Categories
Crypto News Updates

Is Another Bitcoin Capitulation Just Around the Corner?

Do these Bitcoin Miner Statistics Point to Another BTC Capitulation?

Miners may be driving the recent Bitcoin price slide ahead of the halving, dumping coins to ensure their expenses get paid.

Halving May turn into Negative Event for BTC Confidence
The halving may turn out to be negative for Bitcoin (BTC) prices, as analysts suspect the recent price slide was triggered by a “miner capitulation.” A signal based on hash ribbons, a measure of mining activity, signals more selling may be in store.

Hash Ribbons coming in hot for another Miner Capitulation.
Currently a 1 week data delay so crossover may have already occured…#Bitcoin pic.twitter.com/uPektFzeJX
— Charles Edwards (@caprioleio) March 14, 2020

Miners abandoning the network may signal a few things. One is the expectation for falling BTC market prices, which are no longer viable to support mining. The other possible explanation is that miners are switching off their facilities in a bid to lower difficulty.
With about two months left to the halving, miners struggle to make up as many high-reward blocks as possible. For now, the Bitcoin network is not threatened by a so-called “death spiral”, as the difficulty would adjust downward. The other encouraging factor is that the Bitcoin network is still supported by four or five very influential pools, which show no signs of abandonment.
However, as Bitcoin price settled above $5,200, fears of further steep price drops were renewed. The current BTC sentiment for all traders is “extreme fear”, the lowest value since the price crash in 2019. But miners may turn out to be a significant vector of price movements.
Miners Still Support Relatively Bitcoin High Hashrate
The Bitcoin hash rate flattened out at around 110 quintillion hashes per second. This level, which is still close to peak values, may lead to another slightly lower difficulty. The halving, however, may severely diminish the hash rate, as the event sifts out miners that cannot afford their operating costs. Roughly, the price of producing one Bitcoin would double, and miners would be pressured to optimize or abandon the network.

If #BTC mining becomes unprofitable every miner'll turn off in short term; like every other activity'd do if it doesnt generate profits. Then, big capitulation'll hit.
Once the diff adjstment is done & BTC becomes profitable again, they'll turn on to mine faster than ever imo.
— Inversionario (@lnversionario) March 15, 2020

The silver lining of the current picture is that “miner capitulation” has been an explanation in the past, when BTC still traded at a higher range. Miners are also producing blocks on schedule, and the Bitcoin mempool is relatively empty. After a recent boom of on-chain transactions that preceded the sell-off, activity on the network diminished. But a congestion is also a source of panic, and usually happens close to dramatic price moves.
Ahead of the halving, Bitcoin remains unpredictable, with extreme predictions of new price peaks and a fast rally, as well as potentially a deeper slide to much lower valuations. But miners will be closely watched in the coming weeks, as a signal for the health of the network.
What do you think about the potential for a miner capitulation and a further price slide? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter: @capriolieo
Source: Bitcoinist News

Categories
Crypto News Updates

Stay Safe From Coronavirus but also Keep your Bitcoin(s) Safe

Stay Safe From Coronavirus but also Keep your Bitcoin Safe

The time is ripe for another round of scams and shady schemes, as the coronavirus panic is used to extort potential Bitcoin buyers. Beware of scammy schemes or shady exchanges.

Scammers May Seek Naive Bitcoin Investors at Times of Panic
Scammers may be hunting for naive Bitcoin investors during times of panic. The latest Coronavirus precautions and lockdowns also mean dishonest crypto-related players may attempt to scam buyers into losing their money. The crypto space has never lacked scams and problematic exchanges. But with Bitcoin falling toward $5,000, new buyers may not be aware of the risks of trading. Exchanges crop up all the time, reporting extraordinary trading volumes. But those markets may turn out to be unreliable, potentially ending in an exit scam.
The best approach to avoid fake exchanges is to stick to the best-known names. Even leading exchanges have shown evidence of volumes way above organic demand. But at this point, any newly created and overhyped market may be even riskier.

So can we all agree that most of the big exchanges fake their volumes, thin order books crashing the price of #Bitcoin over 40%.
— Bilal Hammoud (@BYHAMMOUD) March 13, 2020

Buying BTC right now opens up a whole can of worms for newcomers. Usually, using a wallet is straightforward. But wallet scams are not rare. Users must be aware to avoid downloading wallets from links sent through chat or emails. Even GitHub pages may contain wallets with malicious injections, or those that manage to send out the newly generated private keys over the Internet. Wallets may also create tainted seed phrases, which are known to the malicious actor that planted the wallet.
Faked Wallets, Ponzi Schemes May Steal Coins
Extra vigilance may be required when downloading wallets for Bitcoin or other crypto coins. This type of scam has been around for a long time, but the new coronavirus measures may revive the attempt to steal coins. The other risk involves the pressure to buy Bitcoin and pay ransomware demands, or extortion emails. Those types of scams may increase, to feed off the general sense of chaos.
The third type of scams may include Ponzi schemes or promises of passive income. Putting Bitcoin or any other crypto into these schemes has a big potential for losses. Social media, and especially Discord and Telegram channels are also some of the usual vectors for spreading scams and fake schemes.
A smaller risk may be a renewal of cryptojacking, or hidden mining that overloads consumer electronics.
The other risk for newcomers is to be drawn into high-leverage BTC derivative trading, instead of just diversifying with actual Bitcoins. Derivative betting on the price of BTC, especially given current volatility, may be extremely risky, and lead to deep losses. The price slide of Bitcoin may continue, as pessimism has gripped the markets. But holding onto actual coins is still better than falling for an outright scam. The best approach is to be skeptical of newly created exclusive offers, especially those promising high returns.
What do you think about potential Bitcoin and crypto scams during the coronavirus measures and lockdowns? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter: @BYHAMMOUD
Source: Bitcoinist News

Categories
Crypto News Updates

Forced to ‘Work from Home’ due to Covid-19? Crypto Can Help

Forced to 'Work from Home' due to Covid-19? Crypto Can Help

The CoVid-19 pandemic led to pressures to work from home. Despite the price crash, the crypto economy has some positive examples.

Crypto Startups Already Established Distributed Team Model
For years, the crypto space has operated as a global, interconnected network of opinion leaders and developer teams. Bitcoin (BTC) appeared and spread through a loose forum community, and to this day, no one has met its creator, Satoshi Nakamoto, in person. In the wake of the coronavirus outbreak and companies forcing their staff to stay indoors, “work from home” searches have suddenly exploded on Google, and remote work hashtags showed that regular business was behind the curve.
Over the years, crypto projects cropped up, tapping developer and marketing talent from across the globe. The crypto space turned out into a big work-from-home operation, where remote teams were the norm, rather than the exception.
Even in a bear market, crypto projects continue to operate, offering opportunities for passive income and community engagement.

anyone stuck at home looking for a #WorkFromHome #passiveincome try out https://t.co/4naQaVGcee Its a fantastic way to earn FREE #Cryptocurrency for reading and blogging short articles! No strings attached, no personal information collected, just start earning real crypto today!
— Cash Chucker (@TheCashChucker) March 11, 2020

Crypto startups have worked on use cases such as time monetization. Other projects already rode the wave, finding solutions for secure file sharing.

Are you working from home? Do you or you company need a secure way to share files? Check out #pshare#WorkFromHome #coronavirus#ITsecurity #filesharing@dualityofficial @DualityCN
https://t.co/egzNYHIvzN pic.twitter.com/yndTSf8VA8
— Crypto_wizard Raistilin (@RaistilinCrypto) March 13, 2020

Passive Income, Trading, Gaming, and Distributed Finance All Done Remotely
Whether the coronavirus pandemic will lead to more remote work is anyone’s guess. But the culture of distributed teams is gaining experience and technological solutions every day. All the while, BTC and other crypto coins have long ago broken the borders of payments, where banking systems still lack reach or are prohibitively expensive.
But crypto assets are not all about passive income or thinly veiled Ponzi schemes. Developer teams, if they ever worked in an office, were the first ones to be sent home and continue their productivity. For most open-source, distributed crypto projects, even the biggest ones, a remote team is the norm. Ethereum, a project that is instrumental to the crypto space, has been guided by a remote developer team.
crypto and ethereum developers working remotely
Blockchain is also, in itself, a technology for remote consensus and record-keeping. Added to the open-source ethos, the crypto space has given an example of how the knowledge economy can continue to work remotely.
Exchanges are also showing a model of working at all times, with a distributed team. The recent crypto crash was partly due to the fact that trading and transactions don’t have any time limits, and are open 24/7. Trading is also possible to anyone, and although risky, has created trading opportunities despite geography. Even after the market slide, most exchanges mark significant activity.
What do you think about the latest work-from-home trend? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter: @TheCashChucker, @RaistilinCrypto
Source: Bitcoinist News

Categories
Crypto News Updates

Why Bitcoin ‘Cannot be a Reliable Safe-Haven Asset’?

Why Bitcoin 'Cannot be a Reliable Safe-Haven Asset'?

Bitcoin (BTC) shed as much as 50% of its price within 24 hours, going through massive liquidations in what looks like a capitulation event. Yet BTC still has some characteristics of a safe haven asset.

Bitcoin Unreliable Due to Unpredictable Days of Trading Anomalies, Panic Selling
BTC is unreliable in the short term due to the unexpected days of either massive gains or losses. Yet owning Bitcoin in the past decade has shown its potential to offset other economic risks. Now, BTC is entering a period of heightened volatility, losing trust as remaining stable enough. But overall, Bitcoin can have features that may be useful during crisis times for traditional assets.
“Generally speaking, Bitcoin has moved in ways that seem to reflect what’s happening in the broader market. But there are exceptions — entire years that don’t fit this pattern. The data suggests that over the years Bitcoin has occasionally performed as an effective alternative to traditional markets,” shows the most recent Longhash analysis.

Overall, money flowing into Bitcoin reflected confidence in the overall economy. Exceptions included 2014, when the fallout of the Mt. Gox failure depressed prices for a year. Yet BTC can be viewed as a still novel asset in a phase of discovery, with any price moves possible.
The influence of liquidations on the futures market also makes Bitcoin less reliable. The asset does not have an emergency switch, except for occasional technical emergencies on exchanges.
BTC May be Safe Haven in Developing Countries
Bitcoin was not a safe haven in the sense of money flowing into the markets while other assets tanked. One of the reasons for that may be logistics – even retail investors cannot move so fast to stock up on BTC. Yet there is a side to Bitcoin which looks like potentially working at times of crisis. The top cryptocurrency, however, has been used locally to offset other lagging markets. During the bull market of 2017, Korean investors moved into crypto assets, to offset lagging local markets. For others, Bitcoin was a speculative one-off chance.
The recent selling also showed that BTC could offer a fast source of emergency funds, even if sold at lower prices. Holding some BTC coins is also an alternative payment tool, as the Bitcoin network has not closed during the sell-off.
Bitcoin is also relatively safe in countries where local currencies are even more volatile and unreliable. The leading coin has worked to offset inflation and weak currencies in Venezuela, Iran, and in part, Turkey. BTC may be much riskier in comparison to stock indexes in developed economies but may work to offset economic lags in developing countries.
bitcoin a boon for developing countries
The usage of BTC is also a source of unofficial dollarization. And since price discovery is happening in advanced economies, holders of BTC may also benefit from a higher economic standard. LocalBitcoins is also showing anomalies in price discovery, where BTC shoots to extraordinary price peaks as an offset against local monetary and economic risks.
What do you think about the latest Bitcoin crash and the short-term loss of safe-haven status? Share your thoughts in the comments section below!

Images via Shutterstock, LongHash
Source: Bitcoinist News

Categories
Crypto News Updates

FTX Exchange Pays Users’ Gas Fees Out of Own Pocket

FTX Exchange Compensates Crypto Traders for ETH Congestion

After unprecedented trading volumes and some network congestion, the FTX exchange introduced special measures to boost trader confidence.

FTX Exchange Compensates Traders for ETH Congestion
The rising gas fees for Ethereum (ETH) meant traders faced potential difficulties withdrawing funds. The exchange also showed lagging transactions for tokens, potentially leading to losses. For that reason, FTX stepped in to take the load off traders.
“In view of the serious congestion of the Ethereum blockchain yesterday, FTX paid for itself, increased the gas (miner fee) packaged by ERC20 for all users, and accelerated the speed of user withdrawals,” the exchange announced.
Gas fees reached $0.30 for speedy transactions, nowhere near the peak ETH fees. However, the fees were 10 times higher on average, meaning some wallets may have chosen to pay exorbitant fees. At one point, average reported fees per transaction reached $1.20.
Waiting times also meant those that chose low fees faced delays that may be costly in terms of delayed smart contract execution and liquidations.
Competition Heats Up With Other Derivative Markets
During peak trading times, the FTX exchange also had to lower the frequency of trades and avoid trading congestion. So far, the increased trading load managed to create problems even for the biggest markets, with outages caused by panic selling. FTX, which aims to become a leading crypto derivatives exchange, now carries as much as $3.4 billion per 24 hours. BTC futures take up the bulk of trading, or 45% of all volumes, with $1.5 billion per day reported volumes. ETH trading is also derivative, contributing another 12% to volumes.
FTX Token (FTT), the native asset of the exchange, also recently rallied to as high as $2.78. During the latest sell-off, FTX sank to $2.03, still closer to the top of its range. The FTX exchange noted the asset had remained relatively stable despite the overall sell-off of nearly 30% for most assets.
Still, FTX exchange, along with BitMEX, were singled out as possibly exacerbating the problems with the recent BTC price drop. FTX, despite its claims to high capacity, had to delay orders, essentially also creating a sort of emergency switch for BTC trades.

@SBF_Alameda fix this one. Many exchanges do fuckery and lags – so there’s a reason people swapped to ftx.Don’t treat em even worse https://t.co/kIlJIDUjDr
— Bullish Kid (@BullishKid) March 12, 2020

FTX still takes up about 2.13% of overall BTC futures trading, still far behind BitMEX. With the current sentiment still leaning toward extreme fear, BTC is not yet recovering with any stability, as more selling is expected.
Do you think crypto exchanges should cover their customer’s high gas fees? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter @BullishKid
Source: Bitcoinist News

Categories
Crypto News Updates

Ethereum Experiences Worst Trading Day on Record

Ethereum HODL'ers Experience Worst Day on Record

Ethereum (ETH) crashed alongside all crypto assets, and this correction seems to be the worst one-day return in history. Barring a few trading anomalies, where ETH price dipped to almost zero, this correction arrived fast and erased most of the recent gains for ETH.

Ethereum Returned to December 2019 Prices After One-Day Crash
ETH has been inherently more volatile throughout its trading history, and even raised expectations of correcting deeper. But at the start of 2020, Ethereum became one of the best-performing altcoins.
The recent crash, however, cut this optimism short, after traders exited out in droves and caused huge network congestion.

Not to be outdone, it's Ethereum's worst ever day as a financial asset, by a significant margin (-43% with the runner up being -27%). pic.twitter.com/OS2Urcq2Jc
— nic carter (@nic__carter) March 13, 2020

The crash erased more than 45% off the Ethereum price since last week, sending the coin down to $127.23. The sell-off boosted volumes to $30 billion, a peak-level activity for ETH. The slide of Ethereum also had repercussions for the entire crypto ecosystem, causing liquidations in DeFi collateralized lending schemes.
The liquidations were exacerbated by a double bind of quickly slipping Ethereum market prices, as well as a heavily congested network.

I say it reluctantly but the real problem yesterday was @ethereum, the congested network and the skyrocketing fees blocked all the decentralized mechanisms of the #DeFi. We are still far from having a solution that can be used effectively on a large scale.
— Simone Conti | simoneconti.eth (@simoneconti_) March 13, 2020

DeFi Market Wrecked by Liquidations, ETH Collaterals Seized by Bots
The sell-off did not entirely crash the collateralized lending sector, though it did send the market into shock. Maker (MKR) sank by more than 39% overnight, and more than 53% in the past week, sinking to $259.58.
The specifics of the DAI trading space also allowed an exploit by a knowledgeable trader, where the price crash led to zero-price auctions won by a fast enough participant.

Holy crap is this real? All the DAI vaults got liquidated and no one bid on the auction so someone walked away with literally millions of dollars worth of ETH after bidding $0 for the liquidated vaults? DumpstEr FIre #defi
— Richard Holland (@codetsunami) March 13, 2020

The so-called collateral vaults were liquidated and taken over, based on the rules of Maker. This opened a 3.5 hour window, in which a single player had the limited right to buy up vaults that triggered liquidations.
A bot was capable of bidding zero prices for the vaults, and won the auctions, while others did not have the chance, in part due to Ethereum network congestion. The current crash was spectacular in its speed, happening within a 24-hour window and based on panic across both traditional and crypto markets. But ETH has also fallen on a larger time scale, moving down from a peak above $300 in the summer of 2019.
The latest liquidations and losses show that the ETH market slide is not the only negative development. Currently, the Ethereum network congestion has abated somewhat, leading to $0.15 gas prices for the fastest transactions.
What do you think about the latest record ETH crash? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter @codetsunami @simoneconti_ @nic__carter
Source: Bitcoinist News

Categories
Crypto News Updates

Ethereum Transactions Take 44 Minutes to Clear Amid Market Chaos

Ethereum Transactions Take 44 Minutes to Clear Amid Market Chaos

Rushing to send coins to exchanges and DeFi platforms  has caused the Ethereum network to become heavily congested. High gas prices mean new transactions now have to wait up to 44 minutes to be confirmed.

Market Crash Causes Panic-Driven Network Activity, Liquidations
The recent market crash was also a stress test for networks, as immediately transaction activity picked up. The Ethereum network was the first to show a significant backlog, essentially clogging transactions for close to an hour. For anyone attempting to sell coins, the transaction may be either very expensive, or stall until prices correct even more.
Changpeng “CZ” Zhao noted the worsened network conditions:

#ETH network congestion. Average time for confirmations 2680 seconds (44 minutes) https://t.co/a2U8vF3Q9P pic.twitter.com/nPENzWA4yH
— CZ Binance 🔶🔶🔶 (@cz_binance) March 12, 2020

While the ETH gas price is not exorbitant, it still requires $0.29 to get the transaction into a block sooner. USDT transactions are also affected, as nearly 2.9 billion stablecoins are only movable through the Ethereum network. This means shifts between exchanges will also become slower.
In the meantime, Ethereum prices unraveled to $138.12, on rapid selling. This caused a series of liquidations of DeFi derivative trading and collateralized debt. A slower network means potential problems for some of the participants, as they have little time before their collateral is liquidated. Fast action is required for projects like Maker, and with a congested network, this may not be possible for all traders.

🚨🚨ATTENTION REQUIRED🚨🚨
If you see that the next price update in @MakerDAO is below your CDP/Vault liquidation price, please make adjustments to protect your CDP accordingly.
We recommend Repaying, Paying back debt or adding more collateral to increase your ratio.
— DeFi Saver (@DeFiSaver) March 12, 2020

The sudden, rapid price unraveling has not affected the Bitcoin mempool that rapidly. But for Ethereum, the network shows it is both instrumental to the crypto ecosystem but also a source of failure.
The Ethereum network has congested during booming periods as well, or during high-level usage of one game or contract. But this time, the network reacted to market conditions, with potential repercussions and liquidations.
Panicked Selling Pressured Ethereum Prices
Some of the Ethereum transactions are also outright panicked selling, with coins noted going directly to exchanges for liquidation.

🚨 100,000 #ETH (13,677,560 USD) transferred from unknown wallet to #Kraken
Tx: https://t.co/p185vhlRPo
— Whale Alert (@whale_alert) March 12, 2020

It is uncertain how far the unraveling would go, as the world markets react across the board. But for ETH, the recent rally above $200 may have been a temporary fluke, as gains were easily erased by selling. The crypto market may not be all done with the price drops, and the Ethereum ecosystem is especially vulnerable.
Currently, decentralized exchanges and collateralized lending schemes which rely entirely on smart contracts will show if they can absorb suddenly increased activity. Curiously, the price of multi-collateral DAI has retained its $1 peg.

DeFi should avoid becoming DaiEthFi.#DeFi pic.twitter.com/tGY0uPiOas
— Daniel🌰 (@tangdaniu) March 12, 2020

DAI remains a point of weakness, as it has absorbed significant ETH reserves. Just before the crash, Ethereum also got a boost from increased holding behavior, though the new price dip may cause some whales to liquidate.
What do you make of the huge Ethereum network congestion right now? Add your views below!

Images via Shutterstock, Twitter @tangdaniu @Whale_Alert @DeFiSaver @cz_binance
Source: Bitcoinist News

Categories
Crypto News Updates

Chainlink (LINK) Suffers Devastating Correction, Here’s Why

Chainlink (LINK) Suffers Devastating Correction, What Happened?

As the crypto markets took another dip on Thursday, Chainlink (LINK) saw the most dramatic shift in sentiment. The asset, which until recently defied gravity, could not continue on its rally.

Chainlink Reverses Trend from $4 Peak
LINK broke down tentatively under $4 in the past day, and initially showed just a slight pause in its climb. But in the past day, the price unraveled rapidly, both in dollar and BTC terms. The #11 largest crypto sank toward $3.19, and fell from above 50,000 Satoshi toward 32,000 Satoshi.
The flash crash followed days of extreme enthusiasm, but the price slide was also extremely steep.
LINK erased more than 20% of its price in the past day, and is down more than 30% on a weekly basis, essentially following the general decline in crypto assets. The losses deepened as trading progressed on Thursday, extending the loss to above 21%. LINK threatens to now drop below the $3 mark.
The worst part of the LINK crash is that for a few days, the asset was used to offset the decline in Bitcoin (BTC). But despite the market-defying properties of LINK, those price peaks are an anomaly.

$LINK is not a safe haven guys pic.twitter.com/49fi3wSakt
— Ivan on Tech (@IvanOnTech) March 12, 2020

Altcoins have always shown greater volatility, and LINK is no exception, going through boom-and-bust cycles. This time, LINK also revealed that the latest rally was not sustainable, and once again resembled a pump-and-dump episode.
Low LINK True Liquidity Led to Slippage
LINK true liquidity was also much lower, leading to immediate slippage once the selling started. Reported volumes during the sell-off reach $582 million, though liquidity, as measured by CoinMarketCap, was just $520,000 on Binance. The Chainlink asset also relies on futures markets, where the recent spike may have led to shorting.
LINK was viewed as one of the potential stars in the altcoin market, possibly going for a much higher valuation. But after sinking closer to $3 with no end of selling in sight, its peak may be $4 in hindsight. It was also one of the few assets to have made net gains since 2017, seemingly untouched by the altcoin bear market. But now, after the BTC rally was cut short, the asset is also facing a deeper correction.
The LINK rally followed several other altcoins, selected for their somewhat higher liquidity. However, the latest correction was not the sole loss on the market. Previously booming altcoins like Tezos (XTZ) marked similar losses of close to 20%.
What do you think about the latest LINK crash? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter @IvanonTech
Source: Bitcoinist News

Categories
Crypto News Updates

Bitcoin Crashes Under $6K on BitMEX, Crypto Market Sheds $56 Billion

bitcoin price

Bitcoin (BTC) is depreciating rapidly today, with more than 11% loss in the past hour. The price dipped on panicked trading, crashing under $6,000 on BitMEX.

Bitcoin in Freefall after Panic Sets In
Bitcoin prices showed they suffered even more from the overall uncertainty on the stock markets. After tentatively stabilizing for a day, BTC unraveled, with a slide that cannot be stemmed.
The extreme panic and the rapid movement on the futures market quickly erased value, crashing bitcoin under $6,000, a level not seen since the fall of 2019. Bitcoin price further distanced itself from its usual range from $10,000 to $8,000, and performed a freefall during European trading hours.

It's not often you can #BTC is moving like stocks…. but it is…. and I said it, so…. pic.twitter.com/5Cr2GlIUoP
— Pip (@HowesMarcus) March 12, 2020

BTC traded at $5,891.00 on BitMEX, and unraveled to $6,022.21 on the spot market. The recent precipitous price drop happened on relatively low volumes of $41 billion. The crash happened despite reports of new USDT tranches flowing into the ecosystem. The newly injected USDT for now cannot counteract the panicked selling.
After the initial shock, Bitcoin prices recovered somewhat to $6,132, but by no means look out of the wood yet. Previous predictions saw “maximum pain” for BTC between $7,000 and $6,000. But now, predictions of a dip to $5,000 or even a crash to $3,000 don’t look so outlandish. BTC remained highly volatile, later retreating again to $6,039.

#BTC
Last support pic.twitter.com/ojQ3dgDdMy
— Alejandro 🇪🇸 (@Pastore1314) March 12, 2020

Breaking below the long-term bullish trend may send BTC to a whole lower price range, erasing the previous expectations for a year of smooth price action, culminating in a halving rally. Now, bitcoin is again in almost uncharted territory, showing that its price action does not follow the narrative of a safe haven.
The current dip is viewed as either holding and reaching stability or higher valuations, or an outright capitulation to much lower prices. With lockdowns and overall global uncertainty, bitcoin faces a dramatic decision period.
Whale selling also accelerated in the past day, as large-scale orders pressured down the price before re-buying. But the rapid crash created a new wave of panic. The recent sell-off crashed the entire market, bringing down the overall crypto market cap to $172 billion, the lowest level since the pre-rally pricing at the beginning of 2020.
The drop may not be over, with the territory under $6,000 still vulnerable.

Ouch!Knifed 6k support.Next support = 4k #btc pic.twitter.com/PgI60vy7yP
— Don Lopez 🇺🇸🇩🇴 (@MrDonLopez) March 12, 2020

The recent price crash started after bitcoin stalled in climbing above $9,200, then only briefly held support levels between $8,000 and $7,000. Now, the newly created panic will chart a new path for both BTC and previously booming altcoins. For now, only very reckless predictions see BTC bottoming out at these levels. Previous bottom calls around $7,800 proved a faulty prediction.
What do you think about the latest price crash on the crypto market? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter @MrDonLopez @Pastore1314 @HowesMarcus
Source: Bitcoinist News

Categories
Crypto News Updates

Huge Security Flaw Allows Crypto Hackers to Steal Private Keys

Devastating Flaw Allows Crypto Hackers to Steal Your Private Keys

Storing crypto private keys on a computer, even offline, may not be entirely safe. Known vulnerabilities in widely used processors have added one more pathway that could expose valuable data, including wallet keys.

Intel CPU Attack Not Viable in Real-World Conditions
Just about a year after the revealing of the Spectre and Meltdown vulnerabilities, a new pathway to steal valuable information has emerged. This Tuesday, a new exploit was discovered, one capable of stealing information from Intel’s SGX (Software Guard eXtensions). This digital storage may be used for crypto private keys and other sensitive information.
The data can be accessed via a novel attack, Load Value Injection, reported ArsTechnica. This means sensitive data can be divulged by injections stemming from malicious code or an app. This code could gain access to information usually restricted from sharing such as crypto private keys.
The vulnerability will affect apps that use SGX to create a digital vault for encryption keys, passwords, digital rights management technology and other sensitive information. The new exploit is a cross-vulnerability with a previously known exploit, Meltdown. Intel has released a list of processors affected by the latest flaw.
Unlike all previous Meltdown-type attacks, LVI cannot be transparently mitigated in existing processors and necessitates expensive software patches, which may slow down Intel SGX enclave computations 2 up to 19 times
Private Keys to Crypto Wallets Usually Exposed Due to Human Error
Intel put out an immediate statement about the attack and its mitigation:
Researchers have identified a new mechanism referred to as Load Value Injection (LVI). Due to the numerous complex requirements that must be satisfied to successfully carry out, Intel does not believe LVI is a practical method in real world environments where the OS and VMM are trusted. New mitigation guidance and tools for LVI are available now and work in conjunction with previously released mitigations to substantively reduce the overall attack surface.
The exact scope of the LV attack was presented in detail in special research launching in April 2019. The researchers suggest that the attack is extremely difficult to perform, and will not be likely to attack consumer electronics. So far, no known instances of the attack were known. It is possible the LV attack could affect cloud computing resources.
Owners of crypto coins have always worried about the exposure of their private keys. So far, few thefts from wallets have been reported without having some form of human factor, which exposed the private keys. But gleaning a wallet private key from a consumer device remains a scenario with very low probability.
What do you think about the latest Intel CPU vulnerability? Share your thoughts in the comments section below!

Images via Shutterstock
Source: Bitcoinist News