Monthly Archives: October 2020

A researcher debunks Stock-to-Flow model, likens Bitcoin to a ‘tech stock’

“There are many reasons why the price of Bitcoin can rise or fall, but S2F is not one of them”, contends report author. A report authored by the research team of ByteTree purports to debunk one of the most popular Bitcoin (BTC) valuation models — Stock-to-Flow. The model provides a very optimistic forecast for Bitcoin, claiming that a year from now we should see price levels above $100,000. Source: Glassnode. BytTree’s co-founder and chief investment officer, Charlie Morris, dedicates the entire fourth chapter of the report to […]

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Bitcoin price fundamentals in ‘moon mode’ as BTC held on exchanges drops

Analysts believe Bitcoin’s on-chain fundamentals point to a 2017-style bull run Despite an uneventful month for Bitcoin (BTC) price, on-chain metrics suggest that Bitcoin may be gearing for an imminent bull run. Noticeably, the number of Bitcoin held on spot exchanges has been decreasing since the start of the year, according to data from on-chain analytics firms, CryptoQuant, and glassnode. Crypto analyst, Willy Woo, noted that this change in trend is extremely bullish for Bitcoin as it signals an increased demand for the asset and interest in […]

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Hacker from the 2016 Bitfinex Breach Transfers $21M Worth of Bitcoin to Unknown Wallets

On Wednesday morning (ET), around 2,034 BTC ($21.6 million) from the 2016 Bitfinex hack moved into a few unknown wallets. The action was caught by the Btcparser program as five transactions with around 400 BTC each moved for the first time in four years. On August 2, 2016, the popular digital currency exchange Bitfinex was hacked for 119,756 BTC which is around $1.2 billion in bitcoin using today’s exchange rates. The hacker was able to swipe roughly 18% of what was stolen from Mt Gox a few […]

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Coinbase hemorrhages employees following controversial culture stance

Coinbase CEO Brian Armstrong publishes further details about his company’s changing landscape. After adjustments to company policies, popular U.S.-based crypto exchange Coinbase has seen backlash from employees who disagreed with the changes.  Coinbase received national attention for a recent change to its policies, which required employees to avoid political and social distractions, and instead focus on its core mission of building “an open financial system for the world”. Multiple commentators, including Jack Dorsey of Twitter, found the new direction to be at odds with the cryptocurrency industry’s […]

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NFTs take on DeFi? Nonfungible tokens push to be the next crypto craze

NFTs have been gaining traction in the background, but where is the industry headed? Decentralized finance has become the center of attention throughout most of 2020, sparking talk of a renewed alt season, with many believing that mass adoption of DeFi will be coming within the next three to 10 years. Nevertheless, other sectors in the space have also been gaining traction. Nonfungible tokens are a perfect example of this. An NFT is a tokenized version of an asset, digital or otherwise. They are similar to stablecoins, […]

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DOJ states it has jurisdiction over foreign crypto companies that touch US servers

The US government says they have broad extraterritorial jurisdiction over crypto-related businesses. The Cryptocurrency Enforcement Framework issued by the U.S. Department of Justice stipulates a number of cases where it will exert its authority over foreign actors: “where virtual asset transactions touch financial, data storage, or other computer systems within the United States”, if they use cryptocurrency to import illegal products into the U.S. and if they “provide illicit services to defraud or steal from U.S. residents”. This also applies to foreign entities that engage in money […]

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DOJ says use of privacy coins is ‘indicative of possible criminal conduct’

Privacy coins are getting more attention than ever from the U.S. government. A new report from the U.S. Department of Justice alleges that crypto traders dealing with coins like Monero, Dash, and Zcash are inherently engaging in “high-risk activities.” According to the “Report of the Attorney General’s Cyber Digital Task Force” released by the DOJ on Oct. 8, anonymity enhanced cryptocurrencies, or AECs, undermine and even facilitate existing anti-money laundering, or AML, and combating the financing of terrorism, or CFT, regulations put in place by businesses dealing […]

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US attorney general releases guidelines for enforcing crypto laws

Regulation and guidance continue to come in hot from the land of the free. William Barr, the attorney general for the U.S., published official guidelines for keeping crypto markets accountable.  The lead U.S. attorney’s Cyber-Digital Task Force put together the guidelines, officially calling them: Cryptocurrency: An Enforcement Framework, according to an Oct. 8 statement from the U.S. Department of Justice.  The statement explained: “The Framework provides a comprehensive overview of the emerging threats and enforcement challenges associated with the increasing prevalence and use of cryptocurrency; details the important relationships that […]

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Bitcoin price turns bullish on Square’s $50M BTC purchase: Is $11K next?

Bitcoin price rallied close to $11,000 after Square announced a $50 million BTC purchase. The number of Institutional investors stepping in to Bitcoin continues to increase and this appears to be inspiring some newfound confidence in Bitcoin price. Just today Square announced that it had purchased 4,709 Bitcoin (BTC) for $50 million. Square is not the only large company to take this action. Recently, MicroStrategy made waves for also announcing a significant purchase of Bitcoin. These news events could be a signal to investors that a new […]

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Jack Dorsey’s Square adds 4,709 Bitcoin to its balance sheet

They went so far as to refer to cryptocurrency as “an instrument of economic empowerment.” In a surprise move, Square announced the acquisition of 4,709 Bitcoin (BTC) worth roughly $50 million at time of publication. The company’s co-founder Jack Dorsey has been a long-term proponent of Bitcoin and crypto, while the company’s CashApp allows its users to invest in Bitcoin. This news comes months after another publicly traded company, MicroStrategy, decided to convert a portion of its treasury into Bitcoin. Currently, the company holds 38,250 BTC and […]

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