Brian Kelly Says Bitcoin and Crypto Sell-Off Won’t Last, Plus Ripple and XRP, Ethereum, Litecoin, St
From new analysis on the Bitcoin and crypto market sell-off to a decision to choose Stellar over Ethereum, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin and Bitcoin Cash
The CEO of crypto investment firm BKCM Brian Kelly says he believes the big Bitcoin and crypto market sell-off is a short-term event triggered by the looming Bitcoin Cash hard fork. "People are concerned that both Bitcoin and Bitcoin Cash markets – their networks might slow down. They might not work as well. That software upgrade might not go through or if it does go through, we’ll end up with some chaos. People started selling. That triggered stops. Everybody got concerned and that’s what happened today – the entire market sell-out. In my view – very short-term type of event. I think it’s probably an opportunity. In fact, we did some buying at my fund today.”
Ethereum and Stellar
The team behind the popular messaging app Kik and its native cryptocurrency Kin says the platform will exclusively use the Stellar network instead of Ethereum.
Kik initially launched its ICO on Ethereum late last year, then decided to use Stellar and Ethereum together, before announcing in a blog post that it will break away from Ethereum completely.
“At every stage we’ve quickly learned and iterated to build the best infrastructure for the ecosystem. First, Kin was launched as an ERC20 token on the Ethereum blockchain for its robust decentralization. Then Kin moved to a hybrid solution utilizing both Ethereum and a custom fork of Stellar to incorporate feeless transactions and scale.
Now, after working with the fork of Stellar, we will migrate all Kin to the Kin blockchain to simplify the technology and its connection to exchanges.”