that retailers accept it as payment. However, the token’s low value in the free market and a lack of demand put consumers and retailers at a disadvantage.

According to a May 1 Reddit post by a native Venezuelan, the Petro is experiencing severe problems. The currency in question is the state-issued cryptocurrency of Venezuela, which was introduced in 2018 by the government in a bid to combat economic hardship and hyperinflation caused by sanctions placed by the United States. The Petro is being valued at $60 by the government but is traded at less than $8 in the free market. To read the full article, click here.


Sub-Saharan Africa Sees Record Bitcoin Trading Volume, Exchange Sign-Ups


Interest in Bitcoin is exploding in Africa on the eve of the halving event. Volume on P2P exchanges has broken past the previous high made in 2017.

Bitcoin trading volume on P2P exchanges is rising higher and higher in sub-Saharan Africa. The bump is likely linked to the halving event coming up next week. Both Paxful and LocalBitcoins are reporting a drastic increase in trading volume for sub-Saharan African nations. In the last week, the total amount of trading volume on P2P exchanges for the region surpassed $10M for the first time. It has now officially broken the last weekly record set in December 2017. To read the full article, click here.


Gemini Rolls Out Welcome Mat for Altcoins, Triggers XRP Army


Cryptocurrency exchange Gemini has been listing altcoins left and right lately, and apparently it’s triggered the XRP army. That’s because Gemini has yet to send the welcoming committee for the third-biggest cryptocurrency based on market cap, and by the looks of things, it may never do so.

Basic Attention Token (BAT). Chainlink (LINK). Dai (DAI). Orchid (OXT). These are the names of the recently listed altcoins on Gemini exchange. For some investors, however, a certain coin’s absence from that list loomed larger than the new listings. To read the full article, click here.


Bitcoin Network’s Active Entities Approach Peak Levels


Bitcoin’s network activity and on-chain metrics are looking healthy as the first and foremost cryptocurrency’s third block-reward halving approaches. Activity on the BTC network is also nearing its all-time high, according to industry statistics. To read the full article, click here


Ethereum 2.0 Could ‘Launch as Early as July 2020,’ According to BitMEX Research


New research has suggested that the initial phases of the highly anticipated upgrade for Ethereum could launch as soon as July of this year, assuming there no further delays. BitMEX research has taken a deep dive into the Ethereum 2.0 upgrade, which will herald in a long-awaited migration from proof-of-work to proof-of-stake consensus.

The research added that the launch may not be that important, as most of the economic activity will remain on the original blockchain which will run in parallel with the new one. To read the full article, click here.


Pantera Capital CEO Claims Bitcoin Could Top $115,000 by August 2021, Cites Stock-To-Flow Model


Bitcoin prices have remained mostly range-bound for the past week straddling the $9,000 zone. With the halving less than one week away, the tension is mounting and traders are eagerly awaiting the next big move.

If history is to repeat itself, post-halving prices are not likely to rally until next year, as was the case in 2013 and 2017 following the first two halvings. This would align with predictions using the stock-to-flow (S2F) model, which has been uncannily accurate so far.

Pantera Capital CEO, Dan Morehead has stated that Bitcoin could hit $115,212 in Aug 2021 based on the change in the stock-to-flow ratio across each halving. Do you agree or disagree? You can read the full article by clicking here.


Self-Professed Bitcoin Creator’s 2017 Doctoral Thesis Allegedly Full of Plagiarism


A recent article was published which finds that self-professed Bitcoin creator Craig Wright’s 2017 doctoral thesis is, allegedly, full of plagiarized material. Craig Wright, the self-proclaimed ‘Satoshi Nakamoto,’ often flaunts his academic credentials. However, a recent investigation finds that his doctoral thesis is fraudulent. According to the report, “substantial, deliberate plagiarism is present in at least thirty pages of Wright’s thesis.” To read the full article, click here.


Cryptocurrency Media Mistakenly Reports Fake Story about BitMEX Founder


A hilarious fake tweet sent out by an account pretending to be BitMEX CEO Arthur Hayes has been picked up some cryptocurrency media as the real deal. You may have seen the headlines, but Elon Musk recently tweeted that the stock price of Tesla was too high. The comment caught the ire of investors because it led to a massive crash in price. Some accounts have since meme’d Musk’s tweet with fake profiles of famous people in the cryptocurrency industry — except some didn’t seem to realize it was a joke. To read the full article, click here.


That is my weekly roundup of the interesting news coming from the crypto world. What do you think about the topics / news stories and what was your favourite article? If you liked the content, please consider following me and tipping the article. Also are you a trader? If you are check out my favourite Telegram Trading chat, where you can discuss and find out more about crypto projects. Click here to start conversations with other crypto traders!

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I am an avid crypto enthusiast. Feel free to get in contact with me on - IG - https://www.instagram.com/crypto_dizzle/ Twitter - https://twitter.com/DizzleCrypto

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