Business

  • Bitcoin Stares at Another Big Plunge as Mining Difficulty Hints Dropping 10.25%

    Bitcoin mining difficulty could drop by 10.25 percent on Thursday. It will be the most significant downward adjustment since “halving.” Historically, wild negative swings in Bitcoin’s mining difficulty has led to significant price drops. Bitcoin risks undergoing a short-term price drop as it becomes easier for its producers to mine it. Sasha Fleyshman, a trader at California-based Arca, noted that Bitcoin’s network difficultly could drop by as much as 10.25 percent during the New York trade session. It would be the most significant downward adjustment since Bitcoin’s third halving on May 11. The first took place on May 20 with a mere 6 percent plunge. Expected bitcoin mining difficulty adjustment | Source: Sasha Fleyshman Twitter Capitulation Scare The Bitcoin network undergoes a self-correcting phase that decides how difficult it is to mine bitcoin after every 2016 mined blocks. A drop in the difficulty makes it easier to confirm and add transactions on the blockchain every 10 minutes. Meanwhile, a rise makes it difficult for miners to find new blocks on the network primarily when they use outdated, low-efficient machines. Therefore,…

    Jun 4, 2020
  • Craig Wright Refutes Tulip Trust Fabrication

    Craig Wright maintains that he alone has access to the ‘Satoshi’ Bitcoin addresses filed in court, despite a message apparently signed by 145 of the addresses calling him “a liar and a fraud”. Wright says anyone that thinks his credibility is now in tatters as a result “doesn’t understand digital signatures at all”. He is being sued by the estate of his alleged former business partner Dave Kleiman, which is seeking a share of billions of dollars of Bitcoin (BTC) the pair may or may not have mined together. As part of the case, Wright filed a list of early Bitcoin addresses he claims are his. However, on May 24 an unknown actor posted a message, signed with the private keys to 145 addresses on the file list. This was seized on by the Kleiman estate to suggest the entire list was a fabrication.   But in an interview with Patrick McLain on REIMAGINE 2020’s YouTube channel on June 3, Wright said: “No message was signed,” refuting the idea that anyone could sign such a message anonymously:  “You have to either…

    Jun 4, 2020
  • California’s early shelter-in-place order may have saved 1,600 lives in one month |

    California was one of the first states to enact shelter-in-place orders.Aydin Palabiyikoglu/Getty Images The primary strategy to slow the spread of the coronavirus has been social distancing, which reduces contact between individuals. While the federal government can recommend social distancing, the decision to issue formal measures ultimately resides with state and local governments. Though almost every state in the nation eventually implemented some policy to combat COVID-19, there was a lot of variation in what was done and how quickly each state acted. In recent research with the Center for Health Economics and Policy Studies, we examined the strongest of such measures, the shelter-in-place order. We focused on the order in California, which was the first to be implemented. Why California? California provides an important case study for several reasons. This is a state which not only implemented its social distancing measures early in terms of the date, but also early relative to the growth rate of the statewide outbreak. The average daily growth in confirmed coronavirus cases in the four days before enactment in California was 19.1%. As a…

    Jun 4, 2020
  • How Germany Saved Its Workforce From Unemployment While Spending Less Per Person Than the U.S. |

    by Alec MacGillis ProPublica is a nonprofit newsroom that investigates abuses of power. Sign up to receive our biggest stories as soon as they’re published. The global coronavirus pandemic threw Petra Hamann’s job into peril faster than just about any other. She is a physical therapist, a profession that is all about close proximity to others, with a clientele that leans toward older people, exactly the population most vulnerable to the virus. In March, she and the rest of the 10-person therapy group that employed her lost virtually all of their clients, first as a result of clients’ fears about coming in for appointments, then as a result of government stay-at-home orders. But neither Hamann nor anyone else in her group lost their job. Instead, they were kept on and, even while having zero clients, received 60% of their normal pay. As about half her clients gradually started to return in recent weeks, she began making 80% of her usual pay (including compensation for the clients who had not come back). And she was able to do so without having…

    Jun 4, 2020
  • Technicals Suggest Bitcoin Needs To Clear $9,800 For Hopes of a Fresh Rally

    Bitcoin is currently correcting higher from the $9,300 support against the US Dollar. BTC price must clear the $9,740 and $9,800 resistance levels to continue higher in the near term. Bitcoin is currently showing a few positive signs above the $9,500 and $9,600 levels. The price is likely to gain bullish momentum if it breaks the $9,740 and $9,800 resistance levels. There is a bear flag forming with resistance near $9,740 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could resume its decline if it fails to clear the $9,740 resistance zone. Bitcoin Price Facing Hurdles Yesterday, we saw a sharp U-turn in bitcoin price from well above $10,000 against the US Dollar. BTC broke many key supports near $9,800 and the 100 hourly simple moving average. It even spiked below the $9,500 support and tested the $9,300 support area. A low is formed near $9,299 and the price is currently correcting higher. It is now trading above the $9,500 pivot level. There was a break above the 23.6% Fib retracement level of the…

    Jun 4, 2020
  • Podcaster Joe Rogan Uses Crypto-Powered Brave Browser

    Podcaster Joe Rogan has revealed that he uses the privacy focused Brave browser to avoid internet ads and Google tracking in the latest episode, which features American musician and comic Reggie Watts. It’s one of the most high profile endorsements in Brave’s history with Rogan’s podcast downloaded more than 190 million times each month. The show was recently licensed to Spotify in a $100 million deal. This latest episode has already received 1.7 million views on YouTube in the first 24 hours. You’re getting tracked In the 2.5 hour episode, Rogan and Watts devoted almost 30 minutes to discussing Internet privacy, apps and ads: “If you want to use Instagram or if you want to use Facebook, you’re getting tracked.”  They discussed their difficult experiences with many of the major social media apps along with Google’s intense surveillance and tracking and pointed to a recent $5 billion lawsuit filed against Google for tracking users even in privacy mode, without consent.  style=”display:block; text-align:center;” data-ad-layout=”in-article” data-ad-format=”fluid” data-ad-client=”ca-pub-4791668236379065″ data-ad-slot=”8840547438″>,

    Jun 4, 2020
  • Marathon Patent Group Announces Installation of 700 M30S+ ASIC Miners and Company is Debt Free |

    700 Miners Expected to Generate 56 PH/s (petahash) of Hashing Power LAS VEGAS, June 03, 2020 (GLOBE NEWSWIRE) — Marathon Patent Group, Inc. (NASDAQ:MARA) (“Marathon” or “Company”), one of the few Nasdaq listed cryptocurrency mining companies in the United States, today announced the completed installation of 700 M30S+ ASIC Bitcoin Miners that were purchased on May 11, 2020. The company is awaiting delivery of 1,160 Bitmain S19 Pro ASIC Miners in the next 60 days. Convertible Note Fully Converted to Equity On May 19, 2020, Marathon announced the reduction of the conversion price of Convertible Note originally issued on August 31, 2017. The entire principal balance of $999,105.60 and $215,411.30 of accrued interest has been fully converted by the Note holder to Marathon Common stock, reducing the company’s Long-Term Debt to zero. This reduction in Debt results in a substantial improvement in the company’s Balance Sheet and increases our Stockholders Equity. Investor Notice Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under…

    Jun 4, 2020
  • Vodafone Enlists Blockchain Nonprofit for Tracking Renewable Energy Use in Europe

    With solar panels flooding power grids with more electricity than some utilities companies may know how to handle, telecom giant Vodafone and blockchain nonprofit Energy Web have devised a communications solution. ,

    Jun 4, 2020
  • Why an Eerily Accurate Analyst Still Expects Bitcoin to Retrace to the $7ks

    After the $1,500 drop that Bitcoin sustained just the other day, analysts are reconsidering their bullish skew on the crypto market. One analyst went as far as to suggest that the cryptocurrency is poised to correct towards the $7,000s after seeing that harsh rejection above $10,000. The analyst in question predicted months in advance BTC would bottom in 2019 at $6,400, and called for BTC to top around $11,000 earlier this year. Related Reading: Ethereum DeFi Nears $1 Billion Milestone Again, and That’s Big for the ETH Bull Case Bitcoin Poised to Drop in the Near Term The analyst in question shared the chart below on June 3rd, showing that Bitcoin’s macro price action from the $20,000 high until now looks eerily similar to the consolidation after 2013’s bull market. During that consolidation, Bitcoin twice retraced to the green growth curve indicated in the chart below. In this cycle, it has done that only once, suggesting it will fall to the $6,000s-7,000s one more time before a full-blown bull run. Macro BTC price chart from a prominent crypto trader “Dave the…

    Jun 4, 2020
  • US Regulators Target Bitcoin ATMs: 88% of the Funds Exit the Country via Machines

    Bitcoin automated teller machines (BATMs) will become the next target for regulators, as world governments tighten screws on money laundering. According to Ciphertrace CTO John Jeffries, crypto-cash machines will attract “greater…regulatory focus” in a bid to rein-in alleged cross-border illicit financial transfers. Jeffries urged “the need for more uniform regulatory enforcement and compliance” as governments start to crack down on crypto-infused automated teller machines. This comes as Ciphertrace released a report showing that cross-border transactions accounted for 74% of bitcoin moved between exchanges in 2019. Of this, 88% of funds leaving the United States through bitcoin ATMs were sent to cryptocurrency exchanges abroad – mostly to “high-risk” platforms. The amount of money wired to overseas exchanges at high-risk has grown rapidly, doubling every year since 2017, said the crypto intelligence firm, in the report published on June 2, 2020. The report did not provide specific figures on the extent of capital leaving via BATMs. High-risk exchanges are “nefarious exchanges known for facilitating criminal activities and money laundering,” according to Ciphertrace. These types of exchanges may not be inherently criminal, but…

    Jun 4, 2020
  • ‘Crypto Mom’ Nominated to Serve as SEC Commissioner Until 2025

    President Trump has nominated Hester Peirce to be a member of the U.S. Securities and Exchange Commission (SEC) for a second term ending in 2025. Pierce has been affectionately dubbed ‘Crypto Mom’ for being one of the most enthusiastic proponents of cryptocurrency at the SEC. In an announcement on the White House website on June 2, the executive branch of the U.S. government said it had sent ten nominations for unfilled positions or those up for renewal to the Senate for approval, and withdrawn one.  Among the names put forward was Peirce, who has served as one of five commissioners for the SEC since 2018. Her first term was scheduled to end June 4, but this nomination ⁠— if approved by the Senate — would have her in office until June 5, 2025. Safe harbor for token projects Peirce is well known in the crypto community for proposing a safe harbor from SEC registration for decentralized token projects in February. The proposal would allow network developers a three-year grace period to build a decentralized network as well as attract participants…

    Jun 4, 2020
  • Market Wrap: A Bitcoin Lull as Stocks Signal Economic Optimism

    Bitcoin (BTC) was trading around $9,575 as of 20:00 UTC (4 p.m. ET), gaining less than a percent over the previous 24 hours.  After Tuesday’s rapid 8% drop in less than five minutes on high sell volume, bitcoin’s prices have steadied. At 00:00 UTC on Wednesday, the world’s largest cryptocurrency by market capitalization was  changing hands around $9,528 on spot exchanges like Coinbase. Ten hours later, it staged a small run-up to $9,650 yet low trading volumes dashed any hopes of a substantial rally. Bitcoin is below its 50-day moving averages, signaling a technical sideways bearish sentiment.  Bitcoin trading on Coinbase since June 1Source: TradingView After an exciting start to a week where bitcoin surged quickly then dropped, traders certainly have strong opinions on recent market activity ,

    Jun 4, 2020
  • Analyst Claims “All Bets are Off” Once Bitcoin Breaks $10,500; Here’s What the Charts Say

    Bitcoin has seen incredibly mixed price action in recent times, with its rally to $10,400 invigorating buyers while its decline from these highs has bolstered bulls. Although its mid-term trend remains incredibly unclear, there are a few technical factors that offer insight into the cryptocurrency’s near-term outlook. One such pattern suggests that the crypto is currently in a precarious situation, as a bear-favoring triple top formation is currently in play. There is a diagonal trendline that could help invalidate this pattern, and one analyst is even noting that “all bets are off” for Bitcoin if it breaks $10,500 – suggesting this will be the level that catalyzes a massive upswing. Beware the Triple Top: Bitcoin’s Rejection at $10,400 Puts Bearish Pattern in Play  Yesterday morning, Bitcoin lost the immense buying pressure that helped send it to highs of $10,400. The break below $10,000 triggered a cascade of liquidations that sent it down to lows of $8,600 on BitMEX – leading roughly $100 million in positions to be liquidated. This also marked the third clear rejection that the benchmark cryptocurrency has…

    Jun 4, 2020
  • Spanish Multinational Launches Free Tool to Decrypt Files Affected by VCryptor Ransomware

    On June 3, Spain-based telecommunications conglomerate, Telefónica, released a free tool to recover data encrypted by the VCryptor ransomware. The tool, VCrypt Decryptor, was created as part of an international initiative titled “No More Ransomware”. This alliance was established by McAfee, Europol, Politie, and Kaspersky. It is one of several tools that aim to decrypt almost 134 types of ransomware. VCrypt’s attack method According to ElevenPaths, Telefonica’s specialized cybersecurity unit, VCryptor creates a password-protected .zip file in which it stores all encrypted data. It then generates new files with the extension “.vcrypt,” to replace the original files. The ransomware then launches a message notifying the victim that the attack has been perpetrated. The are instructed to pay the attackers a ransom through cryptocurrencies in order to restore access to the files, with most hacker’s currency of choice being Bitcoin (BTC). The free tool created by ElevenPaths aims to take advantage of a weak point in VCryptor’s encryption password method. Ongoing efforts Telefonica’s cybersecurity division has also been involved in creating free tools to decrypt files affected by PopCorn ransomware. Cointelegraph…

    Jun 4, 2020
  • Why the Bitcoin Price Will Double to $20,000 in 2020

    Bitcoin took a heavy beating yesterday after attempting to break past $10,000 for the first time in weeks. As reported by Bitcoinist previously, the asset plunged by $1,500 in three minutes, falling as low as $8,600 on BitMEX due to a barrage of sell orders. On spot exchanges and some other derivatives exchanges, the cryptocurrency managed to hold the low-$9,000s. Despite the brutal sell-off, a Bloomberg analyst sees Bitcoin hitting $20,000 in 2020. He cited a confluence of fundamental factors to back this cheery prediction. Bitcoin Could Double in 2020 According to senior commodities analyst at Bloomberg Mike McGlone, the leading cryptocurrency is on track to hit $20,000 by the end of 2020. McGlone explained Bitcoin’s price action over the past few months, before and after May’s block reward halving, is looking much like the price action in 2016. Should the historical relationship continue, BTC could hit $20,000: “Bitcoin is mirroring the 2016 return to its previous peak. Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of…

    Jun 4, 2020
  • Analyst: Ethereum Bulls Still In Control at $240, Even Without “Real” Buying

    After breaking out past $250 on June 1st, Ethereum saw a harsh rejection on June 2nd. The asset fell from over $250 to $225 in a matter of minutes, crushed as Bitcoin slipped by a similar amount on top exchanges. Despite this strong drop, analysts assert that bulls still remain in control of the asset. Related Reading: Crypto Tidbits: Bitcoin Nears $10k, Goldman Sachs Talks Cryptocurrency, Chinese Yuan Slumps Ethereum Bulls Still in Control, Despite 10% Correction In the wake of the correction, a prominent trader noted that Ethereum remains above crucial support levels. The chart indicates ETH is still trading above the eight-day moving average, along with the $225 horizontal resistance. This is important as it shows that bulls remain on control. As the analyst remarked in reference to the chart: “Ethereum Daily [chart] – Bulls have built a pretty nice chart without any real buying pressure.” ETH price chart shared by prominent trader “Cheds” (@BigCheds on Twitter). The chart shows that the cryptocurrency remains above crucial support levels on a technical basis despite the recent retracement. A commenter responding…

    Jun 4, 2020