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Bear Euphoria Continues As Bitcoin Plummets Below $10,000

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Bitcoin Wraps

The coming altcoin news and Bitcoin news too show a negative decline in the crypto markets, leading to billions of losses on a weekly level. The bear euphoria managed to ‘steal’ away more than $60 billion over the past 7 days and Bitcoin is now down by more than 26% in the same period.

The recent tumbling of Bitcoin’s price of 15% triggered the altcoins to post new losses too. Instead of optimistic targets, the latest cryptocurrency news show bearish targets – with the one of $8,800 that is currently in sight.

Since the weekend, the bear euphoria made BTC dump more than 30% as the selloff accelerates. From an intraday high of $10,750 seen yesterday, Bitcoin is now at $9,500 losing a lot of its value in the past 24 hours. A very slight recovery has made BTC fix its sentiment and go from $9,260 to $9,500 which is the price point at press time.

We can definitely attribute the decline to the latest altcoin news where Facebook’s Libra is a main point of interrogation and investigation from the US Treasury Secretary. On top of this, it seems like Trump’s comments on Bitcoin accelerated a further decline in the long run – despite the House Representative Kevin McCarthy who admitted to ‘liking Bitcoin’.

This did not stop the bear euphoria as the slide back to four figures resumed. According to the expert trader and analyst Alex Kruger, pullbacks should be welcomed in a bull market. As his optimistic tweet showed:

“Bull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows.”

We can also see the Bitcoin hater Nouriel Roubini who is featured on many best cryptocurrency news sites for his pessimistic statement towards BTC and optimistic towards the Trump-Congress hearings. He said:

“Bitcoin has crashed by almost 30% in the last week and over 15% in the last day. As Congress, Mnuchin, Trump and myself point out that the criminal scams of crypto shitcoins-land will be cracked down on, the scammers and criminals know their days of unregulated casinos are gone!”

As a reminder, the bear euphoria has made BTC correct more than eight times during the previous bull run – and Bitcoin lost more than 30% in the same period before reaching the all time high close to $20,000 at the end of 2017.

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Altcoin News

Another Exchange Says Goodbye To The Cryptocurrency Operations

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Many best cryptocurrency news sites recently reported that the competitive arena has taken a toll on Asian cryptocurrency exchanges, with two of them deciding to leave the market this month. Now, it appears that we have another exchange saying goodbye to the cryptocurrency operations and closing down its venture. The smaller local player and Osaka-based operator of the Zaif exchange has stopped its cryptocurrency operations. As you probably know, Zaif was one of the first exchanges in Japan and was one of the first to gain an operating license from the regulatory Financial Services Agency (FSA). Zaif launched in March 2015, two and a half years before the FSA launched its licensing program. As the altcoin news last year showed, it was a crippling hack which brought financial chaos for the Zaif exchange. This is how the exchange got bailed out by Tech Bureau's rival FISCO. Since then, FISCO has had plans to take on Zaif's customers, transferring the accounts onto its own crypto exchange platform. Now, it seems like Zaif is another exchange shutting down after being unable to compensate all of the customers that had been affected by the hack. As the source Tech Bureau confirmed, Zaif will be closing down with any remaining crypto business being transferred to FISCO:
"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.
The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."  
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Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error

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The head of the cryptocurrency exchange Binance, Changpeng Zhao, is in the latest cryptocurrency news following a recent statement by the exchange. It seems like right now, Binance thinks that the funds are 'not at risk' after a reported technical error started affecting its withdrawals. The CEO Changpeng Zhao (known as CZ) spoke about the entire situation and how it was resolved on August 23, while the funds security was not compromised. He wrote on Twitter stating that "Funds are #safu" employing a well-known catchphrase that he had previously created while confirming that there was no danger to the cryptocurrency holdings. https://twitter.com/cz_binance/status/1164772701589737472?s=20 Featured in the coming altcoin news, CZ explained that Binance thinks funds are safe right now. He centered on Amazon Web Services (AWS) too, stating that the problems with caching were what produced the error messages for a portion of the Binance traders. The withdrawals were also impacted as he noted. “AWS is having an issue, mostly with caching services, affecting some users globally. We are working with them and monitoring the situation closely,” CZ wrote, adding:
“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”
Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.
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Wikipedia Co-Founder Claims EOS Is De Facto Centralized

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Wikipedia Co-founder Larry Sanger who is a veteran technologist criticized EOS for being centralized and threatened to fire the blockchain project. He stated that EOS is becoming a centralized ledger that is controlled by the Chinese authorities so today we read more about his stance on EOS in the altcoin news below. Sanger even chose EOS to run his decentralized content distribution platform Everipedia, now claims that EOS is controlled by the Chinese entities and said that Everipedia could not function with a heavily centralized blockchain. Sanger said that the dapp would eventually quit using EOS and as we can read from the excerpts:
‘’We cannot continue to build dapps on EOS if the network is de facto centralized in the hands of the Chinese. I’ve been making noise internally at EP about this since I learned about it earlier this summer. Sorry, but it can’t go on much longer, as far as I’m concerned.’’
The statements appeared more than a year ago after the Wikipedia co-founder announced they would develop a truly censorship-proof system on built on the EOS blockchain. As Everipedia’s chief information officer, Sanger noted that EOS will make the process of approving articles, making edits and storing information more distributed but his latest comments outlined that the project did not assist his platform into becoming more authentic, decentralized version of Wikipedia. Despite becoming one of the most popular and widely used blockchains, EOS has a huge problem concerning its integrity. There are a few other people who own a huge part of the project’s tokens. This gives them a massive influence on the right to select block procedures which is a total of 20 entities that validate and add transaction records on the native blockchain. The structure resembles a corrupted democratic process according to Sanger where one individual can vote up to 100 times because he has up to 100 identity cards. This increases the probability of potential cooperation where the malicious actors can join together to seize the EOS funds or alter transaction records saved on the blockchain. As explained in some of the best cryptocurrency news sites, the huge problem lies in the inability of Block.one which is the parent company of the cryptocurrency to solve the problem. This became even worse when Dan Larimar the CTO of the company confirmed that the decentralization is not their biggest priority.
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White House Reveals The Cryptocurrencies Used To Buy Drugs

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This August 21, the White House issued two advisories regarding the illicit drug purchases in the United States, both of which contain references to the specific cryptocurrencies which have been allegedly used as part of this process. The advisories were featured on many best cryptocurrency news sites - as well as addressed to various financial institutions and digital payments platforms. As the documents by the White House state:
“An analysis of sensitive financial data indicates that domestic illicit drug manufacturers, dealers, and consumers use online payment platforms or CVC to purchase precursor chemicals or completely synthesised narcotics primarily sourced from China.”
In the altcoin news, there has been an outlining of the cryptocurrencies which were used to pay for foreign drugs. CVC, as you can see in the context, refers to "convertible virtual currencies" which include the names of Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) as well as Monero (XMR), the White House noted. The drug fentanyl is apparently also noted by the advisories who said:
“Similar to purchases from a foreign source of supply using MSBs or online payment processors, individuals located in the United States search for fentanyl and identify potential websites that may provide the opportunity to purchase illicit drugs online. Foreign representatives will instruct the U.S.-based individual to send payments through CVC, such as bitcoin, bitcoin cash, ethereum, or monero.”
The latest cryptocurrency news show that the White House advisories note that “CVC transactions generate a significant variety of information elements that may be extremely useful to law enforcement.” Therefore, the financial institutions are always recommended to collect details in case of suspicion - including “virtual currency wallet addresses, account information, transaction details (including [...] hash), relevant transaction history, available login information (including IP addresses), information obtained from analysis of the customer’s public online profile and communications, mobile device information,” etc. As we reported last month, the US Department of the Treasury and the representative Steven Mnuchin said that the authority will be preventing Bitcoin from becoming an “equivalent of Swiss-numbered bank accounts.” Before this, Mnuchin said that he shares the president's (Donald Trump) concerns about the use of cryptocurrencies towards financing illicit activity.
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