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Bitcoin News

BitMEX CEO: Bitcoin Is Our Best Hope For A Private Form Of Money



CEO of one of the most popular crypto exchanges BitMEX Arthur Hayes expressed his opinion about bitcoin being the ‘’society’s best hope for a private form of e-money’’ so for that reason in today’s blockchain news we are about to find out more about his stance on the future of cryptocurrencies.

BitMEX is now one of the larger crypto trading platforms and Hayes is known to be bullish on the future of cryptocurrencies and proclaimed that cryptocurrencies are the near future of e-money saying they are a ‘’synthesis of the existing central bank system and our increasingly corporatized economy.’’

Hayes used WeChat Pay so he could explain his theory. The platform is one of the most innovative platforms in China where users can pay merchants via mobile app connected to your bank account. The BitMEX CEO thinks that platforms such as that one are disrupting the traditional fiat payments but can also endanger the privacy.

He continued to explain how the private corporations easily have access on all of the customers’ information and this can leave an open door for government agencies to gain access as well and violate the customers’ privacy:

‘’At the same time, we’ve seen our governments in the West, when the spirit moves them, lean hard on our corporate friends to cough up our personal information. Unsurprisingly, the corporations tend to comply with these requests.’’

As a possible solution, Hayes noted that Bitcoin has the ability to become the most popular digital asset in that will protect the customers because of its decentralized nature. The network that Bitcoin uses doesn’t demand permissions or favors and there is no identifiable information contained in the transactions.

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Bitcoin News

Warning: Fake Wasabi Wallet Appears On The Market

Warnings are issued on almost every major crypto news website after a fake version of the Wasabi wallet appeared on the market that is probably designed to steal bitcoins. Nopara73 who is a Wasabi developer which is the only one, who has confirmed his identity, claims that the website for the fake wallet is only aiming to assault Windows users because only that version of the wallet is the illegitimate one. The rest of the links available for download go to the official Wasabi Github repository. According to the developer, he managed to download the off-brand version of the wallet and claims that the software he uses for virus detection has no problem with the wallet which makes the problem even bigger. A compromised Bitcoin wallet can damage someone’s investment and cost someone everything he has. However, this is not the first wallet to have a copycat. Electrum also had a fake copy of itself but the community was quick just as it is now to warn people. Open source software has this major issue that allows everyone to create a clone and this is the wanted effect hackers want to get out of using it. For this reason, if open source developers are able to find the person behind this problem they have the ability to use their licensing agreement and sue whoever is behind the clone because of the GNU public license. Unfortunately, these kinds of lawsuits are rare. The good thing is that the popularity of the real wallet has spiked and it is the first wallet that offers ‘’coin joining’’ which is one of the first wallets to support this method using Bitcoins. The actual distribution of how much the wallet is used is pretty difficult to find out despite the transparency of the network. Many wallets use backend or are able to connect to a node remotely as most of the mobile wallets do. Wasabi is one of the wallets that is most popular in Iran and according to the users, using cryptocurrency is still kind of illegal in the country despite Iran launchings its own cryptocurrency. Creating a fake version of a popular Bitcoin wallet poses a major financial risk mainly if someone wants to change its wallet option and imports the funds using the private key. Luckily, the news for this fake wallet seems to be spreading fast and it is unlikely for the scam to succeed.
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Bitcoin Goes Below And Above $4,000 Again: What’s Causing This Fluctuation?

The latest Bitcoin news show that Bitcoin (BTC) is now under the $4,000 threshold, disappointing many after its bullish run which triggered many other altcoins to surge. The price of BTC traded to a new weekly high above $4,060 before falling sharply against the US Dollar and going below $4,000. Currently, the trend is affecting every altcoin too. Ever since the price broke the key $3,960 support level and tested the $4,000 support levels, Bitcoin looked good - but things changed and a short-term bearish trend line formed with a resistance near $4,015 on the hourly chard of the BTC/USD pair. According to analysts, it was the next key support for Bitcoin at $3,875 that prevented further declines. After a swing low was formed at $3,872 - the price bounced back sharply. The 23.6% Fibonacci retracement level fell from $4,065 to $3,872 and BTC rebounded above the $3,950 resistance level. At the moment, Bitcoin has managed to go over $4,000 again - but is very unstable. The current price that BTC is holding onto is $4,034. The main resistance is now near $4,000 and the 61.8% Fibonacci retracement level proves this instability. Looking at the chart, Buyers might now find it difficult to gain strength above the $4,000 and $4,020 levels . If there are hurdles in the future, there could definitely be another bearish reaction that could move Bitcoin back to the $3,900 waters. The current technical indicators are as following:
  • Hourly MACD – The MACD is slowly moving in the bullish zone, with a positive bias.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting higher, but it is still well below the 50 level.
  • Major Support Levels – $3,950 followed by $3,920.
  • Major Resistance Levels – $4,000, $4,020 and $4,060
According to a prominent analyst, Bitcoin has a massive potential to surge significantly higher, even to $400k in the future. Naeem Aslam, who is a popular crypto trader, has yesterday explained that the lack of buying pressure above $4,000 is likely to lead BTC to a price of $3,500 which may be reached soon if the bulls are unable to keep BTC stable above $4,000. It seems like Rager is right. However, his more controversial statement was aimed at Bitcoin's future and the $400k price level which according to him, is definitely manageable in the future - and is not a "fool's paradise" as he stated.
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Bitcoin (BTC) Is Likely To Surge To $400k, According To Prominent Analyst

The recent price action of Bitcoin is confusing many. As the latest crypto news show, Bitcoin (BTC) is up and down on the $4,000 level, not establishing a safe ground but still being stable in the $4,000 waters. What no one can tell is if this rollercoaster is going to end or if the market will finally get in a bullish scenario. However, according to recent comments from one prominent analyst, Bitcoin's price potential is beyond awesome - and BTC has to surge significantly higher in order to reassure embattled crypto investors who have been discouraged by the recent market conditions. Josh Rager is the name of the popular cryptocurrency trader who made the news recently. In times when Bitcoin is fluctuating above and below the $4,000 mark - he believes that it is the bulls that need to maintain BTC's stability above $4,000.
“$BTC Weekly Chart. Gandalf is holding $BTC below the mid $4,200 level. Bitcoin shall not pass the current resistance. So my target for the next drop has an aim at previous support near mid $3,500s,” he explained. Another chief market analyst at Think Markets UK named Naeem Aslam, also spoke about the key importance of the $4,000 level, noting that it will set a trend for which direction the markets could head next. As he said:
“Questions are being asked constantly when it comes to Bitcoin’s battle with the $4000 mark. The result of this battle sets the tone for a bullish or bearish trend. This price level has become a matter of death or life for crypto traders.”
Aslam also believes that Bitcoin could eventually surge as high as $400k, even though the current price indicators don't show that. He explained:
“I personally believe that each Bitcoin can go up as much as $400K and if history repeats itself, this number is not a fool’s paradise. This is a simple math calculation: approximate percentage projection of the price which we experienced during the last bull run.”
Another popular figure in the crypto industry named Ryan Selkis, spoke about the absurdity of purchasing a bottom in times when BTC has a massive potential. As he tweeted:
“I’d be extremely surprised if the bottom wasn’t in for this $BTC bear market. If you’ve been on the sidelines, what are you waiting for if not now? If you’re a long-term bull, the 5 year EV is 25-50x, and you’re going to wait to time an entry that’s 20% more attractive?”      
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Bitcoin News

Twitter’s CEO Wants To ‘’Give Back’’ To The Crypto Ecosystem By Hiring Crypto Engineers

Jack Dorsey, CEO of Twitter and Square, made an announcement that he is trying to ‘’give back’’ to the crypto ecosystem by hiring four full-time crypto engineers and one crypto designer in his team. In our blockchain news today, we read why Dorsey decided to do so. Dorsey stated:
‘’Last week I was considering my hack week project, and asked @brockm: “what is the most impactful thing we could do for the bitcoin community?” His answer was simple: “pay people to make the broader crypto ecosystem better.” This resonated with me immediately, so we’re doing it.’’
The Twitter CEO stated that the newly employed engineers will be reporting directly to him so this has the community baffled and in questions about who will the developers serve-the crypto community or Dorsey himself. For example, if the growing bitcoin development poses a threat to the Square-related developers will they still are left alone to do their work. Dorsey’s power shows how influent he is in the bitcoin development community so users are not particularly happy with this decision. On this issue, Dorsey stated:
‘’These folks will focus entirely on what’s best for the crypto community and individual economic empowerment, not on Square’s commercial interests. All resulting work will be open and free.’’
The CEO of Twitter is one of the most important bitcoin advocates. Last year on the Consensus event he said that he wants Bitcoin to be adopted and hopes for the number one cryptocurrency to become the native currency of the internet. He also stated previously that he wants to be involved in any action that will lead crypto into the mainstream and that is one of the reasons he launched the Square Cash app. Last year revenues for Square show consistent growth. In the first half of 2018, the revenues reached $71 million while profits reached $0.6 million. In the second half, Bitcoin revenues increased to $95 million and profits increased up to $1.047 million. Dorsey has also invested personally in Bitcoin as well as in many BTC startups after he participated in Lightning Labs’ funding round which raised $2.5 million.
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