Bitcoin and the S&P 500 are Moving in Lockstep, and It’s Bad for BTC

Bitcoin has been forming a striking correlation to the S&P 500 and the rest of the stock market throughout the past few months. This correlation has only grown in recent weeks, and today’s slide in the equities market has led the benchmark cryptocurrency down to a crucial support level Analysts are now pointing to this correlation as being a guiding light for BTC’s mid-term outlook. This may not bode well for the crypto, as one billionaire investor is now warning investors against jumping into the stock market. He notes that…

Coinbase, Binance, BitGo May Know Hackers ID

The hackers who conducted the massive Twitter hijacking on July 15 do not appear to be sophisticated Bitcoin (BTC) users, as they left trails leading to and from major exchanges that presumably hold the keys to their identities. Address bc1qxy summary. Source: Crystal Blockchain. The Bitcoin address that hackers used to solicit illicit donations is bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh. A couple of hours into the hack, the perpetrators started moving Bitcoin into other addresses. The Bitcoin trail they are leaving behind suggests that they are not terribly sophisticated when it comes to blockchain…

More Than $1.4 Billion of Laundered Money Has Moved Onto Crypto Exchanges This Year

The latest report by Peckshield, a blockchain security company, shows that more than $1.4 billion of laundered money has moved onto crypto exchanges in 2020.  Peckshield says it has been collecting data both online and offline for more than one year. After verifying and analyzing the data, they were able to identify over 100 million transaction addresses. They could also label more than 50 million mainstream crypto wallet addresses at crypto exchanges.   By leveraging a digital asset tracking platform called CoinHolmes, Peckshield found that some 147,000 Bitcoin (worth more than…

Cardano (ADA) is “Primed to Explode” Higher Despite Market-Wide Weakness

Cardano’s intense uptrend has started showing signs of faltering as the aggregated cryptocurrency market flashes some warning signals. Although the token is still trading just a hair below its 2020 highs, it has now faced two harsh rejection at $0.135 – elucidating that this is a massive resistance level. Overnight, sellers pushed ADA to lows of $0.119, but the buying pressure it found here proved to be quite significant. Although they have since stabilized the crypto above $0.12, it does appear that Cardano is forming a striking correlation to Bitcoin…

Disgraced Lobbyist Abramoff Will Pay $55K as Part of Guilty Plea in SEC Case

Per a July 15 judgment in the case of the SEC v. Abramoff, Jack Abramoff will pay $55,000 in disgorgement and interest for his involvement in promotion for AML Bitcoin. Abramoff will also be permanently barred from participating in any future securities offerings. The San Francisco court behind the ruling is seeing concurrent criminal charges, to which Abramoff has also pleaded guilty, but for which the judgment remains uncertain. The history of the case The SEC filed charges against Abramoff as well as Rowland Marcus Andrade at the end of…

Crypto Exchange Open Interest Rises as Bitcoin Volatility Drops to New Low

Recent data from Skew shows that open interest for Bitcoin (BTC) has been rising on the Bybit crypto trading platform, reaching a new high at $434 million on July 14 for the Tether (USDT) and USD pairs combined. BTC Futures – Bybit Open Interest. Source: Skew.com Open interest for other cryptocurrencies like EOS, Ether (ETH) and XRP have also been rising at Bybit. Open interest is the value locked in a derivatives contract like a futures or option contract and it allows investors to gauge money flows into and out of…

Dubious Asset Manager Claims to Short Chainlink With 99% Target

A report authored by Zeus Capital has asserted that the firm is building into a Chainlink (LINK) short position with a target of 99% gains, describing the top-10 cryptocurrency by market cap as “crypto’s Wirecard.” However, the firm behind the report, Zeus-Capital.com, appears to have registered its website just seven months ago, while its Twitter account has been suspended for violations of the platform’s terms of use. With the report offering no citations and featuring zero working links, many analysts believe that it was authored maliciously. Suspicious report predicts Chainlink…

Coinbase Lists Algorand (ALGO) in Latest Expansion

U.S.-based and regulatory-friendly crypto exchange Coinbase has added Algorand (ALGO) as its latest new cryptocurrency after the outfit added the coin to its trading-based platform in the latter part of 2019.  ALGO is now available for trading on Coinbase’s main site, Coinbase.com, as well as on the entity’s Apple and Android mobile apps, a July 16 statement from Coinbase said.  Coinbase’s move toward additional assets Coinbase listed ALGO on its trading platform, Coinbase Pro, in August of 2019.  “One of the most common requests we hear from customers is to be…

DeFi Protocol Compound (COMP) Flashes Buy Signals, Technical Indicators Show

Roughly $6 billion were wiped out of the cryptocurrency market in the past 24 hours. The massive cash outflow was felt throughout the entire market as most digital assets went into the red. The sudden bloodbath also saw the liquidation of $13 million worth of long Bitcoin positions on BitMEX alone. The Cryptocurrency Market Turns Red. (Source: Coin360) Some of the most prominent figures in the industry fear that the recent sell-off will push the flagship cryptocurrency below $8,800. The downswing could have the potential to cancel BTC’s rally towards…

Abra CEO Agrees With Bitcoin’s Role as Digital Gold

After changing roles several times since its 2009 launch, the current line on Bitcoin (BTC) calls it a store of value comparable to gold — a status with which Abra CEO Bill Barhydt agrees.  “Today Bitcoin is best used as a store of value that will become more and more uncorrelated to traditional investing markets over time,” Barhydt told Cointelegraph.  Bitcoin’s role transformation since inception Following Bitcoin’s on-chain beginnings in 2009, the asset traversed a staggering price growth journey, going from less than $1 all the way up to nearly…