Unfixable Intel Chip Vulnerability Could Undermine Encryption on Five Years Worth of Computers, But Is a Difficult Attack to Pull Off – CPO Magazine

A new Intel chip vulnerability described as unfixable could compromise the authentication process of most of the motherboards made in the last five years, giving an attacker full access to the system including encryption keys. The attack is currently theoretical in nature, however, and would require multiple complex steps to pull off including physical access to the device.

The new Intel chip vulnerability impacts CPUs that use the Intel Converged Security and Management Engine (CSME). Specifically, the flaw is found in chips that use CSME version 11. This CSME version was first used in the sixth generation of chips, which were first released in 2015. It is still in use and is not expected to be replaced until the 10th generation of Intel chips (Comet Lake) sees a retail launch sometime this year.

The flaw is found in the 6th to 9th generations of Intel CPUs, as well as the Server Platform Services and Trusted Execution Engine firmware. CSME firmware versions prior to 11.8.65, 11.11.65, 11.22.65 and 12.0.35 are vulnerable.

Intel has a firmware patch available for its own motherboards, but cannot patch the firmware of other motherboard manufacturers. That would be the vast majority of them, as Intel exited the motherboard business in 2013. It would appear that Intels firmware patch cannot actually fix the vulnerability, however; it simply attempts to block off potential exploit paths.

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A devices firmware version can be checked by accessing the BIOS during bootup. This vulnerability appears to be specific to Intel chips; AMD hardware is not affected. It is unclear if Apples T2 security chip is able to mitigate some or all of the Intel chip vulnerability.

Intels CSME is the first step in the initial authentication of any system that uses one of its chips, verifying and booting all other firmware. Its also necessary for certain other software-based security measures to function, such as Microsoft System Guard.

This means that an attacker essentially has access at as root of a level as one can get. Among other things, that means access to system encryption keys. If handled correctly, the breach would also be impossible for a system administrator to detect. An attacker could not just decrypt and exfiltrate information, but also have other computers pose as the compromised device by spoofing hardware IDs. It would also be possible to create malware and spyware that runs at the hardware level, rendering it invisible to antivirus software.

However, this Intel chip vulnerability is not one that can be exploited remotely or with any sort of ease. An attacker would need at least local access to the target computer, and even then World Privacy Forum founder Pam Dixon described the process as requiring extraordinary time and skill. What information is available indicates that a local attacker would either need to physically access the motherboard with some sort of special tools, or would need to compromise other elements of the firmware first to launch a direct memory access attack against CSME. Intel has indicated that their firmware patch will block at least some local attacks; however, security researchers believe that it will not stop someone who has physical access to the motherboard.

At the moment, the public does not have access to much in the way of detailed information about the operation of the security flaw. Positive Technologies, the security firm that uncovered the vulnerability, has promised to release a white paper in the near future that provides technical details.

Intel has struggled through a chain of processor vulnerabilities in recent years. The trouble started in 2018 with the discovery of Meltdown and Spectre, two chip vulnerabilities tied to timing measurements meant to improve processor performance. Intel was able to correct these with software patches, but the incident was serious enough to force the company to revamp its design process to address these issues. Like the new Intel chip vulnerability, these exploits could give attackers far-reaching access to compromised systems and in the case of Meltdown would be virtually undetectable.

The timing of all of this has been unfortunate for the company from a market perspective, as chief rival AMD has made great strides during this same period and now features performance and stability that rivals Intel products at a lower price point.

New #Intel chip vulnerability allow #hackers to run #malware and spyware at hardware level which will not be detected by antivirus software. #respectdata Click to Tweet

The current Intel chip vulnerability is manageable only if system manufacturers opt to create firmware updates for it, but at best it appears this will only curtail local access. Organizations will need to prevent physical access to computers to truly be certain that the exploit cannot be leveraged. Given this, it appears the only 100% safe fix is to replace a vulnerable CPU. That either means a switch to AMD, or a wait of possibly some months for the 10th generation of Intel processors to become more widely available.

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Unfixable Intel Chip Vulnerability Could Undermine Encryption on Five Years Worth of Computers, But Is a Difficult Attack to Pull Off - CPO Magazine

Bipartisan Senate Judiciary Committee introduces bill that censors online content and attacks encryption – World Socialist Web Site

Bipartisan Senate Judiciary Committee introduces bill that censors online content and attacks encryption By Kevin Reed 17 March 2020

Leading members of the Senate Judiciary Committee formally introduced a bipartisan bill on March 5 that escalates US government censorship of online content and directly attacks encryption of electronic communications under the cover of fighting online child sexual abuse material (CSAM).

Senate Judiciary Committee Chairman Lindsey Graham (Republican of South Carolina), US Senators Richard Blumenthal (Democrat of Connecticut), Josh Hawley (Republican of Missouri) and Ranking Member Dianne Feinstein (Democrat of California) jointly introduced the Eliminating Abusive and Rampant Neglect of Interactive Technologies Act (EARN IT Act) that purports to encourage the tech industry to take online child sexual exploitation seriously.

The concept behind the law is that tech companies have to earn their protected immunity from prosecution for any illegal content published by users on their platforms by scanning and decrypting every message, image or post. Until now, online service providers were not responsibleunder what are known as the Section 230 provisions of the Communications Decency Act of 1996for anything users publish on websites, social media accounts or cloud servers.

In introducing the bill, Senator Graham said, This bill is a major first step. For the first time, you will have to earn blanket liability protection when it comes to protecting minors. Senator Blumenthal added, Companies that fail to comport with basic standards that protect children from exploitation have betrayed the public trust granted them by this special exemption.

While claiming to fight online CSAM and enlisting the support of 70 organizations involved in stopping child sexual exploitation, the bills actual content shows that its ultimate purpose is an attack on fundamental democratic rights.

The law calls for the creation of a 19-member commission controlled by the attorney general and US law enforcement agencies. The EARN IT commission will establish best practices that must be followed by the technology companies or they will face criminal prosecution if content on their services is found to be illegal.

According to the Electronic Frontier Foundation (EFF), among the best practices of the EARN IT Act is a proposal by John Shehan, vice president at the National Center for Missing and Exploited Children (NCMEC), that says, online services should be made to screen their messages for material that NCMEC considers abusive; use screening technology approved by NCMEC and law enforcement; report what they find in the messages to NCMEC; and be held legally responsible for the content of messages sent by others.

Therefore, the EARN IT law will place the tech companies and their users in a Catch-22. The law mandates that tech providers either agree to monitor the content and violate the privacy and free speech rights of their users by screening everything they publish, post or store on the service or they agree to be prosecuted by the state for any illegal content that appears on their site.

EFF further explains that the 19-member commission will be completely dominated by law enforcement and allied groups like NCMEC, and the bill gives Attorney General Barr the power to veto or approve the list of best practices. Even if other commission members do disagree with law enforcement, Barrs veto power will put him in a position to strongarm them.

It is well known that William Barr and the US Justice Department have been advocates of online censorship and for abolishing end-to-end encryption in consumer electronic devices. There is nothing stopping the EARN IT Act from introducing as one of its best practices a provision for law enforcements back-door access to encrypted communications and data files. Those firms which refuse to comply would then have their Section 230 protections eliminated.

It is a measure of the dishonesty of the American political system that leading Democrats and Republicans can so transparently use the fears and emotions of the public against child exploitation as a means of attacking fundamental rights protected by the Constitution.

On May 11, the Senate Judiciary Committee held a public hearing on the EARN IT Act and took testimony from witnesses on the proposed legislation. Among the speakers were representatives from the NCMEC, Jared Sine of the online dating company Match Group, a child exploitation legal expert, and Elizabeth Banker of the Internet Association. Of these speakers, only the last spoke against the EARN IT Act.

In her presentation, Banker explained that many of the major tech firms todayincluding Amazon, Ebay, Facebook, Google, Microsoft, Twitter and Uberare members of the Internet Association. She went on to review the multi-faceted measures that tech companies have been engaged in to combat CSAM, going back to the passage of the Communications Decency Act of 1996, from their platforms.

Banker then explained how the EARN IT Act would create numerous problems and hinder the efforts to combat CSAM by violating online users First and Fourth Amendment rights because the providers will be acting as agents of the government. She stated, Under Fourth Amendment jurisprudence, a search performed by an agent of the government is subject to the same requirements as if the government performed the search directly.

Banker also spoke about the implications for freedom of speech in the Senate Judiciary Committee bill, The EARN IT Act would delegate important decisions concerning security, privacy, and free speech on the internetweighty and complex matters that directly impact hundreds of millions of consumersto an administrative body that would be composed of members who are not elected representatives and that would operate with little transparency.

Finally, Banker said that although the bill does not specifically mention encryption, Requiring companies to engineer vulnerabilities into their services would make us all less secure. Encryption technology stands between billions of internet users around the globe and innumerable threatsfrom attacks on sensitive infrastructure, including our highly automated financial systems, to attempts by repressive governments to censor dissent and violate human rights.

It could not have been lost on the Democratic and Republican senators or Elizabeth Banker of the Internet Association that the greatest threat of censorship and violation of human rights all over the world, including within the US itself, comes from American imperialism.

2019 has been a year of mass social upheaval. We need you to help the WSWS and ICFI make 2020 the year of international socialist revival. We must expand our work and our influence in the international working class. If you agree, donate today. Thank you.

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Bipartisan Senate Judiciary Committee introduces bill that censors online content and attacks encryption - World Socialist Web Site

Encryption Software Industry Ongoing Qualitative Analysis with Impacting Factor’s 2020 by Dell, Eset, Gemalto and more – 3rd Watch News

Innovative Report on Encryption Software Market with Competitive Analysis, New Business Developments, and Top Companies

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Prominent players profiled in the study: Dell, Eset, Gemalto, IBM, Mcafee, Microsoft, Pkware, Sophos, Symantec, Thales E-Security, Trend Micro, Cryptomathic, Stormshield

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Encryption Software Industry Ongoing Qualitative Analysis with Impacting Factor's 2020 by Dell, Eset, Gemalto and more - 3rd Watch News

Big Boom in Cloud Encryption Market over 2020-2026 with CipherCloud Inc., Hytrust Inc., Gemalto NV, IBM Corporation and more – The Four Point Play

Cloud Encryption

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Cloud Encryption Market is growing at a steady CAGR within the forecast period of 2019-2026.

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Cloud encryption is a service provided by cloud storage providers, where data or text is converted using encryption algorithms and then placed in the storage cloud. Encryption changes everything, so only authorized parties can receive and view communication. Encryption is performed by gibberish encryption of common data using an algorithm called password. Secure data is called password text. Retrieving encrypted data is as simple as entering the correct password.

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Big Boom in Cloud Encryption Market over 2020-2026 with CipherCloud Inc., Hytrust Inc., Gemalto NV, IBM Corporation and more - The Four Point Play

Data Encryption Software Market: Size, Share, Analysis, Regional Outlook and Fo – News by aeresearch

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BTC: further to fall? or buy on the dip? Snowden says: BUY! – Warrior Trading News

Bitcoin is back under $5000, which has a lot of short-term investors flummoxed.

Others, though, are seeing an opportunity.

This is the first time in a while Ive felt like buying bitcoin. That drop was too much panic and too little reason, tweeted Edward Snowden, that famous whistleblower whose book, Permanent Record, is now revealing lots of inside information about American NSA activities, in the wake of the crash.

Although $5000 in change might look like a great entry point for someone who has seen Bitcoin soar over $10,000 just in recent weeks, some suggest the coin has further to fall, with Peter Brandt as quoted in a Cointelegraph story today by Marie Huillet predicting a floor around $1000 per coin.

However, some with a window into BTC markets suggest that mining will prevail even if the down market goes into the March miner reward halving event planned for May.

Some miners will drop out, tweets Mati Greenspan of eToro fame in a relevant scenario prediction. The hashrate goes down. Difficulty adjusts, making it easier for new miners to enter the market. Bitcoin continues producing blocks uninterrupted.

As for exchange leaders, Anatol Antonovici, in a story today at Bitcoinist, cites remarks by BitMex CEO Arthur Hayes.

Bitcoin has never ceased to surprise us, even though it had previously shown wild spasms of volatility here and there, Antonovici writes. Giving a short-term prediction in such circumstances is ridiculous, but the coin should eventually revive when or if the global economy gets back on track.Yesterday, ( Hayes) said that he didnt believe that Bitcoin would revisit the $3,000 territory and that the max pain probably resides somewhere between $6,000 to $7,000.

Stay tuned.

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BTC: further to fall? or buy on the dip? Snowden says: BUY! - Warrior Trading News

Crypto Traders Explain What Caused the Bitcoin Price Plunge to $3,000s – Cointelegraph

The Bitcoin (BTC) price dropped to $3,600 overnight, marking Bitcoins biggest daily drop in the last seven years. Over $1 billion worth of longs was liquidated on March 12, causing one of the most intense long squeezes in the crypto markets recent history.

The main catalyst of the sudden 50% decline in the price of Bitcoin within a span of eight hours was the 9.99% drop of the Dow Jones Industrial Average. The United States stock market experienced its worst sell-off since 1987, as panic over the coronavirus pandemic intensified to unprecedented levels.

In the past seven days, Bitcoin and cryptocurrencies in general have shown a high level of correlation with the U.S. stock market, possibly due to the overall drop in investor appetite for high-risk assets. The steep correction in the U.S. stock market together with a lack of buying demand as Bitcoins price fell to the low $5,000 levels ultimately led the price to decline to $3,600.

Until the global financial market begins to show signs of recovery, potentially through the introduction of more stimulus packages from central banks in Europe and the U.S., Bitcoin is likely to remain vulnerable to abrupt pullbacks in the near-term.

Speaking to Cointelegraph, cryptocurrency trader and technical analyst Eric Thies said that while the focus of investors has solely been on the coronavirus pandemic, there have been major geopolitical conflicts and risks affecting the market as of late, such as the the dispute over oil prices between Saudi Arabia and Russia. The unexpected decline in the price of oil further imposed additional pressure on global markets, adding to the uncertainty, fear and instability felt by investors. As Thies said:

Todays massive dump in both the crypto markets and the traditional markets was very interesting to say the least. While many would say it is solely due to the coronavirus, looking into it further and you will see this does not show the usual signs of a recession. This may be because of the war on oil that many people have not heard about due to the news of the virus.

Thies noted that with the drop to $3,600, a new market cycle for Bitcoin could begin. Top traders have said in the last 24 hours that the overnight plunge of Bitcoin could kickstart a long accumulation phase, similar to in early 2019.

If that happens, institutions could continue to accumulate BTC at lower prices if the appetite for risk-on assets improves over time, making the market less concentrated on whales or individuals that own a significant amount of BTC. Thies explained further:

One thing I think that is overlooked by many crypto investors is the money flow in this new market cycle. This is the first market cycle where the weight of the money will potentially be held by institutions. That means that Bitcoin is now tied to the traditional markets, and far from being a safe haven when it comes to the emotional cycles of humans, and our instinct to save our money when we become fearful.

Throughout February, the Grayscale Bitcoin Trust showed a premium of around 30% relative to the spot exchange price of Bitcoin on platforms like Coinbase. This represented a steady inflow of capital from accredited and institutional investors in Bitcoin.

The Bitcoin price crashed down into the $3,000s because of the highly leveraged nature of the cryptocurrency market and the unwillingness of buyers to step in amid extreme volatility and uncertainty. After the drop, the liquidity of Bitcoin wore to the point in which a limit sell order of around $11 million was lowering the BTC price on BitMEX by $300 relative to other exchanges. Cryptocurrency trader Jacob Canfield explained in a tweet:

This guy is trying to offload $11 million here with limit sells, but it's been holding the price down relative to other exchanges. Mex was running $300 lower than almost any other exchange due to liquidation backlogs.

$11 million limit sell order for BTC on BitMEX. Source: Jacob Canfield Twitter

A large portion of the daily cryptocurrency exchange market volume comes from futures trading platforms like BitMEX, OKEx, Binance Futures and FTX. This suggests that the majority of traders in the cryptocurrency market are trading major cryptocurrencies with borrowed capital.

In times of heightened volatility and unforeseen market sell orders in the hundreds of millions of dollars, Bitcoins price could react with a severe correction with no end in sight, such as on March 12. Before the large drop occurred, Thies said that $4,800 looked as the next logical level of support based on previous areas with high trading activity. Thies said prior to the drop to the $3,000s:

It appears BTC may have been caught by the $5.6K breakout range from 2019. For bulls, the only good sign at the moment is that it technically confirms last years breakout as a legitimate change in trend from the 2018 bear trend, with a successful back-test of that break out range.

The Bitcoin price dropped below every major support, even further than the last remaining support at $4,800 across all major exchanges, as virtually all longs in the market were wiped out in a span of several hours.

A screenshot shared by well-known cryptocurrency trader I am Nomad showed an investor on BitMEX losing 1,220 BTC overnight, which would have been an equivalent of $9.7 million before the drop.

More than $1 billion of longs was liquidated in the last two days on BitMEX alone, precisely because large longs above $10 million started to be stopped or liquidated, which then turned into strong selling pressure.

In the aftermath of the 50% drop in the price of Bitcoin, top industry executives that oversee the sectors largest investment firms expressed their belief in the asset class and confidence in the long-term trend of the market.

Michael Sonnenshein, the managing director at Grayscale which oversees the Grayscale Bitcoin Trust, a publicly tradable Bitcoin investment vehicle with around $2 billion in assets under management said that he hasnt doubted his faith in the cryptocurrency industry and the community amid this extreme volatility:

I'm 7+ years into my digital currency journey. Years ago I'd wake up in the middle of the night to check prices or allow my stomach to churn when the market dropped precipitously, but I never once lost faith in what this incredible community has built. Stay strong. HODL on.

The billionaire CEO of Galaxy Digital, Mike Novogratz, said that the confidence of investors across the world in just about every asset seems to have dropped, which makes Bitcoin all the more valuable in the long term. Paolo Ardoino, the chief technology officer at Bitfinex, said that one single day does not make a market, adding that:

"Bitcoin is a battle tested asset which in time will prove its underlying strength as a genuine store of value. While Bitcoin has grown to fruition during a period of massive QE from central banks it will in time prove its metal as these policies surely begin to fail."

According to Thies, one positive takeaway from the market crash is that it occured at the beginning of the month, leaving more time for BTC to recover and stabilize. Had the drop happened in late March, it would have caused larger time frame candles like the monthly candle of BTC to close with a drop to the $3,000s, which could have established an intensely negative precedent for the months to come. Thies concluded:

Although we arent sure what mayhem ensues in the media and markets from here, just know this: Buy when people are fearful. Sell when people are greedy. Times like these, in which emption and stop-losses are triggering catastrophic results are typically a sign of true capitulation and often a time to countertrade the masses.

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Crypto Traders Explain What Caused the Bitcoin Price Plunge to $3,000s - Cointelegraph

Bitcoin Lost Roughly 50% Of Its Value In A Day – Forbes

Bitcoin prices plummeted today, driven lower by various factors. (Photo by Chesnot/Getty Images)

Bitcoin prices plummeted today, shedding approximately half of their value as global markets were afflicted by widespread panic and liquidity problems.

The digital currency fell to as little as $3,867.09, CoinDesk figures show.

At this point, the cryptocurrency had plunged 49.6% from its price of more than $7,600 at the start of the day, and was trading at its lowest in almost a year, additional CoinDesk data reveals.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

When explaining bitcoins extreme price decline, analysts emphasized concerns surrounding the coronavirus and a global liquidity crunch.

Further, several market observers pointed to Asian trading as fuelling the digital currencys sharp losses over the last several hours.

Most of crypto is driven by the Asian market, said Marouane Garcon, managing director of crypto-to-crypto derivatives platformAmulet. The threat of coronavirus is greater over there.

Joe DiPasquale, CEO of cryptocurrency hedge fund managerBitBull Capital, also weighed in, stating that as Asia woke up to the market crash, it helped drive prices down further.

John Iadeluca, founder & CEO of multi-strategy fundBanz Capital, emphasized the importance of trading activity in South Korea.

When investors in the East Asian nation woke up several hours ago and began their day, they realized the destruction that the global financial markets caused while it was their night time, he stated.

The psychological stance as well as global virus pandemic are playing perfectly into one another to see cash as the only possible current safe haven, said Iadeluca.

While this latest drop may look dire for bitcoin, there may also be a silver lining, according to Michael Conn, founder and managing partner of financial services firm Quail Creek Ventures,

He stated that while the liquidity crunch continues, the current situation is an overreaction and will lead to buying opportunities in the near future, he said.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.

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Bitcoin Lost Roughly 50% Of Its Value In A Day - Forbes

Bitcoin Price Briefly Dips to 12-Month Low in Overnight Trading – CoinDesk – Coindesk

Bitcoin (BTC) has made a quick bounce from a dip to below $4,000 seen early on Friday.

The cryptocurrency is currently trading near $5,415, up around 40 percent from the low of $3,867 reached around 02:15 UTC. That was the lowest level since March 25, 2019, according to CoinDesks Bitcoin Price Index.

Equity markets are also flashing green alongside the slight recovery for bitcoin.

S&P 500 futures are currently reporting more than 3 percent gains, while the Euro Stoxx 50 index the eurozones benchmark index has added more than 2 percent to its value.

Asian markets had gapped lower at the open, tracking the overnight losses on Wall Street, but recovered a major portion of the losses before the closing bell.

Year-to-date losses

While bitcoins recovery looks impressive, the cryptocurrency is still down by more than $2,000 from levels near $8,000 seen early on Thursday.

Bitcoin is now reporting a 27 percent loss on a year-to-date basis after showing gains of 46 percent just a month ago when the cryptocurrency was trading near $10,500.

Back then, bitcoin was outshining gold by a notable margin, as the yellow metal was flashing a 6 percent gain for 2020. However, as of March 13, gold is back on top with a 7.5 percent year-to-date gain.

The yearly gains were shed as the cryptocurrency plummeted by nearly 39 percent on Thursday during the relentless coronavirus-led sell-off in risk assets. The resulting liquidity crisis was accentuated by a massive long squeeze (forced liquidations) on prominent crypto derivatives exchanges such as BitMEX.

Corrective bounce?

Bitcoins sudden crash to $3,867 from $8,000 looked overstretched as per technical studies.

The latest bitcoin correction has pushed BTC to oversold levels last seen in September 2019 and November 2019, co-founder and partner at Morgan Creek Digital Jason A. Williams tweeted today.

Indeed, the widely tracked relative strength index (RSI), which oscillates between zero to 100, had dropped to 15 the lowest since November 2018. A below-30 reading indicates the cryptocurrency is oversold.

As a result, the rise seen over the last few hours could be an oversold bounce," which occurs when investors view a preceding sell-off as too severe and ease selling pressure by squaring off short positions.

Focus on risk sentiment

Bitcoin will regain poise with risk assets, which will start seeing a sustainable recovery once there is stabilization in the coronavirus infection curve, Mike Alfred, co-founder, and CEO of Digital Assets Data told CoinDesk.

As per the latest reports, coronavirus continues to spread in Europe and the U.S. Therefore, the current uptick in the equity markets could be a chart-driven bounce or investors may have taken heart from the Federal Reserves decision to inject $1.4 trillion worth of liquidity into the financial system.

If the recovery gathers momentum during the U.S. trading hours, bitcoin could very well find acceptance above $6,000 once more.

However, as long as the virus outbreak shows no signs of slowing down, the risk of further downside moves in equities and bitcoin would remain high.

Still, dips below $5,000 would be transient, according to Alfred, as there is too much fundamental demand from long-term holders investors who bought bitcoins before the massive rally from $6,000 to $20,000 seen in the fourth quarter of 2017 and during the last five weeks of 2018.

Currently, there are 12.19 million addresses that acquired coins below $5,700, according to blockchain intelligence firmIntoTheBlock.

These players could increase their exposure on price drops below $5,000, especially with the miners' reward halving (a bitcoin supply cut) due in two months.

Alfred said the price range of $2,500 to $5,000 offers incredible value for investors.

Bottom in?

The bear market, which began at the end of 2013, ran out of steam at the 200-week average in 2015. Back then, the average was placed near $220.

The sell-off from the record high of $20,000 reached in December 2017 also ended at the 200-week MA in December 2018.

The long lower wick attached to the current weekly candle suggests seller exhaustion below the 200-week average. If history is a guide, bitcoin looks to have found a bottom below $4,000.

That does not necessarily imply a v-shaped recovery to $10,000. If the equities resume their sell-off, prices might revisit sub-$5,000 levels.

Disclosure:The author holds no cryptocurrency at the time of writing.

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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Bitcoin Price Briefly Dips to 12-Month Low in Overnight Trading - CoinDesk - Coindesk

Cyperpunk Myths and Bitcoin in Real Life with Udi Wetheimer – Coindesk

CoinDesk reporter Leigh Cuen is joined by VR meetup organizer Udi Wertheimer to talk about how bitcoin (BTC) fits into the broader cypherpunk movement.

The cypherpunk movement has expanded far beyond the 2,000 people who subscribed to mailing lists in the 1990s. In 2018, Entrepreneur reported there are more than 8,000 posts on Bitcointalk every day, while Coinbase garnered millions of user accounts. Such experimental technology is no longer the realm of just a few thousand geeks.

However, across the board, even in 2020 cypherpunk projects rarely exceed a few dozen regular contributors. For example, Exiledsurfer, an event organizer and hacker space co-founder from the Parallele Polis collective, said his space in Vienna was inspired by a collective in Prague that collects roughly $5,000 a month in cryptocurrency from members to share a venue. Likewise, the Vienna chapter accepts dues in DAI, monero and bitcoin, just to name a few.

Were a crypto pure organization, Exiledsurfer said. This will be an alternative asset class or, in a hundred years, there will by three guys in a garage in Topeka, Kansas, tweaking on a 2020 computer to keep the chain alive, just like people tweak on old cars.

The cypherpunk movement appears to be growing, albeit slowly.

I still get people every week, young people and programmers who say they want to give their lives to this thing, cypherpunk icon Amir Taaki said, underscoring why he believes the movement will only succeed through groups with structured training methods.

Theres a yearning need for this...we can build our own financial networks outside of the control of the state, Taaki said of the academy he plans to launch in Barcelona.

How do all of these pieces that were working on fit together to serve a higher goal? Whats our narrative? Taaki said.

Yet, even as a cypherpunk technology aficionado, Wertheimer disagrees with such collectivist views of our narrative or pure projects.

I dont think we need bitcoin evangelists, Wertheimer said. Well talk about why he views the ideological movement as divorced from user groups that may now utilize cypherpunk technology.

Want more? Read my article about how bitcoin compares to the early days of the internet.

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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Cyperpunk Myths and Bitcoin in Real Life with Udi Wetheimer - Coindesk