Another week, another round of Crypto Tidbits. Wow, the past seven days have been quite the trip for Bitcoin, to say the least. After peaking at $10,500 last week, the price of the leading cryptocurrency plunged to $9,700, bounced to $10,300, then took a few hours to crash from that level to $9,250, liquidating hundreds of millions worth of leveraged positions in the process.
The weekly data has echoed Bitcoin’s questionable performance. Per data from Coin360, BTC is down 2.6% in the past week. Altcoins, however, (save for Ethereum and Litecoin and a few other projects) have fared even worse: for instance, the two leading Bitcoin forks are down over 10% apiece and XRP has shed 10%.
Aside from the tumultuous market, the underlying cryptocurrency industry saw a relatively productive week, with there being a number of news stories showing the growth and adoption of these technologies, though others casting light on issues in crypto.
Related Reading: Crypto Tidbits: Bitcoin Slides Under $10,000, JP Morgan & Ethereum, and the US’ Cryptocurrency Crackdown
Bitcoin & Crypto Tidbits
Coronavirus May Push China to Launch Crypto, Says Ex-Banking Official: Per an article from China Daily — a newspaper owned by the Publicity Department of the Communist Party of China — Lihui Li, a former president of the Bank of China, said that the coronavirus epidemic unfolding will likely accelerate a national digital currency or national crypto. Li purportedly added that a digital currency from the PBOC is likely to benefit retail businesses by decreasing costs and increasing the efficiency of transactions. This was echoed by Fan Yifei, deputy governor of the People’s Bank of China. He said at a news conference held on Saturday that the central bank is going to accelerate its work in the mobile payment field. Bitcoin was not mentioned by these authorities.
Bitcoin Fixes This: Danish Bank Introduces Negative Interest Rate: Bitwise’s Hunter Horsley recently shared the below image, showing that clients of Danish investment bank Saxo Bank will soon be subject to negative interest rates. All clients holding cash in EUR, CHF, or DKK will be subject to an annual rate of 0% to -3%. This means that if you’re in the worst bracket of -3%, a $10,000 deposit will see you lose $300. Saxo Bank, backing this decision, cited the European Central Bank’s decision to lower its policy deposit rate to -0.5% to stimulate the economy. Many see Bitcoin as an alternative to cash accounts because some suggest it has store-of-value properties, offering no yield but being a disinflationary asset whose value is mainly derived from scarcity.
Saxo Bank sending an email informing the client they will start *charging* to hold cash in deposit accounts.
0-3% fee to hold cash.
What a time to be alive — pic.twitter.com/JC4vTia3XQ
— Hunter Horsley (@HHorsley) February 21, 2020
Coinbase Becomes Visa Principal Member: Announced in a blog post published Wednesday, Coinbase has become the ” first pure-play crypto company to be approved as a Visa principal member.” This means that moving forward, Coinbase’s crypto-enabled cards will involve better customer experience, “making it easier to spend cryptocurrency in everyday situations.”
Mining Startup Begins Massive Bitcoin Operation In Texas: In a press statement shared with industry outlet The Block, Layer1 revealed that it has officially launched its Bitcoin mining operation in Texas, purportedly bringing online several containers that have a 2.5-megawatt capacity each. The exact extent of the farm wasn’t disclosed, though the statement mentioned that Layer1 is likely to control 2% of the entire Bitcoin network’s hash rate in the coming months. By the end of 2021, Layer1 wants to control 30% of all of Bitcoin’s hash rate through the Texas site and others they have control over.
IRS Ramps Up Crypto Efforts: According to an IRS communique received by Bloomberg Tax, the IRS is calling upon crypto companies and executives to convene at a March 3rd summit that will discuss how the tax agency can “balance taxpayer service with regulatory enforcement.” The summit will purportedly involve at least four panels, during which information will be shared about crypto exchanges, compliance, and tax returns. This comes shortly after Steven Mnuchin, the Secretary of the U.S. Treasury, said in a hearing held by the Senate Finance Committee last week that the FinCEN branch of the Treasury will soon roll out “significant new requirements” for entities working with Bitcoin and other digital assets.
Serenity Is Actively Being Developed, Ethereum Creator Confirms: Vitalik Buterin, the original creator of the blockchain, recently confirmed that the development of Ethereum 2.0 (or Serenity) is going on well. Buterin, during his speech at a recent event mentioned his thoughts on Ethereum 2.0, expressing optimism about the timeline for this blockchain upgrade, which will likely be the biggest upgrade or change made to any blockchain system, ever:
[I] definitely think ETH2.0 has been proceeding quite quickly and regularly in the last few months.
A member of the team researching and developing ETH 2.0, Justin Drake, wrote in a recent Reddit “Ask me Anything” regarding Ethereum that he has “95% confidence we launch in 2020.”
SIM Swap Hack Sees Whale Lose $45 Million: According to a post published to the “BTC” subreddit by a user going by “Zhoujianfu,” they have just been hacked for a large sum of both Bitcoin and Bitcoin Cash (BCH). The addresses attached to the post, confirmed to be owned by the Reddit user through the signing of a message with a Bitcoin private key, suggest that $30 million worth of BCH (around 100,000 coins) and $15 million worth of Bitcoin (1,550 coins) were stolen.
Featured Image from Shutterstock origin »
Bitcoin may be aiming for another retest of a crucial price level that prevents the digital gold from entering another bear cycle, which appears to be the next logical objective given that the first cryptocurrency was unable to break through $25,000, according to the cryptocurrency’s daily chart.
As governments and regulatory bodies shift their focus onto the cryptocurrency industry, many players are now focusing on stepping up their efforts to be more mindful of local laws and regulations.
Cryptocurrency markets have dumped over $20 billion this week in their largest one-day fall of 2020. Bitcoin is currently holding at support — but will a fall in open interest on BitMEX signal another upturn? Bitcoin has held at the $9,600 range for the past 24 hours, indicating that the downturn may have slowed somewhat.
USDC Treasury is minting another 10,000,000 USDC as Bitcoin (BTC) continues to hold the $10,000 price level. The second-largest stablecoin is expanding its circulating supply further as it injects another 10,000,000 USDC into the cryptocurrency.
The number two cryptocurrency by market cap, Ethereum, just experienced a massive dump alongside many other major crypto assets, including Bitcoin and the rest of its altcoin brethren. Is the 2020 crypto rally finally finished, or is this just another opportunity to buy the dip across the crypto market before further upside in the days...
Bitcoin’s next bull run will look very different from the last one. In 2017, BTC took the elevator to $20K before following the stairs down to $3K over the course of 12 months. In 2020, as bitcoin prepares for its halvening – followed by another potential price run – the cryptocurrency landscape looks very different.
Another week, another round of Crypto Tidbits. If you look at the below chart, it may seem like Bitcoin had a subdued week in terms of price action; however, the past few days for this budding market has been filled with ups and downs, like the surge to $10,600, then the subsequent strong retracement to $9,700...
Tezos is the cryptocurrency that has the entire market buzzing, after an astounding 190% rally took the price of the altcoin to a new high. Despite such massive gains already this year, a top crypto trader claims that Tezos could still pull another 5 to 10x in the future as the hype around the STO...
When it comes to top cryptocurrency exchanges, Coinbase is arguably the king while Bitpanda is one of the leading insurgents that is gunning for the throne. Hence we went into yet another exchange comparison putting Coinbase and Bitpanda to a test and see who comes out as a winner.
The cryptocurrency known as Tezos is among the year’s best performers across the crypto market so far in 2020 and is showing no signs of stopping. In the latest move, Tezos exploded by another 24% before a slight pullback.
The USDC Treasury has just minted another 10,000,000 USD Coin on Ethereum — which will be entering the cryptocurrency market shortly. Fresh purchasing power will soon be on the market as the USDC Treasury has minted another batch of its stablecoin.
Weiss Ratings, a highly reputed American investment data provider established in 1971, has given Bitcoin (BTC), the world’s flagship cryptocurrency an A- (excellent) rating ahead of the Bitcoin halving event scheduled for May this year.
After hovering beneath the key resistance that previously existed at $10,000, Bitcoin’s bulls were able to propel the cryptocurrency past this level, subsequently catalyzing intense upwards momentum that has allowed BTC to move into the $10,100 region.
Altsbit, a cryptocurrency exchange operating in the Italian market, fell victim of a hacker attack. All funds, including those of customers, were stolen. Another exit scam is suspected.
More skulduggery in the cryptocurrency space as two Arizona men who fronted a million-dollar Crypto Ponzi scheme are arrested on money laundering charges. Crypto Ponzi Scheme Targeted Major Baseball League Players Another day, another deliciously wicked scam in the cryptocurrency space.
All eyes are on Asia for another day as markets across the globe brace for the fallout of another stock rout. Cryptocurrency asset markets, however, remain buoyant, holding on to gains made over the past week.
One Bitcoin whale has just moved 49,922 Bitcoin (BTC) for a fee of just 60 cents. It’s yet another example of how cheap and advantageous Bitcoin still is. Is Bitcoin too expensive? It seems clear from today’s transaction, that the leading cryptocurrency is still far cheaper than retail banking, especially if you are moving large […]
The post Bitcoin Stays Cheap — Whale Transfers 49,922 BTC ($458M) for Less Than 60 Cent Fee appeared first on BeInCrypto.
Another week, another round of Crypto Tidbits. Save for the Bitcoin price bump at the start of the week, the past seven days have been relatively mild for the cryptocurrency markets, with volatility remaining to a minimum.
Bison, the crypto trading application offered by Boerse Stuttgart, has seen a remarkable growth of users in the past 12 months, the group announced this week. Germany’s second-largest stock exchange is now planning to expand its features and offer traders in Europe another cryptocurrency option, bitcoin cash (BCH).
Researchers have gone public with another security flaw in a hardware wallet. This time, Kraken Labs exposed an attack against the popular cryptocurrency cold storage systems offered by Trezor. The attack takes around 15 minutes to complete.
The cryptocurrency exchange Binance was recently scrutinized for flagging a customer’s funds because the individual had used a bitcoin mixing application. Now the platform Paxos Global is discouraging the use of crypto mixers after a customer allegedly sent coins to a mixing service.
Bitcoin’s hash rate just hit another all-time high. The collective computing power supporting the network now stands at more than 123,011,832 terahashes per second. Although the hash rate has dropped a few times in Bitcoin’s history, the upwards trend is more pronounced — even than the price of the leading cryptocurrency.
This week, we see a cryptocurrency fight the coronavirus as Tron founder Justin Sun does his best to capitalize on yet another tragedy.
The post Outrageous Coronavirus Stunt Proves Justin Sun Will Go Full-Cringe to Shill Tron appeared first on CCN.com
An obscure altcoin called ‘999’ is currently sitting at $519M market capitalization after pumping-and-dumping its price over the course of three days. It’s just another day in the cryptocurrency market when a no-name altcoin pumps-and-dumps for no reason.
Since Bitcoin investors got a taste of parabolic price action in early-2019, during which BTC surged from the low-$3,000s to $14,000 in a few weeks’ time, they have been craving more. According to a Google Trends analysis, another parabolic rally is about to form again in the cryptocurrency market again.
Long-term charts clearly show that Ethereum is still in the depths of a two-year bear market. When it recovers, prices could surge to highs not seen since 2017. Cryptocurrency markets have started to show some recovery this month following another low December.
USDC Treasury has just minted another 13,000,000 USD Coin (USDC). The second-largest stablecoin has started off the first month of 2020 with a bang. Another $13M will be entering the cryptocurrency market shortly as USDC Treasury prints another fresh batch of the asset.
Bitcoin Satoshi’s Vision (BSV) has seen the lion’s share of attention in the cryptocurrency news circles this month. It was one of yesterday’s top-performing altcoins and an approaching hard fork could be driving momentum.
Although almost the entire cryptocurrency industry started 2020 with big price increases, one has stood out above the pack. Bitcoin SV (BSV) kicked off the year at below $100 and now trades for more than $300.
A major player in the cryptocurrency market just transferred 51,511 BTC worth around $445M. The total fees cost them only a quarter. Bitcoin is often criticized for being too expensive, but recent transactions prove that the leading cryptocurrency is still far more affordable than retail banking.
Another week, another round of Crypto Tidbits. The past seven days have been quite, quite exciting for Bitcoin and its ilk. Per data from Coin360, BTC has gained 11% in the past week, rallying as high as $9,000 as buyers have stepped in en-masse.
While cryptocurrency regulation has been in the grey area for a long time in several countries including the United States, another big question that has been left unanswered is crypto-taxation. Now, The post Bitcoin investors could profit from the new IRS guidance appeared first on AMBCrypto.
The price of Bitcoin SV [BSV] has surged by almost 125% since Monday, contributing to most major altcoins reflecting this sudden pump. The second-largest cryptocurrency by market cap, Ethereum [ETH] tThe post DeFi's TVL receives another boost as it registers all-time high appeared first on AMBCrypto.
On January 4, the DASH price broke out above a long-term resistance line. After validating it as support, it has continued moving higher. Cryptocurrency trader Nico (@CryptoNTez) stated that the DASH price retested the 670,000 satoshi support and has begun another upward move, reaching his first target.
The past week has proven to be highly bullish for the controversial Bitcoin hard fork Bitcoin Cash (BCH). This cryptocurrency was able to post a meteoric surge just a few days ago in tandem with the upswing incurred by the altcoin markets, and it appears to be on the cusp of forming another massive leg... The post appeared first on NewsBTC.
Following Bitcoin’s recent immense volatility, the cryptocurrency has found itself caught within an extended bout of sideways trading that has led BTC to hover around $8,100 for the past couple of days.
Another week, another round of Crypto Tidbits. The second week for the year 2020 was a lot more exciting for Bitcoin and the broader cryptocurrency space than the first. Per data from Coin360, the leading digital asset, BTC, gained 10% on the week, hitting $8,160 as of the time of writing this.
The world's leading cryptocurrency is again back above $8,000 after falling to nearly $7,650 yesterday. Up 2.20% in the past 24 hours, BTC/USD is currently trading at $8,052, as per Coincodex. You had nearly 2 days to buy this ponzi below 8keks, I don't think the market will grant you another opportunity now — Majin […]
Bitcoin’s recent volatility has extended into today, with the cryptocurrency seeing massive volatility this afternoon when bulls attempted to push BTC back to $8,000, which was a movement that ultimately resulted in yet another rejection.
A year is a long time in the fast-moving cryptocurrency space, and the beginning of 2020 gives another chance to lay out predictions for the next 12 months. Respected cryptocurrency analytics firm Skew (@skewdotcom) has taken to Twitter to outline ten possible industry developments for 2020.
XRP – the token associated with fintech company Ripple – incurred some massive momentum yesterday that allowed the cryptocurrency to climb 13% at one point, thus putting significant distance between its recent lows of $0.
Crypto markets lit up yesterday, with Ripple’s XRP leading the charge with an over 12% gain on the day. The buzz around the crypto industry caused other assets to take off, including the first-ever cryptocurrency Bitcoin, and the number two cryptocurrency by market cap, Ethereum.
Ripple, the company behind the XRP cryptocurrency and on-demand liquidity product, has unlocked another 1 billion XRP from its escrow. Back in December 2017, Ripple announced that it would lock 55 billion XRP tokens in smart contracts to ensure that the supply could be controlled.
Another week, another round of Crypto Tidbits. After over a week of ranging, Bitcoin attempted to break higher this week. The flagship cryptocurrency moved from the weekend lows of $8,900 to a weekly high of $9,470 on major exchanges.
Another week, another round of Crypto Tidbits. Bitcoin has been one of the best-performing assets in financial markets over the past week, managing to rally as high as $9,500 — over 25% higher where it started this week.
Another week, another round of Crypto Tidbits. After last week’s brutal showing, Bitcoin mounted a strong recovery over the past few days, rallying as high as $7,100 yesterday, marking an 85% gain from the $3,800 capitulation bottom.
Another week, another round of Crypto Tidbits. Save for the Bitcoin price bump at the start of the week, the past seven days have been relatively mild for the cryptocurrency markets, with volatility remaining to a minimum.
Another week, another round of Crypto Tidbits. The past week hasn’t been too good for Bitcoin, Ethereum, and their ilk, with the leading digital assets losing around 7% apiece since our last update.
Another week, another round of Crypto Tidbits. The past seven days have been quite, quite exciting for Bitcoin and its ilk. Per data from Coin360, BTC has gained 11% in the past week, rallying as high as $9,000 as buyers have stepped in en-masse.
