Twitter Blocks XRP Payments Platform Amid Rumors of Bitcoin (BTC) Integration – The Daily Hodl

Twitter has blocked the popular XRP Tip Bot, which allows users to send XRP to one another by tweeting a string of commands. The platform is designed to give users an easy way to reward one another and support content creators.

The social media giant says @xrptipbot violated Twitters rules. When the account holder asked for clarity on the citation, Twitter responded that the account will not be restored.

Hello, It has come to our attention that your Twitter account is in violation of the Twitter Rules, specifically the policy on Impersonation. Impersonation is pretending to be another entity in order to deceive, and is strictly prohibited. This account has been suspended and will not be restored.

The XRP Tip Bot launched in October of 2018 and is owned by Wietse Wind, the founder of Ripple-backed XRPL Labs. According to a real-time tracker, 861,315 payments totaling 2,177,155 XRP, currently worth about $484,364, have been sent through the platform since its inception.

Twitters decision to ban the account comes amid reports that the tech company may implement a tipping platform of its own as well as rumors that it will integrate Bitcoin.

In February of last year, Twitter and Square CEO Jack Dorsey said he loves the idea of giving users on Twitter the ability to tip with BTC.

Square Crypto, a subsidiary of the payments company Square, recently announced the release of a software development kit for Lightning a Bitcoin scaling solution designed to increase the speed and lower the cost of sending BTC.

Featured Image: Shutterstock/spainter_vfx

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Twitter Blocks XRP Payments Platform Amid Rumors of Bitcoin (BTC) Integration - The Daily Hodl

Five Years of Bitcoin Trendlines All Lead to This One Point; Fireworks Inbound – newsBTC

Since Bitcoins genesis block was first mined, the cryptocurrency has been caught within a whirlwind that has allowed BTC to post gains that defy historical precedent.

Although the past couple of years have tempered the excitement surrounding the cryptocurrency, it is important to note that multiple bullish factors are fast approaching on the horizon, and the combination of these factors suggest that BTC could be en route to setting fresh all-time highs.

One interesting factor that should be noted is that the convergence of two key trendlines formed over the past five years coincides strikingly close with the cryptocurrencys upcoming mining rewards halving event signaling that fireworks could be imminent.

Over the past few days, Bitcoins price has been oscillating between the lower and upper-$8,000 region, with this ongoing consolidation phase coming at the tail end of its recent multi-week uptrend.

Although the near-term prospects for Bitcoin remain foggy, its mid-term outlook might just be more bullish than ever, as BTC is close to reaching the apex of a massive bull flag comprised of two trendlines that have been formed over a multi-year period.

Interestingly enough, the apex of this pennant coincides precisely with the anticipated date of Bitcoins upcoming mining rewards halving in May, which suggests that this time period could be a historical pivoting point for the cryptocurrency.

5 years of trendlines perfecting coinciding with the most highly anticipated event in BTC history. Fireworks in store! Travis Kling a partner at the Ikigai Fund explained in a tweet while pointing to the below chart.

While BTC remains stuck beneath the coveted five-figure threshold at $10,000, it is difficult to realistically muse the possibility that it will soon be trading at $100,000 or more.

This may not be as farfetched as one would assume, however, as Galaxy, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that a break above the descending resistance formed since the 2017 rally could lead Bitcoin straight to $100k minimum.

Breaking the green line will be what triggers the next parabolic movement that will take us to $100K minimum. Save this picture. You are not late. You are early.

It just so happens that this trendline is the same upper boundary as the one seen on the chart referenced by Kling, which signals that BTC could be just mere months away from an explosive movement to fresh all-time highs.

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Five Years of Bitcoin Trendlines All Lead to This One Point; Fireworks Inbound - newsBTC

A Bitcoin Plunge To $8,000 On The Horizon, As Bulls Show Weak Hands – newsBTC

Bitcoin price failed to stay above the key $8,500 support area and extended its decline against the US Dollar. BTC price is likely to continue lower towards $8,000 or $7,880.

Yesterday, we discussed the importance of the $8,500 and $8,470 support levels for bitcoin against the US Dollar. BTC price failed to stay in the bullish zone and recently declined below $8,470.

Moreover, there was a close below $8,500 and the 100 hourly simple moving average. As a result, there was a downside extension and the price traded below $8,300.

A new weekly low is formed near $8,263 and the price is currently consolidating losses. An initial resistance for the bulls is near the $8,380 level. It coincides with the 23.6% Fib retracement level of the recent decline from the $8,794 high to $8,263 low.

The first major resistance on the upside is near the $8,470 level (the recent breakdown level). Additionally, yesterdays highlighted key bearish trend line is active with resistance near $8,470 on the hourly chart of the BTC/USD pair.

Bitcoin Price

The next key resistance is near $8,500 and $8,520. It coincides with the 50% Fib retracement level of the recent decline from the $8,794 high to $8,263 low.

Therefore, bitcoin price must settle above $8,470 and $8,520 to move back into a positive zone. In the mentioned case, it could revisit the $8,800 resistance area.

If BTC price continues to slide, it could struggle to stay above the $8,200 support area. In the mentioned case, there are high chances of it hitting the $8,000 support level in the near term.

Overall, bitcoin is showing a few bearish signs and it seems an interim top is formed near $9,200. The next set of bearish targets could be $8,000 or $7,800, below which the bears might even aim $7,200.

Technical indicators:

Hourly MACD The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now well below the 40 level, with bearish signs.

Major Support Levels $8,200 followed by $8,000.

Major Resistance Levels $8,470, $8,500 and $8,520.

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A Bitcoin Plunge To $8,000 On The Horizon, As Bulls Show Weak Hands - newsBTC

Swiss Banks Enter the Age of Bitcoin – CoinDesk

DAVOS, Switzerland Switzerlands banking industry has long been known to privately safeguard wealth, so some bankers see bitcoin as a natural fit for the nations financial sector.

Although such bankers may still be a minority, Zurich-based SEBA Bank AG opened in November 2019 with a universal banking license and a suite of services ranging from fiat storage to crypto custody, a crypto-connected debit card that automatically converts to fiat on the backend for regular shopping and crypto-trading options through the banks mobile app.

SEBA CEO Guido Bhler said the bank raised 100 million Swiss francs (roughly $103.4 million) from angel investors including Guy Schwarzenbach, founder of Black River Asset Management.

Schwarzenbach said the pricing for SEBA app trades, enabled by backend API integrations with global exchanges, offered extremely competitive pricing compared to over-the-counter trades.

What I am really excited about for SEBA is their upcoming deployment of a margin and lending business, including options and derivatives, Schwarzenbach said.

SEBA was hardly the first bitcoin-friendly Swiss bank. The private bank Falcon Group, for example, launched bitcoin management services in 2017. Matthew Blake, the World Economic Forum's monetary systems lead, described crypto-friendly, fully licensed banks as an emerging trend.

"It's something institutions can do to hedge," he said.

Likewise, the Swiss crypto startup Bitcoin Suisse has also applied for a universal banking license with the goal of offering everything from staking services to loans.

We're not applying for a banking license just to be like every other bank. We are pioneers at heart, Niklas Nikolajsen, founder and chairman of Bitcoin Suisse, said via spokesperson. We will, of course, offer cash accounts for our clients, in their own name. ... We will be able to start trading crypto securities, stablecoins and synthetics, such as mini-futures and products to short the major crypto assets.

Crypto bank

However, among such banks so far, SEBA offers a unique ability to hold a variety of many fiat currencies, including American dollars, Hong Kong dollars and Singaporean dollars, then instantly trade cryptocurrencies like bitcoin, ether and Stellar lumens.

You can open an account over the phone in 15 minutes for an accredited investor, you dont have to go to Switzerland, Bhler said. Theres always going to be aspects that banks are required for, and the first one is the storage of your private key.

For Schwarzenbach, who described himself as a libertarian who runs his own Lightning Network node he made using a Raspberry Pi, bitcoin banking makes sense for the physical security benefits. He wouldnt want the risk of someone hurting him to get at his bitcoin stash.

Bhler said the young bank already serves high-net-worth individuals and institutional investors from all over the world, excluding the United States, plus a few blockchain startups.

Schwarzenbach added that open source decentralized finance (DeFi) platforms inspired by MakerDAO could eventually offer comparable financial infrastructure to both the general population and the proverbial 1 percent.

My hope is that we will be able to develop and adopt that [DeFi] infrastructure, Schwarzenbach said. And it is my expectation that standards will present themselves with market maturation.

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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Swiss Banks Enter the Age of Bitcoin - CoinDesk

Top 3 Price Prediction Bitcoin, Ethereum, XRP: Bears take over and draw a bloody moon – FXStreet

Cryptographer and computer scientist Nick Szabo, has presented in his Twitter account a study on the "risk-benefit" ratio of different assets. The study used a Sharpe Ratio over four years Hodl period.

According to this study, Bitcoin is the best positioned, maintaining an average ratio of 3 in the last four years. Behind them are the US stocks, with an average ratio of 2, and gold, which has gone from the last positions in 2016 to the third in the 2020 ratio.

The worst placed asset category is emerging currencies, which with an average ratio of -2 lags far behind the others.

The crypto board reaches the end of the week with the bears securing the market control they gained yesterday in mid-session.

The structure of the moving averages already indicated that the upward turning process that began on January 10th was going to be quite time-consuming. The magnitude of the downward movements in the second half of 2019 had separated the moving averages a lot.

ETH/BTC is trading at the price level of 0.01895and is down by -1.65%. On the 4-hour chart, the spot price is piercing the EMA50. If Ethereum loses this support, the drop will accelerate to the 0.0185 level.

Above the current price, the first resistance level is at 0.0197, then the second at 0.0200 and the third one at 0.0205.

Below the current price, the first support level is at 0.0185, then the second at 0.0185 and the third one at 0.0182.

The MACD on the 4-hour chart is supported directly by the indicator's zero levels. The moving averages are sloping downward and are moving away from it, suggesting an acceleration of the trend.

The DMI on the 4-hour chart shows the bearish-bought pair in equilibrium. Both sides of the market are above the ADX line, a setup that facilitates violent resolutions.

BTC/USD is currently trading at $8243and confirms the loss of support at $8400. The EMA50 and SMA100 averages continue to fall and forecast that the end of the downtrend could be on the first week of February.

Above the current price, the first resistance level is at $8400, then the second at $8500 and the third one at $8800.

Below the current price, the first support level is at $8200, then the second at $8000 and the third one at $7900.

The MACD on the 4-hour chart is losing its downward slope, indicating the end of the impulse phase of the movement. The terminal phase can easily take the price below $8000.

The DMI on the 4-hour chart confirms the end of the bearish momentum phase. Bears are preparing to drill down the ADX line. The bulls are very reactive to any upward movement and break the downward trend.

ETH/USD is currently trading at $156.09after finding support at the SMA100. The support point coincides with the 38.2% level of the Fibonacci retracement system and the same system indicates that the 50% level at $150 is very likely to be visited.

Above the current price, the first resistance level is at $161, then the second at $165 and the third at $170.

Below the current price, the first support level is at $155, then the second at $150 and the third one at $143 (61.8% level of the Fibonacci retracement system).

The MACD on the 4-hour chart is increasing its openness and is tilting further down, so we can expect an acceleration of the price's decline.

The DMI on the 4-hour chart shows that the bearish trend is increasing. The bulls are not reacting and continue to lose strength.

XRP/USD is currently trading at $0.215 and accelerating the downward movement that began this week. The current price coincides with the 50% level of the Fibonacci retracement system. The next support, according to this tool, is at the 0.205 price level, 61.8% of the Fibonacci retracement system.

Above the current price, the first resistance level is at $0.218, then the second at $0.223 and the third one at $0.235.

Below the current price, the first support level is at $0.205, then the second at $0.20 and the third one at $0.19.

The MACD on the 4-hour chart shows an acceleration of the downward movement. The MACD on the 4-hour chart shows an acceleration of the downward movement.

The DMI on the 4-hour chart shows that the bearish trend is increasing and the bearish momentum is strong. The bulls are not reacting and continue to lose momentum.

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Top 3 Price Prediction Bitcoin, Ethereum, XRP: Bears take over and draw a bloody moon - FXStreet

Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge – FXStreet

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps, including Craig Wright's saga and Ethereum Classic hard fork. At the time of writing, the total capitalization of all digital assets in circulation amounts to $226 billion; an average daily trading volume settled at $89 million, while Bitcoin's market share recovered to 66.4% after a short-lived dip below 66.0%.

Global regulators are increasingly interested in the concept of digital money. The central banks of Hong Kong and Thailand announced a joined project that will help to facilitate payments between the countries. They are looking into the idea of Central Bank Digital Currency (CBDC) to reduce risks and ensure transparency of cross-border transactions. The project is known as Project Inthanon-LionRock.

Also, central banks of England, Canada, Japan, the Eurozone, Sweden, and Switzerland have also joined forces to study and share their knowledge and experience related to CBDC. They are particularly interested in the use cases for the new type of money, including cross-border interoperability and economical benefits. The group will be headed by the deputy governor of the Bank of England Sir Jon Cunliffe and co-chaired by Benoit Cure, a former ECB board member and head of the BIS innovation hub.

Notably, many officials emphasized that these initiatives came as a response to the emergence of digital currencies in a private sector. Thus, Facebook's Libra announced in 2019 and Telegram's Gram is viewed as a real threat to the existing monetary order.

In a separate development, the World Economic Forum (WEF) revealed CBDC PolicyMaker Toolkit, the first framework for central banks that are interested in creating their digital coins. A community of over 40 regulators and financial institutes have been working on this set of guidelines to help central banks evaluate, design and potentially deploy CBDC.

Meanwhile, according to the latest report of the Bank of International Settlements, over 80% of central banks are considering the idea of CBDC, though only 10% of them have proceeded to real development or pilot projects. Moreover, an overwhelming majority of the surveyed institutes confirmed thatpublic use of cryptocurrencies for domestic or cross-border payments was not significant.

Bitcoin's market volatility recovered from the weekly low, though it is still below the recent high reached on January 15. Notably, the volatility rise was accompanied by the price decrease. At the current levels, over 70% of all Bitcoin addresses are in the money, while a break-even price by most of the accounts is around $12,000.

The first digital asset hit the highest level of 2020 at $9,184 and retreated below $8,300 before recovering towards $8,450 on Friday. Bitcoin was less volatile than some altcoins that experienced strong rallies during the week. As a result, its market share dropped to 65.3% on Wednesday and recovered to 66.5%.

From the technical point of view, BTC/USD has returned to the pivotal area created by 50% Fibo retracement for the upside move from December 2018 low to July 2019 high. Once this barrier is out of the way, the upside is likely to gain traction with the next focus on $8,650. This area served as strong support at the beginning of the week, so we will need to see a sustainable move higher to mitigate the downside pressure and create a pre-condition for a recovery. Once it is out of the way, the upside is likely to gain traction with the next focus on $9,000. This is an ultimate short-term target for Bitcoin bulls protected by SMA200 daily.

On the downside, the pivotal support is seen at psychological $8,000. This area is reinforced by SMA100 daily and the upper boundary of the broken downside wedge. This barrier will be a hard nut to crack for Bitcoin bears. Most likely, it will attract new buyers that help initiate an upside recovery. However, once it is out of the way, the sell-off is likely to gain traction with the next focus on $7,650 (SMA50 daily).

The Forecast Poll of experts has worsened slightly since the previous week. The expectations on monthly and quarterly timeframes remained bullish, while the weekly expectations are now bearish now. The average price forecast on all timeframes moved above 8,000. Notably, the quarterly price forecast retreated below $10,000, which means that the experts are less optimistic about Bitcoin in the long run.

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Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge - FXStreet

Crypto Price Analysis & Overview January 24th: Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Dash – CryptoPotato

Bitcoin

Bitcoin has dropped by a small 5% over the past week as it hovers around the $8,400 level. It found strong resistance at the $8,963 level (bearish .786 Fib Retracement) and was unable to overcome it. The latest retracement was expected, considering that Bitcoin managed to surge by over 30% in January to reach a high of around $9,150. It found support at the 200-days EMA at around $8,200 in todays trading session, which allowed it to bounce back above $8,400. Unfortunately, the RSI has broken beneath the 50 level, and if it falls further, the selling momentum might send Bitcoin back beneath $8,000.

If the bulls can continue to rebound higher from $8,400, the first level of resistance is located at $8,700. Above this, resistance is expected at $8,900 (bearish .786 Fibonacci Retracement level). Beyond $9,000, resistance lies at $9,245 (bearish .886 Fib Retracement) and $9,476 (1.618 Fib Extension). Alternatively, if the selling pressure increases and Bitcoin drops beneath the 200-days EMA at $8,200, support is found at $8,130 (downside 1.414 Fib Extension) and $8,000. The support at $8,000 is further bolstered by the short term .5 Fibonacci Retracement level. Beneath this, support lies at $7,717 (.618 Fibonacci Retracement level).

Ethereum also dropped by a total of 5% this week, which has seen it fall into support at the 100-days EMA at around $158. The cryptocurrency struggled with the resistance at about $174 (provided by the 200-days EMA) and rolled over to fall. The bulls are battling to remain above $158. However, if the RSI drops beneath 50, then the market is most likely going to head beneath this.

Looking ahead, if the sellers push ETH beneath $158, initial support lies at $156 (downside 1.272 Fib Extension and $152 (short term .5 Fib Retracement). Beneath this, additional support lies at $150 and $146 (short term .618 Fibonacci Retracement level). On the other hand, if the bulls defend the support at $158 and bounce higher, resistance lies at $165 and $174 (200-days EMA). Beyond this, resistance lies at $180 (1.414 Fib Extension) and $185 (bearish .618 Fib Retracement).

Against Bitcoin, ETH failed to overcome the resistance at the 100-days EMA and rolled over in todays trading session. It found support at the short term .382 Fibonacci Retracement level at 0.0188 BTC and has bounced back above 0.019 BTC. However, it seems that the sellers may be in charge here, and we might see ETH/BTC heading back toward 0.0185 BTC if the RSI breaks beneath the 50 level.

If the sellers push ETH beneath 0.0188 BTC, support can be found at 00185 BTC (short term .5 Fibonacci Retracement level). Beneath this, support lies at 0.0181 BTC (.618 Fib Retracement level), 0.0179 BTC, and 0.0171 BTC. Alternatively, if the bulls hold above 0.019 BTC and push higher, resistance is expected at 0.0195 BTC (100-days EMA). Above this, resistance lies at 0.02 BTC and 0.0204 BTC (1.414 Fib Extension).

XRP is another cryptocurrency that dropped by a total of 5% this week, bringing the price for the coin down to $0.22. The market has found support here. However, the RSI has dropped beneath the 50 level to indicate the selling pressure is growing. XRP did climb above $0.25 but was unable to make any movement above this, causing it to roll over and fall.

If the buyers continue to climb higher from $0.22, resistance is expected at $0.228 (bearish .382 Fib Retracement) and $0.234 (100-days EMA). Above this, resistance lies at $0.25 and $0.262 (bearish .618 Fib Retracement). Alternatively, if the sellers push beneath $0.22, support lies at $0.218 (short term .5 Fib Retracement) and $0.213. Beneath this, additional support lies at $0.21 (short term .618 Fib Retracement) and $0.203.

Against BTC, XRP remains range-bound as it is trapped between 2600 SAT and 2750 SAT. The cryptocurrency failed to break above the downward sloping trend line as it attempted to move higher. The sellers have now gained control over the market momentum, which could see XRP dropping beneath the range and heading toward 2500 SAT.

Moving forward, if the selling pushes XRP beneath 2600 SAT, support can be expected at 2530 SAT (.886 Fib Retracement level). Beneath this, additional support lies at 2455 SAT, 2400 SAT, and 2360 SAT. On the other hand, if the bulls hold the 2600 SAT level and push higher, resistance lies at 2710 SAT, 2750 SAT, and 2800 SAT. Above this, higher resistance lies at 2900 SAT and 3000 SAT.

Bitcoin Cash witnessed a 7% price decline over the past week after a massive price surge that totaled 110% in January alone. The cryptocurrency trades at around $324 after rebounding from beneath $300 today. The RSI has returned to the 50 level, which shows that the market has pulled back from overextended conditions. If the RSI can remain above 50, BCH should continue further higher toward $400.

Looking ahead, if the buyers defend the support at $314 (.382 Fib Retracement), the first level of resistance lies at $357. Above this, resistance lies at $371 (1.618 Fib Extension), $400, and $423 (bearish .618 Fib Retracement). Alternatively, if the sellers push beneath $314, additional support is found at $300, $286 (.5 Fibonacci Retracement level), $270 (200-days EMA), and $259 (.618 Fib Retracement).

Against BTC, Bitcoin Cash managed to reach a high above 0.044 BTC this week. After meeting this resistance, it rolled over and started to fall into the current support at 0.037 BTC (short term .382 Fibonacci Retracement). The Stochastic RSI has reached extreme oversold conditions and is primed for a bullish crossover signal, which suggests that this round of selling may be reaching completion.

If the buyers rebound from 0.038 BTC, higher resistance lies at 0.0407 BTC (bearish .5 Fib Retracement) and 0.044 BTC (bearish .618 Fib Retracement). Above this, resistance lies at 0.045 BTC and 0.0477 BTC. On the other hand, if the sellers push beneath 0.037 BTC, support is found at 0.026 BTC, 0.035 BTC (.5 Fib Retracement), 0.034 BTC, and 0.0328 BTC (.618 Fib Retracement and 200-days EMA).

Dash dropped by a steep 14.5% this week, bringing the price for the coin down to $102. The cryptocurrency started the year off at around $40 and went on to explode by a total of 265% to reach a high of $143. Dash rolled over after meeting this resistance to trade at the current $102 level.

Looking ahead, if the buyers hold above $100 and push higher, resistance lies at $130 and $143 (bearish .618 Fibonacci Retracement level). Above this, additional resistance lies at $171 (bearish .786 Fib Retracement) and $200. Alternatively, if the sellers push beneath $100, support can be found at $90 (short term .5 Fib Retracement), $79 (short term .618 Fib Retracement & 200-days EMA), and $70 (downside 1.414 Fib Extension and 100-days EMA).

Against BTC, Dash surged above the 0.016 BTC level this week before reversing and rolling over. It found support at the 0.01 BTC level, which let it rebound to the current 0.0122 BTC trading level. The bulls remain in control of the momentum while the Stochastic RSI approaches oversold conditions that suggest a bullish push higher could be imminent.

Looking ahead, if Dash drops beneath 0.0122 BTC, support can be found at 0.0109 BTC (short term .5 Fib Retracement). Beneath this, additional support lies at 0.01 BTC (200-days EMA), 0.0087 BTC (100-days EMA), and 0.0077 BTC. On the other hand, if the bulls push higher from 0.012 BTC, the first levels of resistance lie at 0.0143 BTC and 0.016 BTC. Above this, resistance lies at 0.0171 BTC (bearish .5 Fib Retracement) and 0.020 BTC (bearish .618 Fib Retracement).

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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Crypto Price Analysis & Overview January 24th: Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Dash - CryptoPotato

Bitcoin, Crypto Assets are not Banned in India: RBI – Bitcoinist

After a stressful Supreme Court hearing, India conceded that bitcoin and crypto assets are not illegal. The Reserve Bank of India, the countrys central bank, also stated it did not place restrictions on Bitcoin (BTC) or other virtual currencies.

The RBI put in place ring-fence regulations, to protect banks and institutions from the risks related to trading bitcoin and other crypto assets, reported the Economic Times of India. The central bank has also restricted banks from dealing in bitcoin and crypto, due to concerns for terrorism financing. The wider public is not restricted from trading, or using digital assets in a peer-to-peer fashion.

The central bank, however, has expressed concerns about the effects of digital assets, without going for an outright ban. This made the Internet and Mobile Association of India (IAMAI) to protest before the Supreme Court, based on an RBI circular distributed in 2018.

The bank explained that it did not ban all entities, but only a selected section of companies that should not be involved with bitcoin and other digital currencies. In an affidavit, the RBI explained:

Firstly, the RBI has not prohibited VCs (virtual currencies) in the country. The RBI has directed the entities regulated by it to not provide services to those persons or entities dealing in or settling VCs The RBI has been able to ringfence the entities regulated by it from being involved in activities that pose reputational and financial risks along with other legal and operational risks.

When it comes to banking, the crypto community expects problems with shifting between fiat and crypto, a problem that has put curbs on growth in multiple regions.

This year, regulators in India will loosen capital controls somewhat, allowing citizens to move up to $250,000 annually outside the country. This relatively small sum may allow Indians to invest in bitcoin and crypto through third-party exchanges.

LocalBitcoins volumes remain relatively high in India. The country is one of the advanced markets for bitcoin and crypto activity, especially after the government ran a program to mop up cash and crackdown on a large grey economy. But the RBI has been vigilant and has curbed the growth of crypto activity, by additionally discouraging local ICOs.

Still, India hosts 57 Bitcoin nodes, showing significant interest in cryptocurrency. The news of a country-wide ban has been refuted so far. Still, regulators remain vigilant about crypto-related risks, money-laundering, and effects on personal finance. India has also added significantly to the BitConnect scheme, with regional leaders taking in significant wealth.

What do you think about RBIs stance wrt to Bitcoin and crypto assets? Share your thoughts in the comments below!

Images via Shutterstock, Twitter: @Btcexpertindia, @howdy_akshay

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Bitcoin, Crypto Assets are not Banned in India: RBI - Bitcoinist

Themes from Real World Crypto 2020 – Security Boulevard

Over 642 brilliant cryptographic minds gathered for Real World Crypto 2020, an annual conference that brings together cryptographic researchers with developers implementing cryptography in the wild. Overall, RWC 2020 was an impressive conference that demonstrated some amazing work. Here we explore three major themes that emerged:

Lets dig in!

Yet another Bleichenbacher attack was presented: The 9 Lives of Bleichenbachers CAT:

New Cache ATtacks on TLS Implementations. (Which brings us to a fourth theme: Cryptographers still love using tortured puns and silly acronyms.) The attack leverages Bleichenbachers attack on PKCS#1 v1.5 padding for RSA key exchanges. Specifically, the attack takes advantage of the fact that many companies reuse certificates across multiple servers, so the Bleichenbacher attack can be parallelized and thus completed before the 30-second session timeout occurs.

Unfortunately, this insecure padding scheme is still supported by ~6% of the internet; further, a man-in-the-middle downgrade attack can be performed, so any server that supports a vulnerable implementation can be broken 100% of the time (and this works even if the client does not support RSA key exchange).

Another talk, SHA-1 is a Shambles, discussed a chosen-prefix collision on SHA-1, and showed that SHA-1 can now be attacked in practice with affordable hardware. The authors used this vulnerability to perform an impersonation attack on PGP. This project was the culmination of several years of work, with theoretical attacks discovered in the early 2000s, and the first practical attack found in the 2017 paper, SHAttered. In other words, SHA-1 shall never be used again (ok, coming up with puns is harder than it looks).

Two different attacks on secure hardware were presented at RWC: one on a hardware security module (HSM) and another on a trusted platform module (TPM). The first attack targeted a specific HSM model and was able to (among other things) perform arbitrary code execution and decrypt all secrets. Although the attack itself was not heavily cryptographic, the talk demonstrated (yet again) that we cannot necessarily trust that our cryptographic secrets will be safe on HSMs. The second talk combined a timing side-channel attack with a lattice attack on ECDSA to recover the private signing key, demonstrating that TPMs are unfortunately not side-channel resistant.

Meanwhile, Pseudorandom Black Swans: Cache Attacks on CTR DRBG demonstrated that random number generators are also vulnerable to side-channel attacks. The cache attack leverages two problems with CTR_DRBG: Keys are not rotated fast enough, and adding more entropy is optional (and chosen by the API caller). This means keys can be compromised, and if inadequate entropy is used, an attack can then obtain all future states. These attacks were not a part of the previous standards threat model; fortunately, FIPS 140-3 updates this threat model.

From all of these attacks, the lesson is to involve more cryptographers and think about a variety of threat scenarios when designing your system (and in the case of the last talk, use Hash_DRBG). Several RWC 2020 presentations confirmed this. For instance, we saw how CRLite, a scalable system for TLS revocations, was achieved through academic and industrial collaboration. On the other hand, two different cryptographic reviews of e-voting systems and an analysis of the handshake protocol in WPA3 showed the dangers of too few cryptographic cooks.

CRLite, the system for TLS revocations, started as an academic design and Firefox extension proof of concept; from there industry improved on the scheme, taking into account infrastructure that exceeded the means of academia alone. Now there is a working prototype and development is progressing while academia continues to refine the protocol.

More promising news came from model-checking 5G security: Our tools are sufficiently advanced that standardization now can and should be accompanied by formal models and analysis. This idea was pioneered by the symbolic analysis of TLS 1.3, and its great to see the trend continuing. These types of analysis are very powerful for protocols and standards, as they ensure that security goals are clearly stated and achieved by the protocol.

In the case of 5G, the security goals were not clearly stated in the initial conception of the protocol. The RWC 2020 presentation, A Formal Analysis of 5G Authentication, specified the security goals more clearly, which led to the discovery that 5G does not achieve untraceability (perhaps this is bad after all!). Nevertheless, this work serves as an important demonstration and should be replicated for future standardization efforts.

Dragonblood: Analyzing the Dragonfly Handshake of WPA3 and EAP-pwd makes a pretty compelling case for involving cryptographers in protocol design. WPA2 is vulnerable to offline dictionary attacks, and WPA3 was proposed as the improvement. However, Dragonblood found that WPA3 is vulnerable to side-channels, and, according to the authors of the paper, WPA3 does not meet the standards of a modern security protocol. To make matters worse, the countermeasures are costly and may not be adopted. Worst of all, as the authors state, these issues could have been avoided if the protocol design process was open to more cryptographers.

Theres plenty of ugliness in the world of e-voting, as the talks at RWC 2020 confirmed. In one analysis of the Moscow internet voting system, two significant breaks to the encryption scheme were found within a somewhat constrained time frame. For example, the first break resulted from an insecure variant of ElGamal dubbed Triple ElGamal, which attempted to achieve 768-bit security, but actually achieved three separate instances of 256-bit security, which can be broken in under 10 minutes using CADO-NFS.

Both breaks cited were fixed; however, the fixes to the second break were published only two days before the election, and the technology was still deployed. The general impression of the presenter was that the voting scheme achieved no privacy, very partial verifiability, no coercion resistance, and no protection against vote-buying. Although the Russian government should be commended for opening their source code, it is clear that more cryptographers should have been involved in this entire process.

Similar work on the Switzerland internet voting system led to the discovery of some significant cryptographic bugs. The protocol uses a zero-knowledge proof system to achieve both privacy and verifiability; however, due to a flaw in their Fiat-Shamir transformation, none of the zero-knowledge proofs were sound. Further, parameters were generated incorrectly in a way that could allow for votes to be modified. Even worse, statements were malformed for their zero-knowledge proofs, which broke their security proofs. This result is not ideal. However, to be fair, it is great to see cryptographers involved, as critical issues were spotted before deployment in Switzerland (and revealed similar issues to non-public systems in other countries).

Its not all bad; our cryptographic capabilities are growing quickly! And RWC 2020 displayed some fascinating efforts to apply cryptography to real world problems.

Earlier this year, Apple released a new Find My feature in iOS 13 that allows offline devices to be located while protecting privacy of both the owner and the finder of the device. Previously, similar features like Find My Phone required the device to be online, a serious limitation, particularly for devices like MacBooks which are typically offline. The cryptography behind this feature was presented at RWC 2020. Apple sought a protocol that achieved the following goals:

To achieve this, the protocol calls for offline devices to broadcast public keys via Bluetooth. Active devices become finders, and when other offline devices are discovered via Bluetooth, the finder encrypts its location using the offline devices public key and sends it to the cloud. This way, even the server does not know the locationhowever, IP-based information does leak to the server, and Apples only promise is that they do not store logs of this information.

The owner can then access the time and location of their offline device whenever there is an active device in its vicinity. (There are more subtleties to the protocol to achieve the remaining security goals, such as key rotation). In summary, Apple specified rigorous security and privacy goals, and constructed a novel design in their attempt to achieve them.

Protocols for Checking Compromised Credentials presented a formal security analysis of two protocols for checking compromised credentials: HaveIBeenPwned (HIBP) and Google Password Checkup (GPC). These protocols aim to alert users if their credentials have been breached and shared across the web. GPC maintains an active database of username and password pairs for users to query. HIBP, on the other hand, only maintains passwords.

Since these databases contain hundreds of millions of records, both protocols implement a bucketization strategy, where hash values corresponding to records are sorted into buckets, based on their hash prefix. This allows users to query the database with a hash prefix, receive a bucket of hash values, and check if their credentials have been compromised, without revealing their entire hash of their secret to the server. The study presented at RWC 2020 demonstrated that each protocol leaks noticeable information about user secrets due to their bucketization strategiesboth protocols leak information for different, subtle reasons. Luckily, the study also produced mitigation strategies for both protocols.

RWC even included some cryptographic applications that are out of this world. Galileo is a global navigation satellite system (like GPS) used by the European Union. As discussed at RWC, these navigation systems are a critical part of our infrastructure, and spoofing location is actually fairly easy. Luckily, so far, this spoofing is mostly used for playing Pokemon Go; however, spoofing attacks on these satellite systems are real. To protect against potential future attacks, Galileo will offer a public navigation message authentication service.

The final talk at RWC discussed using multi-party computation to detect money laundering. Financial regulators impose large fines on banks if they allow money laundering activities, so these banks are incentivized to detect illegal activities. However, collaboration between banks is difficult because transaction data is private. Fortunately, multi-party computation can facilitate this collaboration without violating privacy. Overall, this effort achieved promising results by applying a graph-based approach for modeling transactions and algorithms specialized for multi-party computation for efficient, collaborative analysis between various banks.

RWC 2020 made it clear that involving cryptographers in the design and implementation of your novel protocols will save you both time and money, as well as keeping everyone safer. If youre involved in this type of work encourage everyone involved to open-source your code, publish your protocols for review, and hey, talk to the Trail of Bits cryptography team!

*** This is a Security Bloggers Network syndicated blog from Trail of Bits Blog authored by James Miller. Read the original post at: https://blog.trailofbits.com/2020/01/23/themes-from-real-world-crypto-2020/

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Themes from Real World Crypto 2020 - Security Boulevard

IIT Madras student to improve algorithms in lattice cryptography – Down To Earth Magazine

Shweta Agrawal from the Indian Institute of Technology, Madras, has become one of the 14 recipients of the Swarnajayanti Fellowship 2020. It wasinstituted by the Centre to commemorate the golfen jubilee of India's independence and is funded by the Department of abd Technology.

Agarwal said she would like to use the fellowship to conduct a deep study on one of the most promising approaches for post-quantum cryptography lattice-based cryptography to improve algorithms and understand gaps between theory and practice. Lattice-based cryptography, resistant to attack by both classical and quantum computers,is the leading candidate for post quantum cryptography and design of a cryptographic system for the future.

Cryptography is a branch of theoretical computer science that seeks to provide guarantees to the art of secret keeping. This field balances itself on the tightrope of mathematical beauty on one side, and practical importance on the other. The scientific charm of this field lies in the deeply paradoxical questions it poses.

The simplest goal of cryptography is to hide information so that learning a message from a cryptographically sealed envelope implies a solution to some well known mathematical problem. By suitably choosing the underlying mathematical problems to be difficult, we may rest assured that an attackers chances of learning secret information are extremely small.

Typically, an attacker is modelled as a classical computer. However, recent times have seen significant advances in the construction of quantum computers, which are based on the laws of quantum rather than classical physics. Most modern-day cryptography relies on the difficulty of problems which, while difficult for classical computers, are efficiently solvable by quantum computers. Thus, most modern-day cryptography breaks down if quantum computers are used by the attacker.

A few weeks ago, Google claimed to have demonstrated quantum supremacy by constructing a quantum computer that can experimentally demonstrate a massive speedup over a classical computer. Soon after, Chinese researchers claimed that they expect to demonstrate quantum supremacy by next year. Thus, the advent of quantum computers has crossed the realm of scientific fantasy and looms as a real threat in the near future. Therefore, it is imperative to redesign cryptography ground up to resist quantum computersthat is, to design post-quantum cryptography. This is the focus of Agrawals work. (DST media cell)

Developing expertise in post-quantum cryptography is of national importance. Aside from its practical importance, this is a rich and emerging area of cryptography, and construction of state of the art systems in this field can significantly enhance the visibility of India in the global arena. Not only does her proposed work help create intellectual property, but it also creates expertise within the country that will lead to intelligent post-quantum cryptography design for the use of our government, military, industry and society alike.

In her current work, Agrawal has provided constructions of advanced cryptographic protocols that are believed to be resistant to quantum computers. She has particularly focused on the emerging field of computing on encrypted data, which may allow (for instance), machine learning algorithms to be run on encrypted genetic data, leading to advances in the field of personalized medicine. Such algorithms, if realised efficiently, can have wide applications in areas as diverse as medicine, governance, social sciences, and many others, leading to an elegant synthesis of disparate sciences.

This is a young field, and there are significant gaps in the understanding of this area. Her research agenda is to tackle fundamental questions in lattice based cryptography, to endeavour to fill in these gaps. She hopes to create national expertise in lattice based cryptography that will benefit society by creating knowledge and applications alike.

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IIT Madras student to improve algorithms in lattice cryptography - Down To Earth Magazine