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NEM Foundation Updates Community and Media on Previous Statement Regarding Its Assumed Bankruptcy

  • Yuri Molchan
    📰 News

    The NEM Foundation publishes an update regarding its statement on 31 January to keep things clear and avoid being misunderstood


NEM Foundation Updates Community and Media on Previous Statement Regarding Its Assumed Bankruptcy
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On February 1, the NEM Foundation released an update concerning its message to the NEM community issued on January 31, where it said that it is running low on XEM and fiat budget and is changing its structure and plans some layoffs due to the ongoing budget situation.


NEM Foundation update

To keep everything clear and transparent, on February 1 the NEM Foundation released an update, provoked by a Coindesk article.

NEM

 

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On funding and staff firing

The foundation clarified that it is not on the verge of a bankruptcy but is just low on funds and that in case the NEM community refuses to provide funding, the foundation will start searching for money from third-party investors.

Layoffs are going to be performed regardless of the current situation with funding. This has more to do with the NEM Foundation deciding to switch its focus from NEM promotion and become more product-oriented.

Provided that the community decides in favour of further funding, the NEM Foundation will take on more staff, first of all offering jobs to its former members who have been made redundant.

Cover image via u.today
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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
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It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

Cover image via 123rf.com
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