Satoshi Nakamoto Had Outside Cryptography Help, Says Early Bitcoin Dev

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Indian IT Giant Tech Mahindra Launches Initiative to Equip Youth With Blockchain Skills

Indian IT Giant Tech Mahindra Launches Initiative to Equip Youth With Blockchain Skills

Indian IT giant Tech Mahindra, in association with Idealabs, has launched a strategic initiative to enhance the blockchain skillset and know-how of thousands of engineering students and tech professionals across the country. This, according to a report by Telangana Today, June 1, 2020.

Aiming to Develop a Strong Blockchain Force

In a bid to equip aspiring tech professionals and students in India with blockchain-skills, major Indian IT firm Tech Mahindra has joined forces with Idealabs to launch a country-wide educational initiative.

Per sources close to the matter, the two firms have curated professional certification courses on distributed ledger technology (DLT). 

The finer details of the alliance suggest the firms will increase awareness and knowledge surrounding blockchain technology via online live classes and expert sessions by professionals from the tech industry. The initiative also assists deserving candidates with employment opportunities.

Through this partnership, Tech Mahindra wants to equip engineering students with quality education and skills on blockchain. The program also trains students and aspiring tech professionals to pursue career opportunities in the DLT space.

Commenting on the development, Rajesh Dhuddu, blockchain & cybersecurity practice leader, Tech Mahindra, said:

Tech Mahindra has been at the forefront of evangelizing the adoption and growth of blockchain technology in India and globally. We believe an ‘industry-academia’ collaboration model will be a key enabler in pursuit of setting a global benchmark in developing cutting-edge blockchain technology solutions and platforms across industries.

Adding:

This initiative is a step in this direction wherein we combine our best-in-breed thought leadership and innovation with the hands-on academic experience of Idealabs to hone the skillsets of our young tech talent and prepare them for exciting career opportunities in the blockchain space.

The first of its kind program in India offers hands-on experience on the students’ real-world implementation of blockchain. Reportedly, the course comprises beginner to advanced level content, including industry interactions, expert sessions, industry challenges, innovation programs, and placement opportunities.

India Banking on Blockchain

As one of the fastest developing economies globally, India is actively looking to embrace emerging technologies. As reported by BTCManager in March, Kerala-based tech startup Accubits had announced plans to develop and deploy a DLT-based satellite in space by Q1 2021.

On a more recent note, agriculture blockchain-based startup Agri10x inked a deal with the Indian government to help local farmers gain seamless access to global markets via DLT.

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Market Wrap: As Bitcoin Steadies, Oil’s Turmoil Continues

Both bitcoin and oil were relatively calm Monday, but that when it comes to volatility over the past couple of months, it’s crude, the backbone of global industrialization, that’s seeing wilder swings as of late. 

Bitcoin (BTC) was changing hands around $9,575 as of 20:00 UTC (4 p.m. EDT), gaining less than a percent over the previous 24 hours. Despite a small rally of around $250 on Sunday, the world’s largest cryptocurrency by market capitalization still spent much of the weekend in the mid-$9,000s. 

“We are still waiting on a breakout above $10,055 as a positive catalyst,” said Katie Stockton, an analyst at Fairfield Strategies. Stockton sees signs of price appreciation in the near-term. “There is an upturn in one of my preferred gauges that suggests this week will have a bullish bias within the framework of neutral short-term momentum and positive intermediate-term momentum.”

Bitcoin trading on Coinbase since May 30
Source: TradingView

The wait-and-see approach for traders to get over $10,000 bitcoin hump continues. In the meantime, traders have pointed to increased excitement in the oil markets over the past two months. 

Jose Llisterri, co-founder of cryptocurrency derivatives exchange Interdax, says geopolitical tensions, combined with economic issues related to the coronavirus pandemic, have created a truly unique situation for crude. Oil is climbing 1% with a barrel of crude at $35 as of press time. 

Contracts-for-difference for oil since March
Source: TradingView

The Russia-Saudi Arabia price war, combined with the COVID-19 pandemic, have immensely impacted oil’s roller coaster, ride Llisterri told CoinDesk. “All these events are still playing out, so unless they are fully resolved markets should expect sudden swings in prices. These events have attracted many crypto traders who are lured into volatile markets.” 

While bitcoin has gyrated from as high as $10,081 to as low at $3,866 since March, oil’s price has been more rocky. In fact, oil has been much more volatile than bitcoin since April, with the spot price for crude as high as $48.56 and as low as $0.04 since March. 

Bitcoin vs oil since 3/1/20
Source: CoinDesk Research

David Russell, vice president of market intelligence at TradeStation Group, a brokerage firm, says bitcoin’s fundamental aspects are very distinct from the crude markets. “Bitcoin couldn’t be more different than oil. It has limited supply, which just got even smaller because of halving. Crypto markets also had their last big volatility storm in 2018 and have been getting calmer since.” 

Indeed, in 2020, the bitcoin rollercoaster has had nothing on oil. 

Bitcoin vs. oil since 1/1/18
Source: CoinDesk Research

The high volatility of production, demand and supply is weighing on crude markets, affecting its price tremendously, Russell noted to CoinDesk. “One has finite supply (bitcoin), while the other has a long history of gluts and overproduction (oil).” 

Other markets

Digital assets on CoinDesk’s big board are mixed on Monday. The second largest cryptocurrency by market capitalization, ether (ETH), gained less than a percent in 24 hours as of 20:00 UTC (4:00 p.m. EDT). 

Ether trading on Coinbase since May 30
Source: TradingView

Cryptocurrency winners on the day include neo (NEO) up 7.5%, qtum (QTUM) in the green 3.2% and decred (DCR) up 2%. Losers on the day include ethereum classic (ETC) in the red 3%, tron (TRX) down 2.6% and monero (XMR) slipping 2.4%. All price changes were as of 20:00 UTC (4:00 p.m. EDT) Monday.

Gold is in the green on the day, with the yellow metal gaining less than a percent and closing at $1,740 at the end of New York trading. 

Contracts-for-difference on gold since May 28
Source: TradingView

In the United States, the S&P 500 index was up less than a percent. U.S. Treasury bonds were mixed on the day. Yields, which move in the opposite direction as price, were down most on the 2-year, in the red 3.6%

In Europe, the FTSE Eurotop 100 index of the largest stocks by market capitalization ended up 1%. In Japan, the Nikkei 225 index was in the green 1%.

Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Ripple Unlocks 500 Million XRP as Analysts Point to Immense Weakness

XRP has been trapped around $0.20 for the past several weeks, caught within a strikingly firm consolidation channel that has given it little room to make any notable movements.

This has made its trend grow increasingly unclear and has caused it to post a severe underperformance of Bitcoin and many of its other peers.

Analysts previously noted that the crypto was poised to see some upside after breaking into a bullish cloud formation, but it has since declined back below this technical pattern, invalidating its strength.

XRP’s weakness may also be compounded by the fact that Ripple just recently unlocked 500 million tokens from their escrow wallet – worth an estimated $101 million.

If these tokens find their way onto the market, it could place severe pressure on the embattled crypto, sparking a violent selloff.

XRP Continues Consolidating as Bitcoin and Other Altcoins Gain Momentum

At the time of writing, XRP is trading down just under 2% against both its USD and BTC trading pairs.

This has caused it to decline to $0.20, which happens to be around where it has been trading at for several weeks.

Its consolidation around this level has led it into a downtrend against Bitcoin – which is currently in the process of rallying up towards its yearly highs within the $10,000 region.

The cryptocurrency has been trading sideways around its current price level throughout the past few weeks, with the token first entering this range earlier this month when it declined from highs of $0.22.

One analyst recently noted that the cryptocurrency had attempted to generate some upwards momentum a few days ago when it navigated into a cloud resistance that it was previously facing.

Although breaks into cloud resistance typically result in movements to the cloud’s upper boundary, XRP was not able to do so and quickly declined to its range lows.

The analyst called this a “truly sad show” from the cryptocurrency.

“XRP: Disappointed… Back inside the previous range. Truly a sad show from XRP,” he stated.

XRP

Image Courtesy of Smokey

Ripple Unlocks Massive Amount of Tokens

One factor that could place further pressure on the embattled cryptocurrency is the massive unlocking of tokens from Ripple’s escrow wallet.

According to Whale Alert, 500 million XRP – worth over $101 million – was unlocked yesterday evening from the company’s escrow wallet.

“500,000,000 XRP (101,063,166 USD) unlocked from escrow at Ripple Escrow wallet,” they noted.

It is important to note that Ripple has significantly eased the rate at which they sell their holdings.

A recent report from Messari elucidates this, showing that Ripple had their lowest quarterly XRP sales ever in Q1 of this year, selling a mere $1.75 million worth of the tokens during this time period.

Featured image from Shutterstock.

Mining Hardware Maker Canaan Looks to Issue $12.4M in Stock to Employees

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Hacker Steals Database of the Largest Hosting Provider on the Dark Web

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Protestors Invoke Bitcoin in the Wake of George Floyd’s Death

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This Key Data Metric Shows One Ultra-Bullish Crypto is About to Plunge

Altcoins

This Key Data Metric Shows One Ultra-Bullish Crypto is About to Plunge


  • There’s no question that Chainlink has been the most bullish cryptocurrency on the market throughout the past couple of years, posting massive gains throughout 2019 and 2020
  • These gains allowed it to set fresh all-time highs earlier this year, and it now appears to be navigating back towards these highs
  • Its mounting short-term strength, however, may be plagued by a massive influx of LINK into exchanged over the past day
  • This could suggest that traders are moving their tokens out of cold storage in order to sell the pump

Chainlink has seen unprecedented price action over the past couple of years, being one of the only major digital assets that has been able buck the crypto market’s widespread downtrend and even set fresh all-time highs in early 2020.

Although the crypto had lost some of its momentum after setting these highs, it now appears that buyers are gearing up to make another big push higher.

LINK is now moving to retest its all-time highs after breaking out yesterday evening. Analysts do believe that its ongoing uptrend will continue holding strong until it reaches the upper-$4.00 region.

There is one trend, however, that could spell trouble for its short-term price action, and on-chain data clearly elucidates this.

Chainlink Pushes Towards All-Time Highs as Bullishness Mounts

At the time of writing, Chainlink is trading up over 4% at its current price of $4.38.

This marks a notable upswing from recent lows of under $4.10 that were set yesterday evening alongside Bitcoin’s dip to $9,300.

The rebound from this level has allowed the crypto to set fresh weekly highs, and it is currently trading up significantly from lows set well within the sub-$4.00 region.

As for how high this uptrend could lead the cryptocurrency in the near-term, one analyst recently put forward a chartshowing an upside target at $4.86.

Chainlink LINK Crypto

Image Courtesy of Crypto Michael

This is where its all-time highs – which were set back in early-March – currently sit, and a break above this level would open the gates for it to see serious upside.

This On-Chain Trend Could Spell Trouble for the Crypto’s Uptrend

There is one on-chain trend that could spell trouble for whether or not the crypto is able to climb to these highs.

According to a recent post from analytics platform Glassnode, the balance of Chainlink on exchanges has risen drastically over the past 24-hour as its strength mounts.

“LINK Balance on Exchanges (1d MA) increased significantly in the last 24 hours. Current value is $318,256,509.23 (up 4.8% from $303,624,657.71),” they noted while pointing to the chart seen below.

Data via Glassnode

This data metric suggests that the crypto’s investors are beginning to move their holdings out of cold storage and into exchanges.

These investors may be undertaking these actions in order to have the ability to readily sell the pump should the crypto rally to the resistance at its all-time highs.

Featured image from Shutterstock.

Bitcoin Is Overpriced According Energy Value For First Time Since September 2019

Bitcoin price just reached overvalued status for the first time since September 2019, according to the asset’s Energy Value indicator. While this may sound like a negative thing, after this indicator has bottomed out in the past after each halving, it has spiked upward along with the asset’s price until they each top out once again.

It also marked the last major correction prior to the bull market officially beginning.

Bitcoin Reaches Overpriced Levels According To Energy Value

Bitcoin is the first-ever cryptocurrency to exist.

While other attempts to create a useable form of digital cash were unable to get their footing and solve many of the complex issues these new-age assets faced, Satoshi Nakamoto got around those challenges by tying the asset’s underlying protocol to a process called mining.

Related Reading | Bitcoin ‘Smart Money Indicator’ Revisits All-Time High, What’s Next?

Miners pay high energy costs in order to run computer resources specially designed to solve mathematical equations that validate each block of data and add it to Bitcoin’s blockchain for all to see.

Transparency, decentralization, scarcity, and trust are key elements to the cryptocurrency’s design.

Because the asset has so many unique elements to consider, unusual valuation methods have been developed to gauge the fundamental health of the asset.

These tools include valuation models based on the asset’s digital scarcity, hash rates, or cost of production.

Another tool, that analyzes Bitcoin’s energy value, has just indicated that Bitcoin price has become overvalued, according to the asset’s Energy Value.

While this may sound like an ominous prediction that a crash will bring valuations back to reality, in the past its caused the opposite reaction after an initial correction.

Any Post-Halving Crash Could Be The Last Retest To Confirm Support Before New Crypto Uptrend

Bitcoin’s halving came and went, and oddly, not much as changed. No significant bull run has taken place, and the post-halving sell0ff that crypto investors were fearing, has yet to occur.

The asset’s Energy Value suggests that the first-ever cryptocurrency isn’t yet out of the woods in terms of experiencing a post-halving collapse.

However, this tool signaling that the asset is overpriced compared to Energy Value has in the past given Bitcoin the boost it needs to actually embark on a new uptrend.

bitcoin energy value crypto

When looking at the previous block reward halving, Energy Value plummeted signaling that Bitcoin was now overpriced.

Price followed briefly, but after that crossunder, it didn’t cross back over until May 2018. At that point, over two years of an uptrend had come to an end and two years of downtrend was just beginning.

bitcoin energy value crypto

Now that the asset’s price is crossing back under Energy Value once again, even if there’s another post-halving correction, it could be the last buying opportunity before the next bull market officially begins.

Compared to the last cycle, Bitcoin price took approximately eight days to cross through Energy Value. This time around, it’s taken 17 days.

Related Reading | BTC Hash Rate Falls Lower Than Black Thursday, More Severe Selloff Incoming?

The post halving crash that everyone has been waiting for, didn’t take place until after the Energy Value drop happened. This crash happened 22 days following the halving.

bitcoin energy value crypto

If timing lines up once again, another crash could happen in roughly 5 days. Coincidentally, a weekly sell signal has appeared on Bitcoin price charts and the hash ribbons point to miner capitulation starting. The two factors would coincide with what the data suggests for timing.

When the crash did arrive, it set the leading cryptocurrency by market cap back by 27% in total. Another 27% drop this time around, would bring Bitcoin back to roughly $7,000.

$7,000, has acted as the point of control for the majority of the last two and a half years of price action. This final drop to retest the point of control could be the last confirmation ever that a new cryptocurrency bull run is here.