##Bitcoin Price Breaks $12K To New 2020 High: New Bull Run Gets Underway?

 

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Bitcoin price had been lingering under the $11,900 mark for the past 48 hours, despite another injection of $6 billion entering the global crypto market at that period.

In the last hour, however, a sudden surge in buying pressure finally arrived, which assisted in driving prices over the psychological $12,000 resistance for the first time in over a week. The bulls drove the price higher than $12,125, which was the 2020 high since the beginning of August.

This key level has so far succeeded in defeating bullish BTC traders on two separate occasions in the first ten days of August. Will it be third time lucky for the primary cryptocurrency, including a daily close above $12,100?

Price Levels to Watch in the Short-term

Right now, BTC is attempting to close above the median line (dashed line) of the long-standing rising channel. This particular level also overlaps with the first major resistance area (green area) between $12,000 and $12,070.

Breaking over this will secure a new reliable support for Bitcoin as bulls attempt to daily-close a new YTD high above $12,100.

Looking at the Fibonacci extension levels on the 4-Hour chart (yellow lines), we can see that the initial breakout ricocheted cleanly off the 0.618 level ($12,199). If this area is overcome during the current uptrend, the first significant test for bulls will be at the 0.786 fib extension level ($12,343), which also overlaps with the upper channel resistance.

There will undoubtedly be a lot of selling pressure at this key level, but breaking over it will almost certainly signal that the Bitcoin bull market is about to add its next leg.

Looking back at previous daily closes, the only area which has shown any real resistance in the past year is the $12,400 level – between June 29 and July 08, 2019.

Going back to 2018 candles, we can also see the $12,800 was a key S/R level during the month of January.

##How the Ethereum Classic hacker stole $5.6 million from OKEx

 

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OKEx explains how the person who attacked the Ethereum Classic network managed to steal millions of dollars from its exchange.

In brief

OKEx explains how the recent 51% attack on Ethereum Classic was used to steal $5.6 million in crypto.

The hacker allegedly confused the community into switching from ETC mainnet to a "shadow chain."

The alternative transaction history was modified to redirect over 800,000 ETC from OKEx to the hacker's addresses.

Crypto exchange OKEx published a new report on Saturday, detailing how the perpetrator of the recent 51% attacks on Ethereum Classic (ETC) managed to steal $5.6 million of cryptocurrency using its platform.

As Decrypt reported, Ethereum Classic’s blockchain was recently hit by two consecutive 51% attacks on August 1 and August 6. Gaining control over 51% or more of the network’s hash power, the hacker—or a group—snatched around $5.6 million worth of cryptocurrencies during the first strike. Here’s how it went down.

Preparing for the attack

According to OKEx, the hacker began preparing for the attacks as far back as June 26, creating five phony accounts on the platform. Notably, all of them also passed the second and third levels of know-your-customer (KYC) procedures and got their withdrawal limits increased

Starting on July 30, these accounts deposited around 68,230 ZEC privacy coins on OKEx combined. Simultaneously, the hacker had been building a “shadow chain” of the ETC blockchain—an alternative record of transaction history hidden from other miners.

On July 31, the attacker’s accounts traded all of their ZEC for ETC, receiving a total of 807,260 coins that were worth around $5.6 million at the time. ETC were then transferred to the hacker’s external addresses.

The hacker starts the attack

Later that day, the hacker launched a 51% attack on Ethereum Classic, initiating his shadow chain. At this point, both the legit and malicious transaction histories contained the records of 807,260 ETC being transferred from OKEx to the hacker’s external addresses.

During the attack, the hacker sent all of the previously received Ethereum Classic coins back to OKEx and traded them for around 78,900 ZEC, which he immediately withdrew.

Because over 51% of the blockchain’s hash power was under the hacker’s control at this point, he was able to mine new blocks faster than other nodes, making the shadow chain longer than the original ETC history. Combined with inefficient communication between exchanges, wallets and miners, this confused the Ethereum community and prompted nodes to start mining the malicious shadow chain from now on.

However, the hacker had manipulated his version of the transaction history—which now became the main one. In it, the 807,260 ETC were recorded as being sent not to OKEx, but to the attacker’s other addresses, making it so that the coins were never sent back to the exchange.

This way, the hacker had convinced OKEx that it had deposited funds—before making it so that the funds were never deposited in the first place. This is how OKEx lost its money.

OKEx blacklisted the addresses that were allegedly used by the hacker and suspended his five accounts. In the future, the platform also plans to increase confirmation times for ETC deposits and withdrawals. And, if the network can’t become more secure, the exchange might even delist it altogether.

#Coinbase to allow Americans to take cash loans with Bitcoin collateral

          

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US crypto exchange Coinbase is going all out with its crypto offerings ahead of a purported bull run, listing DeFi projects, in-demand altcoins, and now a product for loans using one’s Bitcoin.

The exchange announced Thursday that Coinbase users can burrow cash loans on up to 30% of their Bitcoin holding. The feature will be gradually rolled out to cover all US states, it said.

More control” over crypto holdings

Coinbase said it wants to give customers “even more” control over their crypto investments while offering secure access to cash at the same time. And after the announcement, US customers in eligible states* will be invited to join the waitlist for the option to borrow up to 30% of their Bitcoin holdings.

The announcement, the exchange noted, was a result of customer feedback centered on freeing up capital for everyday transactions, as Bitcoin and cryptocurrencies are not widely used/accepted for payments as of today.

But with the loan feature, users can free up cash for immediate expenses without selling their Bitcoin and incurring high overdraft fees on credit cards. 

“We hear from customers that they need cash for expenses like home renovations or car repairs, but they do not want to prematurely sell their crypto, or take out high-interest loans that could come with 20%+ APR,”  said Coinbase, adding that  the “portfolio-backed loans” allows customers to “borrow cash quickly.”

The announcement added:

“No need to fill out a long application or go through a credit check. Customers can simply sign up with a few taps and get the cash in their accounts within 2–3 days.”

Eligible customers can join the waitlist today, and Coinbase will offer access to customers starting this fall, it concluded.

Bitcoin demand spikes

The move comes as demand for Bitcoin and cryptocurrencies has grown in the past few weeks, as a result of corporations searching a “global hedge” and the DeFi market serving as an attractive investment venture for some.

This week, Nasdaq-traded firm MicroStrategy said it purchased over $250 million in Bitcoin to protect against the ill-effects of overinflation and money printing. The firm called the pioneering digital asset as a “new, tested, and superior” form of money than existing options

The Lending and Borrowing News Category was brought to you by the CryptoSlate and Cred Partnership.

US crypto exchange Coinbase is going all out with its crypto offerings ahead of a purported bull run, listing DeFi projects, in-demand altcoins, and now a product for loans using one’s Bitcoin.

The exchange announced Thursday that Coinbase users can burrow cash loans on up to 30% of their Bitcoin holding. The feature will be gradually rolled out to cover all US states, it said.

“More control” over crypto holdings

Coinbase said it wants to give customers “even more” control over their crypto investments while offering secure access to cash at the same time. And after the announcement, US customers in eligible states* will be invited to join the waitlist for the option to borrow up to 30% of their Bitcoin holdings.

The announcement, the exchange noted, was a result of customer feedback centered on freeing up capital for everyday transactions, as Bitcoin and cryptocurrencies are not widely used/accepted for payments as of today.

But with the loan feature, users can free up cash for immediate expenses without selling their Bitcoin and incurring high overdraft fees on credit cards. 

“We hear from customers that they need cash for expenses like home renovations or car repairs, but they do not want to prematurely sell their crypto, or take out high-interest loans that could come with 20%+ APR,”  said Coinbase, adding that  the “portfolio-backed loans” allows customers to “borrow cash quickly.”

The announcement added:

“No need to fill out a long application or go through a credit check. Customers can simply sign up with a few taps and get the cash in their accounts within 2–3 days.”

Eligible customers can join the waitlist today, and Coinbase will offer access to customers starting this fall, it concluded.

Bitcoin demand spikes

The move comes as demand for Bitcoin and cryptocurrencies has grown in the past few weeks, as a result of corporations searching a “global hedge” and the DeFi market serving as an attractive investment venture for some.

This week, Nasdaq-traded firm MicroStrategy said it purchased over $250 million in Bitcoin to protect against the ill-effects of overinflation and money printing. The firm called the pioneering digital asset as a “new, tested, and superior” form of money than existing options.

Prominent crypto entrepreneurs like Barry Silbert of Digital Currency Group commented MicroStrategy was now a “publicly-traded Bitcoin play.” His comments weren’t unfounded — the firm’s stock rose over 10% on the announcement.

MicroStrategy joined the ranks of hedge fund legends like Paul Tudor Jones in terms of choosing Bitcoin to protect against a grim economic outlook.

And that might just turn out a great decision.

##‘Bitcoin ain’t going away. It's gonna get stronger,’ says US Congressman

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Centralized monetary systems never end well, US Congressman Tom Emmer said during the latest Pomp Podcast.



In brief

Bitcoin's decentralization is its main trump card against fiat currencies, said US Congressman Tom Emmer.

The coronavirus pandemic, akin to the 2008 financial crisis, is prompting people to look for alternative stores of value, he noted.


He added that centralized monetary systems are only good for small groups of people who are in charge of money allocation.



The decentralized nature of Bitcoin is what makes it stand out compared to traditional, tightly controlled fiat currencies, US Congressman Tom Emmer said yesterday, during the “Pomp Podcast” hosted by Morgan Creek Digital co-founder Anthony Pompliano.


Emmer pointed out that Bitcoin was conceived by Satoshi Nakamoto around the same time the 2008 financial crisis struck the world—not unlike today’s economic woes spurred by the coronavirus pandemic. And like in the past, people are looking for new stores of value amid the US government’s unprecedented relief measures that could ultimately devalue the US dollar.


"As we come out of the crisis, Bitcoin ain’t going away. It's gonna get stronger. And now [Acting Comptroller of the Currency] Brian Brooks is saying ‘Hey, institutions, you can start banking this stuff. You can provide a home for it, you can start working with it’," said Emmer.



He was referring to Brooks’ recent statement that banks in the US are allowed to custody cryptocurrencies—a move widely supported by the crypto industry.


Looking at the Twitter hack

As Decrypt reported, the Congressman also defended Bitcoin in the wake of the recent Twitter hack, stating that “Bitcoin isn't the problem. Centralized control is.”



During the podcast, Emmer confirmed his stance.


“Look, Twitter’s the problem. They are the ones that screwed up. Bitcoin didn’t screw up. Twitter, your security was not adequate. They hacked Twitter, and you’re gonna have bad guys all over the place,” said Emmer.




He also explained that this is why he doesn’t like centralized control. As an example, Emmer recalled when the coronavirus started spreading in Chinese Wuhan and the local government just “shut everybody down” since it was in control of fiat currencies.


“The government has your currency all on a card. And guess what? If you lived in Wuhan, they shut you down, man. You couldn’t get a ride out of Wuhan to another city. You couldn’t go get some groceries unless the government released you to go get the groceries. So, need I say more about what I don’t like about centralized control?” asked Emmer.



Emmer added that when Facebook’s Libra cryptocurrency was first proposed, he thought “Oh, great concept, wonderful. But somebody’s gotta be in control, right?”



Citing “The Road to Serfdom,” a book written by an Austrian-British economist and philosopher Friedrich Hayek, Emmer pointed out that in a centralized system there always has to be someone—or some group—that decides the allocation of money. And that is never a good thing.

##$2 trillion asset manager reveals 5 reasons why Bitcoin demand will Increase

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Bitcoin’s recent rally past $11,000 for the first time in about a year has been impressive by many standards. The move brought BTC past a crucial technical resistance, shook out many bears, and increased sentiment in the industry drastically.



Even still, there remain skeptics. Peter Schiff, the chief executive of Euro Pacific Capital and a prominent gold bull, wrote as BTC moved past $10,000:




“Two of the last three times #Bitcoin rose above $10,000 in Oct. of 2019 and in Feb. of 2020 it soon fell by 38% and 63% respectively. The last time Bitcoin rose above $10,000 was in May, and it only fell by 15%. It’s above $10,000 again today. How big will the next drop be?”



Yet the crypto asset branch of Fidelity Investments — a $2 trillion Wall Street asset manager and financial services company — released a report on Jul. 30 indicating that demand for BTC should increase over the medium to long term.




Higher demand, assuming consistent or decreasing supply, should lead to higher prices.





Why Bitcoin demand will increase in the long run: Fidelity Investments



In a report titled “Bitcoin Investment Thesis: an Aspirational Store of Value,” Fidelity Digital Assets identified five “longer-term tailwinds that could fuel adoption” of BTC. These are as follows:




An increase in monetary and fiscal stimulus triggered by the economic effects of the pandemic will likely make investors to “turn to a new type of fixed supply asset as protection against potential inflation or low-interest rates, but with significant growth potential – bitcoin.”



Deglobalization, spurred by economic and political trends, could create inflation as global supply chains break down. Bitcoin stands to benefit from this trend.


Paul Tudor Jones, a billionaire hedge fund manager, has acknowledged Bitcoin.


Even if we don’t see hyperinflation, Bitcoin’s potential ability to store wealth over long periods of time, compared to the slowly inflating fiat currencies, should give it a bid in the decades ahead.



The world is undergoing a “great wealth transfer” from baby boomers (and those older than them) to the younger generations. This shift in wealth should naturally favor Bitcoin as there are more millennials bullish about crypto than baby boomers.



Investors are acknowledging the narratives


Fidelity’s report comes shortly after the company revealed that per a survey they spearheaded, institutional investors are rapidly getting acclimated with cryptocurrency as they begin to acknowledge the aforementioned narratives.



In that survey, it was said that 80% of investors surveyed find something interest about the crypto asset class. What makes digital assets interesting, according to the results, include crypto’s long-term upside potential, the technological developments of the industry, and Bitcoin and other altcoins being uncorrelated with other asset classes.

#Huge growth in Bitcoin whales after price rally to $11,000

         
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The number of Bitcoin accounts with more than $1 million in Bitcoin has grown 40% in the last week.

In brief

The number of Bitcoin addresses with more than $1 million in Bitcoin has increased by 40%.

This is due to the increase in Bitcoin price over the last week.


More Bitcoin is flowing back into exchanges too.



The number of Bitcoin whales has hit 18,000 after a sudden increase in the last few days. A Bitcoin whale, in this instance, refers to the number of accounts with more than $1 million of Bitcoin.


According to data provider Glassnode, the 40% surge coincided with the recent boost in the price of Bitcoin. After flatlining in the low $9,000s for weeks, Bitcoin’s price suddenly broke $10,000—and then $11,000—in a matter of days.


Since this is based on blockchain data, it doesn’t necessarily mean that there are now 16,000 Bitcoin millionaires. It just refers to the number of accounts that contain at least $1 million worth of Bitcoin, whether they are exchange accounts (looking after other people’s money) or multiple accounts owned by the same people.


The price action is the main reason behind the increase. Since it’s a measure of the amount of fiat value in these Bitcoin addresses, when the price went up, it nudged many addresses into the $1 million mark.


This follows a trend reversal in the movement of funds to and from exchanges. As Decrypt reported last week, the trend switched as more Bitcoin started heading back into exchanges, rather than moving away from them.

Typically this is seen as a bearish sign, suggesting more traders might be wanting to sell. But for the price to jump up $2,000 in two days, someone has to be buying.