Market Update 10.07.18 – Rapper Soulja Boy Reveals Bictoin Gain in New Rap Single
Market News
Rapper Soulja Boy Reveals Bictoin Gain in New Rap Single
The famous rapper, Soulja Boy, appears to be a Bitcoin hodler. The 28-year-old musician, perhaps best-known for his debut single “Crank That,” debuted a new song about the cryptocurrency in his latest album “Young Draco.” Simply titled “Bitcoin,” the track describes how Soulja “made [$1] million off of bitcoins” after seemingly buying in at $6,000.
“Man, this going crazy the cryptocurrency man,” the lyrics begin, continuing: “I made 100 racks off of bitcoin (bit) You can catch me trapping with the bitcoin (bit) You can catch me running up the bitcoin (yeah) I spent 6,000 on the bitcoin.” Soulja later reveals he may be paying bands using digital assets, or at least his gains from his holdings before referencing sending transactions through PayPal and the Cash App.
Read the full report here.
Blockstream Co-Found Reveals How Bitcoin’s Block Size Can Be Increased
Bitcoin (BTC) protocol developer Mark Friedenbach revealed a new method for the leading cryptocurrency scaling. He said that the latter can be done without the need of a hard fork at a workshop in Tokyo October 5. The new concept presented at the Scaling Bitcoin workshop, entitled “Forward Blocks,” suggests a major on-chain capacity boost by means of a Proof-of-Work (PoW) alternation that is done as a soft fork, combined with use of alternative private ledgers.
The proposal describes a method for scaling that claims to be able to increase “settlement transaction volume to 3584x current levels” and improve censorship resistance via sharding. During the presentation, Friedenbach suggested major improvements for on-chain Bitcoin transactions, or those that appear on the Bitcoin blockchain. The so-called “soft-fork” alternation implies a strengthening of consensus rules where old nodes “still see the chain advance.”
The research also represents a definition of “forwards compatible soft-fork,” for which non-upgraded nodes still receive and process all transactions.
Read the full report here.
Is Bitcoin Really Close to Buttoning? Blockchain Capital Expert Believes So
Spencer Bogart, who is an expert from digital currency and blockchain venture firm Blockchain Capital, has said that the Bitcoin (BTC) price has nearly found its bottom. He was quoted saying: “We’re down about 70 percent from our highs, so I think that Bitcoin is close to bottoming and so is the rest of the market.”
Bogart added that the news flow regarding the cryptocurrency industry “is a piece of kindling that we are going to throw onto a future crypto bonfire when we have the next bull market.” His prediction about the BTC price bottom follows similar sentiment from major market players like the founder of crypto investment firm Galaxy Capital Management, Mike Novogratz.
Read the full report here.
Total Market Cap: October 7
The volume of trade in the crypto market sat at $11.67 billion. The market’s capitalization, on the other hand, reached $216.52 billion.
Bitcoin Price Analysis: October 7
In the past 24 hours, Bitcoin fell 0.53% to trade at $6,576.61. The leading cryptocurrency’s trade volume trickled to $3.27 billion, while its market slid to $113.83 billion.
Ethereum Price Analysis: October 7
Ethereum’s price fell 1.66% to trade at $223.67. As for the altcoin’s trading volume, it reached $1.54 billion; whereas its market capitalization hit $22.91 billion.
State of the Top 10 Cryptocurrencies: October 7
In the past 24 hours, all prices were down except Tether’s. Meanwhile, Monero dethroned TRON at the 10th spot.
- Bitcoin’s market price fell 0.53% to $6,576.61, and its value in the market is $113.84 billion.
- Ethereum’s market price fell 1.66% to $223.67, and its value in the market is $22.91 billion.
- XRP’s market price fell 8.59% to $0.472521, and its value in the market is $18.87 billion.
- Bitcoin Cash’s market price fell 1.88% to $508.06, and its value in the market is $8.83 billion.
- EOS’ market price fell 1.25% to $5.73, and its value in the market is $5.19 billion.
- Stellar’s market price fell 2.69% to $0.239341 and its value in the market is $4.5 billion.
- Litecoin’s market price fell 2.34% to $57.41, and its value in the market is $3.37 billion.
- Tether market price jumped 0.39% to $1.00, and its value in the market is $2.81 billion.
- Cardano market price fell 2.19% to $0.080868, and its value in the market is $2.1 billion.
- Monero dethroned TRON at the 10th spot, but its market price fell 1.14% to $113.07, and its value in the market is $1.86 billion.