Day: August 1, 2020

Ethereum is Gearing Up for a Move Past $400; Here’s What Will Drive It Higher

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Ethereum has seen some intense strength throughout the past couple of weeks, and the strong uptrend it is currently caught within isn’t showing any clear signs of coming to an end anytime soon. As it pushes up against its high time frame resistance, analysts are widely noting that it could be well-positioned to see further upside in the near-term due to its strong market structure. One analyst in particular is noting that the cryptocurrency is now poised to reach $400 due to its break above multiple key resistance levels. As…

Big Travel Firm CWT Pays $4.5 Million Bitcoin Ransom to Hackers

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CWT, one of the biggest travel companies in the U.S., this week paid $4.5 million in bitcoin to hackers who infiltrated the firm’s computer system, stealing sensitive corporate data. It is unclear whether customer information was also compromised. Reuters reported that the bitcoin wallet owned by the cyber thieves received 414 BTC on July 28 as payment for the ransom. At current prices, the ransom would be worth more than $4.8 million. According to the report, the attackers infected CWT’s computer network with a ransomware called Ragnar Locker, which encrypted…

Cryptojacking Attacks Are Seriously Underestimated, Says BlackBerry VP

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Cryptojacking attacks are both an internal and external threat, as the hacking groups are getting more organized in attempts to exploit vulnerabilities in the networks. However, there are also cases where some admins use valid entitlements to make money from illegally mining crypto using the firm’s network resources, and many organizations “don’t have great visibility” about it, says Josh Lemos, VP of research and intelligence at BlackBerry. Lemos told Cointelegraph that a crypto mining software is not necessarily malicious but rather opportunistic utilizing compute resources for monetary gain, “although you…

Bitcoin Just Printed a Textbook Reversal Signal After Surging to $11,800

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Bitcoin has seen another explosive move in the past 24 hours. As of the time of this article’s writing, the leading cryptocurrency has pressed higher to $11,800 for the first time in approximately a year. This means that on the week, BTC has gained around 20%. And in the past day alone, Bitcoin has gained 4% — the best one-day performance since the rally from the $10,000s to $11,500 on Monday. Bitcoin’s latest leg higher has been marked by an influx of liquidations of cryptocurrency margin platforms. According to Skew.com,…

Dramatic $17,000 Bitcoin Peak Possible Within Weeks Based on Halving Fracal

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If a fractal plays out on Bitcoin price charts matching the previous halving post-consolidation breakout, the cryptocurrency could keep on climbing from here. The target, if the rally takes a similar path, would put valuations of the top cryptocurrency at between $15,000 to $17,000 before peaking. Bitcoin Breaks Out: What Happens Next Will Be Fast and Furious Bitcoin price exploded early last week on the heels of gold setting a new record and the government committing to another $1 trillion in stimulus spending. Inflating money supply has prompted a flight…

Why Bitcoin’s 3-Day Candle Close Could Lead to a “Parabolic Advance”

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Bitcoin is currently expressing intense signs of strength as its price pushes up towards the $12,000 region. Although it has yet to breach this key level successfully, its strong overnight upswing does seem to indicate that a move higher is imminent in the near-term. This strength is likely rooted in the bullish monthly close that the benchmark cryptocurrency was able to post yesterday. This was the first time in three years that Bitcoin was able to close its monthly candle above $10,700. Many analysts are now noting that this may…

Decentralized Exchanges Are Building a Life Raft but Need a Bridge

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Recently, crypto traders have shown a lot of enthusiasm for decentralized exchanges, or DEXs. The enthusiasm is warranted. We’re starting to see the fruits of many years of hard work pay off with DEX trading volume and use increasing every day.  In spite of this growth, the vast majority of crypto trading still takes place on centralized exchanges. DEXs offer a clear set of benefits in terms of fund security, flexible custody and transparency, so why is it that the majority of the market still shuns them in favor of…

Microsoft in Talks to Buy Social Media Sensation TikTok in U.S.

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Following increasing pressure from Washington on the possibility of TikTok being used as a data spying app by China, Microsoft is allegedly in talks to purchase the sensational social media app. The recent reports indicate the potential of Microsoft Inc (NASDAQ: MSFT) to purchase Chinese-based ByteDance Ltd operations in the United States amidst heightened U.S.-China economic row. The Chinese tech firm that has attracted the attention of Microsoft is the brain behind social media sensation app TikTok, an app that has grown more in popularity world-wide amidst the coronavirus pandemic.…

Bitcoin ‘Fills’ $11.6K Futures Gap, But Is $10K More Likely Than $15K?

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The price of Bitcoin (BTC) has seen a great week with a surge to $11,700. After two months of consolidating inside a range, the price of Bitcoin finally broke through the psychological barrier of $10,000 and currently faces the final hurdle before the bull market can start.  Most often, people become bullish once they see green candles, with which extraordinary targets can be found on social media. Can these be justified or is a cool-down period more likely in the near term?  Cryptocurrency market daily snapshot 1/8/2020. Source: Coin360 Bitcoin…

Bitcoin Futures Traders Bet on Bullish Price Action, but Not Too Fast

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Bitcoin (BTC) futures trading has been on a high since July 21 with both the Chicago Mercantile Exchange and Bakkt seeing sizeable increases in volume and open interest for their contracts. This resurgence in BTC futures comes as the spot market value of the largest crypto by market capitalization reached a new 2020 high. Two months on from the May 2020 halving event, BTC has begun to show signs of the anticipated bullish advance. Bitcoin usually sets a new all-time high in the year following a block reward subsidy decrease,…