Monday, February 25, 2019

Crazy Weekend / Warren Buffet / Venezuela / Constantinople

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$BTC (1:12 p.m. EST): $3,894.59 (1.82%) // 90-day high: $6,286.41 // 90-day low: $3,286.14 / / More

$BCH ABC (1:12 p.m. EST): $138.28 (4.58%) // 90-day high: $432.88// 90-day low: $80.95 // More

$ETH (1:12 p.m. EST): $141.48 (0.64%) // 90-day high: $201.35 // 90-day low: $86.08 // More

$LTC (1:13 p.m. EST): $46.99 (4.89%) // 90-day high: $49.19 // 90-day low: $22.09 // More

$XRP (1:13 p.m. EST): $0.32 (8.85%) // 90-day high: $0.52 // 90-day low: $0.28 // More

Here are the 10 most important stories about bitcoin and cryptocurrencies today

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1. Cryptocurrency prices are slighty up early Monday following a price jump on Saturday that was wiped out (and then some) with a major drop on Sunday. The price of bitcoin surpassed $4,200 per coin on some exchanges, but then dropped more than 11 percent against the dollar in minutes on Sunday. Other major cryptocurrencies went along for the ride, suffering double-digit percentage losses. Crypto analyst Josh Olszewicz argued that the recent spike in futures contracts on CME could have triggered a build-up of sell pressure, although that is only a theory. –CCN

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2. Warren Buffett took aim at bitcoin again in a new interview, saying it is a "delusion" that "attracts charlatans." Language Warren! In an interview with CNBC, Buffett said he had sympathy for bitcoin optimists who bought the coin in hopes it would make them rich. He added, though, that he does not understand what drives its value. For that reason, he continued, is why he continues to be critical of digital currency. "Bitcoin has no unique value at all," he said. In the past, Buffett has been critical of bitcoin, calling it "rat poison squared" and a "mirage," among other names. –CNBC

Warren Buffet critical of bitcoin ... again
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3. Carlos Hernandez, a Venezuelan economist, wrote in The New York Times how bitcoin has become essential to those living in his country as the nation's economy falters. "'Borderless money' is more than a buzzword for those of us who live in a collapsing economy and a collapsing dictatorship," he wrote. Hernandez explains in the piece how he skirts local authorities to keep what money he has in bitcoin, and how he is able to share funds with relatives inside the country and abroad. "You could say that cryptocurrencies have saved our family." Hernandez is not alone in feeling this way. –THE NEW YORK TIMES

Venezuelan economist writes about bitcoin necessity
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4. The Constantinople and St. Petersburg network upgrades have been scheduled for block 7,280,000, which is scheduled to be mined on Thursday. That day could change depending on the speed of the blockchain. The two upgrades were originally going to be two separate events but the timing has changed it now to just one event. The implementation of Constantinople will bring forth multiple improvements for the efficiency of the network, which will include the "difficulty bomb" and Ethereum's block reward decrease. St. Petersburg will delete EIP 1283 from the ethereum test network. –BITCOIN EXCHANGE GUIDE

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5. Ethereum co-founder Vitalik Buterin tweeted on Saturday that XRP is better than bitcoin because it has institutional adoption and partnerships. –COINSPEAKER

6. Bitcoin.com CEO Roger Ver announced he will serve as an advisor to LivenPay, a startup that hopes to raise $28 million through an ICO. Bitcoin Twitter was not kind. –THE NEXT WEB

7. The federal government has returned around $110,000 in cryptocurrency to Bitfiniex, although it is only a fraction of $72 million in coins that was taken from the exchange in 2016. –REUTERS

8. VIDEO: CNN interviews Overstock CEO Patrick Byrne to discuss his company's transition from a retailer to a blockchain company. –CNN

9. Bitcoin's 50-week moving average has dropped below its 100-week moving average for the first time since 2015, signaling a potential bear run, Coindesk analyst Omkar Godbole writes. –COINDESK

10. The bitcoin chart continues to do a "Bart Simpson" where its price jumps up and down while not moving too much in any one direction. –BITCOINIST

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Written and curated by David Stegon. He has been a reporter for 15 years, the past 10 focused on technology. Follow him @davidstegon.

Editing team: Kim Lyons (managing editor at Inside, a Pittsburgh-based journalist with recent bylines in the NYTimes and Columbia Journalism Review.) and Susmita Baral (senior editor at Inside, recent bylines in NatGeo, Teen Vogue, and Quartz. Runs the biggest mac and cheese account on Instagram).

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