The growth of cryptocurrencies has been major over the past decade. Since they exist for around 9 years, we can see that cryptocurrencies have had their ups and downs. The latest cryptocurrency news, however, bring a new innovation coming in the form of cryptocurrency insurance.
Knowing that the cryptocurrency market has grown to its current capitalization of more than $200 billion in a relatively short time, the demand for cryptocurrency insurance has always been in place. Already, we can see some big-time insurers emerging as major players in the market.
These include the names of Lloyd’s of London, a centuries-old insurer that is valued at $45 billion, which last year partnered with Coinbase in order to provide a $255 million policy in April this year. Aside from Coinbase, many other custodians adopted a form of cryptocurrency insurance – and some of the examples include Gemini, Kingdom Trust and Anchorage.
Despite the remarkable technology warkehich is backing cryptocurrencies, recent reports show that cybersecurity is still one of the biggest threats to the industry. According to a recent security research report from the firm CipherTrace, more than $4 billion worth of crypto funds was lost through theft and fraud in 2019.
All of this is happening while the BTC news show that the most dominant cryptocurrency is trapped below $8,000. However, cryptocurrency insurance is a sector that is not dependent on Bitcoin.
Last year, for example, Binance announced that it had discovered “a large scale security breach” that resulted in hackers stealing 7,000 Bitcoins worth a whopping $40 million. The exchange noted that the hackers used phishing and viruses to access the hot wallets in the company which contained about 2% of the company’s BTC holdings. In cases like these, cryptocurrency insurance is definitely something that exchanges of Binance’s caliber should have in mind.
All of this suggests that cyber attacks are common in the crypto space and that cryptocurrency insurance may be a good way to deal with them. According to experts such as Hartej Sawhney who is the co-founder of the cybersecurity agency Zokyo Labs:
“There’s an array of low hanging fruits for hackers. You don’t need military training to conduct cybercrime on today’s centralized exchanges.”
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“We have seen an increase in institutional participation in trading, and these professional traders seek out the most efficient ways to trade very quickly, both in terms of cost and performance.”The announcement seems to have sparked a lot of interest among the market participants in the coin especially now since the Basic Attention Token rises significantly. Despite the bullish impulse, this cryptocurrency could face a huge retracement. The TD sequential indicator is presenting two selling signals and one in the form of a green nine candlestick while the other is a sequential 13 candle. These bearish formations show that the Basic Attention token could retrace to four candlesticks before going on further in the bullish trend. A spike in the selling pressure behind this crypto around the price levels could validate the bearish outlook so BAT could even plunge to the 78.6% Fibonacci Retracement level. Breaking below the support line could start a harsh decline to the 61.7 percent or 50 percent Fibonacci retracement levels. The launch of the BAT perpetual contract only boosted the demand for this cryptocurrency. if the BAT is able to close above its recent highs, it could climb further Basic Attention Token is now ranked at #31 by market cap. Besides this altcoin, we can see that almost every coin is in the green today. The Bitcoin price news, for instance, is showing that BTC managed to rise by 3% only this afternoon and is at $10,135, again in the five-digit zone and with a stable momentum.
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Lebanese People Turn To Bitcoin To Escape Dwindling Economy
“Right now, Lebanese are interested in escaping tight restrictions on cash withdrawals and transfers. They basically want financial freedom. If you want to go around the banking system, Bitcoin is a solution.”What is also important to note is that last year, the government unveiled new tax plans - a move that led to a series of angry protests. At the time, protesters called on Lebanon's established political class to step aside, accusing the government of corruption and incompetence. The authorities in the country just spoke to the International Monetary Fund (IMF), asking them to help find a solution to manage the country's debt. Meanwhile, the Lebanese people have already considered options like Bitcoin which is why they are featured in the crypto news by Al Jazeera and many other news portals. https://twitter.com/CryptoLira/status/1214206996406243329
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