hi i'm molly jane managing editor here at coin telegraph and i'm talking to. at coin telegraph and i'm talking to Maddy greenspan this week about bitcoins. Maddy greenspan this week about bitcoins price hey Maddy. price hey Maddy so bitcoins price right now is trading. so bitcoins price right now is trading between about 7500 and 8100 what's going. between about 7500 and 8100 what's going on there and very sort of a trend that. on there and very sort of a trend that you can see yeah so at the moment we're. you can see yeah so at the moment we're consolidating gains right we have had a. consolidating gains right we have had a huge year so far so from the lows in mid. huge year so far so from the lows in mid December several ramps already February. December several ramps already February was a notable one early April and then. was a notable one early April and then that massive one in mid-may that one in. that massive one in mid-may that one in mid May is actually it happened over. mid May is actually it happened over several days which was a really good. several days which was a really good sign so it's not you know like some. sign so it's not you know like some people are waiting for a Bart Simpson. people are waiting for a Bart Simpson pattern right where we see those huge. pattern right where we see those huge surge and then the consolidation and a. surge and then the consolidation and a huge surge back or a huge plunge when. huge surge back or a huge plunge when you have that type of sustained rally.
you have that type of sustained rally that's much less likely to happen and. that's much less likely to happen and what we're seeing now is a consolidation. what we're seeing now is a consolidation pattern up at the top so basically what. pattern up at the top so basically what after you have that type of surge it's. after you have that type of surge it's very normal to get a little bit of a. very normal to get a little bit of a pullback or at the moment it's basically. pullback or at the moment it's basically cementing in people's minds okay this is. cementing in people's minds okay this is what the price is right now so we're. what the price is right now so we're trading in a range at the moment from. trading in a range at the moment from around seven-and-a-half thousand dollars. around seven-and-a-half thousand dollars to nine thousand dollars of course. to nine thousand dollars of course there's a that notable resistance point. there's a that notable resistance point right in the middle which is around 8100. right in the middle which is around 8100 but the big one is 9,000 if we go past. but the big one is 9,000 if we go past 9,000 if we get a big breakout of 9,000. 9,000 if we get a big breakout of 9,000 that's when that's you know that's very. that's when that's you know that's very likely to cause more FOMO and obviously. likely to cause more FOMO and obviously on the downside if we get a break below. on the downside if we get a break below that seven and a half but there's a lot. that seven and a half but there's a lot of support here too so seven thousand is. of support here too so seven thousand is a support 6400 which was the great. a support 6400 which was the great stabilization range you'll remember from. stabilization range you'll remember from last year 6000 this is support 5000 is.
last year 6000 this is support 5000 is this is a very heavy support so that's. this is a very heavy support so that's more or less where we're at at the. more or less where we're at at the moment so now kind of going on to the. moment so now kind of going on to the news cycle the Facebook coin news the. news cycle the Facebook coin news the fact they have a hundred people working. fact they have a hundred people working on it the fact that the white paper is. on it the fact that the white paper is supposed to come out June 18th. supposed to come out June 18th do you think that that's going to be. do you think that that's going to be influencing the market or is that. influencing the market or is that something that has already influenced. something that has already influenced the market and if so it is the price. the market and if so it is the price indicating. indicating influence so the thing about the. influence so the thing about the Facebook coin is that we don't know very. Facebook coin is that we don't know very much about it right now all we really. much about it right now all we really know is that Facebook has put one of. know is that Facebook has put one of their one of their top players David. their one of their top players David Marcus in charge of a blockchain.
Marcus in charge of a blockchain division and that they're hiring like. division and that they're hiring like crazy at last count it was estimated. crazy at last count it was estimated that they have about 50 employees. that they have about 50 employees working on their blockchain section. working on their blockchain section after that what we get are a lot of. after that what we get are a lot of leaks right so we had an article in The. leaks right so we had an article in The New York Times we had an article in. New York Times we had an article in Bloomberg and the latest one here is. Bloomberg and the latest one here is from TechCrunch which was just last week. from TechCrunch which was just last week and when you get these these type of. and when you get these these type of leaks they always say sources say so. leaks they always say sources say so they are not saying who is telling us.
they are not saying who is telling us what's going on but we can trust them. what's going on but we can trust them because these are big-name news sites. because these are big-name news sites they verify a verified their source so. they verify a verified their source so the best thing that we can indicate is. the best thing that we can indicate is or the best guess that we have at the. or the best guess that we have at the moment of what's going on is that. moment of what's going on is that Facebook is making some sort of a stable. Facebook is making some sort of a stable coin which is going to be pegged to the. coin which is going to be pegged to the price of several different fiat. price of several different fiat currencies for stabilizations they don't. currencies for stabilizations they don't want to just peg it to the US dollar but. want to just peg it to the US dollar but actually a basket of different. actually a basket of different currencies and that it's going to be. currencies and that it's going to be integrated with whatsapp Facebook. integrated with whatsapp Facebook probably Instagram or you know a. probably Instagram or you know a holistic integration throughout the. holistic integration throughout the Facebook so this is similar to what.
Facebook so this is similar to what $0.10 has done you know in China where. $0.10 has done you know in China where they have you know WeChat we chat pay. they have you know WeChat we chat pay and stuff like that so the Facebook is. and stuff like that so the Facebook is looking very likely looking to do. looking very likely looking to do something like that now question that we. something like that now question that we all want to know is this good for. all want to know is this good for Bitcoin is it good for the crypto. Bitcoin is it good for the crypto industry and I actually ran a poll on my. industry and I actually ran a poll on my Twitter account which is just closing. Twitter account which is just closing within the next so by the time this. within the next so by the time this video is published it'll be closed. video is published it'll be closed already. already Facebook coin is blank for the crypto. Facebook coin is blank for the crypto industry 55% indicated that it's good. industry 55% indicated that it's good for the industry and then you know 10%. for the industry and then you know 10% other 35 percents and it's bad so. other 35 percents and it's bad so overall what it looks like is people. overall what it looks like is people feel that this is going to be a big. feel that this is going to be a big on-ramp for crypto whereas people are. on-ramp for crypto whereas people are going to realize that the Facebook coin.
going to realize that the Facebook coin is some sort of a centralized version. is some sort of a centralized version but people are hoping that it's going to. but people are hoping that it's going to be easier to convert Facebook coin into. be easier to convert Facebook coin into Bitcoin and vice-versa so that it'll. Bitcoin and vice-versa so that it'll just basically open up the on-ramps as. just basically open up the on-ramps as far as my personal opinion this is a. far as my personal opinion this is a tweet that I send out if. tweet that I send out if coin isn't a competitive Bitcoin it's a. coin isn't a competitive Bitcoin it's a competitor to the US dollar I don't know. competitor to the US dollar I don't know if you agree with that statement not. if you agree with that statement not agree with that statement up to you but. agree with that statement up to you but I feel that this is more or less where. I feel that this is more or less where we stand at the moment all right so with. we stand at the moment all right so with that news maybe coming out this summer. that news maybe coming out this summer and I mean just other news price surges.
and I mean just other news price surges price Falls what do you expect to happen. price Falls what do you expect to happen this summer do you see any sort of price. this summer do you see any sort of price cycle coming up yeah so the price cycle. cycle coming up yeah so the price cycle is very much in line with what we've. is very much in line with what we've been saying all along right so that we. been saying all along right so that we had that you know here's the here's the. had that you know here's the here's the summer right for let's say from. summer right for let's say from September till end of 2018 and then we. September till end of 2018 and then we had fall right until February very short. had fall right until February very short fall and then crypto winter which was a. fall and then crypto winter which was a prolonged winter this year and then the. prolonged winter this year and then the capitulation phase so at the moment we. capitulation phase so at the moment we are very much in spring so this is where. are very much in spring so this is where this is where we're at and personally. this is where we're at and personally I'm I think that people should really.
I'm I think that people should really enjoy from the spring summer is very hot. enjoy from the spring summer is very hot people get burned I don't know if you. people get burned I don't know if you remember what happened to Bitcoin and. remember what happened to Bitcoin and some of the crypto industry during last. some of the crypto industry during last summer there were a lot of websites that. summer there were a lot of websites that just couldn't handle the traffic some. just couldn't handle the traffic some exchanges basically just said okay we're. exchanges basically just said okay we're not accepting new customers at this time. not accepting new customers at this time because there was just so much the. because there was just so much the Bitcoin blockchain itself got really.
Bitcoin blockchain itself got really clogged transaction fees spiked. clogged transaction fees spiked transaction times were out of control so. transaction times were out of control so let's not try and look forward to summer. let's not try and look forward to summer at the moment let's we're in spring. at the moment let's we're in spring let's just enjoy the spring okay my last. let's just enjoy the spring okay my last question has to do with litecoin which. question has to do with litecoin which is up a lot 7% today can you speak about. is up a lot 7% today can you speak about the reasons as to that oh yeah. the reasons as to that oh yeah definitely. definitely so litecoin we're going to be seeing a. so litecoin we're going to be seeing a halving in litecoin as we know that. halving in litecoin as we know that means that every new block is going to. means that every new block is going to see half the rewards and this is. see half the rewards and this is basically influencing the supply so. basically influencing the supply so we're going to be seeing half of the new.
we're going to be seeing half of the new supply coming so how inflation is. supply coming so how inflation is basically goes in half. basically goes in half litecoin has been seeing also as far as. litecoin has been seeing also as far as the price is concerned I believe that. the price is concerned I believe that litecoin is really what kicked off the. litecoin is really what kicked off the current Bull Run that we're seeing. current Bull Run that we're seeing so since the mid December lows litecoin. so since the mid December lows litecoin has been one of the best performance a. has been one of the best performance a second only to really buy Nan's coin as. second only to really buy Nan's coin as far as the large-cap altcoins and it's. far as the large-cap altcoins and it's not seeing a consolidation just. not seeing a consolidation just yesterday we saw a new fresh yearly high. yesterday we saw a new fresh yearly high very nice trajectory and litecoin as far. very nice trajectory and litecoin as far as the technicals are concerned what's. as the technicals are concerned what's more important what people are missing I. more important what people are missing I believe is that yes we have the having. believe is that yes we have the having event coming up.
event coming up but litecoins fundamentals are extremely. but litecoins fundamentals are extremely strong if you think about what gives a. strong if you think about what gives a crypto its value a lot of that is. crypto its value a lot of that is derived from from the network effect so. derived from from the network effect so how many people are actually. how many people are actually participating in the network and how. participating in the network and how many people are using it this is. many people are using it this is something that I feel on social media. something that I feel on social media all the time because every time I write. all the time because every time I write anything about litecoin I always get. anything about litecoin I always get very positive responses and everybody's. very positive responses and everybody's always extremely happy about it but if. always extremely happy about it but if you want to look at the numbers you can. you want to look at the numbers you can actually see this is the number of. actually see this is the number of transactions that happen on the litecoin. transactions that happen on the litecoin blockchain so there's the obvious spike. blockchain so there's the obvious spike right you know in quick crypto summer. right you know in quick crypto summer last crypto summer January 2018 but what. last crypto summer January 2018 but what you'll notice here and this is something. you'll notice here and this is something that's incredible is that it the. that's incredible is that it the transaction level never really came back.
transaction level never really came back down to previous levels it just had this. down to previous levels it just had this great stabilization at around 20,000. great stabilization at around 20,000 transactions per day with that gate what. transactions per day with that gate what that told me at the time was that we've. that told me at the time was that we've basically created a floor on the on the. basically created a floor on the on the transaction level of litecoin which. transaction level of litecoin which created a floor for the entire crypto. created a floor for the entire crypto market and basically held it up showing. market and basically held it up showing that yes there is actual usage going on. that yes there is actual usage going on even when you know there was apathy in. even when you know there was apathy in the crypto market capitulation there was. the crypto market capitulation there was like people like wanted to puke from. like people like wanted to puke from their crypto holdings because they got. their crypto holdings because they got so wrecked and litecoin was still seeing. so wrecked and litecoin was still seeing those 20,000 transactions per day which. those 20,000 transactions per day which was much greater than anything that had. was much greater than anything that had ever seen before that and then of course. ever seen before that and then of course we can also look at the hash rate of. we can also look at the hash rate of litecoin which has been on the rise.
litecoin which has been on the rise lately no kidding. lately no kidding look at that all-time highs right now. look at that all-time highs right now and just for comparison like we'll put. and just for comparison like we'll put we can overlay aetherium on top of that. we can overlay aetherium on top of that right so like point is the blue line. right so like point is the blue line aetherium is the red line take a look at. aetherium is the red line take a look at that litecoin is one of the most secure. that litecoin is one of the most secure crypto networks I believe only second. crypto networks I believe only second only to Bitcoin so this is if you're. only to Bitcoin so this is if you're familiar with crypto 51 app which shows. familiar with crypto 51 app which shows how secure the each blockchain is by how. how secure the each blockchain is by how much hash rate is available to be rented. much hash rate is available to be rented Bitcoin obviously zero you cannot nice.
Bitcoin obviously zero you cannot nice hash Bitcoin litecoin is at 3% which is. hash Bitcoin litecoin is at 3% which is less than aetherium the only other one. less than aetherium the only other one is Bitcoin cash ABC which has also seen. is Bitcoin cash ABC which has also seen other stability issues according to pit. other stability issues according to pit mix research so litecoin has two of. mix research so litecoin has two of those primary factors that contribute to. those primary factors that contribute to valuation which is the network effect. valuation which is the network effect and the security of the networks I. and the security of the networks I believe this is very likely the reason. believe this is very likely the reason why it's been with Y has been. why it's been with Y has been outperforming lately that was my last. outperforming lately that was my last question so thank you so much for. question so thank you so much for speaking with us today yeah right on. speaking with us today yeah right on anytime.
anytime it's a pleasure moley so that was me. it's a pleasure moley so that was me Molly Jane speaking with Matty Greenspan. Molly Jane speaking with Matty Greenspan and remember this is the month of movie. and remember this is the month of movie premieres for coin Telegraph we're going. premieres for coin Telegraph we're going to be premiering multiplying Island part. to be premiering multiplying Island part 2 crypto in the USA and sex and crypto. 2 crypto in the USA and sex and crypto this episode is sponsored by trade Santa. this episode is sponsored by trade Santa trade Santa is a cloud-based trading bot. trade Santa is a cloud-based trading bot set it up in less than two minutes trade. set it up in less than two minutes trade multiple pairs choose between long and. multiple pairs choose between long and short strategies use tech analysis. short strategies use tech analysis indicators and see your results in real. indicators and see your results in real time trade Santa works 24/7 to get you. time trade Santa works 24/7 to get you the profit you set the platform is. the profit you set the platform is already integrated with Finance bit Trax. already integrated with Finance bit Trax fits an axe and hit BTC the link is in. fits an axe and hit BTC the link is in the description below. the description below coin Telegraph like subscribe and huddle.
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