12-JAN-2021

2 weeks ago

JPMorgan Strategists: A Crypto ETF Approval Would Cannibalize Bitcoin’s Price – via ZyCrypto
Bitcoin’s price would take a serious hit in the event that an ETF were to be approved. That’s according to a team of analysts at JPMorgan Chase. The analysts, led by one Nikolaos Panigirtzoglou, compiled and released a report after studying the possible effects of an ETF based mainly on the large cache of BTC held by entities like Grayscale and what would happen to it. JPMorgan Chase, being a big bank, was previously anti-crypto but has since come around to even announce plans to create its own in-house crypto token.

2 weeks ago

The Deplatforming of Parler Is a Boon for Bitcoin-friendly Gab – via Decrypt
With social media website Parler completely offline, rival social network Gab says it is picking up users in droves. Because the two sites have analogous user bases—they lean heavily to the right and both call themselves “free speech” social networks—Gab is now absorbing new users and capitalizing on a years-long quest to remove its reliance on third parties and receive customer payments through Bitcoin. It reported 600,000 new users yesterday alone.

2 weeks ago

Institutional Investors Unfazed by Bitcoin Price Crash – via Decrypt
Institutional investors are widely perceived to be responsible for Bitcoin’s bull run, which lifted the price from $10,500 at the start of October to highs of $40,000 last week. But what goes up can come down. So, around the time Scott Minerd, CIO of Guggenheim Investments—the hedge fund that in November announced intentions to invest $530 million into Bitcoin—tweeted that “Bitcoin’s parabolic rise is unsustainable in the near term” the price did drop.

2 weeks ago

On-Chain analyst explains what caused Bitcoin to plunge from $38k to $30k – via Bitcoinist
Willy Woo, a crypto-asset analyst focused on on-chain trends, recently broke down what happened. He said that the vast brunt of the Bitcoin market correction was likely a byproduct of Coinbase going down, which resulted in algorithmic traders/bots failing to function. Woo explained: “Spot market sell off started around $38k, then Coinbase partially failed, not registering buys, causing its price to go $350 lower than others, this pulled down the index price that futures exchanges use to calculate leverage funding, wrecking bearish havoc on speculative markets.”

2 weeks ago

Billionaire Investor Mark Cuban: Bitcoin Market Looks Like Dotcom Bubble – via NEWSBTC
Mark Cuban, billionaire investor, a Shark Tank “Shark,” and the owner of National Basketball Association’s (NBA) Dallas Mavericks, says that Bitcoin’s ongoing bull run looks similar to the Dotcom Bubble: “Watching the cryptos trade, it’s EXACTLY like the internet stock bubble. EXACTLY. I think btc, eth , a few others will be analogous to those that were built during the dot-com era, survived the bubble bursting and thrived, like AMZN, EBay, and Priceline. Many won’t.” He added that many Bitcoin and crypto investors will lose their capital, similarly to what happened back in the day with the internet stocks.

2 weeks ago

South Korean Banks ‘Play to Their Strengths’ with Bitcoin Custody Moves – via CryptoNews
South Korean commercial banks are now in “fierce competition” with each other in the race to launch bitcoin (BTC) and other cryptoassets custody products that they believe will prove a lucrative market for them, per a new report. According to media outlet Newsis, industry sources claim that the cryptoasset management market “is expected to grow even larger” when a landmark legal amendment that requires all virtual asset service providers (VASPs) in the country to impose anti-money laundering protocols comes into force in March this year. The media outlet claimed that this would lead to “fierce competition” in the crypto market among banks.

2 weeks ago

Decade-Old Idle Bitcoins Worth $40 million Moved In Recurring Pattern – via ZyCrypto
Idle wallets and illiquid bitcoins are finally coming to life as the crypto markets continue to break new grounds. On January 3, 2021, an old miner spent 20 block rewards from a decade ago that summed up to 1000 bitcoins. About 5 days later, a block created on June 21, 2010, and speculated to differ from the other one was spent at block height 665,055. Another set of 20 block rewards that held 1000 bitcoins worth $40 million was moved yesterday in what appears to be a follow-up to the single-block spend.

2 weeks ago

Pay This Hacker Bitcoin or Your Penis Stays in the Cage – via Decrypt
An attacker has reportedly seized control of the internet-connected, genital-trapping devices and demanded payment in crypto. Cellmate smart chastity cages were hacked and locked by an attacker. The attacker demanded a ransom of 0.02 BTC (about $650) from locked users. An API flaw was exposed in October that allowed hackers to take control from afar.

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