Weekly News Roundup #12
Welcome to our Snowball cryptocurrency media digest. Here we will provide you with regular updates on trending news from the blockchain and crypto space.
Rundown of what happened last week:
TRON Founder Pays $4.57 Million for Lunch With Buffett: Justin Sun bid a record $4.57 million to have lunch with Warren Buffett, who famously referred to Bitcoin as “probably rat poison squared.” Sun launched Tronix, also known as Tron or TRX token, in 2017. It’s valued at $2.56 billion and is the 10th largest cryptocurrency in the world. Read more
US Lawmakers Urge Trump Advisor Larry Kudlow to Promote Blockchain: A group of U.S. lawmakers has urged advisors to President Donald Trump to include blockchain on their list of emerging technology initiatives. The bipartisan letter, which was spearheaded by U.S. Representatives Trey Hollingsworth (R.-IN) and Darren Soto (D.-FL), asks the National Economic Council to host a forum on the nascent technology, as well as to include blockchain on a list of technologies that the Trump Administration will promote. Read more.
Major Bitcoin Accumulation Was Underway by Big Money During Crypto Winter: The number of wallets holding between 1,000 and 10,000 bitcoin has seen a sharp increase since the crypto market bottomed this winter, indicating significant accumulation during the price dip. Read more
Analytical Firm Calls Bitcoin ‘King of the Assets Class Hill’: Delphi Digital based its commentary on bitcoin’s returns for four straight months, especially given that bitcoin’s performance comes at a time when traditional risk assets continue to face selling pressure. “May’s outperformance has been especially important given the broader weakness across many other asset classes,”
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Novogratz Sees Bitcoin Consolidating in $7,000 to $10,000 Range: Given the huge run-up in cryptocurrencies this year, billionaire investor Mike Novogratz is predicting Bitcoin will soon consolidate to a narrower trading range but noted that pure excitement could carry prices even higher. “On a go-forward basis, Bitcoin probably consolidates somewhere between $7,000 and $10,000. You know, trees don’t grow to the sky,” the chief executive officer of Galaxy Digital Holdings Ltd., said. Read more.
Tweet of the week:
This week our favorite tweet comes from ‘Naval’ referring to a special startup which emerged back in 2009, can you guess what it is?
