ETH price failed to gain momentum above $250 and $252 against the US Dollar.The price is currently well below $250 and it remains at a risk of more losses.There is a major bearish trend line forming with resistance at $248 on the 4-hours chart of ETH/USD (data feed via Kraken).The pair remains at a risk of more losses and it could accelerate below the $240 level.Ethereum price is showing signs of weakness versus the US Dollar and bitcoin. ETH is likely to accelerate lower if it breaks the $240 and $235 support levels in the near term.Ethereum Price Weekly AnalysisThis past week, Ethereum price started a short term recovery from the $233 swing low against the US Dollar. The ETH/USD pair recovered above the $240 and $245 levels. There was a break above the 23.6% Fib retracement level of the last decline from the $274 swing high to $233 swing low. However, the price faced a strong resistance near the $250 and $252 resistance levels. Moreover, the 100 simple moving average (4-hours) also prevented gains and acted as a strong resistance.Moreover, the 50% Fib retracement level of the last decline from the $274 swing high to $233 swing low also stopped upsides. More importantly, there is a major bearish trend line forming with resistance at $248 on the 4-hours chart of ETH/USD. The pair is now trading well below the trend line, $250, and the 100 simple moving average (4-hours). As long as the pair is below $250, it remains at a risk of more losses. An initial support is near the $240 level, below which the price could retest the $235 support.If there are more losses, the price could decline sharply towards the $225 support. To start a decent recovery, the price must surpass the trend line, $250, and the 100 simple moving average (4-hours). A successful close above $250 could initiate a strong upward move towards the $255 and $260 levels. The next key resistance for the bulls is near the $270 level.The above chart indicates that Ethereum price is facing a strong resistance near the $250 level and the 100 SMA. If the bulls continue to struggle, the price is likely to accelerate lower towards the $225 and $220 levels. On the upside, a clear break above $250 and $252 might start a strong upward move in the near term.Technical Indicators4 hours MACD – The MACD for ETH/USD is slowly moving in the bearish zone.4 hours RSI – The RSI for ETH/USD is currently well below the 50 level and it could decline further below 40.Major Support Level – $235Major Resistance Level – $250
Archives for June 8, 2019
By CCN: It looked like someone won the bitcoin jackpot at London’s Bond Street station. A video shows banknotes flying out of what appears to be a jinxed bitcoin ATM located near a shopping center.
In the 20-second video, initially shared by Redditor skypirateX, a security guard is doing his best to stop anyone from taking the money. Onlookers watch while the money rained down into and around a duffel bag.
Larger, Redesigned ATM a Good Solution
A customer was intentionally withdrawing the money, according to Adam Gramowski, owner and CEO of the Poland-based bitcoin ATM company. Initially, everything was going well during the bitcoin ATM transaction.
“As you can see there is a bag in the front of ATM. However our ATMs support large transactions and it is fair to say that a larger, redesigned presenter would be a good solution. Our customer was not particularly careful, although the ATM should be redesigned to cope better with small denominations used in the U.K.”
It Was Not the Jackpotting Bug
One theory doing the rounds was that the ATM was subject to a jackpotting bug, a claim the company spokesperson denies. Jackpotting is ATM malware that manipulates individual machines to spit out money, as explained by Wired.
But it seems this time it was just a case of a bitcoin owner withdrawing a large amount of money. The company has 60 ATMs around Europe, and Gramowski says this problem is apparent only with this one U.K. machine.
The video, which was also posted to LinkedIn by Blockchain Headhunter, has sparked thousands of responses. These have ranged from “allergy to fiat” to “evidently was not tested thoroughly!” Comments on Reddit alone run to 2,300.
It’s not the first time this ATM has been on Reddit for its strange behavior. About a month ago, the ATM maker responded to another thread that captured a picture of a DASH cryptocurrency private key displayed on the machine’s screen.
The owner said someone had stuffed a coin into the banknote acceptor. This jammed the ATM, and the company was unable to carry out any maintenance or repairs over the weekend.
Like many other markets, Bitcoin (BTC) is all about momentum, trends, and patterns. According to analyst Cane Island Crypto, a prominent American cryptocurrency investor, there is a relatively high likelihood that this market could see a dreary next three months.Related Reading: Analyst: Litecoin Likely to Double in Coming Months, Here’s What May Cause This SurgeIn a recent tweet, seen below, the investor accentuated that historically, July and August have been “historically bad months” for Bitcoin. Indeed, as seen in the chart below, the two summer months are the only two with a negative total return, whilst months like March, April, and October have positive returns in the hundreds of percent.What’s equally as harrowing is that if Bitcoin performs poorly in June, there is a 75% likelihood that the cryptocurrency market will continue to suffer into July. Are the technicals backing a move lower, though?#Bitcoin through the years.
1) July and August are historically bad months for $BTC
2) However, June’s momentum carries into July 75% of the time.
3) If June is negative, the following July has ALWAYS been negative. pic.twitter.com/1uAEbw2XI5— Cane Island Crypto (@nsquaredcrypto) June 7, 2019BTC Could Head LowerThere are a number of investors fearful that Bitcoin could head lower from here, despite the relent in bearish selling pressure. Trader Walter Wyckoff noted that if BTC is mirroring price action in 2015 — during which this market went parabolic, saw a brief retrace, and then continued higher — it could fall to the low-$6,000s or even the high-$5,000s.Analyst Moon Overlord has echoed this pseudo-prediction. In a thread, the popular commentator remarked that a 35% correction to approximately $6,000 from the $9,100 peak may be healthy, as BTC bouncing off support at those levels would build a long-term base for the cryptocurrency’s expected “moon shot”.If you think #bitcoin is in a bull market and are looking to buy the dip, look to the previous run for templates.The largest dip was barely -40%, most are in the -30%’s.A -30/-40 % dip from here coincidentally lines up with the strongest support in the high 5000’s low 6000’s pic.twitter.com/zsEr4HnuKz— Moon Overlord (@MoonOverlord) June 5, 2019On Twitter, legendary cryptocurrency investor Trace Mayer explained that he expects for Bitcoin to undergo a “gentle retreat” to anywhere from $6,500 to $7,500. His peer, Adamant Capital partner Tuur Demeester, echoed the analysis, writing in a note that his firm’s indicators now read “greed” after “capitulation”.Using this information, Demeester remarked that a 2012-esque correction could be experienced, during which BTC may fall to the range of “between $6,800 and $7,680”, which is a 27% to 44% retrace of the upside rally.Bitcoin Still in Overarching Bull TrendIt is important to note that until hell arrives on Earth, or arrives at the crypto market rather, Bitcoin remains in a long-term bull trend. According to Level’s Josh Rager, the one-week Super Guppy, an indicator that singles out trends, has flipped from red to grey for Bitcoin after the three-day iteration of the signal turned green. With Guppy being a lagging indicator, Rager notes that this recent technical occurrence is a “strong confirmation” of a longer-term bull trend.$BTC – 1 Week Super GuppyAfter looking at the 3 Day Guppy chart, we confirmed a bull trend as it flipped greenNow we see the 1 week flip from red to grey signaling end of bear market after the price pushed 7kGuppy is a lagging indicator but makes for strong confirmation IMO pic.twitter.com/VKFUk74CbM— Josh Rager 📈 (@Josh_Rager) June 3, 2019What’s more, Bitcoin recently closed its fourth consecutive weekly candle above its 50-week moving average, a series of events that have never failed to mark a bull run in the past.Featured Image from Shutterstock
By CCN: It’s unpopular to say this in some sectors, but it can be brilliant to invest in altcoins. If you’d bought up a ton of Binance Coin when it was first offered, for example, you’d have made your investment back plus many hundreds of percent by now. This can be the same for upcoming IEOs as it was during the ICO boom. Functionally, the only difference is the backing of the exchanges themselves, which implicates them as much as it credits them.
IEO: ICO With Perks?
The initial exchange offering brings a benefit that previous ICO waves didn’t have: traders will know what the first exchange to list a given asset is going to be. Other exchanges will be able to support IEO tokens relatively fast – once they’re live – but those doing the listing will be setting the basement market price. From here, other prices will emerge; whether higher or lower, the first exchange will make the bulk of the initial trading fees on the new tokens.
That, of course, would make a lot of sense. But the reality of the scheme is that exchanges have to provide a massive list of cryptos to earn serious fees. Whether they charge the fees in the currencies themselves or charge them based on the bitcoin price, exchanges need volume to make money.
It’s not just a matter of appearing more attractive: volume is where they earn significant fees. If billions flow through an exchange, then they’ve made hundreds of thousands or millions.
If this happens every day, they can become rich.
The only way for it to continue to happen consistently is for there to continue to be a variety of assets to choose from. If exchanges weed through the masses of poor projects and laser in on projects that might provide some value to their investor, the next wave of token sales might make a lot more sense. New token allegiances will have some new nuance: you may not like a particular token because you didn’t have an account on the exchange that launched it, for example.
Exchanges Need New Tokens to Increase Volume
Unlike many of the ICOs that ran in 2017, exchanges have their business to keep in mind. The exchange offering model brings a new insight into the market; depending on who is doing the listing, the model may lend some credibility to certain projects.
People in the blockchain space have already proven their willingness to take a gamble. Indeed, the money is ready for the next token run. The main question is whether the new “IEO” spin will have a positive impact or not. If so, what will it look like? Will a tokenized future emerge out of the next bull run?
If you’re wondering, the prospect makes us groan too. The blockchain might present several unique opportunities, but it’s not a fix for everything. One can only hope that entrepreneurs will keep this in mind as they approach the space in the coming months.
If you time your exits correctly, investing in altcoins can be as lucrative or more than trading bitcoin. Bitcoin often leads a bull charge, but you can still gain 200% and above in some token markets at the right times. An active trading strategy that has room for exploring new products is more likely to yield a reasonable return than a simplistic “buy and hold” strategy. Both will likely generate profits, but if you time your entry and exit on many of the emerging tokens, you’re likely to make money faster.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN Markets.
By CCN Markets: The bitcoin price might have slipped below $8,000 for now, but it could be headed much higher in the near future. Fundstrat Global Advisors Co-Founder Thomas Lee is willing to put it on the line for bitcoin once again, making an aggressive short-term prediction on where the cryptocurrency could be trading if it can capture enough momentum.
In an interview with Binance CFO Wei Zhou, Lee laid out his bullish case. Lee and Zhou agree that once bitcoin regains the $10,000 level, it will be “fast and furious” to $20,000. From there, it’s seemingly to the moon. Once the key FOMO threshold kicks in, historically the price will surge 200% to 400%. Lee stated:
“If bitcoin somehow manages to get to [$10,000], it’s very likely going to make a run to $40,000 within five months.”
Few People Lose Money at Current Bitcoin Levels
When bitcoin finally recaptures $10,000 is anyone’s guess. But in the meantime, BTC $8,000 or thereabouts is not too shabby. Lee points to a bunch of historical stats, saying “it’s at a level that very few people have lost money owning bitcoin here.” The next key threshold could open the floodgates to big investors:
“Every institution is going to realize, look at $10,000 it’s likely to go back to its all-time high, which is double. There are very few things that can double. So I think FOMO truly gets triggered once bitcoin hits $10,000.”
Last year, when the bitcoin price shed more than 80% of its value, it scared many institutional investors away from crypto. Lee suggests it’s understandable considering that if a stock falls roughly that much, its chances of recovering are slim to none. But what they were missing is that bitcoin is in a league of its own.
“At the end of the day, Wall Street – if there’s a known asset class and they believe they can have an edge, they’re going to be quite interested in investing in it…At the right tipping point, and it’s either going to be because of the size of the blockchain or the size of the crypto market itself, Wall Street’s going to suddenly say, ‘Hey look, I don’t care if I understand exactly what’s happening but if I can make a lot of money let’s go ahead and do it.’”
Lee points to the example of credit default swaps as a historical precedent, which started as an Excel spreadsheet and now exceeds cash bond trading.
Binance Maintenance in Response to Disk Failure
Incidentally, at about the time the Binance/Fundstrat interview was posted, Binance users were experiencing issues on the exchange due to what was later described as a “disk failure.”
It’s all systems go on Binance. The bitcoin price, however, remains stuck below $8,000 for the time being though it is most recently paring its losses.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN Markets.
The aggregated crypto markets have been facing some levels of instability as of late, primarily due to Bitcoin’s inability to find any significant stability above $8,000. Despite this instability, Litecoin (LTC) has been on the up-and-up and is only trading down slightly from its monthly highs.Now, one analyst believes that Litecoin’s price may soon double before it incurs significant selling pressure that sends it reeling lower, and the cryptocurrency’s upcoming “halvening” event may be the source of this massive volatility.Litecoin Surges Towards $120 Before Finding ResistanceAt the time of writing, Litecoin is trading down roughly one percent at its current price of $116, which is down slightly from its daily highs of $120.$120 remains a key resistance level for LTC, as it has tried and failed on multiple occasions over the past couple of days to break above this price level, which is currently its year-to-date high.Although it remains unclear as to whether or not the crypto will be able to surge past this price level with ease, or if it needs to drop lower first, there is a high probability that LTC will incur significantly further volatility in the near-future as its highly-anticipated “halvening” event draws near.Luke Martin, a popular cryptocurrency analyst on Twitter, spoke about this event in a recent tweet, explaining that LTC could trade significantly higher in the next couple of months as this event nears.“I was sleeping on the $LTC halvening being only 60 days away now. Price is up 5% today breaking out of consolidation. I think it could go higher than the most recent .0182 swing high,” he explained.I was sleeping on the $LTC halvening being only 60 days away now.Price is up 5% today breaking out of consolidation. I think it could go higher than the most recent .0182 swing high.Props to @ThinkingUSD & @trader1sz remember seeing them on it early. pic.twitter.com/f6RyLNXj99— Luke Martin (@VentureCoinist) June 6, 2019Halvening Could Send LTC’s Price Skyrocketing HigherAlthough Martin believes LTC’s Bitcoin trading pair could climb as high as 0.0182 – up from its current price of 0.0146 – other analysts believe it could surge much higher.Financial Survivalism, another popular crypto analyst on Twitter, explained in a recent tweet that historically Litecoin has peaked just days before the halvening occurs, which could signal that LTC is posed for a surge up to highs of 0.026 BTC in the coming months, which is nearly double its current price.“$LTCBTC peaked days after $LTC halved in 2015. It proceed to selloff leading up to and following the $BTC halving. I think we will see similar price action in 19-20. If so then #LTCBTC would return to the top of the channel over the next couple months before retesting ~0.011,” he explained.$LTCBTC peaked days after $LTC halved in 2015. It proceed to selloff leading up to and following the $BTC halving. I think we will see similar price action in 19-20. If so then #LTCBTC would return to the top of the channel over the next couple months before retesting ~0.011. pic.twitter.com/vXz5KcuE2k— Financial Survivalism (@Sawcruhteez) June 8, 2019As we continue to draw closer to the highly anticipated halvening, it is highly probable that LTC will incur notable volatility.Featured image from Shutterstock.
Yesterday, the Bitcoin (BTC) and crypto asset community woke up to a harrowing tidbit of news from Bloomberg Quint. An article, which cited a “draft bill”, revealed that regulators in India, from multiple financial and judiciary agencies, revealed that those who involve themselves in the “sale, purchase and issuance of all types” of crypto assets, including Bitcoin, could lead to a ten-year jail sentence and/or fine.At the same time, the Reserve Bank of India and its partners have purportedly also proposed the creation of a “Digital Rupee” to fill in the void left by a ban on Bitcoin. This exact strategy has purportedly been “recommended by a panel headed by Economic Affairs Secretary Subhash Chandra Garg”, and has been backed by an array of other respected governmental agencies.Some have stated that the bill — if put in place — may have some unintended consequences for the Indian government. In fact, this bill may backfire altogether.A Net Benefit For Bitcoin And Crypto? As this news spread, many tried to spin it positively. The crypto community does, after all, have roots in distaste towards and mistrust of governments. Changpeng “CZ” Zhao, the beloved chief executive of Binance, postulated that the Indian bill will “really push privacy coin adoption forward”.While it is unclear how many in India are involved in cryptocurrency, there is believed to be a massive community of users, especially due to the largely unbanked population in the nation. With the ban, it may make sense for consumers to use privacy-enabling digital assets, like Monero or ZCash, that disallow government surveillance.That Bill in India will really push privacy coin adoption forward.— CZ Binance (@cz_binance) June 7, 2019Some have gone a step further, saying that not only will privacy coin adoption boom, but Bitcoin adoption and awareness too. In fact, a multitude of Bitcoin industry insiders — Samson Mow of Blockstream, DCG’s Barry Silbert, and Michael Goldstein to name a few — have gone as far to say that the draft bill is more an advertisement for Bitcoin than anything. This is likely in reference to the Streisand effect, or the fact that consumers like to embark on small rebellions against state power.Is The Bill Even Real? Despite the fact that there are numerous outlets and sources corroborating the existence of the bill, some are skeptical that Indian regulators want to fully ban Bitcoin. In fact, in a statement published June 4th — prior to the Bloomberg Quint article — India’s central bank claimed that they had no knowledge of a newfangled bill on the ban of cryptocurrency, nor were in contact with other agencies in regards to the subject matter.This doesn’t imply that the draft bill does not exist though. Yet, the Reserve Bank should be involved if it truly is in the works, as the entity was involved in prior regulations involving cryptocurrency.Even if the bill somehow exists and goes through, legendary Bitcoin coder Jameson Lopp recently reminded his followers that China has technically “banned” Bitcoin, but not really. Indeed, Chinese exchanges, which somehow find a way to serve clients from the mainland, were recently revealed by Diar to have processed the most Tether (USDT) on-chain volumes than platforms from any other region.Related Reading: Crypto Community Reacts to China Mining FUD, Will Bitcoin Price React Next?What’s more, there’s rampant speculation that China’s over-the-counter Bitcoin market is much bigger than we realize, signifying that the region and its investors still have control in the broader crypto industry.So, even if the bill goes through, Indian investors will likely find themselves not under pressure from the government. And more importantly, will continue to interact with digital assets and related technologies.Regarding the “India is going to ban Bitcoin” rumors… remember the dozen times that China banned Bitcoin? 🤔 https://t.co/eDEX6p5Rgl— Jameson Lopp (@lopp) June 7, 2019Featured Image from Shutterstock
Bitcoin (BTC) and the aggregated crypto markets have been facing a bout of sideways trading over the past couple of days, oscillating between the mid-$7,500 region and the lower-$8,000 region for the past several days.Although the sideways price action could simply be a pattern of consolidation that ultimately leads to an extension of upwards momentum, one analyst is now noting that a failure to close above $8,000 today could lead to a continuation of its downwards momentum for the week ahead.Bitcoin Struggles to Stabilize Above $8,000 After Bout of Choppy TradingAt the time of writing, Bitcoin is trading down less than 1% at its current price of $7,950 and is down slightly from its daily highs of over $8,100.It does appear that BTC has been able to find some levels of support around its current price levels, as it has bounced around this price level on several times over the past 24-hours, which may signal that it will be able to climb higher as the day goes on.Despite this, if Bitcoin is unable to close above $8,000, it may begin incurring increasing selling pressure that could send its price reeling back to the lower $7,000 region, which could put the recently established rally in peril.Josh Rager, a popular cryptocurrency analyst on Twitter, discussed this in a recent tweet, explaining that a break above $8,200 today could lead to further bullish momentum tomorrow, but a close below $8,000 could lead to a rough week ahead for the cryptocurrency.“$BTC Update: Sitting at horizontal support and mid-channel support. Still trending down in the channel, a break above $8200 would be nice for weekly close Sunday night. If Bitcoin closes under $8000 I see downward continuation this coming week, IMO,” Rager said in a recent tweet.$BTC UpdateSitting at horizontal support and mid-channel supportStill trending down in the channel, a break above $8200 would be nice for weekly close Sunday nightIf Bitcoin closes under $8000 I see downward continuation this coming week, IMO pic.twitter.com/kacz17KhKH— Josh Rager 📈 (@Josh_Rager) June 8, 2019BTC Still Faces Strong Resistance That May Temper Any Bullish Price ActionAssuming that the cryptocurrency’s bulls step up and hold its price above $8,000, it still faces several levels of strong resistance that may stop it from surging too much higher in the near future.Trading Room, another popular crypto analyst, explained this in a recent tweet, noting that BTC’s next level of strong resistance exists around $8,300, which may prove to be a difficult level to break above.“#Bitcoin Latest: 200 MA in H4 provided temporary floor & sent $BTC price back above 8000 (As expected), However that doesnt mean moon. We still need to break some more Resistance, if not expecting a slow grind lower towards 7450 & onwards to 6900 Area,” Trading Room explained.#Bitcoin Latest200 MA in H4 provided temporary floor & sent $BTC price back above 8000 (As expected), However that doesnt mean moon. We still need to break some more Resistance, if not expecting a slow grind lower towards 7450 & onwards to 6900 AreaCheck #BTC Levels pic.twitter.com/gSlrKylS6B— Trading Room (@tradingroomapp) June 7, 2019As the weekend drags on it is highly probable that Bitcoin’s near-term price action will set the tone for the week ahead.Featured image from Shutterstock.
Another week, another round of Crypto Tidbits. While price action wasn’t all too hot, with Bitcoin losing its strides above $8,000 to tap $7,450, the underlying industry still saw a flurry of developments. Some positive, some negative.On the positive, Apple quietly added a Bitcoin symbol to its developer kit repertoire; Facebook is nearing the launch of its digital asset, slated to be a massive on-ramp to true cryptocurrencies; and a report revealed that much of the crypto asset mining industry is backed by renewable energies.On the other side of the equation, a key regulator claimed that the market still isn’t ready for a Bitcoin ETF, Indian authorities proposed an all-on ban on digital assets, and users of an exchange lost millions in a margin lending imbroglio.Related Reading: Crypto Tidbits: Bitcoin Taps $9,100, Samsung Pay Could Support Cryptocurrency, Whales AccumulatingCrypto & Bitcoin TidbitsIndia Purportedly Looking to Jail Bitcoin Users: In a weird turn of events, Bloomberg’s Quint division recently reported that Indian regulators, including representatives from key financial agencies, are looking to jail anyone that mines, holds, sells, creates, or deals in non-official cryptocurrencies like Bitcoin. Citing a draft bill, the outlet revealed that if implemented, the bill will result in a one to a ten-year jail sentence and/or other punishment for those charged. With this bill, regulators have also proposed the creation of a “Digital Rupee” that would presumably fill in the void caused by the removal of bonafide digital currencies. This move would exacerbate bans already in place, which have caused the shutdown of cryptocurrency exchanges with operations in the nation.India ain’t messing around. This will, of course, have the opposite of the desired effect on bitcoin awareness and interest in the country https://t.co/S7OehKgNS1— Barry Silbert (@barrysilbert) June 7, 2019Apple Quietly Adds BTC Logo To Dev Kit: This week, Apple conducted its latest Worldwide Developers Conference (WWDC), during which executives of the firm made a number of announcements about new products and services. What hit headlines was the firm’s new Mac Pro, which has drawn flak for its cheese grater-esque design, and its new $5,000 monitor and $1,000 monitor stand. But what slipped under the radar was that in Apple’s latest update to SF Symbols, which gives developers of Apple applications symbols to utilize, Bitcoin was added. Four ₿ symbols were added, two circular and two square logos. At the same time, the company also unveiled a “CryptoKit”, which is in reference to cryptography, not cryptocurrency.Block.one Launches EOS-Based Voice, Social Media Platform: Cayman Islands-based Block.one, a blockchain developer behind the EOS.io protocol, will be launching a social media platform based on the platform. Called Voice, the new venture will change how social media works, implementing a token system that allows all users to let their voices be heard. The token is fittingly named “Voice”. In the same announcement, Block.one executives also unveiled a partnership with Coinbase Earn, which will give users a chance to earn EOS; and a new scaling protocol that will allow blockchain processes to be much faster than they were previously.Facebook to Launch Crypto White Paper In Coming Weeks: Per recent reports from The Information and TechCrunch, Facebook will be fully announcing its cryptocurrency, Globalcoin, by June 18th. The company is expected to release a white paper, and will likely release the full product sometime later this year or early next year. LinkedIn data shows that there are over 100 staffers working on the project, which is dramatically higher than the reported 50 earlier this year. For those who missed the memo, Globalcoin is expected to be a stablecoin-esque asset that will be used as a digital medium of exchange for Facebook’s economy.Vancouver Looks to Ban Bitcoin ATMs: Reported by The Star, Vancouver’s mayor, Kennedy Stewart, recently suggested a fully-fledged ban on Bitcoin ATMs in the Canadian city. There are over 70 crypto vending machines in the city, which became the first to have a Bitcoin ATM in October 2013. This is seemingly done to curb the rampant money laundering issue in Vancouver and the surrounding cities, which saw $7.4 billion worth of dirty money change hands in their vicinity in 2018.Much of Bitcoin Mining Operation is Powered by Renewables: According to a new report from CoinShares, 75% of the Bitcoin Network is being run with renewable energies, namely hydro. They claim that much of the mining operations take place in areas with abundant hydroelectric power, like Northern Europe, Canada, and China. This contradicts reports that state that Bitcoin mining and the security of other blockchain networks is burning the oceans, so to speak.Poloniex Users Lose Millions in Altcoin Flash Crash: Announced on Thursday, Poloniex’s market for CLAM, a lesser-known but long-standing altcoin, suffered a massive collapse on May 26th. On this day, there was a “sudden, severe” crash in the value of the cryptocurrency, which widely went unnoticed by the public. CLAM’s sudden drop caused a “number of margin loans to default”, resulting in a “generalized” loss of 1,800 BTC, currently valued at just over $14 million, from Poloniex’s lending pool. This means users of Poloniex’s Bitcoin loan pool, which purportedly make up 0.4% of the exchange’s entire user base, have lost 16% of the principal of their loan positions.SEC Chairman Still Skeptical of Crypto Market: In a recent interview with CNBC, the United States Securities and Exchange Commission’s Clayton explained that he is still worried about the status of the underlying cryptocurrency market, looking specifically to custody and market manipulation.Binance Launches a Stablecoin: Binance has begun to issue tokens on its in-house blockchain in preparation of making stablecoins available for the public.Justin Sun & Crypto Execs To Have Dinner With Warren Buffett: Over the past week, Warren Buffett’s name has become like a hot altcoin — thrown about on Twitter willy-nilly. This is for good reason. Justin Sun, the enigmatic entrepreneur behind both Tron and BitTorrent, was recently revealed to have been the mystery winner of the Oracle of Omaha’s latest charity lunch auction. Per previous reports from NewsBTC, Sun revealed earlier this week that he spent $4.67 million on the auction, managing to outbid the world’s white-collars to secure this meeting, which will take place in New York at the Smith and Wollensky Steakhouse. In a press release, the Tron founder stated that he, alongside some of his peers, hopes to discuss the promises of blockchain technologies and discuss entrepreneurship.
By CCN: John McAfee fired back at self-proclaimed Satoshi Nakamoto Craig Wright, claiming the Bitcoin “pretender” will soon be unmasked.
McAfee, who still intends to run for the U.S presidential office, rebuffed Wright’s earlier accusations of being a scam artist. The veteran programmer cast doubt on Craig Wright’s ability to effectively judge him and even made his own claims of being not Satoshi Nakamoto – but Craig Wright.
McAfee: Only I Can Judge Me
Writing in his personal blog earlier this week, Craig Wright assigned McAfee the nickname of “McScammer.” Wright took aim at cryptography, privacy, and anonymity in a rant now typical of the Bitcoin SV creator, writing:
“…those who are seeking an anonymous system are those who are seeking to act outside the law. It is people such as John McAfee, whose life has been an endless series of scams… it is people like John McAfee who run Ponzis and scams and the people with money who benefit most from your system without law.”
But John McAfee soon fired back in a sharp, succinct fashion. He sent out the following tweet, pouring cold water on Wright’s noise making.
Satoshi Bitcoin Pretender to Be Unmasked?
This isn’t the first time McAfee has claimed to be on the verge of ‘unmasking’ Satoshi Nakamoto. In April he claimed the very same only to renege on his promise days later. At the time, he said the big reveal would have interfered with his extradition request to the Bahamas, saying:
“The U.S. extradition request to the Bahamas is imminent. I met with Mario Gray, my extradition lawyer, and it is now clear…that releasing the identity of Satoshi at this time could influence the trial and risk my extradition. I cannot risk that. I’ll wait.”
In Wright’s ranting blog post, he pointed out McAfee’s history as a pumper and shiller of altcoins. Anyone following the U.S. presidential hopeful’s Twitter feed in recent years knows this to be a simple truth.
However, the cybersecurity veteran also offered the following explanation of why he promoted Nigerian scam coin Finacoin in 2018, tweeting:
Craig Wright Goes Full Faketoshi and McAfee Goes Full Craig Wright
As for Wright, the Bitcoin SV frontman has yet to respond to McAfee’s retort. In the meantime, he has updated his blog to reflect the full gamut of his intellectual repertoire.
According to Wright’s website, not only is he Satoshi Nakamoto and the creator of Bitcoin, but he’s also a chief scientist, lawyer, banker, economist, coder, mathematician – and even a pastor.
That might make it tough for McAfee, who will have to match the impersonator’s many accomplishments. After all, McAfee now claims that he is Craig Wright and that we all must believe him without question.
Given that McAfee has offered no proof to back up his Craig Wright claims, his impersonation seems uncanny thus far.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN Markets.