After days of continuous gains, the crypto market has crashed, losing $16 Billion. The market is still controlled by Bitcoin, which seems to be rangebound between $3,800 and $4,200. Bitcoin is still indecisive at $4,000. When the bulls take over, there is strong resistance at $4,200, and when bears take over, there is strong resistance at $3,800. We might have to wait for a few days before a clear winner emerges. All of the top 50 cryptocurrencies are in red right now. The market still has a long way to go before its November highs. The total market cap is at $128 Billion right now.
In other news, the creators of Bitcoin Private have been accused of pre-mining 2 million BTCP for themselves. Bitcoin Private is a combination of Bitcoin and ZClassic. Since the pre-mined BTCPs were stored in a shielded pool, they went undetected. However, BTCP creators are yet to give a satisfactory explanation. Its creator Rhett Creighton said Bitcoin Private suffered “covert inflation attack,” and the community can help them fix it.
1) The Bitcoin Lightning Network (LN) has made impressive gains in the face of a brutal year-long bear market. Data from Bitcoin statistics site, Bitcoinvisual.com shows that the capacity of the LN surpassed $2 million on Dec 23 and at the moment the Lightning scaling protocol is capable of handling 496.8 BTC. The number of channels has also skyrocketed over the past two months and currently, there are 14,352 unique channels. Scalability has been a persistent issue for Bitcoin and the LN’s second layer payment protocol aspires to solve this issue by using payment channels to execute transactions without recording them on the blockchain until the channel is closed. (Read More)
2) Monarch Blockchain Corp. has announced the upcoming launch of a marketplace payment solution MonarchPay. MonarchPay will support the integration of cryptocurrencies as a payment method. Per the announcement, its unique feature is that users can purchase and sell cryptocurrencies while controlling their private keys, contrary to the norm. Initially, MonarchPay will allow the buying and selling of Ethereum before supporting XLM, BTC, and XRP in the future. Other features which will be available on the Monarch app are a transaction history, management of accounts, and portfolio tracking among others. (Read More)
3) The latest version of BlueWallet enables transactions on Bitcoin’s lightning network. BlueWallet is an open-source bitcoin wallet for iOS and Android. Users can make transactions without the complexity of running a lightning node. BlueWallet also supports SegWit and multiple wallet standards. Lightning network is currently the best solution to scale the bitcoin network. It enables almost instant transactions with incredibly low fees. (Read More)