CBX Weekly Newsletter // 30 October 2019
- Bitcoin is above $9K after the biggest daily gain since 2011
- President Xi Says China Should Adopt Blockchain
- VUE Token Auction is Live on CBX!
Bitcoin is above $9K after the biggest daily gain since 2011
After comments from Chinese President Xi Jinping supporting Blockchain technology, Bitcoin (BTC) the largest and more important cryptocurrency in the space rebounded from one of the lowest prices in the last 5 months, to over $9K on most exchanges at the time of writing.
Before the news came out, Bitcoin was trading at around $7,300 and a few hours after the speech started, the market quickly went up to over $8K, then $9K, even reaching $10,500.
There is speculation on what made the price increase so rapidly with so little time, according to some analysts, the move started out in derivatives exchanges where users can short-sell, basically selling a position using leverage in hopes of buying it cheaper later and pocketing the difference. However, when the price goes on the opposite way traders need to cover up their losses by buying again, therefore, pushing the price up. This is commonly known as a ‘short-squeeze’.
Other cryptocurrencies didn’t fell behind, most of them followed the price of BTC and some of them even outperformed the market. NEO (NEO) which is commonly known in the token industry as the ‘Chinese version of Ethereum’ also saw some very good gains almost reaching 99%.
The overall capitalization of Cryptocurrencies is at $250 Billion according to data from Coinmarketcap.com.
President Xi Says China Should Adopt Blockchain
Although in 2017 China’s central bank ordered mainland-based coin exchanges to close and initial coin offerings to stop. President Xi’s comments in support of enterprise blockchain, which share the distributed-ledger technology underpinning bitcoin, is good for sentiment around the crypto industry.
Speaking as part of the 18th collective study of the Political Bureau of the Central Committee on Thursday in Beijing, Xi said that the country needs to “seize the opportunity” afforded by blockchain technology, which has a wide array of applications within China, ranging from financing businesses to logistics and inequality.
During his speech, he mentioned the creation of “Blockchain+,” a platform alluding to personal development such as employment, food, education, and medicinal safety, among other applications.
The People’s Bank of China is working on developing a digital renminbi which is going to launch soon.
VUE Token Auction is Live on CBX!
The Vevue Token Auction is now live on CBX!
Check it out on cbxangel.com
Vevue is a rewards-based social media app, powered by the blockchain, that empowers the next generation of media makers to monetize their creative craft and make a difference in the world through powerful visual content. Our revolutionary multi-token economic model allows anyone, anywhere to view, earn, participate, and feel rewarded. Unlike other social media platforms, Vevue only takes a 5% transaction fee, so users can earn more for their creative efforts. The transaction fee from on-platform engagement enters a dividend pool and will be distributed to the VUE token daily.
VUE Token
The VUE token represents the digitized preferred stock of Vevue Media, Inc. and is designed to receive gross revenue distributions. Vevue retains 5% of all in-app transactions; this 5% enters a dividend pool which is Divdropped (distributed) daily to all VUE holders. VUE is capped at 100 million available tokens, and with 30 million VUE allocated to investors, they can earn first-dollar gross on all transactions.
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