Indicators Suggests Bitcoin Is Gearing For Another Lift-Off To $9,550

Bitcoin gained more than 2.5% and broke the main $9,300 resistance against the US Dollar. BTC is currently consolidating gains and it is likely setting up for more upsides towards $9,550. Bitcoin gained bullish momentum above the $9,200 and $9,300 resistance levels. The price is currently consolidating above $9,300 and it is well above the 100 hourly simple moving average. There is a short-term contracting triangle forming with resistance near $9,385 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue higher…

Vitalik Buterin Warns High Fees Threaten Ethereum’s Security

Ethereum (ETH) co-founder Vitalik Buterin has called for reform to the cryptocurrency’s fee system, warning that rising transaction fees could undermine the security of the network. The idea is based on a paper that suggests miners’ increasing reliance on transaction fees may incentivize selfish mining practices in a bid to extract greater profits, risking disruptions to how transactions are processed.  Buterin’s comments come as users report Ether transaction fees tagging 100 gwei. Mythos Capital founder Ryan Adams tweeted earlier today that the Ethereum network must “find ways to fit more…

Twitter Hackers Try to Launder Funds Via P2P and Gambling Platforms

Blockchain forensics firm Ciphertrace has traced funds obtained by the Twitter hackers in the ‘giveaway’ scam to peer-to-peer (P2P) exchanges and crypto gambling sites. On July 21, Ciphertrace reported that 0.2 Bitcoin (BTC) had been transferred to a P2P exchange via a ‘peel chain’ also used by the hackers to move funds to a crypto casino. Peel chains comprise chains of wallets that funds incrementally pass through to obfuscate the movement of illicitly obtained crypto. The tactic is believed to be favored by North Korean hackers — with Ciphertrace estimating…

Verisign Wins US Patent for Blockchain Powered Domain Names

Verisign, a major domain name registry that controls the ‘.com’ and ‘.net’ domains, has acquired a patent that applies blockchain tech to domain names. The United States Patent and Trademark Office (USPTO) granted patent number 10,721,060 to Verisign on July 21. Addresses instead of numbers Titled Domain name blockchain user addresses, the new patent outlines some major benefits and technical advantages associated with registrants utilizing their domain name system (DNS) domain names in a blockchain network. It can provide the ability to use domain names purchased in the traditional DNS…

Cryptojacking and Ransomware Cases Grow in Mexico

Mexican users of public cloud networks report a surge in cryptojacking and ransomeware attacks in recent months. According to El Economista, almost three quarters of Mexican companies that use cloud networks including Amazon, Google and Microsoft, report security incidents resulting in negative perceptions by citizens. Less than a third of the locals fully trust cloud network security. Ransomware attacks  Security weaknesses allow threat actors to deploy other crypto-related attacks like ransomware, including a recent case where an oil company, Pemex, was targeted by the DoppelPaymer gang. The report says that…

Coinsquare’s Leadership Forced Out After Wash Trading $5.5B

Coinsquare’s CEO Cole Diamond and President Virgile Rostand will step down and pay a $1.6 million fine as part of an agreement with Canadian regulator the Ontario Securities Commission (OSC).  According to an announcement from the OSC following a July 21 hearing, Diamond and Rostand have agreed to resign from their positions at the cryptocurrency exchange and will pay around $750,000 and $670,000 in penalties, respectively. Coinsquare and the disgraced duo will also shoulder $223,000 in costs for the investigation.  The Canadian regulator said Diamond and Rostand are effectively banned…

Analyst: Bitcoin Fractal Predicting a Surge to $20k By January Is “Still Alive”

Save for the slight 2-3% rally seen on Tuesday, Bitcoin’s price action over the past few weeks has effectively been non-existent. On a macro scale, the cryptocurrency looks as though it has flatlined, stuck between $8,900 and $9,400, with bulls and bears failing to establish a trend. Yet an analyst who predicted Bitcoin would see a V-shaped reversal hours after it hit $3,700 remains bullish. He recently shared a fractal analysis suggesting that by the start of 2020, the leading cryptocurrency will trade near $20,000 for the second time in…

Why This Top Fund Manager Thinks Bitcoin is Ready to “Explode” Higher

The ongoing rise in the stock market is unprecedented, and in many ways seems familiar to bubbles seen in years past – including Bitcoin and the crypto market’s meteoric rise in late-2017. This is causing many investors to grow fearful about the market’s future and has caused some notable investors – like Paul Tudor Jones – to turn towards Bitcoin and other hard assets in order to guard against future economic turbulence. Although the stock market appears to be strong at the moment, it is being pumped primarily by freshly…

Bitcoiners Are Not Looking for a Store of Value, Gold Bug Adam Schiff Says

A known gold enthusiast, financial commentator Peter Schiff said Bitcoin (BTC) holders are not actually looking to the asset as a storage of wealth — one of the most commonly touted use cases surrounding the coin.  “I buy gold as a way to store my wealth, as a conservative place to keep liquidity, as opposed to keeping it in dollars or some other fiat currency,” Schiff told interviewer Peter McCormack, host of the What Bitcoin Did podcast, during a July 17 episode. “I do think that when people are buying Bitcoin, they’re…

China Considers Implementing Blockchain Tech in Equity Trading Centers

The China Securities Regulatory Commission, or CSRC, recently issued a letter approving five regional equity markets. They will include equity centers in Beijing, Shanghai, Jiangsu, Zhejiang and Shenzhen. These and other regions received authorization to begin experimenting with a blockchain pilot in early July. Blockchain and equity trading According to Beijing Local Financial Supervision and Administration, the next step for the CSRC is to guide Beijing Equity Trading Center to carry out the blockchain pilot. The trading center in Beijing has allegedly built a “relatively perfect infrastructure” for equity registration,…