Since showing up, Bitcoin was a target of a huge number of attacks and criticism as we have covered extensively in our crypto news reporting. People have been asking themselves whether it is possible to kill bitcoin if we just stopped talking about it, but this is very unlikely to happen.
A Reddit user even created a list of all possible attacks that can eliminate bitcoin and according to him there are three types of attacks:
- Slowdown the development
- Slowdown the adoption
- Reduce the efficiency of the infrastructure
If bans are imposed on using Bitcoin, governments will cause inconvenience to people who own them. But, bitcoin was banned in many countries such as Vietnam, Bolivia, Ecuador and many others but the bans didn’t bring any results. In other countries such as China and South Korea, even a rumor about a ban affected the exchange rate of the cryptocurrencies. Despite the rumors, Bitcoin still remains alive.
Cyber warfare is a type of hacking and illegally manipulating social networks. Bitcoin was a target million of times but it showed excellent resistance and remained still. This is due to the extremely strong security system Bitcoin has and also because of the many decentralized nodes that are in the network.
Another type of attack could be the PR attacks. Popular media and government officials often say that Bitcoin is associated with crime. Media takes these statements and exaggerates the extent of damage that news like these makes.
Despite all the types of attacks out there and the creativity of the people who want to harm bitcoin, killing it would require a lot more effort than this. However, there are several agencies that can significantly impact and damage Bitcoin so we would be foolish to think that Bitcoin is indestructible.
New Crash Of $35 Billion Makes BTC Revisit Four Figures
“And there’s the dump right before the daily close. Typical price action for $BTC near important levels is a pump or dump right before or after the daily/weekly close. This certainly sets up the daily and weekly to close bearish. And will likely focus on shorting any rally,” he said in a tweet.The weekly candle closed heavy and ignited the new crash further. As BTC tested the 50 day moving average which is currently serving as a level of support, all signals are indicating a continuation of this correction. So, Bitcoin visiting the $8,000 region is definitely a possibility - but Rager added that even like this, four figure BTC is a gift.
“Said it once and will say it again, 4 digit Bitcoin is a gift, whether it hits $9ks or even $8ks," he concluded.In the coming altcoin news, we can see that the new crash and Bitcoin retreat has hurt the altcoins even more, with some of them losing as much as 20% of their value.
Trump Banning Bitcoin Could Happen But It Is Unlikely: Economist
“Trump could also go after fiat onramps, by simply forbidding banks to service crypto exchanges, or by requiring banks to not service exchanges unless conditions XYZ are fulfilled (and make that practically impossible).”In reality, however, Trump would need to convince the Congress of the need to ban Bitcoin and lawmakers could overturn his demands - even if they occurred via an executive order or similar emergency measures. So, Trump banning Bitcoin is feasible at this point - but the probability of it becoming law is extremely low, Krueger concluded. https://twitter.com/krugermacro/status/1150638173837516800 Krueger's comments went viral on many best cryptocurrency news sites several days after the mainstream media suggested that Trump had inadvertently made Bitcoin a campaign issue for the upcoming 2020 presidential elections. https://twitter.com/krugermacro/status/1150638180800090112 As Forbes also noted, some of the competing hopefuls (among which Andrew Yang) have long held an opposing view which shows that Bitcoin is in fact something to embraced at national policy levels. Krueger's comments on Trump banning Bitcoin showed thaT US regulators could arguably determine that crypto assets are too volatile to be sold to retail (non-accredited) investors. In the last tweet, Krueger noted that Trump could issue an executive order banning US people from dealing in Bitcoin - and that he has already done so with the Petro cryptocurrency.
Wells Fargo Claims It Won’t Allow Customers To Purchase Bitcoin
“Customers can be better served when they have a relationship with a trusted provider that knows them well, provides reliable guidance, and can serve their full range of financial needs.”As noted in the best cryptocurrency news sites, Wells Fargo banned the purchase of Bitcoin and other crypto assets by using the bank’s credit cards. The company’s spokesperson stated:
“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency […] We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry.”When Wells Fargo claimed that Bitcoin is risky and volatile, they didn’t look back to the 2008 financial crisis when all of the markets collapsed. As a result, millions lost their homes and jobs and an economic disaster started around the world. The bank was the contributor to one of the world’s largest financial crises but it did receive about 25 billion USD of Emergency Economic Stabilization Act funds and as CBS put it:
“Wells Fargo hit the jackpot. It was one of the first banks to get bailout funds – the biggest amount awarded in a single shot: $25 billion tax dollars.”
Did Donald Trump Make Bitcoin A 2020 Election Issue?
"Possibly the largest bull signal for [bitcoin] ever," said Jeremy Allaireo Twitter, the head of the Bitcoin/crypto exchange and payments group, Jeremy Allaire. "Crypto now a presidential/global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency."The Bitcoin and cryptocurrency community is also asking themselves “did Trump increase the hope in Bitcoin” as they are ready to embrace a new bull run by the most dominant cryptocurrency. Many people took Trump’s tweets as an endorsement of Bitcoin and the underlying blockchain technology.
"Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago," Coinbase chief executive Brian Armstrong tweeted in the latest altcoin news. "'First they ignore you, then they laugh at you, then they fight you, then you win.' We just made it to step three y'all."Again, did Donald Trump push the BTC price higher? The market is not sure about that - but there are many market watchers who think that there will be a positive boost from Trump giving Bitcoin and crypto airtime.
"Even though Donald says he's not a fan of bitcoin, the fact that he's mentioning it at all is hugely bullish for the entire crypto market," wrote Mati Greenspan, senior market analyst at eToro.Now that Trump has made Bitcoin a valid issue, there is nothing stopping the major cryptocurrency from pushing forward and becoming a bigger part of many campaigns
Join us on Facebook
- ETH Nosedives 15%, Crypto Market Value Drops To $28 Billion
- Tougher Crypto Regime Announced In The UK: The ‘Dirty Money’ Crackdown
- New Crash Of $35 Billion Makes BTC Revisit Four Figures
- Tether Minted 5 Billion USDT By Mistake – And Immediately Burned Them
- Trump Banning Bitcoin Could Happen But It Is Unlikely: Economist
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News4 days ago
Google Coin To Come As Part Of FANG Goes Crypto: Winklevoss Brothers
Regulation2 days ago
IRS Confirms That It Has Trained Staff For Detecting Crypto Wallets
Uncategorized3 days ago
Bitcoin Searches On Google Increase After Trump’s Bashing Tweet
Blockchain News3 days ago
Visa And VC Firm Are Investing $40 Million In Crypto Security Systems
Blockchain News3 days ago
Japanese Hackers Steal $32 Million In Crypto From Bitpoint Exchange
Altcoin News2 days ago
Crypto Market Remains Vulnerable: More Losses On The Way?
Analysis3 days ago
Ether Is Consolidating The Losses Against Bitcoin
Altcoin News3 days ago
Trump Voices His Opposition To Crypto In A Tweet