Data Suggests Bitcoin Price Will Rise as Investor Demographics Shift
Bitcoin (BTC) has been trading sideways for around a month now and is being outperformed by several other altcoins like Ether (ETH) and Chainlink (LINK). The cryptocurrency also hit the lowest levels of volatility since November 2018. Moreover, Bitcoin’s trading volume in it’s USDT and USD pairs has decreased by 56% and 44%, while global crypto trading volumes in June are down by 49.3% as well, according to CryptoCompare. While some point to these key factors as the start of a downtrend in Bitcoin price, there are still a few bullish scenarios to look out for. A recent report by Stack Funds found that a shift in investor demographics may soon bring the price of Bitcoin to new highs.
António Madeira 10:32
Bitcoin’s Correlation With Gold Is Weakening, Says New Kraken Report
Though Bitcoin’s (BTC) correlation with gold has diminished, the asset’s correlation with the S&P 500 stock market index is on the rise, researchers from Kraken exchange found. Kraken Intelligence, a research arm of major United States cryptocurrency exchange, Kraken, released a “Bitcoin Volatility Report” for June 2020. Published on July 9, the new report outlines a 31% drop in Bitcoin trading that resulted in a six-month low of Bitcoin’s annualized volatility, which accounted for 51% in June.
Helen Partz 10:27
Crypto Management App Denies Being Hacked
Plutus, a crypto finance app founded in 2015, denied social media reports that its database was compromised by a hacking attack launched by alleged threat actors. On July 9, Israel-based threat intelligence firm, Sixgill, published an alert through their official Twitter account which stated that hackers have been sharing a database stolen from the crypto app since July 7, with no additional details revealed. However, a representative from Plutus sent Cointelegraph the following statement:
Felipe Erazo 10:25
Leaked Documents Suggest Former Wirecard Exec Was Linked to Secret Russian Gov Operations
Wirecard’s recently-prosecuted former Chief Operations Officer, Jan Marsalek, may have had ties to Russian intelligence services. He also allegedly held secret documents about the use of a Russian chemical weapon in the U.K. According to the Financial Times, the former Wirecard executive bragged of his intelligence services’ ties in an effort to further integrate with London traders. Recovered documents contain specific data on the formula for the world’s deadliest nerve agent, known as Novichok. The chemical weapon was used in the poisoning of a former Russian spy, Sergei Skripal, and his daughter Julia on March 4, 2018.
Felipe Erazo 10:23
Ukrainian Hacker Caught Selling Government Databases for Crypto
A Ukrainian hacker got caught selling confidential information gathered from Ukrainian central government databases. According to a media release from the Ukrainian Cyberpolice, a hacker whose identity was not disclosed was able to break into many government databases by compromising personal accounts of authorized staff. The hacker reportedly used brute force approaches to break into email addresses and social media accounts. Through this simple method, he appears to have found 50 government databases with up-to-date information.
Andrey Shevchenko 10:20
Coinbase Listing News Fits With Bullish Mainstrem Market, Pomp Says
Amid a bullish mainstream market, news of Coinbase's reported traditional stock market listing could prove timely alongside other companies similar public listing efforts. "When good times are rollin in the stock market, people want to get in there," Morgan Creek Digital co-founder Anthony Pompliano said on an episode of his YouTube show, Lunch Money. Pompliano's response came after a question from co-host, writer and influencer Polina Marinova, on the timing of Coinbase's listing. Traditional markets have shown positivity as of late. The S&P 500, a common mainstream market health barometer, sits almost 42% higher than its its March 2020 low, according to a recent article from Fortune.
Benjamin Pirus 10:18
Your Passwords Could Be For Sale on the Dark Web Right Now
A recent study revealed that over 15 billion credentials are in circulation via the dark web, representing a 300% increase since 2018. Available information ranges from network access credentials, banking login data, and even streaming services accounts from Netflix. According to research conducted by the cybersecurity firm Digital Shadows, part of the leaked data is even circulating for free. The report warns that the reason that so many account credentials are available online is that people are using non-complex passwords that can be easily brute-forced using hacking tools.
Felipe Erazo 10:16
Law Decoded: Regulators Are Guarded But Getting There, July 3-10
Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Policy changes slowly. Crypto wants to move fast. Sometimes fairly, sometimes not, the crypto industry often portrays traditional financial regulators as calcified relics unprepared to deal with the coming new world. To be fair, everyone seems to acknowledge that markets and trading systems need comprehensive upgrades, but national and international regulators are accountable to a wider range of concerns than any specific industry. The crypto industry sometimes takes that as a personal slight, waiting for some sudden burst of the regulatory dam. Progress is more like erosion.
Kollen Post 10:13
One of Ripple’s Co-Founders Is Spending a Fortune Installing Cameras in San Francisco
Crypto mogul and Ripple co-founder, Chris Larsen, paid over $4 million to install 1,000 high-definition cameras on the streets of San Francisco. He claims his goal is to combat crime, specifically theft. According to a report published by The New York Times, Larsen – who recently recovered from COVID-19 – decided to take up this project after a group of unknown men climbed into his garden in 2011 and cut the wires to his home security while his children were sleeping inside. Ripple’s executive chairman stated that he sees this as an alternative urban security system. The New York Times notes that, while San Francisco doesn’t have a high rate of violent crimes, property-related crimes have been a “headache” for many residents.
Felipe Erazo 10:11
There Are Over 13K Bitcoin Addresses Worth $1M
There are over 13,000 Bitcoin (BTC) addresses that are worth at least $1 million, according to data from Glassnode. At the current prices, it takes about 107 BTC for an address to become a dollar millionaire. Since this metric is tied to the dollar price of Bitcoin, it tends to fluctuate a lot. For comparison, the number of addresses that contain at least 100 BTC has a much lower volatility.
Michael Kapilkov 10:09
Russia’s Blockchain E-Vote Participants May Have Had Their Private Data Leaked
Personal data for over a million Russian nationals has reportedly been leaked. The data allegedly belongs to some of the citizens who participated in the recent blockchain-based e-vote on Constitutional amendments. According to an investigation published by Russian language media outlet Meduza, an archive titled “degvoter.zip”, which contains said data, was publicly available for download for at least several hours on July 1 via a government website. The file has since been distributed through various Telegram groups and channels. The archive was password protected. According to the publication, however, it could be easily hacked with a free password cracking tool.
Stephen O'Neal 10:06
Binance CEO CZ Showcases First Use of Binance Card
Binance’s CEO has just demonstrated the first use of Binance Card, a cryptocurrency debit card that was first announced by Binance in April 2020. In a July 10 tweet, Binance CEO Changpeng Zhao revealed that he is taking part in Binance Card beta testing, featuring transactions involving Binance’s native token, BNB. In the tweet, CZ noted that the beta test features “all real transactions” including Amazon’s audio store Audible, Uber alternative Grab, and a major e-commerce platform, Lazada.
Helen Partz 10:04
Hold More Gold Than Bitcoin, Says BTC Bull Mike Novogratz
Michael Novogratz, one of the biggest Bitcoin (BTC) bulls in the world, does not recommend investors to put the majority of their funds into Bitcoin. Although Novogratz is confident that Bitcoin “way outperforms” the precious metal, it is still safer to buy more gold than Bitcoin due to the cryptocurrency’s highly volatile nature. “My sense is that Bitcoin way outperforms gold, but I would tell people to have a lot less Bitcoin than they have gold, just because of the volatility,” Novogratz said during CNBC’s Fast Money on July 8.
Helen Partz 15:59
Sergey Nazarov: Smart Contract Adoption by Enterprises About to Take Off
Enterprise adoption of smart contracts and blockchain technology is coming to a head soon, according to Chainlink CEO Sergey Nazarov and Interwork Alliance President Ron Resnick. The pair were members of a Unitize 2020 panel earlier today and said they were optimistic that we are moving forward at an exciting rate with both enterprise adoption, and regulation and government acceptance of the technology. However they couldn’t say if 2020 will prove to be a turning point in adoption. “Compared with a few years ago,” Nazarov stated, “there are more and more people that are ‘fast followers’ just waiting for a tech leader to make a first move.”
Joshua Mapperson 15:57
Bitcoin Gold Copycat Rally ‘Just Started’ Amid Worries of March Repeat
Bitcoin (BTC) is preparing to copy gold as it aims for all-time highs, according to an exchange amid fresh warnings that a correction is due. In a tweet on July 9, Latoken highlighted the increasingly “correlated” relationship between the precious metal and BTC. After XAU/USD topped $1,800 for the first time since 2011 this week, BTC/USD should now follow suit, it argued.
William Suberg 15:55
WEF’s Sheila Warren: Mass Adoption Depends on Bridging Digital Divide
The World Economic Forum’s head of blockchain and data policy, Sheila Warren, says that people who have turned away, or been excluded, from traditional financial systems are the ones most likely to drive mass adoption. Warren spoke at the Unitize conference on July 8 on the path to mass adoption with moderator Shira Frank. She said bridging the digital divide is the key to making blockchain mainstream.
Turner Wright 15:41
Andrey Shevchenko 15:38
Cointelegraph Exclusive: CFTC Moves Annual Fintech Conference Online
On July 9, LabCFTC, the fintech office of the Commodity Futures Trading Commission, announced that it will replace its annual one-day Fintech Forward conference with three separate online sessions under the series title Empower Innovation 2020. The new conferences will take place on Sept. 24, Oct. 21 and Nov. 19, with LabCFTC subdividing the days by subject matter. Director and Chief Innovation Officer Melissa Netram told Cointelegraph this was an effort to deal with reduced attention span for virtual rather than physical events: “To do a full day we knew that we’d probably end up with people getting distracted.” The annual Fintech Forward conferences have been a major part of the relatively young LabCFTC’s work for several years. Netram explained the office’s reaction to the ongoing COVID-19 pandemic:
Kollen Post 15:31
Malaysian Regulator's Shariah Advisory Council Allows Digital Asset Trading
In a landmark announcement, Securities Commission Malaysia’s Shariah Advisory Council declared that digital assets trading was permissible. The Malaysian Shariah Advisory Council is the authority that oversees the implementation of Islamic laws in the operation of Islamic Financial Institutions. Securities Commission chairman Datuk Syed Zaid Albar made the announcement during an online conference Invest Malaysia 2020 on July 7, stating:
Mohammad Musharraf 15:29
‘Libra Will Never See The Light Of Day’: Monetary Historian
UC Berkeley professor Barry Eichengreen argues that Facebook’s planned Libra stablecoin faces too many “insoluble” problems, and too much resistance from governments, to ever launch. “Libra is an interesting idea that will never see the light of day,” he told the Unitize conference on July 10. Eichengreen asserts that the stablecoin sector is largely ignorant of monetary economics and history. He said his economic work had led to invitations “to a series of lunches at excellent San Francisco restaurants with the founders and funders of prospective stablecoins.”
Samuel Haig 15:27