Day: July 17, 2020

Binance Pool Poised to Grab More Bitcoin Mining Hash Rate in Russia

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Binance is looking to consolidate more bitcoin mining hashrate to its pool in Russia and the Central Asia region. The world’s largest crypto exchange is deploying a physical server node for its pool at BitRiver, the largest bitcoin mining hosting provider in Bratsk, Russia. The move would give miner owners at BitRiver who choose to switch to Binance a better connection and direct route to its mining pool, the two firms said in an announcement Friday. In return, Binance would gain exposure and access to customers who run their machines…

Joe Biden Says He Holds “No Bitcoin” Following Twitter Hack Imbroglio

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What started as one crypto Twitter account being compromised ultimately became a widespread hack that resulted in some of the most prominent accounts on the platform shilling a Bitcoin scam. This exposed a major security flaw in the popular social media platform, as the hackers had free reign to access and post using any account that they desired. One account victimized by the scam was that of Democratic presidential candidate and former Vice President, Joe Biden. Today, he followed up regarding the incident in a tweet, telling his nearly seven…

Lightning Startup Zap Raises $3.5M From Investors Including Morgan Creek

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Zap, the Lightning startup behind a non-custodial Bitcoin wallet, has raised $3.5 million in a seed round in April. As reported by Forbes on July 15, previously undiscovered filings by the U.S. Securities and Exchanges Commission revealed Zap raised $3.5 million in the April seed round with investors including Green Oaks Capital and Morgan Creek Digital, co-founded by Bitcoin bull Anthony “Pomp” Pompliano. What is Zap? A non-custodial wallet, Zap stands out from others by enabling users to instantly purchase Bitcoin (BTC) using a U.S. bank account via the Lightning…

Bitcoin Investors Unfazed By Great Twitter Hack, as Volatility Remains Stable

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Bitcoin traders seem unfazed by the massive Twitter hack on Wednesday, as the price of the top cryptocurrency has largely remained steady. Prominent U.S. figures including billionaires Bill Gates, Elon Musk, and Jeff Bezos were targeted by hackers in an apparent Twitter bitcoin (BTC) scam. The official accounts of former president Barack Obama as well as aspiring presidents Joe Biden and Kanye West were also hacked. According to data from crypto analytics firm Skew, bitcoin’s implied volatility “is having a muted reaction to the Twitter hack.” Over the past one…

Bitcoin Price, Stocks, Set to Correct If Fed Fails to Extend Stimulus

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A recent newsletter to Delphi Digital clients delved into the economic aftermath of the coronavirus pandemic and how the current fiscal stimulus package from the U.S. Federal Reserve could be propping up equities markets and the entire economy.   According to the firm, COVID-19-related government spending has breached the $1.1 trillion mark, bringing June’s monthly budget deficit to $864 billion, the worst in U.S. history. This has pushed the country’s deficit to $2.7 trillion for the first half of 2020.  As the Federal Reserve continues to print money to bolster the…

Despite Rumors, Piers Morgan’s ‘Announcement’ Isn’t Bitcoin-Related

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British journalist and TV personality, Piers Morgan, made his “big announcement” on Twitter on July 16 —  but despite social media rumors about a potential Bitcoin endorsement it wasn’t crypto-related  Instead Morgan said he’ll be launching a book related to a “liberal war” and COVID-19 called Wake Up. He’d earlier addressed the rumours he’d start providing Bitcoin advice (BTC) in the following tweet: UPDATE: No, I’m not Ghislaine Maxwell’s secret husband, nor am I transitioning, providing Bitcoin advice, quitting GMB, going vegan or replacing Jofra Archer in the Test match.All…

It’s “Make or Break” For Bitcoin as Bearish S&P 500 Drop Hammers BTC

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After holding $9,200 for days on end, Bitcoin has recently begun to break down. The cryptocurrency trades at $9,100 as of this article’s writing, having lost that short-term support. Bitcoin’s ongoing weakness is seemingly related to bearish price action in global stock markets, including the S&P 500 index. Following a -4.5% performance during the Shanghai Composite’s Thursday trading session that came in spite of positive economic data, North American stocks took a dive. As of this article’s writing, the S&P 500 is down by 0.5% while the Nasdaq 100 has taken…

Bitcoin and the S&P 500 are Moving in Lockstep, and It’s Bad for BTC

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Bitcoin has been forming a striking correlation to the S&P 500 and the rest of the stock market throughout the past few months. This correlation has only grown in recent weeks, and today’s slide in the equities market has led the benchmark cryptocurrency down to a crucial support level Analysts are now pointing to this correlation as being a guiding light for BTC’s mid-term outlook. This may not bode well for the crypto, as one billionaire investor is now warning investors against jumping into the stock market. He notes that…