Jeremy Allaire Analyses Recent Growth in Bitcoin and Expectations from G7

Bitcoin, which was looking to break bearish in the past week, rejected yet another attempt to fall below $9000. The price of Bitcoin at 5: 30 hours UTC on 20th August 2019 is $10,796. It is trading 2.83% higher on a daily scale.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
The Bakkt announcement has had a significant positive effect on market sentiments. Moreover, Bitcoin’s primary utility at this time is a ‘safe haven’, hence, the rise was being attributed to the growing unrest in Hong-Kong. However, there are significant concerns about whether the correlation is real or just speculation.
Jeremy Allaire, CEO at Circle mentioned in a recent interview that the ideology of Bitcoin as a safe haven surely gets a push in areas where “intense concern about capital control is there.” However, one cannot “measure at any given time” the correlation to speculation or actual buying from the affected regions.
Moreover, he also added that “last week was a significant kind of risk-off week for equities”, meaning that investors seemed to be moving to less risky assets. While this can again be a positive signal for Bitcoin, he also warned that Bitcoin is already up about 200% in the last 9 months, therefore, they might look to book their profits there as well.
G7 Expectations: Good or Bad?
The G7 Conference will convene on the 24 August, 15 nations along with the FAFT Financial Action Task Force (on Money Laundering) will discuss on the matter. The FAFT recently implemented the ‘travel rule’ guidelines for crypto exchanges and service providers to tackle the problem of money laundering through crypto.
Moreover, any restrictive law imposition or negative view of Bitcoin or cryptocurrencies could adversely affect the price. Joe Kernen asked Jeremy about the focus on crypto that can be expected in it. He said,
“Crypto as an agenda item is absolutely on the docket. Its becoming obviously an agenda item… Not just because of the growth in Bitcoin, but also stablecoin like the US dollar coin and Libra”
Nevertheless, he does not expect any specific policies to be announced. He only expects them to reveal their ‘perspective’ on it.
Will the perspective be positive or negative? Please share your views with us. 
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Source: CoinGape

Bakkt Reveals Bitcoin Futures Details – Here’s How it is One-Up on CME

The much anticipated Bakkt ‘Bitcoin [BTC] futures contracts’ is scheduled for launch on 23rd September 2019. While these are not the first regulated Bitcoin [BTC] futures contract with BitMEX and CME currently leading the space, Bakkt’s is one-up on all existing platforms.
The Bakkt contracts will be margined and as mentioned before – can be settled using Bitcoins itself. Hence, it can also be used as an alternative to unregulated spot markets as it has custody arrangements as well. Moreover, Bakkt will offer:
• Bakkt Bitcoin (USD) Daily Futures
• Bakkt Bitcoin (USD) Monthly Futures
The CME provides only monthly Bitcoin Futures contracts. The daily contracts would likely increase the volatility in the everyday price of Bitcoin. Nevertheless, the regulated platform will improve the fundamentals around Bitcoin [BTC] massively.
Rhythm, a crypto-trader talked about the advantage of Bakkt over CME and its effect on Bitcoin markets, he tweeted,
Unlike other futures exchanges, this is settled in bitcoin. Actual bitcoin is paid out, not just the fiat equivalent to the price of bitcoin.
The result is better price discovery and liquidity for bitcoin.
Kelly Loeffler, the CEO of Bakkt, told the media, that the core service Bakkt will offer is “secure, regulated custody,” alongside its institutional-scale trading.
The monthly futures contract on Bakkt is based on “forward pricing curve” for investors, giving them an option to see prices up to 12 months. She specifically talked about the halving schedule due next year; which will be enabled for speculation through the monthly contracts.
Also Read: 5 Reasons Why Bakkt’s Launch is BIG News for the Crypto Community
Furthermore, as the daily contracts are margined, it will provide a lot of space for institutional money to get involved in the day to day activities around it.
The Bakkt launch data announcement has had an extremely positive effect on the Bitcoin’s price. The price of Bitcoin at 3: 30 hours UTC on 20th August 2019 is $10,800. Bitcoin has gained about 6% since the announcement.
Do you think that daily futures contracts will increase the volatility or decrease it? Please share your views with us. 
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Source: CoinGape

Terrorist Group Turns To Bitcoin For Funding

The Western Government has recently deemed Hamas, the militant Palestinian group as a terrorist organization. While the group has now technically been ousted from tapping any resources in the traditional financial system, its military wing is developing a campaign to raise funds using Bitcoin. Hamas, which has control over the Palestinian coastal territory of Gaza, owes its survival to donations from foreign governments like Qatar.
According to the report, One of the latest developments of the wing includes its recently updated website, Qassam Bridges, wherein each visitor is allocated a unique Bitcoin address from where they can send digital currency. Interestingly, such a method makes it nearly impossible for lawmakers to keep a check on these activities.
Furthermore, the site is available in seven languages and features a self-explanatory video which explains how to obtain and send Bitcoin without getting caught by the authorities.
This Is Just The Beginning
While such a development is enough to shake the authorities, it is predicted that the situation is likely to worsen.
“You are going to see more of this. This is going to be a part of the terrorist financing mix, and it is something that people should pay attention to.”
 
said Yaya Fanusie, a former analyst with the Central Intelligence Agency.
“We are dedicating a lot of resources very specifically to this space. It is still relatively new to them, but I’m confident that we’re going to see more of it in the future.”
Sigal Mandelker, the Treasury Department’s undersecretary for terrorism and financial intelligence, said in an interview.
Terrorists Are Learning Fast
Claims from individual campaigns reveal that terrorist groups using cryptocurrencies are increasingly getting sophisticated. The fact that bitcoin has no central controlling authority is of great appeal to the lawbreakers.
On the other hand, Bitcoin’s technical sophistication makes it slower to be adopted by terrorists. However, countries like Iran, Venezuela, and Russia are building crypto assets to escape such scenarios.
Online markets where Bitcoin can be used to purchase drugs are earning nearly $1 Billion in a year, even when authorities have shut down several leading markets.
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Source: CoinGape

Bitcoin Price Analysis: BTC Doubles-Down on $12,200 Trajectory

Bitcoin escapes the bear range ($10,200 – $10,500) stepping above $10,700.
A breakout above the rising wedge pattern will propel Bitcoin towards $11,000.

The bulls managed to shake off the bear pressured we discussed earlier today. As mentioned Bitcoin needed to come out of the battle zone between $10,200 and $10,500. Escaping this range has already revived the investors’ hope that Bitcoin will jump above $11,000 in the short-term.
Bitcoin bulls trampled massively on the resistance at $10,500 and $10,600 respectively. A couple of successive candlesticks pushed Bitcoin above the sellers’ congestion zone at $10,700. At the press time, Bitcoin is trading at $10,718 following a 3.19% rise on the day.
BTC/USD 1-hour chart
BTC/USD chart by Tradingview
A number of former resistance zones are transforming into viable support areas. Although momentum is building towards $10,800 hurdle, a reversal may occur. If that happens, $10,700 will function as a credible support area. Traders must be aware and in the lookout for the next possible support zones including $10,400, $10,200 and $10,000.
In the short-term, it is important that Bitcoin is sustained above $10,200. Otherwise, a lower leg could extend below $10,000 and refresh the support areas between $9,200 and $9,300.
On the upside, the major hurdle is the ascending wedge pattern resistance. However, a break above the hurdle will propel Bitcoin above $10,800. Moreover, it will set the ground for an impending leg up to $11,200 and $11,500 in that order.
Technically, Bitcoin is poised for the trajectory above $11,000. The Relative Strength Index (RSI) is now above 70 and pointing north. If the signal moves higher within the overbought, it will signal a stronger trend and price momentum. However, the retreat from the same zone will signal a reversal.
Bitcoin Key Technical Levels:
Spot rate: $10,789
Open: $10,316
High: $10,792
Low: $10,267.36
Trend: Strongly bullish.
The post Bitcoin Price Analysis: BTC Doubles-Down on $12,200 Trajectory appeared first on Coingape.
Source: CoinGape

Crypto Analyst: Bitcoin Should Hit $28,000 Within a Year

Top Stocks and Crypto Analyst, Ronnie Moas, believes that bitcoin is headed for a massive bullish season which could send the price of the cryptocurrency to $28000 at least within the next 6 to 12 months. He has also pointed to the fact that Bitcoin enjoys a higher market valuation than half of the companies on the Dow Jones 30 list.
Ronnie Moas Predicts $28k Per Bitcoin
In a post on Twitter, Ronnie Moas indicated that bitcoin has outperformed more than half of the companies on the Dow Jones Industrial Average (DJIA) in terms of market valuation. Moas pointed that Bitcoin has a greater valuation than many industry giants including banking’s Goldman Sachs and aviation’s Boeing. He also predicted that Bitcoin will most definitely double its present price of $10,405 within the next 6 to 12 months. This will bring bitcoin (BTC) to rank third on the DJIA at that time, just after Amazon and Walmart.
According to Ronnie,

Source: Twitter 
Bullish Signals For Bitcoin To Push It Up More Than Dow 30
The Dow Jones Industrial Average (DJIA) is a stock market index that shows the value of 30 large, publicly owned companies based in the United States, and how they have performed in the stock market during various periods of time. At the moment, the list contains many companies that have a market valuation lower than that of Bitcoin. There are several factors that may push the price of Bitcoin further up and fulfil Moas’ prediction. The various factors signalling bullish behaviour around bitcoin include the recent FED cut, 2020 bitcoin reward halving, Brexit, the ongoing Hong Kong protests, and the September launch of bitcoin futures exchange Bakkt.
Bitcoin, at press time, has a market valuation of around $183 billion.
Bitcoin Outperforms Many Other Assets
Bitcoin has constantly proven itself against many other investment choices including gold. In the second quarter of the year, bitcoin made a bullish run and recorded an 8-month high, touching nearly $13800. It later made a run down the charts from where it began to swing within the range of $9,500 and $12,200. Most recently, bitcoin had dipped by almost 10% within a single day towards the $9500 mark but has since been recovering from the shock.
The post Crypto Analyst: Bitcoin Should Hit $28,000 Within a Year appeared first on Coingape.
Source: CoinGape

Craig Wright May Never Be Seen Or Revered As Satoshi. Here’s why?

Popularly Known self-acclaimed Satoshi  Nakamoto and creator of Bitcoin Cash fork Bitcoin SV, Craig Wright, has attracted the attention of the mainstream media in recent times. While he must have spotted limelight for a couple of reasons like inventing Bitcoin Cash fork SV, the most important attraction to his name sprang to life as a result of his claims of being the creator of bitcoin.
Craig Wright, whom, at the moment, many blockchain community members see as a possible anonymous Satoshi due to his constant claims of creating bitcoin has taken every possible advantage and opportunities to retain these claims and even revealed that some hundreds of thousands of “virgin” (never moved before) bitcoins belonging to him are still locked up within the bitcoin blockchain, a set of coins to which he claimed he would have access to in 2020.
Fraud And Deceit Are Becoming Synonymous With Craig Wright
Amid all these recognition struggles, Craig Wright is beginning to lose face within the crypto space and many now see him as a pretender or a fraudster in worst cases. In an ongoing lawsuit against him which involves the misappropriation of around a million bitcoins, Craig Wright was denied the motion to dismiss the case due to irregularities and lack of credibility on his part.
A 2018 case in which one of Craig’s late business partner’s brother filed a lawsuit against Craig for reasons of misplacing about 1 million bitcoins, US District Court Judge Beth Bloom, upon Craig’s claim that the court didn’t possess jurisdiction over the case, said,
“the Court simply does not find the Defendant’s testimony to be credible.” “numerous conflicting statements are the very reason confusion has been created … the Court should nonetheless use these statements as a basis to challenge the Court’s subject matter jurisdiction.”
As the Judge dismissed several of Craig’s claims, she, at a point in time made reference to an 18th-century quote by Walter Scott;
“Oh! What a tangled web we weave when first we practice to deceive!”
As many come to disbelieve Craig’s claims of being Satoshi, community members are responding in a converging pattern of ways. A recent Twitter discussion involving some popular bitcoin influencers, many responses had been to insinuate that Craig was a fraudster.
According to Twitter user Peter McCormack,
Had an interesting interaction with a 49-year-old today. He refused to sign with his private keys, yet insisted he is Satoshi. #CraigWrightIsAFraud.
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Source: CoinGape

How Bitcoin is Becoming Omnipresent Using Satellites and Networking

Bitcoin [BTC] is a virtual currency whose transactions are primarily executed on the internet. Its dependence on it to exist, however, raises doubts on its store of value and currency argument. While the internet is ubiquitous during today’s time, there are still places on Earth where access is limited.
Nevertheless, Bitcoin is growing more powerful than ever. Samson Mow, the Chief Strategic Officer of Blockstream tweeted about the Blockstream’s satellite service which was launched two years ago. The satellites provide for free synchronization with the Bitcoin ledger.
Furthermore, there also possibilities that are being explored on Earth itself to create a secure offline system for Bitcoin.
The Blockstream Sattelite
The Blockstream Sattelite covers 2/3 of the Earth. The satellite also enables broadcasting data all over the world to the Bitcoin network. Hence, by paying Bitcoin through the lightning network, any message can be broadcasted across the globe.

The #BlockstreamSatellite service has now been operational for 2 years. That's 2 years of free #Bitcoin blockchain data synchronization, improved privacy with offline full-nodes, and making Bitcoin more resilient against network splits. 📡 @Blockstream #BitcoinInfrastructure pic.twitter.com/wYJw6tLbNX
— Samson Mow (@Excellion) August 15, 2019

There are five commercial satellites used by Blockstream which synchronize with the Blocks on the network in real-time. This provides security against forks or network splits from occurring. Hence, restricting ‘51% attack’ and ‘chain re-org’ attempts.
Blockstream Satellites in Space (Source)
Other ISP Free Networks on Earth
Currently, the data on the internet follows a centralized path comprising of specific nodes controlled by corporations. According to sources, Amazon’s AWS transmits more than 50% data on the world wide web.
Meltem Demirors, the Chief Strategy Officer at UK-based Coinshares, held a podcast – ‘What Grinds My Gears.’ In her recent episode, she talks about another ISP (Internet Service Provider) independent services – the mesh technology, Bitcoin Relay Network, and FIBRE, transaction services, nano-satellites (Bitsat), and space-based cloud computing (Cubesats).
The mesh technology uses decentralized nodes to transmit data over the internet. Just like Bitcoin and cryptocurrency, there are many scattered nodes that all participate in the transmission of data. As Meltem noted in her blog post, there are a couple of bitcoin and cryptocurrency-based mesh networks like the TxTenna, Bitcoin Venezuela Mesh Network, Althea, Helen, and NKN. 
The Relay networks have been exploited continually in the past by spammers. However, Bitcoin relay networks are designed to filter the data, allowing only ledger information to be broadcasted. FIBRE (or Fast Internet Bitcoin Relay Engine) is an extension of the Relay network with lightning response.
The mesh can also be connected to the Blocksteam Satellite for synchronization with the latest blocks without any delay.
The networks, as mentioned above, form a financial ecosystem that incentivizes the use of the network while providing security. These are technological attempts at making Bitcoin ubiquitous and free from the internet, becoming genuinely decentralized.
The Future Beyond Conspiracies
The network providers benefit a lot from the existing system of data transmission. Remember the electrical car conspiracy or unleaded Gas story? Any innovation that disrupts the revenue of large organizations has always faced resistance in the beginning.
Moreover, some of these mesh networks are providing an incredibly cheap source for connection to the world without the use of ISP. While privacy will reduce cyber-attacks and unethical surveillance, the system surely distresses the networking Giants.
There are many ‘censored’ areas on earth, it is imposed for geopolitical security and to implement national laws. However, money or currency should be borderless and censorship-resistant. Hence, in the words of US Congressman Patrick Mchenry,
Due to the nature of the technology of Bitcoin, Governments cannot kill it, nor should they and you can’t kill digital currencies broadly. They will be enduring, they will be strong. That is the new framework of the next generation of the internet.
Furthermore, Bitcoin and cryptocurrencies bring security and at the same time, intrinsically incentivizes the players supporting the network. Hence, the barriers to entry for small players are also limited.
With firms working aggressively on Bitcoin, how do you think other cryptocurrencies will find a space in the next era of decentralized internet? Please share your views with us.
The post How Bitcoin is Becoming Omnipresent Using Satellites and Networking appeared first on Coingape.
Source: CoinGape

Binance CEO Denies “November” Rumor on Binance U.S. Launch

Binance CEO, Changpeng Zhao was recently quoted by crypto-media sites on the tentative launch of its US branch. CZ told Cheddar that, while the situation is still “in a flux”, the platform can be expected to go live “in a month or two.”
Numerous media outlets chose to draw a timeline and took the safe side. Since, its already mid-August and he said, “a month or two”, reports around its launch in ‘November’ started spreading like a virus.
Nevertheless, outlets can’t be blamed for the situation as well. Binance U.S. twitter account and Catherine Coley from Binance U.S. re-tweeted Cheddar’s report which iterated the same fact.

Now you know I meant it when I said I was busy. Thanks for your patience! https://t.co/PkJ1U1wYt3
— Catherine Coley (@cryptocoley) August 16, 2019

However, CZ has chastened the crypto media websites for creating news for a November launch. He said,
I never said November… Gotta love how interpretations (or misinterpretations) become “news”.
Moreover, while we haven’t received any further details from him or Catherine on the tentative dates. The flow of things suggests that the launch might be much sooner than November.
The U.S. has put stringent regulation for the operation of Exchanges. While things were unclear in the past, CZ stated that it has improved a lot. He also added,
“We want to be fully compliant. Before we didn’t feel we had the experience to do that but now we have our partners so we want to take this opportunity to explore the market.”
Binance U.S. is expected to add 30 cryptocurrencies, while Binance’s international division currently lists about 150 coins. Trading will be limited to the entire of US, expect New York for now. Binance is yet to procure the BitLicense from NYDFS.
Do you think Binance U.S. will be launched alongside Bakkt? Please share your views with us. 
The post Binance CEO Denies “November” Rumor on Binance U.S. Launch appeared first on Coingape.
Source: CoinGape

Tech Journalist Reveals How He Lost £25,000 in Cryptocurrency

How does it feel when you lost your hard-earned money with your own mistake? Isn’t it painful! Monty Munford, a tech journalist shared his story of how he lost £25,000 after storing the private key of his crypto wallet on his Gmail draft.

Why Should You Not Store Your Private Key Online?

Though Munford made his investment in Bitcoin and Ethereum in the middle of 2017, he says that his interest to invest in the crypto industry was on the peak when Bitcoin was skyrocketing in late 2017. He says, with a rise of more than 100,000% in seven years, “My curiosity got the better of me”. In fact, he began believing this investment as his long-term plan and even though it as a nest egg for a pension.
With a lot of research, Munford found two options to store cryptocurrency, one a crypto exchange and another an encrypted digital storage wallet. As the exchange-hack scene is quite common in the crypto industry, Munford decides to store his cryptocurrency in a wallet, myetherwallet.com.
He says that, soon after choosing a wallet, he has been provided with two keys, one is a public key that he used to transfer money to his wallet and another is the private key that he used to access his wallet. While writing 40 random numbers of the keys on the paper is the widely-accepted technique in the crypto industry, Munford has chosen to get a print out copy of it. Besides that, he also decided to store it in his Gmail draft to avoid any mistake while using the private key to access the wallet. Munford then deleted his internet history to ensure he keeps extra security in place.
The excitement of Munford was flying as the market price of cryptocurrencies reaching the growing graph but in 2018 he couldn’t access to his private key. He says;
I hadn’t used my private key to access my account for some time, Munford explained. But when I tried to do so, I saw with horror that all of my Ethereum – about £25,000’s worth – had already been taken out; the cupboard was bare.
Lesson To Learn From Mistake
While cryptocurrency offers few great features including anonymity and decentralization, it also comes with a risk of losing funds. Unlike bank accounts/ bank transfers where you can have reconciliations following the wrong transfer of funds, transactions in crypto space aren’t reversible. Munford’s amount from his wallet has been abruptly transferred to another private key address. Concerning this, he says, “There seemed to be no-one to complain to”.
However, with intense research and contact with the crypto community, he found that the amount from his wallet has been transferred to Binance crypto exchange and getting information from Binance was a Kafkaesque nightmare, he said. Munford later reached out to Action Fraud to file a complaint but no required information was received. After the six months of his continuous effort, he later contacted US bounty-hunters CipherBlade who work with FBI to track thieves in return of bounty commission.
They discovered that my money had been deposited by the thief (or thieves) in a “consolidation wallet” then divided up into chunks and sent to four different deposit addresses on the Binance exchange.
On his behalf, the firm received a handful of information from Binance within a week and states that the IP address denotes a telecom company in the Netherlands. However, the information didn’t provide personal identities of the thieves and his money remains stolen. Following this whole scenario, he said;
Of course, I should never have stored my password anywhere on my computer. Malware can scan keystroke movements and sniff out a private key – even if, as I had done, you chop it up into separate blocks and store it in different places.
Conclusively he urged to learn a lesson from his mistake and notes that;
So I’m left with my fingers burned, feeling like I wandered into a savage bazaar where criminals can pick your pocket at will. And get away with it.
Image Source – Medium.com
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Source: CoinGape

Hong-Kong Protesters Call for a ‘Bank Run’ – Here’s what’s in it for Crypto

The 10th-week of the protest at Hong Kong against the Chinese government rule took a dramatic turn as the protestors shut-down the international airports. It is one of the busiest airports in the world. While incidents of outbreaks were witnessed occasionally, it has mostly been a peaceful protest.
Hong-Kong citizens, mostly comprising of teens and people in their 20s, began by distributing pamphlets in different languages to aware the people of the world about their predicament. In an e-mail by the protestors, they stated,
“It is not our intention to cause delays to your travels and we do not want to cause inconvenience to you. We ask for your understanding and forgiveness as young people in Hong Kong continue to fight for freedom and democracy.”
Nevertheless, a few brutal incidents with the police blew the entire thing out of proportion. Subsequently, the airport was shut-down for two consecutive days. Finally, on Wednesday the protest was charged with ‘unlawful assembly’ and willfully obstructing or interfering’ with airport operation.’
While about three dozen citizens are still persistent at the arrival gate for the International Airport, the protests in the airports have been called off.
After Airports, Now they Call for a ‘Bank Run’
The leading activists now turning to another, more powerful peaceful protect against China. Chen Haotian, the founder and convenor of the Hong Kong National Party, has called for a ‘bank run.’ Crypto-Analyst and prominent trader, Whalepanda, tweeted ironically about the news,
“Hong Kong Activist Leader Calls For A Run On Chinese Banks Tomorrow” – this could be fun.
The activist is calling for the citizens to take their money out from the banks. While their primary aim is to run out the liquidity of Chinese banks. He stated that banks could borrow money from each other. Hence, they must include all banks. China Press reported,
He [Haotian] called on Friday (August 16) that Hong Kong citizens take out all bank deposits. The primary goal is Chinese banks, but he said other banks should also be targeted, otherwise Chinese banks can borrow money from other banks to solve problems.
The ideology behind the protest is simple, to take powers from the hands of the Chinese Government by running their banks dry off of the Hong Kong dollar. Bitcoin and cryptocurrency bred out and became popular riding on similar ideology.
Moreover, the people who will cash out from the banks will eventually look to invest in precious metals like gold and cryptocurrencies. Furthermore, cryptocurrencies provide for an exchange of value across the globe without any centralized control. Another crypto-trader and analyst, Rythm, tweeted,

REAKING: Hong Kong activists are calling for a run on Chinese banks tomorrow, asking that everyone withdraw their money on the same day.

One of the best ways to peacefully protest, the next step is buying bitcoin!

Reportedly, the anti-Emmanuel Macron protestors (aka Yellow Vests) in France are also planning a similar movement against the Government.

Nevertheless, there is no direct correlation of that happening. This is because the citizens could choose Hong Kong Dollar over other currencies, which will also enhance their cause.  However, an event like a ‘Bank Run’ certainly has a substantial positive impact on crypto-market sentiments.

Do you think that the young protestors would turn to cryptocurrencies for conducting transactions? Please share your views with us.  
The post Hong-Kong Protesters Call for a ‘Bank Run’ – Here’s what’s in it for Crypto appeared first on Coingape.
Source: CoinGape

PlusToken Update: Report Confirms Spending of 5,575 Bitcoins Two Days Ago

The recent revelation on the movement of Bitcoin from PlusToken’s account has received confirmation from the blockchain analysis of Bitcoin. Pickshield inc., a blockchain security company that also provides research on existing projects reported that more than 5000 BTC was moved from associated PlusTokens account.
Dovey Wan Brings Attention to PlusToken Accounts on Twitter
Dovey Wan, a crypto-analyst who brought it to the attention of crypto-Twitter, stated “they [Scammers] are moving their funds [Bitcoins] into small batches into exchanges, like 50-100BTC per batch” on 14th August 2019. The marked public addresses of the scammed tokens were also brought into attention, while the research firms were notified.

PlusToken Addresses- Let's STOP it
14BWH6GmVoL5nTwbVxQJKJDtzv4y5EbTVm (95228 $BTC)
31odn4bxF2TgM4pD7m4hdSr1vGMsjh9ugV (68,562 $BTC)
33FKcwFhFBKWHh46Ksmxs3QBu8HV7h8QdF (37,922 $BTC)
eospstotoken (26,312,329 $EOS)
0xF4a2eFf88a408ff4c4550148151c33c93442619e (789,525 $ETH)
— Dovey Wan 🗝 🦖 (@DoveyWan) August 15, 2019

The information took a drastic turn as the media outlets attributed Bitcoin’s price dump below $10,000 caused by the dumping. Wan also reported that about 1000 BTC were found to be deposited in Bittrex and Huobi earlier.
Reportedly, Peckshield and Chainalysis are working on tracking the funds in wallets associated with PlusToken wallets. According to Peckshield’s most recent findings,
#PLUSTOKEN fund on the move again! On 08/14, 5,575 BTC moved from 1M1Tfsvb address to many different addresses
PlusToken Bitcoin Movement Address Map for 5575 BTC (Source)
As reported earlier on Coingape, PlusToken scammers are behind bars now, having been deported to China this year. However, the Bitcoins are still at large.
Furthermore, the recent bull run on Bitcoin from the last couple of months has also been attributed to the 200k worth cryptocurrencies being purchased after selling PlusToken. However, it will be challenging to determine the truth behind these theories.
BTC Linked with PlusToken Accounts Being Monitored Gl0bally
Nevertheless, the Exchange has been alerted, and the Bitcoins from the concerned addresses are continuously being monitored, globally.
If the scammers are successfully able to dump the entire amount, it can cause a massive plummet in the price of Bitcoin. However, as the addresses are marked at the moment, the funds can be locked there forever, therefore, reducing the circulating supply of Bitcoin, which could push the price.
Hence, while the price could react in several ways, the priority of crypto-community should be to stop the spending of these ill-found funds. A coordinated effort from Binance, Huobi, Bittrex, and other Exchanges who might be receiving the funds along with research firms can possibly stop the heist from being converted to cash.
Do you think that PlusToken is responsible for the price movements on Bitcoin [BTC] this year? Please share your views with us. 
The post PlusToken Update: Report Confirms Spending of 5,575 Bitcoins Two Days Ago appeared first on Coingape.
Source: CoinGape

Bitcoin (BTC) Flashing Buy Signals but $9,200 Will Have to Be Tested First

BTC/USD has been unable to make a headway above $10,000.
Bitcoin requires a catalyst to rise above the resistance at $11,200.

Bitcoin continues to drag altcoins into the ‘crypt’. Following the drop from the former consolidation range above $11,200, BTC/USD has been unable to make headway above $10,000. The recent plunge failed to find support at $10,000 and $9,500 respectively. However, the price hit a low at $9,480 (on Coinbase) giving way for a shallow recovery.
The four-hour chart displays an asset that is yearning for a breather due to the immense selling activity. The short-lived recovery yesterday stepped above $10,400. Unfortunately, the diminishing buying power left a gap currently being explored by the bears.
BTC/USD 4-hour chart

Chart source: Tradingview
Bitcoin currently exchanges hands below the 23.6% Fib retracement level taken between the last drop from $12,335.03 to a low of $9,480. While several technical indicators are sending bullish signals, it is likely that Bitcoin will slide lower before a bottom is found.
The Moving Average Convergence Divergence stands at a slightly higher level compared to yesterday. Although leveling at -328, the MACD has a slightly positive divergence which signals existing buying power. At the same time, as long as the 50 Simple Moving Average (SMA) stays above the longer term 100 SMA, Bitcoin will have a greater potential to reverse the trend.
If the support in the zone between $9,480 and $9,500 fails to hold, BTC/USD could breakdown further. A slide to $9,200 will see fresh interest arise from the investors. More buying entries will sustain recovery above $10,000. Besides, Bitcoin requires a catalyst to rise above the resistance at $11,200 and assault levels around $12,000.
Bitcoin Key Technical levels
Trend: Bearish
Support areas: $9,480 – $9,500, $9,200 and $9,000.
Resistance zones: $10,000, $10,400 and $11,200.
MACD: Leveling motion suggests the beginning of ranging prices before a breakout.
 
 
The post Bitcoin (BTC) Flashing Buy Signals but $9,200 Will Have to Be Tested First appeared first on Coingape.
Source: CoinGape

Coinbase Acquires Xapo’s Bitcoin Custodial Arm, CEO Reveals Ambitious Future Plans

US-based Crypto Exchange Coinbase has announced the acquisition of Xapo’s institutional business. Xapo is a Hong Kong-based cryptocurrency firm that provides wallets, cold storage of Bitcoins and also Bitcoin debit cards. Reportedly, the deal was worth $55 million.
Coinbase.com is one of the most trusted crypto exchanges in the US and Europe. Reportedly, Coinbase outbid Fidelity in the race for Xapo. The report also cited that while some other firms placed higher bids, Coinbase provides the level of “security or regulatory credentials to be acceptable to Xapo’s clients.”
Coinbase Pro and Coinbase Custody service institutional clients (high-volume investors) only. They claim best-in-class security and insurance for their custody platforms.
By acquiring Xapo’s custodial arm, Coinbase now became the largest crypto custodian in the world. It has a total Asset Under Custody (AUC) worth $7 billion and serves over 150 clients in 14 nations.
Coinbase Custody AUC
Xapo, under CEO Wences Casares, has primarily concentrated its efforts around Bitcoin. Reportedly, it will focus on the retail adoption of Bitcoin.
Future Plans of Coinbase and it’s Custodial Arm
Moreover, Coinbase is planning to expand its custody business to other crypto assets and provide banking services as well. It is planning to include ‘staking’ which align with the recent additions to Coinbase of Tezos and Algorand. The CEO of Coinbase Custody Sam McIngvale told the media,
“Moving forward, the next phase of crypto custody is a much broader suite of services serving a much broader set of crypto assets,”
Sam also hinted at the beginning of a revenue stream from the custody from lending and borrowing. This move will necessarily have Coinbase provide banking and other traditional Financial Service. He said,
“Fundamentally, we have to help our investors earn a return on their assets. You can imagine lending out Bitcoin and earning interest on that,”
Coinbase CEO Brian Armstrong has also reiterated in the past about the addition of more crypto within the Coinbase ecosystem. On Coinbase custody he noted,
”Custody is a critical step toward the institutionalization of crypto economy. It’s likely to start off small—maybe a few billion under custody—but it will grow quickly to a point that it’s a meaningful piece of stable, recurring revenue for the company,”
At the beginning of this year, Coinbase also announced an expansion to Japan. Recently, Nao Kitazawa, Head of Coinbase at Japan told the media in the press release,
What really excites me about Coinbase’s opportunity in Japan is to bring to market a product that redefines the way people think about crypto,
Japan’s regulatory environment is different than the US and Europe. What Coinbase has in store for crypto enthusiasts in Japan, might lead to increased adoption.
What additional services could Coinbase offer in Japan? Please share your views with us.
The post Coinbase Acquires Xapo’s Bitcoin Custodial Arm, CEO Reveals Ambitious Future Plans appeared first on Coingape.
Source: CoinGape

Global Hedge Funds Pay Attention to Bitcoin – Here’s Why Price Could Spike Again

The uncertainty around the fact the ‘Chinese are buying Bitcoin’ continues to baffle the crypto community. As their Sovereign currency was taking a hit in the wake of the US-China trade war and imminent economic crisis, it was only logical that Bitcoin [BTC] demand might increase. 
While the findings by crypto-analysts suggested differently, a report on Financial Times times indicates a rise in trading volume in China.
Due to the ban imposed on Chinese cryptocurrency exchanges, the Chinese mostly rely on off-shore crypto-exchanges in Hong Kong and Singapore for trading. Taimur Baig, chief economist for DBS in Singapore noted,
“We have seen a big rally,” describing the falling renminbi as evidence of a “serious use case for crypto”. He added: “From now on it is another thing for markets to watch.”
Furthermore, Babel Finance, a Beijing-based cryptocurrency financial services provider, also reported a 50% increase in trading volume over the past ten days.
The global economic crisis has reached a brimming point; the financial debts of countries are at an all-time high. Mati Greenspan, the Senior Market Analyst at eToro said in an interview,
… yields across the board are extremely low and in many cases negative. Right now we’re looking at about 15 trillion dollars worth of negative-yielding bonds across the globe
Nevertheless, the safe haven narrative of Bitcoin is also not as strong as the crypto-markets currently perceive. He said, “0.2 correlation… It is just not a very strong one”, but it has grown to this level mainly during 2019. He also added,
We did see a big spike in crypto volumes [during the last few days]. Not specifically in Hong Kong and China but from the entire world.
Can We Expect Another Surge in Bitcoin in the Coming Week?
Last but not least, the absence of retail investors has also been witnessed from this year’s Bitcoin [BTC] run. Hence, it has been mostly attributed to ” people who are already familiar with crypto,” Tether manipulation, and a surge of institutional investors.
Mati noted that even 0.25% of the allocation to Bitcoin by a large hedge fund or asset manager has the potential to create a massive spike in Bitcoin.
Furthermore, the 39th Economic Policy Symposium in Jackson Hole, Wyoming, is due on the 22-24th August 2019. The meeting of the world’s leading Central Bankers as they make tough decisions on the economy will be one to watch out for.
The Feds recently cut rates by 25 basis points in July, and according to expert views, we could expect more at the meet.
Scott Minerd, the CIO at Guggenheim Partners, told the media,
“Given the fact that the Fed is boxed in the way it is, they should just go ahead and cut rates dramatically, let’s say by half a point and probably do it inter-meeting and basically get this over with.”
A Hong-Kong based health fund manager also said the press that Bitcoin is added to his list of investments. He also predicted a “more super dovish talk from the central banks” from the meeting, which could give another boost to cryptocurrencies.
Do you think that the meeting in Jackson Hole could bring good news for Bitcoin investors? Please share your views with us.  
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Source: CoinGape

Man Sells 800 BTC To Buy A House, Then Sells The Same House To Buy Back 50 BTC 3 Years Later

A certain Twitter user who goes by the name Captain Bitcoin took to his Twitter handle to relate his rather pitiful story of how he had sold his 800 BTC to buy his family a house and then later sold the same house to buy back just 50 BTC.
On Wednesday, Captain Bitcoin commented on a thread of tweets originally created by another Twitter user who allegedly sold one of his own apartments to buy crypto. While the twitter user; Eljaboom didn’t exactly mention any particular cryptocurrency, he had started the thread to inquire of his followers on what they sell to buy crypto?
Source: twitter
Captain Bitcoin simply replied by saying “Sold my house.” This comment instigated instantaneous reactions from fellow Twitter users who demanded more clarifications. As a matter of clarity, Captain Bitcoin later tweeted that he had sold 800 BTC in 2015 to buy a house for his family and then sold back the same house 3 years later, in 2018 in order to invest in bitcoin again. Unfortunately, he was only able to buy back 50 BTC with the money derived from the sale of his house. According to Captain Bitcoin,
In 2015 I sold 800 BTC to buy a house for my family.
In 2018 I sold my house and bought back 50 BTC.
People who thinks I’m crazy for selling my house please know that my only regret is to have sold my bitcoins.
Investment in Real Estate is now garbage comparing to #Bitcoin.
Investment in Bitcoin has proven to be one of the most profitable within the last decade, giving the highest Returns On Investment (ROI) which is immeasurably higher than what any asset has recorded within the same period.
Bitcoin Outperforms Real Estate Investments
Analytically, bitcoin was trading at an average price of $200 between June and August of 2013 and 800 BTC would have been $160,000 which was fairly enough to afford a family house at the time. Three years later, investment in bitcoin sufficiently outperformed that of real estate as 800 BTC as at August of 2018 was around $4.8 million, representing a staggering 3000% ROI. However, real estate within the same period of time only produced 187.5% ROI as the house would have been worth $300,000 assuming all the money from the sale was invested in bitcoin.
Bitcoin As A Safe Haven
Speculations around bitcoin as a safe haven investment are flying about and everyone has caught the FOMO (Fear Of Missing Out) fever. Analysts believe that bitcoin price will soar higher within the next few years and according to John McAfee, a $1 million per bitcoin is unshakable.
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Source: CoinGape