TronWeekly

Crypto World News

You are here: Home / Archives for ban bitcoin

ban bitcoin

Bitcoin’s Key Metrics Shows Fresh Buying Opportunity From Traders

by

Bitcoin sustained a minor pullback yet again as its dominance continued to hover in 57.6%. As reported earlier by TWJ, short-term concerns for the coin still appeared to be impending. This was evidenced by Bitcoin’s latest price action which registered a minor decline of 1.94% over the past 24-hours. It was currently trading at $10,692.

However, the big picture exhibited a bullish outlook. According to the crypto-analytic firm, Glassnode the Difficulty Ribbon Compression metric appeared to be trending up and recently broke out of the green buy zone for the first time since March. Historically, these have been periods characterized by a positive momentum indicating a significant rise in Bitcoin’s price.

Glassnode scaled
Source: Glassnode

Originally Difficulty Ribbon Compression is a Bitcoin metric derived from Statistician Willy Woo’s Difficulty Ribbon that uses a standard deviation to quantify periods of high ribbon compression. As depicted by the above chart, zones of high compression [or low values] could indicate good buying opportunities for traders and investors.

Bitcoin was currently consolidating close to its $11,044-level, a breakout from which has yet materialized. If the bulls manage to break this level, the coin could further benefit the aforementioned bullish sign to target $12,334.

Some of the main price drivers of Bitcoin were the forays and developments by institutional investors in the space. For instance, financial giant Fidelity Investment’s first institutional Bitcoin fund, which was launched in August this year, has continued to attract other financial heavyweights to date.

Additionally, Bitcoin’s price taking a plunge in tandem with the value of stocks, gold and crypto was not a coincidence nor a technical anomaly. During phases of high uncertainty, simultaneous dips across different markets are normal. But currently, the global market appeared weary, the same cannot be said for Bitcoin. Hence, there is potential for Bitcoin’s price to surge amid the economic tension.

Furthermore, the bulls were prepping up for an upward break in the coming days and this was evidenced by a drop in the figures for Bitcoin balances on exchanges. This was another indication of bullishness among the traders as they balance major exchanges hit its lowest levels since November 2018. This could essentially be signal towards a that a new wave of investors was putting in the capital on Bitcoin as a long-term investment.

Glassnode Twitter

Another explanation could potentially be that the traders are taking their Bitcoin off exchanges to deploy them in the burgeoning DeFi. Tokenized Bitcoin such as Wrapped Bitcoin [WBTC] has become one of the largest assets on DeFi and with the ongoing craze in the space, Ethereum has become a Bitcoin’s top off-chain destination.

Perkshield Blockchain Security Analytics Reveals $1.4B of Laundered Money was Moved Across Crypto Exchanges

by

The security incident on Twitter on Wednesday left a lot of people wary of crypto and bitcoin in particular. While the social media company has investigated and fixed security loopholes, its share price on the stock market has decreased significantly by almost 4 percent. 2020 as in the past years, cryptocurrency hacks are not without blame. After the incident, the hacker walked away with nearly $116,000 laundered money.

However, these hacks also fuel a movement dubbed “Ban Bitcoin;” arguing that the absence of bitcoin would lay the foundation of a scam-free World. Mainly because some critics believe that bitcoin is the most loved incentive for scams. The fact that the bitcoin blockchain is encrypted and transactions seem to be untraceable, bitcoin haters have turned to claim that the coin allows criminals to supposedly hide their trail. On the other hand, several bitcoin fanatics have come out to dismiss the hack as a colluded event to outlaw bitcoin. 

“Why?”They are asking, 

Could cybercriminals bypass Twitter’s two-factor authentication just like that and hack into high-profile individuals. Some allegedly questioned why hackers did not take over President Trump ‘s active twitter account.

It’s impossible, however, to ban bitcoin. The Federal Bureau of Investigation is leading the Twitter probe. Which, by far, seems to be one of the worst social media attacks in history.   Crypto analysts believe that leading exchanges, such as Binance and Okex, have the opportunity to track the recipient of the $116,000 sent by approximately 300 people in the four-hour record hack.

$1.4 Billion of Laundered Money in the Hands of Crypto

It’s a Peckshield Security Company report that has revealed exchanges are the recipient of at least $1.4 billion of the world’s laundered money this year.

The report highlighted data collected from online and offline sources over the past year. Following a thorough verification and analysis of the data, the company identified at least 100 million transaction addresses. Approximately 50 million major crypto addresses were identified at exchanges. The company then ranked the exchanges according to the amount of stolen cash they contained and found the top ten included: Coinbase, Bithum, HaoBTC, Luno, Bitmex, Gate.io, ZB, Okex, Binance and Huobi.

Peckshield suspected crypto wallets containing illicit money related to the dark web economy gambling and hacker attacks. A large segment of which included funds stolen during major crypto and exchange hacks.