Crypto

Cryptocurrency exchange Coinbase has reportedly suffered another security breach after attackers were able to bypass the company’s multi-factor authentication, or MFA, feature in a coordinated campaign earlier this year.  The attackers stole cryptocurrency from 6,000 accounts, though the monetary value of the theft wasn’t disclosed, according to a report from Bleeping Computer. Earlier this week, Coinbase reportedly notified affected customers that the theft occurred between March and May of this year. To gain access to the accounts, the attackers must have known the affected users’ email address, password and phone number. It’s not clear how the attackers obtained this information, though phishing scams targeting exchange users are not uncommon. However, Coinbase did identify a vulne...

Ethereum’s native token, Ether (ETH), has the potential to double its market valuation in the coming months, thanks to a confluence of supportive technical and fundamental indicators. Ether’s price soared by more than 9% on Oct. 1 to hit nearly $3,300 for the first time in 10 days. Its gains surfaced primarily in the wake of a price rebound across all the top cryptocurrencies, including Bitcoin (BTC), which gained 9.5% to hit $48,000, its highest level in 10 days. Ether-Bitcoin correlation against rising U.S. inflation Oct. 1’s crypto market boom coincided with the release of the United States Commerce Department’s report on consumer spending. The data shows that the U.S. core personal consumption expenditures price index, the Federal Reserve’s preferred measure of inflation, ro...

Bitcoin (BTC) was keen to retain $44,000 on Oct. 1 as the monthly close sparked a late show of strength. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC monthly close matches PlanB’s prediction Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it first returned to the $44,000 mark Thursday, then test lower levels before heading even higher. While still not tackling resistance at $45,000 and higher, Bitcoin did not disappoint with its end-of-month performance, this almost exactly matching predictions from stock-to-flow model creator PlanB for a second month running. Aug>47k✅Sep>43k✅Next targets: Oct>63k, Nov>98k, Dec>135k pic.twitter.com/C45nfQkQSC — PlanB (@100trillionUSD) October 1, 2021 With $63,000 now planned for O...

Bitcoin (BTC) looks to reclaim $45,000 on Oct. 1 as the United States dollar retreated lower after hitting its one-year high. Bitcoin’s tight inverse correlation with the greenback over the past month suggests that a weakening dollar could push BTC’s price even higher in the coming sessions.  Bitcoin-dollar correlation on hourly chart. Source: TradingView Dollar drops following labor market shock In detail, the U.S. Dollar Index (DXY), which measures the dollar’s strength against a basket of six foreign currencies, including the euro and sterling, hit 94.50 Thursday for the first time since Sept. 28, 2020. But it retreated on news of rising U.S. jobless claims against the forecasts of a decline. The labor data released Thursday showed that the number of jobless claims rose to 362,000 ...

The Bank for International Settlements (BIS) continues investigating the development of the global central bank digital currency (CBDC), publishing a new joint report with seven central banks. Released Sept. 30, BIS’ latest CBDC report refers to joint efforts to explore a retail CBDC alongside the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the United States Federal Reserve, Sveriges Riksbank and the Swiss National Bank. The report provides an executive summary of investigation progress made since publishing a report in October 2020, which pointed out common foundational principles and core features of a CBDC. The BIS also published three detailed CBDC reports related to CBDC system design and interoperability, user needs, adoption and financial stabi...

Orlando Bravo, co-founder and managing partner of private equity firm Thoma Bravo, expressed his unwavering endorsement of the cryptocurrency market in an interview at CNBC’s Delivering Alpha conference on Wednesday, revealing that he is “very bullish” on his personal investment in Bitcoin (BTC). The billionaire businessman owns one of the world’s largest private equity firms, which boasts assets-under-management (AUM) of $83 billion as of June 30, 2021. Questioned on the potential of digital assets, Bravo spoke with delight on the emergence of the space: “How could you not love crypto? […] Crypto is just a great system. It’s frictionless. It’s decentralized. And young people want their own financial system. So it is here to stay.” Thoma Bravo participated in FTX’s $900 million Serie...

Last week China’s heavy-handed crackdown on crypto trading crypto briefly sent shockwaves across the market as Bitcoin and altcoin prices saw a sharp drop following the announcement, but as is the case with all things crypto-related, the market bounced back as resilient traders found other ways to participate in the market.  Part of China’s goal in limiting citizens ability to trade cryptocurrency seems focused on discouraging the use of cryptocurrencies and the growing decentralized finance (DeFi) ecosystem but these maneuvers appear to be having the opposite effect as the token price and protocol activity for projects like Uniswap (UNI) and dYdX have seen an uptick since the crackdown began. According to data from Chainalysis, there has been a significant amount of regional Bi...

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.   Well, it finally happened. The regulation-driven crypto-apocalypse in China. They started by clamping down on miners earlier this summer before finally tightening the screws on exchanges. This week, the final nail in the coffin came with even more rules from the PBoC that resulted in many platforms announcing they could no longer accept Chinese users.  Banned yet again The new rules handed down by the People’s Bank of China made things incredibly clear for businesses from a legal standpoint. One of the main points was that cryptocurrency-rela...

Dogecoin (DOGE) co-founder Billy Markus has set his sights on nonfungible tokens (NFTs) and an Ethereum-to-Dogecoin bridge to help bring about for mass adoption of the meme coin. In a Sept. 30 tweet, Markus emphasized the importance of completing the Ethereum-Dogecoin bridge so that the asset could be integrated with top Ethereum-based NFT platforms such as OpenSea, enabling non fungible purchases with DOGE. Markus said that there is “high demand” to purchase NFTs within the crypto community and that enabling NFT purchases with DOGE “greatly increases its utility.” DOGE being implemented into the NFT ecosystem would be a huge benefit to the community! — Mr. Whale (@CryptoWhale) September 29, 2021 The in development DOGE-ETH bridge would enable users to send DOGE from the Dogecoin blockchai...