From a bold timeline on a potential Bitcoin turnaround to a big step forward for Cardano, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
After saying a reversal is in sight, an analyst at the crypto hedge fund Adaptive Capital is unveiling a timeline on the potential start of a new Bitcoin bull run.
Willy Woo tells his 117,000 followers on Twitter that despite the current chaotic state of the market, his analysis suggests BTC’s price will begin to rebound in about a month.
Woo released a proprietary chart on December 7th that appears to track miner activity. He says it shows on-chain momentum is turning bullish, and the bottom is “most likely in.”
In response to a critique from fellow analyst Alex Kruger, Woo says he expects a recovery to begin in about a month.
FYI, typically when on-chain switches to bullish, price action follows 4-6 weeks later.
— Willy Woo (@woonomic) December 18, 2019
Despite Bitcoin’s trademark volatility and a myriad of predictions that BTC could still sink to $4,000 or lower, Woo says he’s confident in the analysis.
“I only tweet when I’m at high confidence, else it erodes my rep.”
Ripple and XRP
MoneyGram CEO Alexander Holmes says the company doesn’t hold any XRP.
Ripple bought a $50-million stake in MoneyGram in 2019, and the payments giant says it’s now using Ripple’s On-Demand Liquidity (ODL) to move 10% of its transaction volume between the US and Mexico.
ODL utilizes XRP to move money across borders, and the question of whether MoneyGram itself buys XRP has lingered for months.
In a new interview with CNN, Holmes confirms the solution allows MoneyGram to utilize XRP without having to own any.
“There’s a lot of changing regulation and accounting rules around cryptocurrency and the assets associated with it. So no, we do not hold, for any period of time, any crypto assets on our books.”
Part I of the interview with @MoneyGram CEO @walexholmes, talking digitization, global growth and the partnership with @Visa Direct on @firstmove. pic.twitter.com/a7iTShIXEf
— Julia Chatterley (@jchatterleyCNN) December 17, 2019
Cardano
IOHK, the company behind Cardano, says its incentivized testnet is fully up and running.
The testnet allows holders of Cardano’s native crypto asset ADA to help power the network and earn rewards in return.
“The Incentivized Testnet allows us to test something our earlier testnets couldn’t: real behavior – and real behavior requires real rewards. On the Incentivized Testnet, ada holders can participate in the network and earn real ada through stake delegation or operating a stake pool.
We are building a decentralized network of globally distributed participants. The information gathered from the Incentivized Testnet will be crucial in creating a fair and balanced incentive mechanism, which will ensure reliable and honest network participation long into the future.”
