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Crypto Tidbits: Bitcoin Hits $9,000, Institutional Cryptocurrency Investment Spikes, NBA Team Uses Ethereum

Another week, another round of Crypto Tidbits. The past seven days have been quite, quite exciting for Bitcoin and its ilk.

Per data from Coin360, BTC has gained 11% in the past week, rallying as high as $9,000 as buyers have stepped in en-masse. While already impressive in and of itself, what has been especially interesting is the performance of altcoins, which have largely outpaced Bitcoin for the first time in a while.

Ethereum gained 22%, surging to multi-month highs on the back of positive news and an influx of buying pressure; Bitcoin Satoshi’s Vision (BSV) has surged by 75%, rallying higher on developments in a court case between Craig S. Wright and his former business partner; and a majority of other altcoins saw weekly gains between 10% and 20%.

Like the market, the underlying industry saw its fair share of positive developments over the past week, which is as follows.

Bitcoin & Crypto Tidbits

  • Grayscale Sees Record Inflows Into Bitcoin & Crypto Products: On January 16th, Grayscale released its “2019 Digital Asset Investment Report.” Per the report, which summed up the performance of the company’s funds and other investment vehicles in 2019, the company raised $607.7 million worth of investment last year. The report, while filled with other tidbits of data, has seemingly two trends to tell. Firstly, investors still largely prefer market leader Bitcoin, with the company’s flagship Grayscale Bitcoin Trust gaining $471.7 million of the aforementioned $607.7 million sum. And secondly, there exist record levels of institutional interest and involvement in the cryptocurrency market, with Grayscale reporting that 71% of the inflows into its Bitcoin and crypto funds garnered were sourced from players like traditional hedge funds, pensions, and endowments.
  • Crypto Giant Gemini Launches Insurance Business: Crypto giant Gemini Trust, the company headed by the Winklevoss Twins, has just launched its own insurance company dubbed Nakamoto. The company will be servicing customers of Gemini’s Bitcoin custody branch, which stores crypto-assets for its clients, to the tune of $200 million worth of coverage. The coverage is for the cold/offline wallets the firm operates.
  • Ex-Top Financial Regulator In U.S. Wants a Digital Dollar: Christopher Giancarlo, a former head of the CFTC in the U.S. that gained a nickname “Crypto Dad” for his support for Bitcoin, has created a new organization to promote the development of a digital U.S. dollar:  the nonprofit Digital Dollar Foundation. This new organization, the report claims, is effectively a think-tank that will focus on developments around turning the dollar into a digital currency or asset based on blockchain or a blockchain-like technology. The Digital Dollar Foundation will also look into the benefits of bringing the dollar digital (and presumably the drawbacks, too). This venture is being supported by another former CFTC official, Daniel Gorfine, a private equity company, and information technology giant Accenture.
  • NBA Team Sacramento Kings to Use Ethereum, Again: Per a press release published to the official NBA website on January 15th, the Sacramento Kings will be launching a new auction platform that will allow fans to buy in-game sports gear (game-worn jerseys, balls, etc.). The platform was made in collaboration with ConsenSys, an Ethereum-centric blockchain development studio, for it actively uses a solution called Treum, which uses blockchain for supply chain. In 2014, the NBA team made history when it began to accept Bitcoin as payment in their arena. Late last year, the company announced that it will be offering vinyl collectible figurines powered by Ethereum, with each toy being assigned a non-fungible token that ensures that no two Crypto Kaijus are the same.
  • Twitter Tipping Rumor Generates Bitcoin HypeThis week, The Information, a Silicon Valley insider media outlet, released a report revealing that Twitter is currently considering a feature that will allow users to send money and value to other users. Some in the cryptocurrency space saw this as a sign Twitter may allow on-platform Bitcoin transactions. Others echoed this optimism, claiming that solutions like the Bitcoin Lightning Network, which enables BTC transactions that can be well under a dollar and can take place in literal seconds, would be perfect for this tipping feature. Not to mention, in a Twitter post last year, Jack Dorsey, chief executive of both Twitter and fintech company Square, showed his love for a cryptocurrency service that allows Twitter users to tip Bitcoin to others through the Lightning Network.


Featured Image from Shutterstock

Bitcoin Price Analysis: Bears Take a Beating as Bulls Eye $9.5K

bitcoin price analysis chart Trading

Bitcoin Price Analysis: Bears Take a Beating as Bulls Eye $9.5K

It’s been a fairly exciting week for Bitcoin bulls, with rally upon rally feeding into the bullish sentiment. Although the weekly is not closed as of typing, Bitcoin saw its value jump 14% this week to $9169,5(Bitfinex). However, it seems that for all the gains achieved this week, Bitcoin has found itself staring at a significant high-time frame resistance zone on the weekly and daily charts.

Bitcoin Weekly Analysis

To understand where we might be going, let’s break down where we’ve been in weekly chart retrospective review. After an explosive first half on 2019, the second half of 2019 saw bitcoin’s price establish a series of entrenched bearish market structure; Lower lows and lower highs. This trend continued till mid December 2019, where after a period of consolidation and a fake-out to the downside, bitcoin managed to break its weekly pennant, push past prior lows of 7700 and then over 40% from the lows at $6477.

BTC/USD bitcoin chart

However, technically speaking, bitcoin has yet to firmly establish a break in larger bearish structure, and has still not made a higher high or higher low in this price range. Although the bulls have delivered a healthy dose of humble pie to bears this season, price is at significant high time-frame resistance, where hibernating bears have begun to wake up and even lure traders into a bull trap. The similarities to the 2018 bear market are eerily similar. However, something to keep in mind is the RSI indicator is about to close above the 50 midpoint, which in the past signalled a high probability of bullish continuation.

Bitcoin Daily Analysis

The daily is a perfect chart to view to establish one’s bias. On the one hand, we have both a bullish break of a descending wedge/channel; and yet on the other hand we have a simple retest of prior support that has now become resistance (Red Box).

Although it currently looks like the bulls have been caught with their pants down, if they manage to reclaim $8500-$8400 as support (which they currently seem to be doing-Green box)) it could simply be bullish consolidation at a new upper range from which to retest $9000 and eventually print higher highs. However, if bitcoin has truly exhausted its bullishness, and $9000 does hold as resistance, we could drift down to $7700 and test support once again to recharge. The daily RSI has been trending downwards since July 2019, and although RSI is approaching “overbought” zones, the larger RSI trend on the daily is still bullish as long as RSI remains above the midpoint at 50 on any retrace.

4-Hour Analysis

The 4H chart is essentially telling the same story as the daily chart—we hit high-time frame resistance and had a strong bearish reaction off of it into a healthy support zone.

If price maintains bullish structure and does not venture below $8400, there’s a strong possibility price will retest the highs and eventually delve into the mid $9000’s range—where I expect a lot of volatility. If bears take charge, price could see $7700, which would, in this authors opinion, be a golden longing zone.

Recap and Conclusion

There’s no denying that on a weekly time frame, the prevailing trend since July 2019 has shifted. This was jump-started by price faking out to new lows. A few weeks later, bitcoin price is retesting old support turned resistance. Now, it’s time to be cautiously optimistic about bullish prices in the coming weeks, provided we manage to clear the lower $9000 and not lose $7700 as support. This $8400-9000 zone is a significant piece of price the bears and bulls are fighting over, and the winner will likely set the trend for the coming months into the halvening.

Where do you think Bitcoin price is heading this week? Add your thoughts in the comment section below!

Images via Shutterstock, BTC/USD chart by Tradingview

Analysts Are Optimistic After Bitcoin Just Plunged by 3%: Here’s Why

Just minutes ago as of the time of writing this article, Bitcoin (BTC) plunged 3% within a few minutes’ time, falling from $8,750 to as low as $8,460 in a short time period. On some exchanges, this marked a new low for the day’s price action, traditionally a bearish sign.

Despite this 3% drop, analysts are saying that this move may actually be more bullish than bearish, for BTC managed to bounce back to $8,650 just minutes after the plunge as shown in the above chart took place.

Bitcoin Actually Bullish After Secondary Dump

Cryptocurrency trader Credible Crypto, who called Bitcoin’s decline to the $6,000s then the subsequent bounce to the high-$8,000s in the middle of December, remarked in a recent tweet that the recent price action is a clear sign “bulls are refueling.” By “refueling” he means preparing for another push higher.

Backing this optimistic quip, the analyst pointed at the chart that can be seen below, which shows that BTC’s one-day candle has held the key support band in between $8,400 and $8,500 in spite of the severity of the dump.

This has been echoed by trader Cryptomer, who noted that BTC is preparing to rally by 7% to return to $9,200. He looked to the fact that one of Bitcoin’s indicators has held a key support level, suggesting a strong bounce back to previous highs is likely underway.

On a more macro basis, trader FizeekMoney noted that one of his indicators shows that Bitcoin remains decisively in a bull market, with the indicator recently surging off a macro support level. He added that this bounce is a clear sign “BTC is going to be back at $14,000 before Crypto Twitter is ready.”

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Massive $100m Bitcoin Selling Pressure: Here Are Levels to Watch After the Violent Drop

Overnight Bitcoin (BTC) faced a violent rejection that caused its price to plummet to the lower boundary of an ascending channel it has established over the past several weeks. This rejection has shifted the overall market sentiment and has led many previously euphoric bulls to grow increasingly bearish.

It is important to note that the strength of this latest selloff may spell trouble for Bitcoin, as it was driven by nine-figure volume in a single 10-minute candle, suggesting that bears have underlying strength in spite of their recent weakness.

Bitcoin Plummets After Bears Garner Massive Strength

At the time of writing, Bitcoin is trading down 3% at its current price of $8,660, which marks a notable decline from its daily highs of $9,200 that were set at the peak of last night’s rally.

After tapping $9,200 BTC’s uptrend began to show signs of faltering, as it began to trail lower until it touched $9,100, which is around the time at which bears roared and sent the crypto reeling to $8,600.

This selloff occurred in the span of ten minutes and was driven by an influx of over $100 million in trading volume during this short period of time.

“$101,747,000 in a single 10-minute candle. A lot of volume on our first volatility spike of the year!” Bitcoin options and futures platform Deribit noted in a tweet.

Because of the sheer size of this selling pressure, it does appear that Bitcoin’s bears may be strongly than they were previously thought to be.

A Break Below This Ascending Channel Could Mean Massive Losses Are Inbound

Teddy, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that BTC is currently hovering around the lower boundary of an ascending channel that it has been caught within for the past several weeks, with last night’s selloff marking a rejection at the channel’s upper boundary.

“#BITCOIN | $BTC Shorts didn’t fill, as they were spread on and above the resistance of channel – Have some SCALP long bids on dotted for a potential retest of the channel’s support as resistance – below it the bias of the structure would not look bullish, at all,” he explained.

If BTC’s bulls lose their recent strength and fail to hold Bitcoin above its current price levels, it could mark a major change in the cryptocurrency’s market structure, signaling that further losses are imminent.

Featured image from Shutterstock.

Peter Schiff Forgets Bitcoin Wallet Password, Blames Bitcoin

Peter Schiff Forgets Bitcoin Wallet Password, Blames Bitcoin

Peter Schiff Forgets Bitcoin Wallet Password, Blames Bitcoin

Peter Schiff hates Bitcoin almost as much as bitcoiners hate Schiff. The gold bug makes a point of dissing the cryptocurrency whenever he can, despite the hypocrisy of accepting BCT on his own website. Today, the eccentric entrepreneur found a new reason to rip on bitcoin after forgetting his wallet password – and apparently Bitcoin is to blame.

Also read: How to Create Custom SLP Tokens With the Bitcoin.com Mint

Schiff Shifts Blame for Forgetting Password

Bitcoin has been blamed for all manner of crimes over the years, from destroying the environment to funding terrorism. Today the decentralized cryptocurrency had a new accusation leveled against it: denying Peter Schiff access to his wallet.

Peter Schiff Forgets Bitcoin Wallet Password, Blames Bitcoin

“I just lost all the #Bitcoin I have ever owned,” Schiff tweeted in typical Trumpian fashion. “My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad!”

When it was put to the 56-year-old that user error, rather than an intrinsic flaw in Bitcoin, may be to blame, he became defensive and doubled down on his facepalm. “There is zero chance I forgot my password. I used a very simple numeric password that I have used many times in the past … I remember it. The wallet doesn’t.”

While some pointed out the fatuity of using a simple password, and others the inability for software to “forget” a password, most simply typed the two-word riposte that has been used mercilessly against Schiff more than any member of his generation: okay boomer. “You just went full boomer,” tweeted one. “Never go full boomer.”

Peter Schiff Forgets Bitcoin Wallet Password, Blames Bitcoin

Not Your Password, Not Your Coins

The screenshot accompanying Schiff’s initial tweet showed it to be the Blockchain.com wallet he was using. Within hours of his frustrated message, the company had tweeted to reassure him that they were “sorry to hear about the issues you’re currently experiencing with your Blockchain Wallet. Please rest assured, your funds are secure. We will PM you shortly.”

Peter Schiff Forgets Bitcoin Wallet Password, Blames Bitcoin
Peter Schiff

If Schiff has genuinely forgotten the password to his noncustodial wallet, he can recover the funds provided he retains the private key. Many wallets, including Blockchain.com, enable an optional user-generated password to simplify logging in. Exporting the wallet keys into wallet software such as Electrum should restore access to the BTC.

While crypto Twitter weighed in with a mixture of helpful support and dank memes, Schiff continued to bump his gums, tweeting “Since all the Bitcoin in my corrupted wallet were gifted to me, it’s not that great a tragedy for me that they’re lost. “Easy come, easy go,” is especially true for #Bitcoin. My plan was to HODL and go down with the ship anyway. The difference is that my ship sank before Bitcoin.”

Schiff’s ship may have sank, but Bitcoin sails on, with the maverick libertarian’s BTC still aboard.

Peter Schiff Forgets Bitcoin Wallet Password, Blames Bitcoin

Do you think Schiff will ever remember his wallet password? Let us know in the comments section below.

Images courtesy of Shutterstock.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

Kai Sedgwick

Kai’s been manipulating words for a living since 2009 and bought his first bitcoin at $12. It’s long gone. He’s previously written whitepapers for blockchain startups and is especially interested in P2P exchanges and DNMs.

Here’s Why Analysts Are Bullish After Bitcoin Price’s Rapid 7% Plunge

Earlier Sunday, Bitcoin (BTC) suddenly fell off a cliff after its latest bout of bullish price action. Within a few minutes’ time — yes, literally a few minutes — the leading cryptocurrency slipped by 7%, plunging from $9,150 to $8,600 (as low as $8,450 on some crypto exchanges). Altcoins followed suit, posting equally as harrowing losses, with Ethereum and XRP tumbling 6% themselves.

Despite this strong drop, which comes as BTC was trying to flip the key $9,000 psychological and technical resistance into a support level on a macro basis, analysts have remained bullish on Bitcoin. Here’s why.

Bitcoin’s 6% Drop Is A Bullish Sign, Kinda 

Prominent cryptocurrency trader The Boot, who famously turned 0.6 Bitcoin into millions of dollars worth of the cryptocurrency in just over a year, noted that the selling volume seen after the 6% drop seemed “low AF.”

With this in mind, the trader asserted that it may be wise to “scale into buying the dip until proven wrong,” further explaining that a bearish setup, constituting a lower high and breaking support, has yet to form on the short-term charts.

An analyst going by Thrillmex echoed this optimism, posting a tweet in the wake of the dramatic collapse. He showed in his tweet the BTC quickly wicked higher on the four-hour chart after briefly tapping the key supports at $8,463 and $8,577, implying something of a swing failure pattern or a “long liquidity hunt.”

While this long bottom wick isn’t indicative of a reversal, the fact that BTC managed to close the candle above the aforementioned supports shows that not all hope is lost for bulls.

Similarly, another trader pointed out that while the 200-day moving average was lost in this drop, the 9-day moving average has decisively held. This is important as Bitcoin has ridden the nine-day moving average higher over the past 10 days.

The fact that it is trying to hold this level could suggest that this drop is just a short-term correction before another push higher towards the $10,000s.

Featured Image from Shutterstock

Over 5,000 Ugandan Citizens File Petitions Over Cryptocurrency Scam


Over 5,000 Ugandan Citizens File Petitions Over Cryptocurrency Scam


Over 5,000 Ugandan citizens have petitioned Parliament following a high-profile scam by cryptocurrency firm Dunamiscoins Resource Ltd. 

According to a report by KMA Updates, more than 5,000 Ugandans submitted a petition seeking a refund over money invested in Dunamiscoins, which suddenly shuttered in December 2019. The fraudulent crypto firm billed itself as a privately owned company and claimed it was committed to providing complimentary crypto services to banks in order to benefit the low income and poor. 

In late 2019, Dunamiscoins’s bank account was suddenly frozen, with petitioners arguing that more than UGX 23 billion ($6.2 million) in client funds was locked in the firm. 

Arthur Asiimwe, de facto leader of the petitioners, told the Speaker and members of Parliament, 

[The] government licensed this company and gave it the go-ahead to work as a non-deposit taking financial institution; it carried out its duties as a microfinance company. They gave unrealistic bonuses.

Asiimwe and other petitioners argued that Dunamiscoins was operating as a microfinance company despite being registered as a non-deposit financial institution. While two of the company’s three directors have been arrested, Managing Director Susan Awoni remains at large. 

Asiimwe continued, 

We are not satisfied with what the Police report that they have failed to arrest the third director. We request that the Financial Intelligence Authority follows this up and trace where the money is and we are refunded.

Featured Image Credit: Photo via Pixabay.com

XRP’s Violent Rejection at Key Resistance Level Spells Trouble for What’s Next

Overnight, Bitcoin faced a firm rejection after attempting to garner significantly further upwards momentum. This instantly led major altcoins like XRP and Ethereum to drop in tandem, shinning a light on some potential underlying weakness within the crypto markets.

It is important to note that while the latest downwards movement by many altcoins may simply be the result of their close correlation to Bitcoin, XRP’s ongoing drop has marked a rejection at a key resistance level, signaling that it may soon see significantly further downside.

XRP Erases Four Days of Gains During Sharp Overnight Drop 

At the time of writing, XRP is trading down 3% at its current price of just over $0.23, which marks a notable decline from its overnight highs of over $0.25 that were set concurrently with Bitcoin’s rally up towards $9,200.

Over a weekly period, XRP is still trading up significantly from lows of under $0.21, although the overnight drop erased the notable gains it incurred since this past Thursday.

In the near-term, it does appear that the crypto has found strong support at its current price regions, and it is highly probable that whether or not it holds above this support rests in the hands of Bitcoin.

Previously, analysts were noting that XRP’s two key support levels existed at roughly $0.25 and $0.27 respectively, with the latest selloff marking a firm rejection at the former resistance level.

Prior to last night’s rally and subsequent drop, Galaxy – a popular cryptocurrency analyst on Twitter – told his 60k followers that he is long on XRP as a break above $0.25 could spark a movement to $0.30, but the overnight drop seems to have invalidated this bullishness.

“XRP showing signs of strength. Break $0.25 and it’s showtime. $0.3 as a first target,” he previously noted.

Without a Firm Break Above $0.27, Further Losses Are Likely Imminent

In addition to needing to break above $0.25, prominent analyst Jacob Canfield also noted that XRP needs to push past $0.27 in order for there to be any real shift in trend.

“XRP – In a downtrend channel and looking to test the last 2 years of support and former resistance $.27 cents. Before the massive breakout to $3.00. Will they be rewarded for their patience or will we see more of the same?” he noted.

Because the embattled cryptocurrency has failed to break above either of these key resistance levels, there is a strong chance that it could once again find itself caught within a firm downtrend that sends it back below $0.20.

Featured image from Shutterstock.