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Author: StanNordFX   |   Latest post: Mon, 19 Oct 2020, 2:38 AM

 

Cryptonews of the Week

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- Bitcoin never managed to fall below $10,000. Cryptocurrency “whales” have re-activated after the main cryptocurrency approached this zone last week. The fall lasted only a few hours, and experts of the analytical service WhaleMap believe that large investors were simply waiting for the optimal moment for new investments. “It should be understood that for those who want to buy one coin, a downward correction may mean savings of several hundred dollars, but if we talk about 100 or more BTC, then the amounts become more significant. Large investors decided to take advantage of this and quickly replenished their stocks,” WhaleMap said in a statement.
 
- In the United States, a woman ordered the murder of her husband, offering to pay the killer in bitcoins. Judging by the ad, the customer was going to pay 12 coins for criminal services. She posted an ad on the search for the killer on the darknet, stating that she wanted to take the life of her husband, but could not do it on her own. A few days later, a man responded to the ad, who agreed to fulfill the order.
All this happened back in 2016, when the cost of 12 BTC coins was approximately $5,000. The woman transferred the funds, but her criminal order was never fulfilled. Before an in-person meeting with the killer, she asked several times why her husband was still alive, which is why the killer constantly had to look for explanations.
The killer turned out to be an undercover policeman, and, as a result, in January 2019, law enforcement officers found out about the woman's whereabouts and detained her.
The most interesting thing is that information about the correspondence of the customer with the alleged killer was recently released by a hacker who hacked the law enforcement authority’s resource.
 
- Bitcoin finished last week in the $10,750 zone. According to analyst portal Messari, this is the first time that daily bitcoin candles close above $10,000 for 63 consecutive days. The previous longest series was 62 days and was registered from December 1, 2017 to January 31, 2018, when bitcoin reached an all-time high near $20,000, having risen in price by 100% in two weeks. At the same time, the cryptocurrency was held above $11,000 for 50 days, and above $12,000 for 41 days.
 
- Bitcoin miners expect a repeat of the rally of the main coin of three years ago. Many market representatives are confident that there are all conditions for the cryptocurrency market to move into a stage of active growth now. It is about snatching the main coin to $20,000.
The head of the Crypto Quant trading platform, Ki Yong Joo, noted that signals for a return of bullish sentiment to the market began to appear in mid-summer, but strong external factors opposed the rise in the value of the coin then. The correlation with the stock market and gold was constantly changing, which is why the positive trend did not develop. Roughly the same situation was observed in the first half of 2017. Then the main coin was at values lower than the current ones, but from the middle of autumn it began to grow.
“There is no denying that mining pools are having a major impact on the cryptocurrency market. It is worth remembering the consequences of the halving this May, when the hashrate of the main coin dropped for a while. Growth in such conditions became impossible, so investors and holders of the asset moved to wait-and-see tactics. The situation is completely different now. Miner Position Index (MPI) continues to strengthen. They try to mine as many blocks as possible for maximum rewards. The hashrate of bitcoin is also stable at high rates," Joo said.
 
- US Fortune-500 medical services company Universal Health Services (UHS) became the victim of a ransomware attack. This is reported by the news site ZDNet. Some UHS hospitals were forced to switch to work without using computer systems, employees said. The problems affected UHS medical centers in North Carolina and Texas. Reddit users have also reported similar incidents in Arizona, Florida, and California.
According to some unconfirmed reports, UHS systems were attacked by the Ryuk virus, which, according to one version, is developed by Russian crypto hackers.
 
- The number of bitcoins mined exceeded 18.5 million units. A little less than 12% of the total issue, or less than 2.5 million coins, remains available for mining, most of which can be mined in the next four years.
Recall that according to the algorithm established by the creator of bitcoin Satoshi Nakamoto, the total amount of coins is 21 million, and halving occurs every four years - the reward for miners is halved. The main task of halving is to control the issue of cryptocurrency and its inflation. Thus, according to calculations, the last coin could be issued in 2140.
 
- Galaxy Digital Capital Management, an investment firm, notes in its September report that bitcoin could rise 60 times, becoming a more attractive asset than gold. Analysts draw attention to the fact that companies, whose shares are traded on the Wall Street stock exchange, and such legendary investors as billionaire Paul Tudor Jones, have already begun to invest in this cryptocurrency.
Experts at Galaxy Digital Capital Management draw attention to the fact that institutional players are beginning to perceive bitcoin as an inflationary hedge, that is, as a kind of "insurance" in case the US dollar loses the status of the world reserve currency.
Comparing the capitalization of gold (more than $12 trillion) and bitcoins (about $200 billion), analysts come to the conclusion that “the situation will level out towards the main cryptocurrency, into which there will be an outflow of investments from the precious metal.
 
- A study by the Cambridge Center for Alternative Finance says that around 100 million people in the world already own cryptocurrencies. In 2018, when a similar study was conducted, about 35 million people owned bitcoin and other coins, that is, three times less.
As of the end of the third quarter of 2020, up to 191 million addresses were registered on cryptocurrency exchanges. At the same time, analysts are not able to establish the number of anonymous wallets, which they pointed out in their report.
But it was found that up to 40% of cryptocurrency holders show periodic activity. The lion's share of BTC and other coin holders live in North America and Europe, followed by Latin America and the Asia-Pacific region. 
 
- Bloomberg Intelligence Chief Commodities Strategist Mike McGlone believes the first cryptocurrency should be valued at $15,000. He came to such conclusions based on the dynamics of growth in the number of active addresses since 2017, writes the Cointelegraph agency. The analyst continues to be optimistic about the outlook for Bitcoin and believes that the first cryptocurrency is leading the "paradigm shift towards digital money and means of savings." At the same time, he estimates the likelihood of alternative scenarios as low.
Recall that at the end of June McGlone predicted a spurt of the first cryptocurrency to the resistance level of $13,000, and a little earlier he announced the inevitability of overcoming the level of $20,000 by the end of this year.
 
 
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