Tag - Bitcoin

Is Bitcoin Progressing Towards A New Rally?

In an unexpected turn of events, bitcoin jumped up from $5,850 to $6,500 in a matter of three days which hints towards a new bullish run for the entire market.

Following the progress made by bitcoin and its new-found drive, small-time digital currencies and tokens have also risen by abnormal margins between 30 to 40 percent in the past 48 hours.

Similarly, the prices for, VeChain, a China-based digital currency, rose over 50 percent while other tokens like ICON and Ontology went through 30 percent appraisal.

According to some market experts, the crypto space has touched its lowest low or the bottom. The event occurred after prominent investors like Bart Smith, Susquehanna digital asset lead, and BitMEX CEO Arthur Hayes speculated a large drop in bitcoin’s value.

As per the popular investors, bitcoin and the whole crypto market was set to go through another correction stage before rising through a mid-term rally. They claimed that the coin needs to establish and stabilize a foundation before supporting the next bull run.

One should know that the market last went through such a recovery in April when prices for bitcoin bounced back from $5,900 to $10,000. Furthermore, the growth in valuation of the crypto space in the last three days also recorded an accelerated recovery in the value of tokens.

Between July and August, the majority of the tokens like VeChain, Ontology, and ICON suffered almost an 80 percent dip against bitcoin, which itself dropped down by 40 percent. It happened due to the amount of risk involved in high risk and high return trades due to a volatile and unstable crypto exchange market.

But, the previous three days have come as a reversal which forced a shift in the momentum of tokens. Ethereum based tokens that looked tiny against bitcoin and US dollar in July and August have experienced huge gains in the last 48 hours.

As more investors are moving their funds from stablecoins and premier cryptocurrencies to tokens, they are taking high risk moves under considerations that hint towards a solid mid-term rally.

A highly respected investor and analyst, Smith, stated that commencement of a Bitcoin exchange-traded note (ETN) in US markets is bound to attract new investors in the upcoming months.

He added, “It’s $8 million traded today (via the ETN). So, if you had that repeat in a fund over and over again, that would add up pretty quick. I would think that if this volume persisted over time that the ETN could be a big deal, but the market didn’t move, and the market is in show-me mode.”

Although, bitcoin is enjoying a new momentum yet its rise above the $7,000 mark can also conclude in another fall as noted in February, April, and June.

Even after the possible unfavorable condition, the next few weeks will support a rise in value. The increase in investments shows the degree of confidence traders now have in the asset class. It will be interesting to see whether bitcoin makes a huge return or disappoints its supporters once again.

How Bitcoin and Digital Coin Market Took A U-Turn?

How Bitcoin and Digital Coin Market Took A U-Turn?

The cryptocurrency market is undergoing a phase of not only uncertainty but also a bloodbath after the Securities and Exchange Commission (SEC) has postponed its decision on bitcoin exchange-traded fund (ETF). It is not just bitcoin or Ethereum, but other digital currencies to are going through a phase of horror. The current week has not only wiped out over $19 billion but also brought back nearer to the one existed in November 2017. This is nothing but a U-Turn after peaking in December last year.

Manipulating the Market

Several speculators in the virtual currency sector have started to believe or charge that the SEC is only trying to manipulate the market. As if that was not enough, there were reports suggesting that Whales are trying to make a move due to the recent events or news, ambcrypto.com reported. Though there is a general belief that this was the reason behind the price crash of bitcoin, speculators are not sparing the initial coin offerings (ICOs) for the price drop of Ethereum.

Their contention is that the ICOs have started to make money from the market to realize profits since their projects have failed to take off as promised or expected. There is no doubt that this kind of negative factors has played a big part in dragging down the price of most of the digital coins besides their market dominance. In the process, the overall market capitalization has also taken a beating, which was quite natural under the circumstances.

On Tuesday at about 7.00 a.m. Eastern Time, the overall market cap is approximately $193.7 billion. This would mean that the market has already wiped out over $19 billion since the start of the current week and reached the lowest point in the current year. Significantly, this level or around $194 billion of market cap was seen in November last year. The threat of further loss cannot be ruled out in the present circumstances.

Importantly, it is not just the market cap that has taken a U-turn to November. The leading digital coin, Bitcoin, dominance also witnessed a similar fate. The virtual asset’s dominance is at about 53.75 percent currently and is seeing a constant increase in the current month. At the same time, this meant that its dominance level was more or less similar to the one seen on November 15 when it was around 53 percent.

Second Dominance

Ethereum is the second dominant force in the crypto-coin market with 14 percent. The digital currency has hit the most as its lifetime low on Monday trading below the $300 mark and is struggling to cross the level. The price of Ethereum is about $265 with a market cap of $26.85 billion. During the last 24-hour period, the virtual asset has shed 17.76 percent, and for the 7-day period, the loss was 35.3 percent.

As far as bitcoin price is concerned, it traded below $6,000 mark for a brief period on Tuesday and bounced back to trade above the level. The digital coin is trading about $6,062 and lost 6.43 percent in the 24-hour period whereas the loss in the 7-day period was 14.25 percent.

The Fate of 9 Bitcoin ETFs Remain With SEC

The Fate of 9 Bitcoin ETFs Remain With SEC

The fate of nine bitcoin exchange-traded funds (ETF) rests with the United States Securities and Exchange Commission. For quite some time, the regulator is adopting a dilly-dallying approach towards taking a decision on it even as investors and traders are keenly waiting for it. However, the current indications suggest that the SEC could finally make a decision on the nine planned ETF in the next two-month period. Any favorable decision would mean positive sentiments to boost the bitcoin price.

Delay in Decision Making

The SEC is taking its own time to take a call on the proposed change of rule by the Cboe BZX Exchange. If the change of rules takes effect, then there would not be any issue in listing ETF supported startup SolidX, as well as, its investment firm VanEck, coindesk.com reported. In June, SolidX-VanEck has submitted their proposal, and it is one of the four filings that remain with the regulator for approval.

There were also others like GraniteShares, Direxion, ProShares that have submitted their applications. In all, there are a total of 10 bitcoin-associated funds that are waiting for the SEC approval. However, there is only one ‘physical’ ETF among the submitted proposals, and that came from VanEck-SolidX. The deadlines are normally set based on the timing of the proposals published in the Federal Register. After this, there are 45 days for the regulator to make a decision. The agency is also empowered to take as much as 240 days after the publication in the Register.

As far as ProShares’ two funds are concerned, the deadline for a decision is August 23, which is close to two weeks away from now. NYSE Arca submitted the rule change on December 4 last year for those products. Apart from this, the next month will see a number of deadlines popping up for bitcoin ETFs. The first deadline will start on September 15. By this date, GraniteShares should get either approval or denial as the funds were proposed on January 5 initially.

Similarly, the deadline in respect of four funds from Direxion is September 21. The company submitted its filing on January 4. In the say way, the SEC has postponed its decision to September 30 on the SolidX-VanEck proposal. At the same time, there is every possibility that the agency could seek more time considering the current market conditions around the globe, which is largely unregulated.

Final Decision Next Year

Therefore, a final decision could be pushed to February next year. At the same time, no one could rule out the possibility of the agency taking an early decision, i.e., before the deadline.

Traders and investors want the SEC to take a final decision on the bitcoin-associated ETF so that it could attract more investors. The regulator’s decision to defer decision has only dragged down the prices of bitcoin and the overall cryptocurrency market. The agency seems to be worried about the trading pattern in unregulated markets, and that is weighing on it.

Bitcoin Superstore Ready to Accept XRP

Bitcoin Superstore Ready to Accept XRP

Bitcoin superstore declared that it is ready to accept XRP as means of payment in its online retail platform. As a result, clients could now be in a position to acquire from more than 200,000 online stores either with the help of XRP or five other digital currencies. They are Dash, Ethereum, Litecoin, Bitcoin cash and bitcoin core. Among the popular brands that are available currently on superstore are Nike, Starbucks, Walmart and Amazon.com offering gift cards.

Payment Mode

Before making the payment through digital coins, users should, first of all, enter the URL of the site, product name and the price of it along with the shipping costs. After this, the user would be asked to move to the next page, and the product is getting added to the cart. At this point in time, users could select the form of payment. This included fiat currency or digital currencies and could be checked out, ambcrypto.com reported. Though there could be a diversified opinion about the virtual assets, there is continued development seen in the space.

The move has been welcomed by those who are using the cryptocurrencies. A twitter comment from Chinazepplin said, “Great work! So essentially anything at Walmart, Amazon, Starbucks, etc. could now be purchased with XRP through the Bitcoin Superstore platform.” This demonstrated how people are viewing the development of virtual currencies and its use case in different space. It also appears that those people are not worried about the drop in prices of most of the digital coins and the uncertainty surrounding it.

There was both excitement and criticism for the post of Bitcoin Superstore, and that was quite predictable only. While several users have welcomed the move to add XRP token, there are some others who have their own concerns on the announcement. For instance, some people think that it was mistakenly used Ripple rather than XRP in the post. None-the-less, the move was termed as a ‘lovely initiative’ through a twitter comment said: “you’re kicking off very bad.”

That is because Ripple is a company whereas XRP is regarded as the digital currency, which the company is referring to. The Twitter account user wanted the company to make it explicitly clear about accepting XRP as a token and not Ripple. Another Twitter user also voiced a similar point after terming it an awesome one. At the same time, the user wanted the headline to be changed because of the difference between Ripple and XRP.

What This Means To XRP

At the same time, everyone should be looking for the impact on XRP though the community might have been excited about the news. However, this does not mean that this news is sufficient enough to boost the price of the digital coin. For instance, TRON has struck several alliances and listed on exchanges apart from acquiring BitTorrent. Still, these developments do not reflect in the coin price.

Aside from direct payments, the user could also get gift cards apart from adding anything between $25 and $500 to them. The move could go probably in the right direction of becoming integrated with payment modes.

Bitcoin Demanded From Ugandan Singer after Hacking

Bitcoin Demanded From Ugandan Singer after Hacking

Uganda-based singer and celebrity, Zari Hassan, has to encounter the hacking issue in respect of her Instagram posts. Significantly, she has a following of about 4.2 million in the social media that was hacked by cyber criminals who demanded $4,000 worth of bitcoin to restore the account. It has become a passion for such hackers to demand by way of bitcoin that is enjoying the highest value among the digital currencies in the globe. Initially, the hackers have gone to the extent of deleting all posts of the celebrity.

Return of Posts

However, it looks mysterious as to how the account has been restored since there was no payment of bitcoin to the cybercriminals. The celebrity’s content had returned when it was checked last, trustnodes.com reported. The cybercriminals have also issued a threat to Zari Hassan about posting porn in her account since she refused to heed to the demand made by the hackers. Incidentally, there were no such port posts when it was visited last.

It has not been clear whether the hacking has been done with any other motive since the hackers have not been able to get the amount despite its threat of posting porns. Also, the account of the celebrity has now come back to normalcy. If the report is to be true, there was no bitcoin address that showcased either the income or the outgoing transactions to suggest any payment was made. There was also no clue as to how the account has been retrieved.

Interestingly, the hacking happened while Zari was busy in celebrating the birthday of her daughter. It is not that how the account was restored, but it is also not known as to who is the brain behind in the entire episode of hacking. There was also no clue as to how the celebrity account was hacked in the first place. Demanding bitcoin as ransom is nothing new since the digital currency prefers anonymity to the users and the criminals want to capitalize on it.

However, the amount of bitcoin worth $4,000 appeared to be a small one if anyone looked at it from the global perspective. On the other hand, from the Ugandan perspective, the GDP per capita is only $2,500. Therefore, the ransom demand amount is nearly double the annual wages of a Ugandan. There is also another theory that the methodology adopted by the hackers has failed to work going by the recovery of the account without any data losses.

Page Hacked

On her part, Zari Hassan disclosed that her pages were hacked by cybercriminals. Therefore, she wanted her followers to ignore if anything was posted by the hackers. This is in response to the threat of posting porns in her Instagram account.

Though there are no posts, no one is ready to leave it out and conclude that the issue is resolved. However, users would have to wait and watch when the celebrity is provided access to her content completely again. Significantly, the hackers have not hacked either the cryptocurrency exchange or the user account of those having the digital currencies.


Look At the Stylometric of Bitcoin Creator Satoshi Nakamoto

There has always been a craze to know more about a person involved in any disruptive thing. Satoshi Nakamoto is generating a lot of interest among different sections of people just because he created the most disruptive digital currency, bitcoin. The last few years have seen a number of people hunting for him throughout the world as the cryptocurrency community could come across only a selected few like him to redraw the entire virtual currency market.

Likes of Nakamoto

The climatic rise of digital currencies has raised a question as to who is Satoshi Nakamoto, and a lot of people are curious to know about the creator. He is already said to be holding more than one million of bitcoin core, as well as; bitcoin cash apart from any other fork developed from the original protocol. That makes him an extremely wealthy person. The last couple of years have also seen some people claiming to be like Nakamoto. This included Craig Wright, Nick Szabo, Ian Grigg and Dorian Nakamoto.

Aside from these, a man hailing from Hawaii has claimed that he was Satoshi whereas another person wrote the first chapter of memoirs of Nakamoto. Several people have started to consider the 21-page personal memories as phony while some armchair detective discovered that there were no literary quirks of Nakamoto apart from finding unique misspellings and double space in the memoir. It is not easy to copy the style of Nakamoto as pointed out some stylometric analyses based on the emails of Satoshi.

For instance, stylometrists indicated about the change of a cryptographic researcher using the similar phrases such as “for our purposes, it should be noted, preclude, and can be characterized.” This turned out to at an extremely low at 0.8 percent whereas few others came near to the linguistic stylings of Nakamoto. Those who came close to included Timothy May, Wei Dai, Hal Finney, Ian Grigg and Nick Szabo.

Significantly, Szabo recorded the biggest number of algorithmic similarities during his initial papers while studying with Nakamoto. All the five have their own comparable writing styles though they have been named as suspects in stylometric studies. Michael Chon, a data scientist, explained that every character was used in stylometric analysts against the writings of Nakamoto, according to news.bitcoin.com.

Linguistically Similar

Chon has detailed that based on the algorithm’s classification, everyone has expected Nick Szabo’s linguistic to be similar to that of Satoshi, who wrote bitcoin paper. On the other hand, Ian Grigg is termed as linguistically similar to Nakamoto. He said, “Wei Dai has the highest similarity score to the Bitcoin paper, and Hal Finney has the highest similarity score to Satoshi’s email exchanges. From gensim, Timothy C. May has the highest similarity score to the Bitcoin paper, and Ian Grigg has the highest similarity score to Satoshi’s email exchanges. An unusual result is that Ian Grigg has a similarity score of .99996 to Satoshi’s email exchanges.”

Non-profit organization’s representative, Troy Watson, disclosed that its research found Gavin Andresen as the real Satoshi Nakamoto. However, it is a different issue that not everyone has taken it seriously.