Altcoins continue bull run while Bitcoin stalls at $10,200, but could Federal Reserve rate cut cause price rally? ESA supports blockchain Satellite Project
Here is your daily overview of important, interesting and market moving cryptonews.
Altcoins Continue Explosive Bull Run While Bitcoin Stalls at $10,200
Altcoins are showing massive upward price movements, while the Nr. 1 cryptocurrency trades flat at around $10,200.
While Bitcoin stalls, Ether (ETH) is continuing its bullish move to well above the $200 price mark. The most popular altcoin is currently trading at $215.24, showing impressive gains of 8.32% on the day.
Also Ripple (XRP) is taking the lead in the top-20 altcoins with a massive gain of more than 14% on the day. At this time, the world’s third-most popular coin is trading at $0.304 per coin.
Will Bitcoin’s Price Rally After Federal Reserve Rate Cut?
Bitcoin is trading flat at $10,200. This could end up trapping sellers on the wrong side of the market, according to some observers, who expect BTC to benefit from an impending 25 basis point U.S. rate cut on Wednesday.
Anthony Pompliano, founder at Morgan Creek Digital Assets, tweeted in August that BTC could fly high if the Fed rate cuts are followed by a government buying program (quantitative easing).
European Space Agency Supports Blockchain Satellite Project
Blockchain startup SpaceChain has won a 60,000 EU grant from the European Space Agency (ESA) to investigate use-cases for their satellite-based blockchain wallet system.
Zee Zheng, SpaceChain’s CEO, told CoinDesk that his satellite-based nodes are far more secure than terrestrial networks processing on the open internet with data and protocols uplinking directly to the satellite.
“We don’t need internet access to perform this kind of transaction, which eliminates a lot of potential risks for hacking.” — Zee Zheng
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