- Bitcoin Hits 2019 High at $8,148.56
Bitcoin rose to $8,148.56 a coin on Monday after trading around $3,300 for the most part of the first quarter.
The most dominant cryptocurrency plunged last year amid scams and price manipulations across the board.
However, better fundamentals and an okay regulation in the U.S and a few other countries have helped boost market sentiment and perception in recent months.
Last week, Fidelity Investments with a huge Wall Street clientele announced it would start offering Bitcoin trading as part of its institutional investment services. Similarly, online investment service, TD Ameritrade, has started offering stimulated bitcoin trading through Nasdaq. Suggesting that a full-fledged Bitcoin adoption might be underway.
A vocal market analyst, Mati Greenspan, believes the crypto market is at the early stage of an impending bull cycle. According to him, Bitcoin has been building momentum, but this is “in the early part of its cycle” adding that “right now we’re coming off that huge retracement and are only seeing a small rise.”
Bitcoin rose 14 percent on Monday to $8,148.56 a coin before slightly pulling back to $7,925.90 on Tuesday morning to bring its 24 hours gains to 12.61 percent.
The world’s largest cryptocurrency has risen by 150 percent in 2019.
Blockchain Hackers Have Stolen Over $13.6 Billion in 330 Hack Events
Hackers Have Stolen Over $13.6 Billion from 330 Hacked Blockchain Events
According to data analyzed by the Atlas VPN team, hackers have stolen $13.6 billion through 330 blockchain hack events year-to-date.
Most successful in terms of the number of breaches have been hacks targeting EOS DApps. EOS DApp providers have faced 117 breaches, which together amounted to $28.28 million in losses or approximately $241,785.8 per single breach.
Next up are hacks aimed at cryptocurrency exchanges. In total, hackers have launched 87 successful attacks aimed at crypto exchanges, collectively netting $4.82 billion or a whopping $55.41 million per hack.
While there were significantly less successful hacks aimed at blockchain wallets, such breaches were the most profitable. Over the past 8 years, blockchain wallet providers have faced 36 hacks, which together amounted to $7.19 billion in losses or around $199,932,146.7 per breach.
Blockchain-related hacks are on the decline
Since blockchain technology was first invented in 2009, it has gone through many stages — from the introduction of the first cryptocurrency Bitcoin to smart contract creation to the initial coin offering craze and beyond. However, blockchain hacks have evolved over the years as well.
The data from previous years shows that the number of blockchain-related hacks has grown by 1450% from 2 registered breaches in 2012 H1 to 31 breaches in 2020 H1. However, the number of successful hacks in 2020 H1 has dropped more than three times compared to the same period last year.
Rachel Welch, COO of Atlas VPN, shares her thoughts on the decline of blockchain-related hacks: “Since 2020 is not over, we can expect more blockchain-related breaches to happen before the end of the year. Nevertheless, based on the historical data, it seems that 2020 will not reach the record heights of last year, and blockchain hacks will remain on the decline.”
Paypal Commences Cryptocurrency Exchange Business
Paypal Expands Operation to Include Cryptocurrency Exchange
Paypal Holdings Inc, the world’s leading online payments solution, has finally expanded its operations to include cryptocurrency exchange following months of planning.
The company customers will now be able to buy, sell and hold bitcoin and other crptocurrencies using the PayPal digital payment wallets.
PayPal move was after the company’s competitor, Square, expanded into cryptocurrency exchange space in 2018 and developed a wallet that support bitcoin transactions through its Cash app. However, PayPal took it a notch higher by developing wallet that support Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
The decision to venture into cryptocurrency exchange space would boost the attractiveness of the unregulated digital asset and further push it to the mainstream given the fact that PayPal present has 346 million active users accounts with 26 million merchants.
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly,” PayPal CEO Dan Schulman said in a statement. “Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange.”
Schulman says PayPal is “eager to work with central banks and regulators around the world” in supporting cryptocurrency.
Please note that PayPal users can only transact in cryptocurrency using fiat currency without ability to withdraw their purchased digital asset to a third party wallet or transfer from third party wallet into their PayPal powered wallet. Meaning PayPal users can only purchase PayPal cryptocurrencies and transact within the platform.
Ethereum Accounted for 96% DeFi Transactions in Q3 2020 as ETH Miner Fees Double Bitcoin’s
Ethereum Represents 96% of All DeFi Transactions in Q3 2020
According to the research data analyzed and published by Stock Apps, Ethereum’s transaction volume soared to $119.5 billion in Q3 2020. In comparison to the $10.2 billion volume posted in Q2 2020, that was a 1,200% increase.
Based on Coinmetrics’ data, Ethereum fees shot up during the same period, eclipsing Bitcoin’s fees for the first time on August 13, 2020. As of September 2020, ETH fees stood at $276 million, nearly double Bitcoin’s $146 million.
Ethereum Miners Made $113 Million from Fees in August, 38x Increase from April
The surge in transaction volume and fees on the Ethereum blockchain was linked to the recent Decentralized Finance (DeFi) hype. DApp Radar reveals that during the period, DeFi apps accounted for 99% of all transactions on the network.
The total DApp transaction volumes on all platforms in Q3 2020 reached $125 billion. There was an increase of $113 billion quarter-over-quarter (QoQ). Most of the activities took place on Ethereum, TRON and EOS. From the total value created, Ethereum accounted for 96%. With 1,956 apps, it was the top DApp blockchain during the period.
Coinmetrics’ data reveals that Ethereum transaction fees surged from $21.98 million on June 1, 2020 to $77.77 million on July 31, 2020. In August, Ethereum miners made $113 million from transaction fees according to Glassnode. That marked a 38x increase from the $3 million recorded in April and a 1.8x increase from the January 2018 all-time high. In September, miners for the first time earned more from fees ($172M) than they did from block rewards ($150M).
According to Glassnode, Ethereum miners made a record on September 1, earning $500,000 in one hour. Daily earnings on that day doubled to $16.5 million from $8.1 million the previous day. On September 2, they made a new record with the average hourly revenue surging to $800,000. They broke this record on September 17, reaching $938,000.
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