Pantera Capital’s CIO Joey Krug has written an extensive thesis stating Bitcoin won’t succeed as money. He stated that cash and payments are not the primary areas where blockchain technology catalyzes a paradigm shift. While Bitcoin may become digital gold, it cannot succeed as money given its volatility. Moreover, a dynamic monetary policy doesn’t exist
Behind the infrastructure of many decentralized technologies are tools, or “kits,” that compose the overall nature of the technology. In many cases, developers have existing frameworks or programming languages used to create such infrastructure. Programming languages can be understood as the palette of colors needed to paint a portrait. As such, the painting is essentially only as strong as creativity…Read More. The post by John Iadeluca appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
At the end of 2018 Bakkt announced the closure of its first round of financial funding as a huge success. It has just expanded on that success with the announcement of its first official acquisition, an independent futures commission merchant.
Bakkt Buying Assets for Platform Launch
On New Year’s Eve, New York Stock Exchange owner ICE’s Bakkt announced that it had raised $182.5 million from 12 partners and investors who ‘believe in the future of digital assets’. At the time though this was not enough to spur a recovery for battered crypto markets which ended the year 80% lower than they started it.
Today’s announcement is also positive for the company as it has entered into an agreement to acquire certain assets of Rosenthal Collins Group (RCG). Last month the futures commission merchant announced the sale of its customer accounts to Marex Spectron, one of the world’s largest commodity brokers. Part of this transaction included Bakkt which would be purchasing assets from RCG to develop its own platform.
RCG specializes in account management, handling collateral, and driving trades through bank owned clearinghouses with minimal risk of default. Bakkt essentially wants to make Bitcoin a safe haven for institutional traders and investors. According to the medium article penned by CEO Kelly Loeffler the acquisition will;
“Enhance our risk management and treasury operations with systems and expertise,” while “other aspects of the transaction will contribute to our regulatory, AML/KYC and customer service operations as we help enable digital asset acceptance by bringing more choice and control to buyers and sellers.”
The release goes on to say that Bakkt is not standing still while it waits for CTFC approval for the highly anticipated launch of its crypto products. The US government shutdown is hindering the process however.
The ‘certain assets’ mentioned are likely to be Rosenthal’s back office. Loeffler told Fortune “It’s not so institutions can trade, the acquisition will aid our consumer business as we build Bakkt.” The vision is for crypto assets to serve as an efficient payments mechanism at the consumer and merchant level.
“Our mission requires significant investment in technology to establish an innovative platform, as well as financial market expertise to deliver the most trusted fintech ecosystem for digital assets,” she added.
Bakkt could be the first serious on-ramp for mass crypto adoption. It is already working with Starbucks on a platform that allows consumers to pre-fund store cards with fiat or crypto. It represents the first major organization to bring Bitcoin and crypto to both institutional investors and the general public.
Cryptocurrency exchange Cryptopia has been hacked. The team confirmed the security breach, outlining that the losses are ‘significant.’
New Zealand-based cryptocurrency exchange Cryptopia has suffered a security breach and is going through unscheduled maintenance.
The announcement was just posted on the exchange’s official twitter page, outlining that the losses have been significant.
We apologise for the delay in keeping you updated and appreciate your patience.
Yesterday 14th January 2019, the Cryptopia Exchange suffered a security breach which resulted in significant losses. Once identified by staff, the exchange was put into maintenance while we assessed damages.
The announcement didn’t specify the amount of the damages.
When trying to access Cryptopia’s website, users get the following message:
It’s worth noting that the first official tweet on the exchange’s official Twitter profile regarding the maintenance is from January 13th, saying:
We are currently experiencing unscheduled maintenance, we are working to resume services as soon as possible. We will keep you updated.
This was two days ago.
The First Exchange Hacked in 2019
Cryptopia becomes the first cryptocurrency exchange to be hacked in the new 2019.
This has quickly been picked up by the cryptocurrency community as popular Bitcoin proponent Whale Pand (@WhalePanda), said that the exchange has become rather irrelevant.
He also added that it’s somewhat “interesting” that the attack took place during a bear market where small exchanges struggle to stay afloat, hinting that the possibility of an inside job cannot be rule out.
The market hasn’t been moved by the news yet.
At the same time, the team has made it clear that the appropriate Government Agencies, the NZ Police, and the High Tech Crimes Unit have been informed and are working jointly on investigating the matter.
What do you think of the Cryptopia hack? Don’t hesitate to let us know in the comments below!
Although 2019 is expected to be a turnaround year for the broader Bitcoin market, a crypto exchange recently divulged that it had fallen victim to a “security breach.” This is the exchange hack of 2019.
First Crypto Hack Of 2019
On Tuesday morning, Cryptopia, a lesser-known crypto exchange centered around small cap assets, took to Twitter to release a harrowing piece of news. Company representatives claimed that on January 14th, Cryptopia, a platform that trades approximately $1 million of digital assets each and every day, “suffered a security breach.”
The signed message revealed that the security breach resulted in “significant losses,” but the exact specifics of the cryptocurrencies lost weren’t plainly stated. Once Cryptopia’s C-suite and top brass found out about this unfortunate occurrence, an immediate shift to maintenance was deemed necessary, as staff “assessed damages.”
After further digging and analysis, Cryptopia’s staff team, primarily situated in New Zealand, contacted the appropriate agencies, including the local police force and “high tech crimes unit.” The aforementioned entities are currently working hand-in-hand with the exchange to fix the “major crime.” Cryptopia explained that until a proper investigation has been completed, the platform will remain in maintenance, with crypto trading being suspended. In closing, the firm wrote:
“We are committed to getting this resolved as quickly as possible and will keep you all updated every step of the way.”
Just thirteen hours earlier, the company claimed that it was “experiencing unscheduled maintenance,” likely a preemptive hint that it had fallen victim to a hack.
Bitcoin Community Reacts
As this news propagated, the crypto community at large began to react. Whale Panda, a leading Bitcoin proponent and host of the Magical Crypto Friends podcast (Charlie Lee, Riccardo Spagni, and Samson Mow), hinted that the hack may not be innocuous as it may initially seem.
Panda noted that Cryptopia used to be a popular exchange, especially during early-2018’s altcoin peak, as ambitious traders flocked to the platform to trade lesser-known cryptocurrencies in search of monumental rallies. The commentator, going along with his cheeky theory, that the hack wasn’t a “hack,” explaining that this occurrence comes as “small exchanges are struggling to make ends meet.”
Due to the relative obscurity of the platform, the market has barely moved on the news. Other than a $30 candle to the downside, it can be said that the hack had no effect on the Bitcoin price.
This is an ongoing situation, but NewsBTC will be sure to keep you in the loop. Keep on checking in.
Crypto markets recover yesterday’s losses but not much more, Ethereum, EOS, NEO and Maker putting on the most.
A minor rebound has occurred over night which has pushed total market capitalization back over $120 billion. It is nothing to get excited about though as things are still way down on the week and the fifteen day old year.
Bitcoin clung on to support at the $3,600 by its digital fingernails for a day before one ‘Bart shaped’ pump sent it back to $3,700 again. The trading range has been maintained for now and Bitcoin is still sideways on the four hour chart for the past couple of weeks. Since the big dump a month ago today BTC has made 15%.
Ethereum has bounced back a little better with an 8% gain on the day taking it just below $130. Constantinople is due tomorrow and the hard fork could usher in more short term gains for ETH. The gap to XRP in second has now shrunk to just $200 million as Ripple’s token only managed to claw back 2.5% on the day.
Altcoins in the top ten are all green at the time of writing with Ethereum leading the bounce. EOS has made the next best move gaining 6% back over the past 24 hours to around $2.45. Bitcoin Cash, Litecoin and Tron have all recovered 4-5 percent on the day, Bitcoin SV has hardly moved.
Neo and Maker are driving gains in the top twenty right now with 6-8 percent. Cardano, Iota, Binance Coin and Monero are adding around 5% each at the time of writing.
Augur and Quarkchain are getting a big dose of fomo today as they both pump over 25%. WAX and Chainlink are also posting double digit gains during the Asian trading session. There are very few altcoins in the red right now aside from ODEM and a couple of stablecoins dropping fractions of a percent.
Total crypto market capitalization has bounced over 4% back from yesterday’s dump. The $5 billion lost has just come back in to crypto, probably from the same players by the looks of the unnatural vertical steps on the charts. Pump and dump culture is alive and kicking again on crypto markets which are still in their range bound channel.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
After thus farfinding more talk about blockchain than actual products, I needed to up my game. What’s more, on Sunday, Ledger had announced the Nano X, whilst I was clearly at a different party. My plan was to head to their booth first…
Distributing Ledger’s Technologies
Ledger had already announced that they would be at CES, so we had an idea they might launch a new hardware wallet. We hadn’t realized that it would be behind closed doors… and on the Sunday before the show proper had begun.
The show guide had clear maps and an index of exhibitors, and the Ledger website had a schedule of product demonstration times. I chose the one labeled ‘press only’, which CEO Eric Larchevêque was presenting.
The Ledger booth was really quite impressive. Obviously, not compared to electronics giants like LG, or the big car manufacturers, but much bigger than last year… at least, according to Larchevêque. He went through a quick demonstration of the Nano X, then was kind enough to give Bitcoinist a prototype model, so expect a full review soon.
Digital Money Marketplace
Along with the ‘Digital Money’ conference strand, the show had a number of marketplaces, where certain technologies were grouped together. After my success at the Ledger booth, I decided to try the ‘Digital Money’ marketplace.
Now, again, the digital money marketplace was never going to compare with the likes of ‘Smart Home’, ‘Fitness’, or even ‘3D Printing’, but even then it was a little underwhelming.
Yeah, that’s eight booths… and you’ll notice one of them is empty, and the one next to that isn’t really crypto related. Six of the smallest-sized booths and the larger map is just one of many many rooms, spread across three locations around the city.
So what did I find? A Bitcoin ATM that also doubles as a normal ATM. The world’s first apparently. But I’m sure I’ve written about something similar before. The world’s fastest blockchain for business, Devvio. A blockchain platform based on Proof of Maintenance, crypto-lender and…
A trio of hardware wallets launched by SecuX. Dammit, I was meant to visit Archos!
The SecuX wallets all featured vault-grade protection, multi-currency support, and large color screens. Two also had Bluetooth connectivity and embedded Li-polymer batteries to provide power for this.
But where was Archos? Not listed in the directory, that’s for sure. I aimed for the French section in the Eureka Park, another area with loose gatherings of companies under spurious banners. I struck luck.
The Archos Safe-T touch is another Bluetooth-enabled device, with an even bigger screen. It runs a cut down version of Android, although there is also an isolated area, purely for transactions. Unfortunately, they didn’t have a review model, so that will have to wait.
As I wandered around the Eureka Park I continued to find small blockchain related companies who had traveled with a delegation from Ukraine or Switzerland, or grouped by a certain theme.
By far the thing I saw most was hardware wallets.
You Already Have A Hardware Wallet
One of the speakers I had seen during the conference sessions, was Steven Sprague, CEO of Rivetz. He previously spent many years at Wave Systems working on trusted computing technology. Because of this, every PC built since 2006/7 has had a trusted secure enclave, just like a hardware wallet. Also, every smartphone since 2014 has had the same thing.
I managed to catch a few minutes with Steven, and he very animatedly explained that all that was required was for the software to enable this secure portion. We already use our phone as a trusted device, so with the unlocking of the secure enclave, we could also use it to securely identify ourselves, either for cryptocurrency wallets, or anything else.
Bitcoin price found support near $3,400 and later recovered above $3,660 against the US Dollar.
There was a break above a key bearish trend line with resistance at $3,560 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is currently consolidating above $3,600 and it could dip towards the $3,560 support.
Bitcoin price recovered nicely above $3,500 and $3,600 against the US Dollar. However, the current price action is choppy, suggesting swing moves in BTC above $3,560.
Bitcoin Price Analysis
Recently, we saw a major downward move below $3,800 in bitcoin price against the US Dollar. The BTC/USD pair even broke the $3,560 support and the $3,400 pivot level. A low was formed at $3,376 and later the price started a decent recovery. It broke the $3,400 and $3,500 resistance levels to move into a positive zone. The upward move was convincing as the price settled above $3,560 and the 100 hourly simple moving average. Finally, there was a break above the $3,649 swing high, opening the doors for more gains.
Moreover, there was a break above a key bearish trend line with resistance at $3,560 on the hourly chart of the BTC/USD pair. The price tested the 1.236 Fib extension level of the drop from the $3,650 high to $3,376 low. A high was formed at $3,716 and the price is currently consolidating gains. An initial support is $3,640 and the 23.6% Fib retracement level of the recent wave from the $3,376 low to $3,716 high. The main support is near the previous resistance at $3,560. It coincides with the 50% Fib retracement level of the recent wave from the $3,376 low to $3,716 high.
Looking at the chart, bitcoin price recovered nicely above $3,560, but the price action seems to be a bit choppy. Therefore, there could be a few swing moves towards $3,560 before a fresh upward move.
Hourly MACD – The MACD for BTC/USD is moving back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving lower towards the 50 level, with a bearish angle.