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Author: StanNordFX   |   Latest post: Wed, 3 Mar 2021, 10:26 AM

 

CryptoNews of the Week

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- Bitcoin has proven to be the most profitable asset in the past nine years due to constant fluctuations in value. According to experts, in this case it is not only about a direct increase in the price of cryptocurrency. Even when the coin sinks, it benefits traders who buy it at the price lowest for a certain period.
“Currently, the base coin is trading at $35,000. If everything develops in about the same direction, then in February it will be possible to see bitcoin for $45,000 or even more,” predicted the head of Pantera Capital investment company Dan Morehead, and at the same time he advised traders and other industry participants to be reasonable, since bitcoin has always been unstable. Even against the backdrop of the rally that began in December last year, the asset continues to remain risky, which is well understood by all experienced coin holders.

- JPMorgan Chase strategists, led by Nicholas Panigirtzoglou, believe that bitcoin could lose ground in the short term if it fails to break above $40,000. This month, the flagship cryptocurrency has twice broken through this key level, and then rolled back.
The key to the short-term outlook for bitcoin's price is the world's largest digital asset management company Grayscale Investments, with a crypto portfolio currently valued at $23 billion, analysts say. "For such a breakthrough to occur, the Grayscale Bitcoin Trust will likely need to maintain an inflow rate of $100 million per day over the coming days and weeks." However, if BTC still fails to hit the $40,000 mark, a deep correction can be expected.

- After a deal to sell cryptocurrency, a Hong Kong resident was robbed of $448,700. This is reported by news agency South China Morning Post. The buyer of the digital currency invited the trader to the office of ashopping center to carry out the transaction. She transferred USDT tokens and received HK $3.5 million in cash. After the transaction, three men ran out of a nearby room and, threatening with a knife, took away the victim's money and the smartphone. The woman was locked up, and all four "buyers" fled.
Interestingly, the victim had already conducted several successful transactions with this buyer. According to police, in this way the criminals won the trust of the victim.

- Billionaire Howard Marks, co-founder of Oaktree Capital Group, has significantly changed his attitude towards bitcoin. Earlier, Marks stated that investing in cryptocurrency is a very dangerous operation that can cause huge losses for large investors. In 2017, during the bitcoin rally, he advised to refrain from buying coins. In addition, he called cryptocurrencies "fake" and said they had no real value.
And now the billionaire says that his "skeptical views on cryptocurrency assets have not been confirmed." “Let's hope,” Marx wrote, “that events will continue to develop as actively as they are now. The cryptocurrency market is gradually emerging from the shadow sector, as evidenced by a large number of major investors. I think it still has real value. My family owns an impressive number of bitcoins, which I support at this stage.”

- According to the online edition Forklog, a "biblical message" was found in the bitcoin block No.666666. “Do not be overcome by evil, but overcome evil with good,” says the Epistle to the Romans of the Apostle Paul, chapter 12, verse 21. An unknown person added this quote from the sixth book of the New Testament to block # 666666 of the bitcoin network and sent two equal amounts in the first cryptocurrency to two addresses, the first characters of which contain the words "God" and "Bible" in English.

- The former CEO of the now defunct South Korean cryptocurrency exchange Coinnest was sentenced to 18 months in prison. It is reported by Bitcoin.com with reference to local media.
According to the case file, ex-director Kim Ik Hwang received a bribe of 110 BTC ($770 thousand at that time) in February 2018 for listing the S-coin, which was issued by K Group. Subsequently, 2 million S-coins with a total value of $125,500 were also credited to his account.
Although the defendant pleaded not guilty, the Supreme Court sentenced Kim to one and a half years in prison for commercial bribery and fined him over $61,000. “Hwang manipulated market prices and gained unreasonable profit for it. Such actions undermine confidence in the crypto industry, which means they are unacceptable," the prosecutor said.

- 2020 has turned out much better for long-term investors than the previous year. The market capitalization of 30 key assets of the cryptocurrency market grew by 308% (versus 62% in 2019), according to a report from CoinGecko. Among the five largest coins, bitcoin has shown the best results, having risen in price by about four times (in 2019 - by 95%). Ethereum looked even better, its price rose by 472% after near-zero dynamics over the previous 365 days. Portfolios with DeFi protocol tokens gained 718% on average.

- Scott Meinerd, investment director at Guggenheim Partners, compared the current situation with what happened to the economy after the Spanish flu epidemic in 1918. At the same time, he confirmed his forecast for the bitcoin rate at $400,000 but warned of a possible correction.
According to the specialist, the latest rise in the BTC rate could have been caused by retail investors. “I think it's about them. There is some speculative frenzy in the market. It may be worth withdrawing some of the funds from cryptocurrencies,” Minerd said.

- A startup in the field of cybersecurity Red Balloon Security from New York (USA) as a test task sends applicants to vacant places a hard drive with locked bitcoins worth about $5 thousand and several boxes of chocolates.
In a week, the applicant needs to get access to the cryptocurrency wallet. If successful, part of the funds must be spent on buying a ticket to New York in order to meet with a representative of Red Balloon Security. Anyway, one can keep the chocolates.
The company sends such packages to almost everyone, but at the same time it regularly changes the content of the test so that applicants cannot share their results on the Internet. Statistics show that for 150-200 people there is only one applicant who has successfully completed the task.

- One of the world's largest investment banks, Goldman Sachs, is exploring the possibility of launching a custodian service for digital assets. This is reported by CoinDesk with reference to its own source within the bank. “Like JPMorgan,” the source said, “we have released an RFI for digital storage. We are studying the issue extensively and deciding what to do next. " Regarding the timing of the launch of services related to cryptocurrencies, the source replied that the bank's plans "will become apparent in the near future."


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