cryptocurrency market

Cryptocurrency Market Cap Reaches New 5-Months High after Hitting $300 Million

July 27, 2020 by Arnold Kirimi

In the last five and a half months, cryptocurrency markets have hit a new peak in overall market capitalization. This huge rally has led to ‘altseason’ calls from market experts and analysts across the crypto industry. Besides, on Saturday, July 25, the crypto market was red-hot, with a massive $17 billion rally, a little over 6%.

Notably, this run was enough to push the market past the $300 billion levels for the first time in five months, and its highest level since mid-February. After making a massive recovery following an insipid 2019, the cryptocurrency market cap reached about $308 billion in February this year. However, in mid-Feb, a drawdown occurred following the coronavirus pandemic‘s rampant spread, pushing back crypto markets back to their winter lows.

Ethereum leading the bull-run in the cryptocurrency market

The damage caused by the novel pandemic is now a thing of the past, as a total recovery was made with altcoins on the driver’s seat. Notably, Ethereum has been leading the overall recovery in the cryptocurrency market with its market value hitting $330 earlier today. This move lifted the altcoin to its highest price since June 2019, when Ether traded at $360 for a short time.

The $330 price level is now the current critical resistance level for Ethereum. If ETH can break past this zone, it can create a new, more significant high; confirming its next bullish momentum. The positive momentum for Ethereum was triggered by the news; that the final public testnet for ETH 2.0 will be launched in a week’s time.

Bitcoin’s diminishing dominance

On the other hand, Bitcoin has not done much at all to boost the cryptocurrency market capitalization. If anything, BTC has even pulled down the efforts put by the other altcoins like Ethereum. The declining Bitcoin supremacy has heightened the calls for a new altcoin season, with its value dangerously dropping by about 60 percent, hitting its lowest price since mid-February.

However, despite the setback, Bitcoin has made its come-back to the five-figure category. A few hours ago, the price of the most popular cryptocurrency reached $10,340. Regardless, Bitcoin must close above this zone for a bullish run to be confirmed. Typically, BTC is likely to establish the grounds for the entire market, and its next move will be very pivotal. Finally, after months of inconsistency, the cryptocurrency market is back on track, and things are normalizing.

Japanese Police Arrest Two Men in Connection With Infamous Multi-million Dollar Coincheck Hack

March 12, 2020 by Ketaki Dixit

The cryptocurrency market has also been the target of numerous controversies, either in the form of hacks or with comments made by the industry’s famous supporters. Authorities were able to track down the perpetrators of the biggest cryptocurrency heist in history in the new twist.

On March 11, police officials of Tokyo revealed that they had arrested two men in connection with the hack of Coincheck, once a popular Japanese cryptocurrency exchange.

Sources within the police force claimed that the two men were being questioned thoroughly with the intention of tracking down the stolen assets. In January 2018, the accused had stolen nearly $400 million in NEM tokens which caused Coincheck to go under. The case carries the notorious title of being the biggest theft of crypto-currency since the field was launched.

The detained individuals were Masami Kitamoto, and Dr. Doi Takayoshi, according to local news media in Japan. Tokyo Police added that they had long been on the trail of the culprits and needed to collect sufficiently concrete evidence before they swooped in. The two men were caught on the radar when they tried to exchange the stolen NEM for Bitcoin. The red flags raised by the exchange of such a large quantity of cryptocurrency was the turning point for the arrest.

The arrest was made under the terms of the Act of Punishment of Organized Crimes and Control of Crime Proceeds. Investigations were focused on the dark web because a majority of the cryptocurrency crimes occurred there. The clutch came when officials spotted a large chunk of NEM being sold at a 15 percent discount. This whale movement was the downfall of both Kitamoto and Takayoshi.

This was the first time that the Tokyo police took such an initiative for a crime related to digital assets. The department task force for the incident was close to 100 and higher-ups have stated that there will be more involved in such cases arise in the future.

The news about the arrests was a silver lining in the dark cloud shrouding the cryptocurrency market. At the time of writing, the entire market was bleeding red with no signs of stopping.

Tokyo Police were behind the hackers for months and had intensified the search last December. That was the reason for the identification of a house in Tokyo as a possible safe house.

Even after the arrests of the NEM thieves, the cryptocurrency failed to climb on the charts. NEM was trading for $0.04 with a total market cap of $362.498 million.

The 10.3 percent drop on the daily spectrum also resulted in the 24-hour market volume to fall to $24.201 million. NEM was not alone in this double-digit fall as it was also joined by bigwigs like Bitcoin, Ethereum and XRP.

US Department of Homeland Security Reveals Steps To Tackle Crypto-Related Crimes

February 26, 2020 by Ketaki Dixit

Over the years, the cryptocurrency market has attracted the attention of international regulators due to its rapid expansion. From starting out as a concept to being included in the national registries, the cryptocurrency field has definitely come a long way.

The increase in popularity has also caused certain sectors, such as the United States Department of Homeland Security [ DHS ], to sit down and take notice. In its latest budget, the DHS set out provisions to combat nefarious activities carried out using cryptocurrencies.

The DHS has identified ways to fight crimes on a scale that has grown due to the rapid advancement of technology. Cryptocurrencies have become an integral part of the department due to the increasing number of attacks and industry-related scams.

In order to address the issues of cryptoverse, the DHS has decided to set up a system that will make it a core concern. The Cryptocurrency Intelligence Program [ CIP ] will be a cryptocurrency-centric initiate against unlicensed cryptocurrency companies and their shady dealings. According to the official release:

“[The Cryptocurrency Intelligence Program] identifies unlicensed money services businesses in the form of independent cryptocurrency brokers’ use of P2P sites, online forums and classified advertisements, and darknet markets (DNM) to engage in unlicensed money services businesses (MSB) activity.”

The Cryptocurrency Intelligence Program [CIP] was developed by the Bulk Cash Smuggling Center and will target the crypto capital movement involved in narcotics. Studies have repeatedly stated that the narcotics industry is gaining a massive influence on the cryptocurrency market. The release clearly shows that the darknet was the main focus of the CIP. The Darknet practice has only increased over the years, and 2019 saw a massive spike in transactions.

The budget also proposes the return of the US Secret Service to the Treasury. It was recommended that new solutions be found in the investigation of crimes involving digital assets. The Agency believed that to ignore the industry now would only result in more harm in the future.

To ensure that the DHS’s powers are used for tackling technological crimes, the US Immigration and Customs Enforcement had established the BCSC in 2009. Ever since the cryptocurrency industry boomed following the bull run of 2017, the BCSC has made sure to keep a close watch on the industry. It is also the reason for the BCSC’s increasing push towards blockchain and P2P sites.

Donald Trump, who is on a visit to India at the time, had earlier vowed that the country’s agencies should look into emerging issues. The latest DHS initiative could just be a step in the right direction for a government that has been struggling to keep cyberattacks at bay.

Max Keiser Raises Bitcoin Forecast 4-times the Previous Prediction

February 18, 2020 by Tabassum Naiz

Max Keiser prediction on the BTC price reaching

In 2012, the renowned face of Cryptocurrency, Max Keiser, predicted that the BTC price will reach $1,00,000 when the price was $1. Recently in one of the American TV shows, Infowars, Max Keiser predicted the BTC price to rise to $4,00,000. This comment from him came nearly 8 years after his first prediction

“I am officially raising my prediction from $1,00,000 to $4,00,000. I made my first prediction when the BTC price was just $1. I am increasing my target for the first time since 2012.” said Max Keiser who once tore dollar notes to emphasise the value of Bitcoin.

Keiser has been a known face in the Cryptocurrency industry for a decade now. With his comments, it is very clear that he is still optimistic about the BTC’s potential to show extraordinary gains. In his interview with Alex Jones, Max Keiser referred to the Coronavirus’ impact overshadowing of the Cryptocurrency market as a short term effect.

As per him, the BTC was equally attractive when the price was $100 and is attractive still today when the price has reached $10,000.While predicting, he did not give any particular time frame. Apart from this, he also targeted his haters and invited them to invest in the Cryptocurrency which as per him, can give 40x returns.

BTC Prediction By Experts

Tim Draper, the venture capitalist, also forecasted the BTC price reaching $2,50,000 by 2024.
John McAfee, the US presidential candidate, who predicted the BTC price reaching $1 million also took away his bet.
The CEO of Bitcoin Wallet Ballet, Bobby Lee, Believes that the BTC rate is supposed to reach $5,00,000 by the end of 2028.
Tom Lee, the co-founder of Fundstrat believes that BTC price is going through a bad phase and will be improvised by the end of the year.
Looking at all this forecasting done by big names, we just memorize one great saying,

“Predictions are assumptions based on analytics. It’s the time that shows a proper demonstration.”

Elon Musk Is Positive About Bitcoin But Claims It Cannot Become ‘A Primary’

January 24, 2020 by Akash Anand

Bitcoin, the world’s largest cryptocurrency also has the tag of being the most popular cryptocurrency. Many proponents of the digital asset field have pointed to multiple advantages of using the cryptocurrency, sometimes even being joined by mainstream personalities.

Elon Musk, the CEO of SpaceX and Tesla has been a vocal commentator about the digital asset industry and mainly about Bitcoin.

In a recent podcast, Musk spoke about the effectiveness of the cryptocurrency industry and what role Bitcoin can play in it. According to the CEO, he was “neither here on there” about Bitcoin. His views about Bitcoin have been consistent since 2014 and has kept himself updated on the industry. Elon Musk spoke about how he thought the original Satoshi Nakamoto Bitcoin whitepaper was clever and praised some of its characteristics.

The SpaceX honcho admitted that there is value in Bitcoin being a tool for illegal transactions. He claimed that despite the positive side of Bitcoin, he was not a fan of “the digital gold” thesis. Musk added:

“This sort of gets the crypto people angry, but there are transactions that are not within the balance of the law. And there are, obviously, many laws in different countries. And, normally, cash is used for these transactions. But, in order for illegal transactions to occur, cash must also be used for legal transactions. You need an illegal to legal bridge. That’s where crypto comes in.“

Musk was asked about Bitcoin’s usage in the dark web and how it can affect the entire cryptocurrency industry as a whole. The Tesla official admitted that there were certain areas where cash cannot be used and that is where Bitcoin comes in. In his words:

“…there’s a forcing function for transactions that are illegal, quasi-legal, and in some cases legal. But it’s got to have both legal and illegal.”

The founder of PayPal also saw the need for a bridge to connect the decentralized network with the mainstream economy. This connection would bring in more credibility to the cryptocurrency market which in turn would make it a more conducive environment for institutions.

A majority of the cryptocurrency market has rallied behind Bitcoin to replace fiat money as the primary mode of payment. Elon Musk was against this idea because according to him, crypto cannot become the primary database for financial transactions. The interview concluded with Musk talking about the role of regulators in crypto. He urged regulators to look at the positive of the decentralized economy and then make informed decisions. This would help people to conduct transactions easily and in a much safer manner.

cryptocurrency market