Bitcoin Price Analysis: BTC Is Locked Inside a Bearish Descending Channel, $7000 Next Target?

Our previous price analysis had identified a tight range in which Bitcoin is trading inside. Over the past hours, this range is seemingly cracking down, to the downside.

For the past five days, Bitcoin was trading between $7300 to $7600. Despite a fake-out that reached the mentioned resistance area of $7700, Bitcoin was trading inside a descending channel, which can be seen on the following 4-hour chart.

Adding negative indication coming on behalf of the Relative Strength Index (the RSI), as of now, it looks like Bitcoin would like to retest the $7000 area once again.

Total Market Cap: $198 billion

Bitcoin Market Cap: $132.3 billion

BTC Dominance Index: 66.8%

*Data by CoinGecko

Key Levels to Watch

– Support/Resistance: As of writing this, Bitcoin had recently marked $7250 as the current daily low. Further below lies $7150 support (weak), $7100, and $7000 support. The last includes a critical ascending trend-line (marked on the daily chart), which started forming since April 2019.

Further down is the $6800 horizontal support, before the $6500 area, which is Bitcoin’s 6-month low.

In the case of a correction, the first resistance is the 4-hour marked descending channel. A little above lies the $7400 resistance, along with the mid-term descending trend-line. Further above lies the $7700 – $7800 horizontal resistance.

– The RSI Indicator: In our previous analysis, we had identified the 45 RSI level as a crucial resistance. Unfortunate to the Bulls, Bitcoin failed in breaching it, and over the past two days, the RSI is declining and losing momentum, in correlation with the price.

– Trading volume: Following low-volume days, Bitcoin finally has seen some price action. However, this is far from reaching near the top volume days of the past month.

BTC/USD BitStamp 4-Hour Chart

btc_dec10_4h-min

BTC/USD BitStamp 1-Day Chart

btc_dec10_d-min

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Source: Crypto Potato

Bitcoin Hashrate Futures Coming in 2020, Mining Boom Inbound?

Bitcoin Hashrate Futures to Enable Mining Boom

Mining companies may benefit from a growing market for Bitcoin (BTC) derivatives to finance and support their power-hungry operations. In 2019, despite price fluctuations, mining activity remains near all-time highs.


Bitcoin Mining Turned into Large-Scale Business

Mining is becoming large-scale business in 2019, with big pools and ASIC producers once again coming into the spotlight. Canaan Mining even managed to launch its IPO on NASDAQ, selling its shares through a listed shell company.

But now, a special product may be created for miners, to directly hedge against the fluctuating Bitcoin hashrate in the coming months, reported Reuters. Smaller mining pools are highly vulnerable to swings in the hashrate, as large-scale pools take up more than half of bitcoin blocks. Larger operators can also afford more powerful ASIC, or simply run more machines on cheap hydroelectric power.

“The trend in hashrate is upwards. Unless miners increase production, they will get fewer bitcoin with the same power,” said Michel Rauchs, author of a Cambridge university study on mining.

With hashrate derivatives, they can price in risk.

A high hashrate means more need for competition, as well as more difficult mining conditions. Hashrate is not a constant, and difficulty readjust every 2016 blocks, changing the potential to earn BTC rewards.

The Bitcoin network hashrate fluctuated wildly in the past couple of weeks, moving between a low of 74 quintillion hashes per second, and a normal range near 100 quintillion hashes. During that time, difficulty rose sharply once, then diminished slightly again.

Derivatives Based on Hashrate Data Already on Offer by DAG Global

Derivatives based on information about the Bitcoin hashrate are offered by the DAG Global, a London-based crypto startup that claims to be a cryptocurrency merchant bank.

“As the hashrate changes, you can go from being profitable to losing money very quickly,” said Robert Andersen, who leads DAG’s digital asset sales. “The contract insures you against that. It’s like insurance, and for that you pay a premium.”

Mining profitability is also highly dependant on the bitcoin spot price. Miners usually attempt to sell some of the BTC earned, to fund their operations. Derivatives and futures markets offer a way to hedge against the price risk. Another firm, GSR, is also preparing to build a product based on hashrate risk, but deems the market as nascent and may delay the launch by months.

Mining operations with slightly higher electricity costs may need to be careful about their breakeven prices. For Chinese bitcoin mining farms, hydroelectric power has periods of very low prices, breaking even at lower BTC valuations. The Bitcoin network consumes more than 73.12 TWh annualized, slightly more than the economy of Austria. About 50% of that energy goes to four of the biggest mining pools.

What do you think about derivatives on hashrate data? Share your thoughts in the comments section below!


Images via Shutterstock

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Source: Bitcoininst

Nobel Winner-Backed Saga Launches Libra-Like Global Coin

Nobel Prize Winner backed Saga challenges Facebook

London-based blockchain firm Saga announced the launch of its Saga token (SGA). The digital unit represents a global currency that complies with regulators’ requirements.


Saga Advised by Nobel Prize Winner, Former Bank of Israel Governor

The currency is backed by a basket of fiat currency to avoid high volatility. Thus, it acts like a stablecoin and resembles Libra – Facebook’s digital currency that is still under development.

Interestingly, the advisory board includes top economists like Myron Scholes, a Nobel Prize-winner, Jacob Frenkel, former Governor of the Bank of Israel and current chairman of JPMorgan Chase International, as well as Dan Galai, a pioneer of the VIX volatility index.

The company was founded and is led by Ido Sadeh Man. He explained in an interview with CNBC:

Unlike other players, we don’t want to be the issuer and the payments layer and the custodian. We’re focusing on the monetary part of it, on the issuance of a sound currency for global use, and we will increasingly liaise with partnerships in the realms of custodianship and of payments.

Facebook proposed a similar concept, though it faced unprecedented opposition from governments and regulators around the world. Nevertheless, Saga doesn’t want to create a new asset basket. Instead, it is pegging its token to bank deposits in the same group of fiat currencies that form the so-called special drawing rights – an instrument created by the International Monetary Fund (IMF).

Another difference from Libra is that Saga won’t profit from the token as it acts as an issuer only. It doesn’t create its own digital wallet like Facebook is doing with Calibra. Users will be able to buy SGA on Saga’s site and through the Liquid exchange.

Saga Will Work with Banks and Regulators

Sadeh Man said that the token acts as a complementary currency for cross-border payments. For example, British citizens might want to use it to pay on Amazon in the case the sterling becomes too volatile on Brexit news.

Saga said in its statement that it would collaborate with regulators and banks. The token acts as a bridge between fiat and digital currencies. The company claims that SGA is the first digital currency that simulates the mechanics of national currencies issued by central banks, though on a global scale.

Sadeh Man commented:

Currencies have not kept up with the pace of globalisation and they do not address the global scope and needs of modern lives. The decreasing economic importance of national boundaries, changes in society, and a need for monetary diversification have created a necessity for a complementary, global, non-governmental currency. We have set out to address this need by launching the first stabilised, digital currency governed by its holders and compliant with AML regulations.

The SGA transactions are non-anonymous. This suggests that token holders have to pass through a Know Your Customer (KYC) verification procedure that ensures compliance with Anti-Money Laundering (AML) practices. Nevertheless, their identities are not publicly revealed.

Who Controls SGA?

While Libra is building a consortium of 100 companies and entities to govern the stablecoin network, Saga proposes a more democratic approach. The token network is monitored by holders. Sadeh Man said that the holders are the sovereign of the currency. They are able to vote on the company’s board of directors and influence its monetary policy.

Saga acts as a nonprofit. The company secured investments from venture capital firms including Lightspeed Venture Partners and Mangrove Capital Partners.

While SGA is struggling to stay compliant, the token won’t launch in the US for now. Sadeh Main said that the US “is an area we don’t want to be in” for now. “We only want to operate where it is clear we are respecting compliance,” he added.

What do you think about Saga? Will it become the next big thing? Share your thoughts in the comments section!


Image via Shutterstock, Saga.com

The post Nobel Winner-Backed Saga Launches Libra-Like Global Coin appeared first on Bitcoinist.com.

Source: Bitcoininst

Bakkt Launches Bitcoin Options in US, Futures in Asia

Bakkt Launches Bitcoin Options in US, Futures in Asia

Bakkt has launched two new regulated bitcoin derivatives products. Within hours of launch, Bakkt announced that over 1,000 futures contracts had been traded in Asia. The platform now offers four types of regulated bitcoin derivatives products: monthly and daily physically delivered bitcoin futures, cash settled bitcoin futures, and options on monthly bitcoin futures.

Also read: SEC Approves Bitcoin Futures Fund

2 New Regulated Products

Bakkt, a digital asset platform powered by Intercontinental Exchange Inc. (ICE), the parent company of the New York Stock Exchange (NYSE), announced Monday that its two new bitcoin derivatives products are now live. They leverage the platform’s benchmark contract, the physically delivered bitcoin monthly futures, which was launched in September.

The first of the two new products is Bakkt Bitcoin (USD) Monthly Options, which settles into the underlying futures contract two days prior to expiry on ICE Futures U.S. The second is Bakkt Bitcoin (USD) Cash Settled Futures, which is available on ICE Futures Singapore. “We’re live with two new bitcoin contracts — a cash settled future and options on futures — both fully regulated and leveraging our benchmark,” COO Adam White remarked Monday. After about five hours following its launch announcement, Bakkt tweeted:

Over 1,000 Bakkt Bitcoin (USD) Cash Settled Futures contracts have been traded on ICE Futures Singapore since launching earlier today.

1,000 Bakkt Bitcoin Futures Contracts Traded Hours of Launch in Asia

ICE unveiled its plans to launch the cash-settled futures in Singapore on Nov. 21. The contracts are listed on ICE Futures Singapore and cleared by ICE Clear Singapore, both of which are regulated by the Monetary Authority of Singapore (MAS). “Our new cash settled futures contract will offer investors in Asia and around the world a convenient, capital efficient way to gain or hedge exposure in bitcoin markets,” commented Lucas Schmeddes, President and COO of both ICE Futures and Clear Singapore.

Rising Interest and Growing Volumes

The two newly launched products join the platform’s two existing offerings: the Bitcoin (USD) Monthly Futures and the Bitcoin (USD) Daily Futures. Both are supposed to be physically settled, with the underlying bitcoins held in the Bakkt Warehouse. Bakkt Trust Company Llc is licensed by the New York State Department of Financial Services (DFS) to provide custody of bitcoin. The “DFS has authorized Bakkt to provide custody services for bitcoin in conjunction with the launch of physically delivered bitcoin futures contracts,” the regulator said on Aug. 16. The trust company is also registered with the U.S. Financial Crimes Enforcement Network (Fincen).

Independent chart by Bakkt Volume Bot.

Despite a slow start in September, Bakkt’s futures trading volume soon picked up as BTC’s price plummeted. On Nov. 27, the platform boasted that a record high was set, tweeting:

Two months after their debut, Bakkt Bitcoin Futures reached a record high of 4,443 contracts traded today – up over 60% from our last record-setting day.

Meanwhile, Georgia Governor Brian Kemp has picked Bakkt CEO Kelly Loeffler to replace Senator Johnny Isakson who is retiring at the end of the month. Loeffler is expected to take office on Jan. 1.

What do you think of Bakkt’s two new bitcoin derivatives products? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock, ICE, and Bakkt Volume Bot on Twitter.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Source: Bitcoinnews.com

Deloitte Survey: 83% Of Executives See Compelling Use Cases For Blockchain

Big four multinational professional services company, Deloitte, has conducted a 2019 survey regarding what executives from big organizations think of blockchain. The data shows that interest in blockchain-based technology is generally increasing.

83% Of Executives Believe In Blockchain

Deloitte published its annual survey showing what executives think about blockchain and its potential. It was conducted across 1,386 senior executives in large corporations from a dozen countries (The U.S., U.K., UAE, Switzerland, Singapore, Luxembourg, Israel, Hong Kong, Germany, China, Canada, and Brazil.)

83% of all participants have responded that they see compelling use cases for blockchain, which is actually a 9% increase from last year. A similar gain is noted among the executives who believe that if they don’t adopt blockchain technology, they will lose a competitive advantage – from 68% in 2018 to 77% this year.

Blockchain Usage. Survey by Deloitte.

Among all those executives, 53% have responded that blockchain technology has already become a critical priority for their respective organizations this year. This actually represents a 10% increase from last year.

Another essential part of the survey came when the executives were asked about their opinion regarding blockchain’s security and potential threats. This topic records a serious improvement, as well. For instance, 39% said that they think blockchain has regulatory issues, while this year, the percentage has dropped to 30. Moreover, in 2018, 35% believed that the technology could have potential security threats, and it drops to 29% this year.

However, it’s also worth noting that not everyone appeared to be fully on board. Only 23% have responded that their organizations have already begun applying blockchain in their regular activities, while last year, the percentage was at 34.

Further Takeaways From The Survey

The survey went into other directions as well, comparing this year’s results with what executives have responded last year.

For example, it also shows blockchain’s usage among different business fields. Fintech is still the leader, but other sectors are noting increased usage as well; technology, media, telecommunications, health care, and even governments.

Furthermore, this year’s survey reveals that more organizations are willing to invest $5 million or more in new blockchain endeavors within the next 12 months.

Overall, Deloitte’s survey concludes that blockchain is providing more diverse advantages, increased diversification of potential use cases, thus resulting in its rising maturity.

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Source: Crypto Potato

Why Crypto Exchanges Should Lower Their Fees and Profit Margins

crypto exchange profits

The crypto industry has yet to evolve from exchanges which are nothing more than digital banks in reality. A couple are taking bold moves to slash their fees but how many others will follow and how will it affect the wider crypto industry.


Crypto Exchanges: Banks in Disguise

True financial decentralization should consist of direct peer to peer transactions and more decentralized exchanges (DEXs), yet still centralized exchanges reap the profits like their banking counterparts.

Over the past year or two centralized trading platforms such as Coinbase and Binance made millions. Profits for Binance are easy to estimate considering the exchange burns 20% of its profits every quarter. The last time this happened was in October this year when 2 million BNB went up in smoke which equates to an estimated third quarterly profit of $185 million.

Coinbase is a little coyer when it comes to the firm’s vast earnings from some of the highest fees and spreads in the industry. Reports estimated that it cleared a billion dollars in 2017 and made around $520 million in revenue in 2018 despite a massive bear market.

In October the company updated its fee structure to effectively punish the low volume traders and favor the bigger boys with fat wallets. Bitfinex also has different rates for makers and takers depending on volume. There is another financial institution that does exactly that – a bank.

These two industry leaders are not the only ones with inordinate fees, spreads and charges for deposits, withdrawals, conversions and trading. This is exactly the antithesis of the cryptocurrency world which was envisioned a decade ago by Satoshi Nakamoto who saw a need to break free from banks.

“Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. Their massive overhead costs make micropayments impossible.”

If you were using an exchange such as Coinbase for crypto micropayments it would soon cost you more than you are trying to send.

Zero Fees The Way Forward

Some exchanges are taking steps to reduce charges, fees and spreads. After all there is already an associated network fee to pay so why should users of cryptocurrencies pay more to enrich the owners of exchanges.

Poloniex is one that has offered zero fee trading until the end of the year but it remains to be seen yet if it will continue the practice into 2020.

There are a few other smaller players that have also taken up this initiative but it is really time that the industry behemoths follow suit if they’re seriously interested in crypto adoption above their bottom lines.

Should crypto exchanges scrap commissions? Add your comments below.


Images via Shutterstock

The post Why Crypto Exchanges Should Lower Their Fees and Profit Margins appeared first on Bitcoinist.com.

Source: Bitcoininst

Ethereum Google Searches Near Record Lows

Ethereum google search near record lows

Ethereum saw a major reduction in Google searches in the last few months, attracting less attention than ever before.


Ethereum Less Popular Now Than When it Was $20

Ethereum (ETH), the second-largest cryptocurrency by market cap, is going through an interesting period as of late. A Trustnodes report indicates that the project has seen the lowest number of Google searches in years. In fact, it was more popular even as far back as in 2016, when its price was only $20.

Results from Google Trends show that the coin is seeing some stability with 4 out of 100 searches. There was a brief drop below this level back in October 2019, when ETH searches dropped to only 3/100. In comparison, the project was seeing a minimum of 8/100 searches throughout June 2016, while the number of searches in May 2016 was 5, and in April 2016, it was at the current minimum of 4.

Granted, those search figures are exclusively US-based, but the worldwide figures aren’t much better either. Their recent report indicates that the interest in Ethereum sits at 6 out of 100, which is lower than it was a few months ago, when there were around 7 to 8 out of 100 searches in June 2019.

This leads to some interesting conclusions, such as the fact that the US was only interested in Ethereum for a few months in 2016. As for why the interest in the second-largest crypto project in the world is dropping so drastically, there could be several reasons. One of them might be the lack of awareness, where the searches are only performed by those researching the project or following news updates about it.

Ethereum has also been facing a number of issues due to recent Istanbul hard fork. Some reports claim that small changes in SSTORE caused thousands of dApps to fail. In fact, failure rates have more than quadrupled, which is certainly not good news for the project.

Is Bitcoin faring any better?

When it comes to Bitcoin, the coin is enjoying a form of linear progression. Currently, BTC has around 10 out of 100 searches. Meanwhile, in 2016, it only had 2 or 3 out of every 100 searches.

Trustnodes concludes that the reason for this is likely Bitcoin’s adoption, which has increased significantly alongside the coin’s price. The interest in BTC is especially growing in some African countries, particularly in South Africa and Nigeria. Meanwhile, China does not seem to care about BTC at all. On the other hand, it is one of the countries where the interest in ETH is at the peak.

However, the reason might be that texts concerning BTC were translated, and China’s population is simply reading about it on its own crypto media. On the other hand, if Ethereum is not translated, the country’s crypto users have to search for it via Google.

In conclusion, it appears that interest in crypto is waning in the West, particularly as the year draws to a close. Perhaps the multiple Ethereum update postponements throughout 2019 has drained investors confidence in the project, or the fact that the price has failed to print any promising gains.

For the rest of the world, it seems that Bitcoin remains the sole focus as the asset edges ever closer to next year’s halving and potentially new highs.

Do you think Ethereum interest will ever recover? Share your thoughts in the comments below.


Image via Shutterstock, Twitter @LucasNuzzi

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Source: Bitcoininst

China Releases Year-End Crypto Rankings

China Releases Year-End Crypto Rankings

China’s Center for Information and Industry Development has published its year-end crypto project rankings. Thirty-five projects were evaluated and ranked overall as well as in three separate categories. Bitcoin has risen in ranking while EOS remains China’s favorite.

Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain

Year-End Crypto Rankings

The Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology, released the 15th update of its crypto project rankings on Friday. While the hype for blockchain technology initiated by President Xi Jinping has somewhat subsided, the center continues its work on evaluating and ranking crypto projects. This month’s release is the last one this year. The center evaluated the same 35 projects in December as it did for the previous rankings in September.

In addition to the overall ranking, the CCID evaluated all the projects based on their basic technology, applicability, and creativity. EOS remains at the top of the overall ranking, followed by Ethereum and then Tron. The center started ranking Tron in February, debuting it at number two overall. However, in July, it dropped to the third place and Ethereum regained its number two ranking. In September, Tron overtook Ethereum once again but only to fall to the third place once more this month. NULS ranks fourth, followed by Lisk, Neo, Steem, and Bitshares. BTC has risen from the 11th spot to the 9th spot. BCH also improved, rising from the 30th spot to the 27th spot.

China Releases Year-End Crypto Rankings
CCID’s crypto rankings for December.

The CCID describes itself as “a first-class scientific research institution directly under the administration of the Ministry of Industry and Information Technology of China.” It provides professional services to the government including research, consulting, evaluation, certification, and research and development, according to its website. The center has been working on its Global Public Blockchain Technology Assessment Index since the beginning of last year. The rankings are compiled by CCID (Qingdao) Blockchain Research Institute, an entity established by the CCID, in collaboration with other organizations such as the CCID Think Tank and the China Software Evaluation Center. “The result of this assessment will allow the CCID group to provide better technical consulting services for government agencies, business enterprises, research institutes, and technology developers,” the CCID previously explained.

This Month’s Sub-Rankings

The CCID explained that the basic technology sub-category mainly evaluates the technical implementation of the public chain, primarily examining its functions, performance, security, and decentralization. This month, EOS and Tron still occupy the first and second places, the center noted, adding that “The average value of the basic technology sub-index has not changed much from the previous period.”

China Releases Year-End Crypto Rankings

The applicability sub-index mainly evaluates the comprehensive level of the applications that the public chain actually supports, including node deployment, wallet applications, development support, and application implementation. In this evaluation period, the center revealed that “The average value of the overall applicability index increased significantly from the previous period.” The creativity sub-index mainly examines the continuous innovation of the public chain, including the number of developers, code updates and code impact. The center noted that compared to the previous period, the average creativity sub-index has only increased slightly.

What do you think of this latest CCID rankings? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock and CCID.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Source: Bitcoinnews.com

Bitcoin Ransomware Attack Hits Argentinian Government

Argentinian government hit by bitcoin ransomware attack

The Argentinian government has been hit with a Bitcoin ransomware attack. According to the latest information, the hacker demanded 50 BTC to withdraw the attack.


For all the positive changes that cryptocurrencies have brought in the last few years, there are still those who would use them to harm others. A perfect example of this is a hacker that recently attacked a major data center in Argentina, locking away 10 years’ worth of government files.

The attack supposedly took place two weeks ago, November 25th, according to Argentina’s Minister of Science and Technology, Alicia Bañuelos. Bañuelos revealed some details regarding the incident in a recent interview with Agencia de Noticia de San Luis, which is the government’s main digital news outlet.

In an interview on December 2nd, she revealed that hackers invaded a data center used by the government and that they encrypted around 7.700 GB of data. According to her assessment, this is around 10 years’ worth of information. However, in a week following the attack, the government managed to recover the majority of encrypted data — around 90%.

Bañuelos added that the job is still far from over and that decrypting the files fully will take at least 15 more days. The amount of information that was encrypted was huge, hence the delay in recovering the files.

The attackers demand Bitcoin payment

As with all ransomware attacks, the hackers demanded payment, and they wanted it delivered in the form of Bitcoin. Bañuelos did not reveal the exact amount that was demanded, but some reports claim that the amount was between $37,000 and $370,000 (5-50 BTC).

Vertcoin falls victim to another 51% attack

While hackers tend to target the private sector with this type of attack, this is by no means a rule, and they will attack any company, individual, or entity in order to get paid. Even governments have become popular targets for these types of attacks.

For example, a group is known as ‘Shadow Kill Hackers’ recently attacked South Africa’s City of Johannesburg administration website. The attack came in the second half of October, and they managed to steal large amounts of data. They then threatened to dump the data online, unless they are paid $300,000 in Bitcoin, which translates to around 40 BTC.

Another incident from a few months ago saw a group use ransomware called Sadinokibi to attack another US data center. Once again, powerful ransomware was used, and hackers successfully hijacked the data, demanding $287,000 to be paid. Bitcoinist also reported a ransom attack on Stratford City Hall a few months back. The attackers demanded a payment in Bitcoin, which is also approximately worth 10 BTC or $75,000.

Finally, many still remember ransomware known as WannaCry, which hit the entire world two years ago. The ransomware, again, demanded BTC payments from anyone it managed to infect. Back then, the attack seemingly did not target a specific company, government, group, or even the country. It infected whomever and whatever it could, with little discrimination. It is still considered one of the biggest and most devastating cyberattacks in history.

These days, however, hackers appear to be going after specific targets, such as the Spanish multinational security company called Prosegur. The firm was attacked through ransomware known as Ryuk. The attack took place only a few weeks ago, but Ryuk has been well-known ransomware at the time, as it collected over 705 bitcoin in the last five to six months.

Do you think that victims should pay the ransom or not? Let us know your thoughts in the comments below.


Images via Shutterstock

The post Bitcoin Ransomware Attack Hits Argentinian Government appeared first on Bitcoinist.com.

Source: Bitcoininst

Matic Network (MATIC) Team Explains Sudden Token Flash Crash

matic network crashes 50%

The Matic Network (MATIC) token went through a crisis, erasing more than 50% of its price in the past day, to drop to $0.02. The price crash, however, follows a period of wild appreciation on a parabolic trend, as MATIC more than tripled its price and moved to a record above $0.04.


Fears of Team Dumping Tokens

Now, the price action of MATIC is starting to suggest a pump-and-dump event. However, the team has moved in to explain what’s going on with the volatility.

The crash in price seems to be a direct effect of messages circulating which suggest that the team was performing suspicious token movements. Rumors spread about the MATIC team moving tokens from its Foundation account, sparking fears the team may dump the assets at the recently peaking prices.

The team had already announced a small release of funds, of around 248 million MATIC, or 2.5% of the supply. But the unlocked tokens were meant to be used for staking and securing the network, as the team explained in a detailed blog. The 248 million tokens were also meant for investors and advisors, on which the decision to sell was not guaranteed.

The tweet that sparked the panic claimed that the large amount of the project’s tokens were intended for dumping on Binance.

But the claims were refuted by the fast investigation performed at the Binance exchange. Binance’s CEO, Changpeng Zhao, commented that the real reason may be anonymous traders panicking.

MATIC Followed Natural Trading Patterns

Binance has seen its share of boom-and-bust cycles for several coins, as well as trading anomalies. But MATIC is a special case, as it is one of the high-profile IEO tokens offered on the exchange. The token was also among the best performers, appreciating to above its token sale price.

Zhao dismissed the latest sell-off as originating from FUD, but also raised the question on whether exchanges should interfere with trading. MATIC is represented on both Binance DEX and Binance, with the bulk of volumes on the centralized exchange.

However, MATIC has recovered some of the losses, as the deepest end of the drop at one point wiped out 72% from peak prices. MATIC is still above the flat prices in the past few months. The fears that the Matic project was performing an exit scam were dismissed, but the token performance sparked the rage of traders.

But for others, the MATIC performance was normal for inherently volatile altcoins and tokens, which offer a mix of rapid appreciation and risk.

What do you think about the MATIC pump and crash? Share your thoughts in the comments section below!


Images via Shutterstock, Twitter @cz_binance @Maticnetwork @xGozzy

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Source: Bitcoininst