Bitcoin (BTC/USD) Price Analysis:
The largest coin of the crypto market is not indicating any positive sign. The currency shows a moderate price trend in the last week. The Market Cap of Bitcoin is dealing around $203,170,646,589 at 11:18 UTC. For understanding the momentum of the coin, let’s analyze the BTC price chart.
Above chart is indicating a price fall. The week started with 6th August. Bitcoin price was trading at $11827. The coin booked a downtrend of 2.94%. BTC dropped to $11480. On 7thAugust, the coin jumped from $11480 to $12001. The escalation was of 4.56%. Further, on 8th August, the price counter changed from $12001 to $12085 by 0.70%. On 9th August, the Bitcoin slipped from $12085 to $11909
Ethereum (ETH/USD) Price Analysis:
The second-largest coin of the crypto market is currently dealing at $212.53. The Market Cap of Ethereum stands at $22,768,359,000 (11.23 UTC). The upsurge in the ETH coin is expected to continue for quite some time.
The week-long Ethereum price chart is reflecting a downfall, but from the past few days, the coin started recovering. On 6th August, the coin opened at $233.81 and slipped to $226.32 by 3.17%. The coin kept a moderate movement on 7th August. ETH price changed from $226.32 to $225.64. On 8th August, the coin slipped from $225.64 to $221.98 by 1.58%. On 9th August, Ethereum price slipped from $221 to $214. The regression was of 3.33%. On 10th August, the coin changed places from $214.58 to $206.58. The fall was of 3.61%. Yesterday, the coin picked up from $206.58 to $217.05. The progression was of 5.15%. Ethereum is recommended for long-term traders. ETH coin would be touching new highs in the near future.
Ripple (XRP/USD) Price Analysis:
The third-largest coin of the crypto market, Ripple (XRP) is trading at $0.30. The coin is dealing with bearish nature. The Market Cap of XRP is at $12,858,954,724 (11:27 UTC). Let’s have a look at the XRP price chart for the last week.
Ripple price was at $0.320 on 6th August. The coin slipped from $0.320 to $0.311 by 2.69%. On 7th August, XRP kept a moderate movement. The price changed from $0.3118 to $0.31116 by 0.18%. On 8th August, the coin slipped from $0.31116 to $0.30922. The regression was of 0.62%. There was a major downtrend in the price of Ripple on 9thAugust. XRP price switched from $0.30922 to $0.30036. The regression marked was of 2.79%. On 10th August, the coin escalated from $0.300 to $0.302. The hike was of 0.62%. The coin again maintained a low profile on 11th August. Ripple price moved from $0.3021 to $0.3022 by 0.03%. Today, XRP coin opened with a downtrend. The coin slipped from $0.302 to $0.300. The regression marked was of 0.69%. Investing in the third-largest wouldn’t go futile. As per analysis and historical data, the long-term investment plan is most suited for Ripple.
BITCOIN THIEVES ARRESTED IN JAPAN FOR PILFERING $700K IN BTC
- Internal Information Helped Order Bitcoin Withdrawals for Personal Enrichment
- Former Employee Possibly Precipitated the Bankruptcy and Closing of CoinExchange
The Japanese police arrested two suspects for the theft of Bitcoin (BTC) from the coffers of the relatively small market operator CoinExchange.
INTERNAL INFORMATION HELPED ORDER BITCOIN WITHDRAWALS FOR PERSONAL ENRICHMENT
Yuto Onitsuka, 25, and Takuma Sasaki, 28, reportedly stole 78 million yen in Bitcoins, equivalent to about $710,000, reported Japan Times. The theft was possible for former employee Onitsuka, who knew the access credentials to the wallets of CoinExchange. The small market operator closed in late 2019, after accruing losses due to the bear market.
The theft happened in October 2018, about a year before the exchange closed when Bitcoin had stabilized around $6,400. The BTC stolen was tracked to foreign and domestic exchanges, thus identifying the culprits.
Onitsuka and Sasaki reportedly never met each other, and only communicated through crypto-related bulletin boards. Sasaki used the login credentials to order BTC withdrawals from one of the exchange’s hot wallets.
FORMER EMPLOYEE POSSIBLY PRECIPITATED THE BANKRUPTCY AND CLOSING OF COINEXCHANGE
Statements by Onitsuka also suggest the actions may have precipitated the bankruptcy of CoinExchange. The Bitcoin withdrawals harmed the already failing exchange operator, and Onitsuka wanted to additionally protest against the company’s management. Sources have suggested Onitsuka wanted to bankrupt the company for internal struggle and disagreements.10 BTC
The theft of roughly 100 BTC at 2018 prices was relatively small in comparison to other exchange heists. But the involvement of an employee suggests that heists are sometimes more easily explained with the human factor, and having access to hot or cold wallets.
The exchange, which was one of the smaller altcoin markets, did not have a process of internal controls to stop abuses. Hence, only one set of credentials was enough to order a withdrawal, and there were no internal controls on where the Bitcins went. The theft also left plenty of traces, as the funds were liquidated and sent to Sasaki’s bank account. The funds stolen were used for travel and personal expenses, with no attempts to conceal the transfers.
Japan has been the scene of relatively large coin heists, which affected the CoinCheck exchange. Other markets affected include Bitpoint, Remixpoint, and Zaif. The trend accelerated in 2019 when more exchange thefts were noted worldwide.
Japanese exchanges have slowed down their activity, winding down from the peak of the bull market where Japanese investors made up to 60% of Bitcoin trading volumes. Altcoins also slowed down their turnover, even ones highly active on the Japanese market. Japanese Bitcoin exchanges are highly regulated, requiring KYC and local bank accounts, but have been heavily affected by heists, which are still under investigation.
Greyscale Could Get The First Foot In The Door With A Bitcoin ETF
- Bitcoin exchange-traded funds (ETF) can be a long drawn out process and has seen the hopes of many of crypto commentators crushed over the past two years.
- Multiple of these traded funds have already been shut down and rejected but even though they have attempted to be re-applied.
Bitcoin exchange-traded funds (ETF) can be a long drawn out process and has seen the hopes of many of crypto commentators crushed over the past two years.
Multiple of these traded funds have already been shut down and rejected but even though they have attempted to be re-applied, the securities and exchange commission in the United States keeps on turning them down. The Bitwise Asset Management’s revised submission is the latest ETF to reach such a denial.
Despite this, Ryan Selkis of Messari believes that a recent announcement with the securities commission and Greyscale could play a big role in seeing a Bitcoin ETF getting approved later this year.
Greyscale investments had a submitted registration statement on Form 10 with the securities commission a few months ago in November last year. Earlier this week though, the submission statement was actually given the green light and greyscales bitcoin trust became the first digital asset investment spearhead to become a reporting company for the US’s security commission.
The bitcoin trust is a crypto index fund
Selkis has indicated that the SEC is in compliance with the Form 10 approval which will, in the future, be able to see a bitcoin ETF given the thumbs up. He went on to say:
“I’m at the point where I do believe we’ll finally see the much awaited bitcoin ETF within the next 12-18 months.“
For those that don’t know, Greyscales bitcoin trust is one of the biggest crypto asset managers in the world with two and a half billion dollars assets under management and the trust has got the longest existence in the market.
This current approval as a reporting company is essentially the securities commission noticing the legitimacy in Greyscales trust.
“All that’s left really is for the SEC to finally recognize that this quasi-public vehicle is already available, liquid, and widely coveted by retail investors, while at the same time, the Commission’s own foot-dragging on an “official” ETF approval is quantifiably hurting those same investors by perpetuating the premium that exists on the publicly floated shares.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
Bitcoin’s soft fork: Final proposal for integrating Schnorr, Taproot published
Pieter Wuille, a Bitcoin Core contributor, announced on January 24, 2020, that the Schnorr/Taproot proposal was published as BIPs 340, 341, and 342. The proposal is said to have significant implicati
Wuille, further commented on the proposal and added that barring significant issues found in the review, the authors did not intend to make any more semantical changes.
“That means that these documents are our final proposal for integrating Schnorr and Taproot into Bitcoin. Whether it gets accepted by the ecosystem, and how, is up to you.”
Commenting on the same, Jake Chervinsky, general counsel at Compound and an adjunct professor at Georgetown University Law Center, tweeted that Schnorr/Taproot was not only a significant upgrade for Bitcoin but was also an important data point for the ongoing study of Bitcoin’s governance model.