Crypto Market Gains as US Bank Regulator Allow Crypto Custodial Services
Cryptocurrencies rose across the board on Thursday following the report that the United States’ bank regulator now allow banks in the country to provide cryptocurrency custodial services for cryptocurrency businesses and individuals.
This simply means that cryptocurrency investors and businesses can now keep their crypto assets in the same bank where they keep their fiat currency.
The news coupled with the recent European Union announcement that it would inject as much as $857 billion into economies of COVID-19 affected members and the $1 to $2 trillion stimulus package expected from the US Federal Reserve bolstered the entire cryptocurrency market. Another indication that the unregulated digital currency market has started exhibiting characteristics of traditional assets as explained on this platform in May.
The crypto market came alive on Thursday following months of trading in a tight range.
Bitcoin gained 1.64 percent to trade $9,493 per coin as of 3:05 pm Nigerian time after rising as high as $9,551 earlier in the day.
Twitter Hacker Has $3.3m Worth of Bitcoin, Says Lawyer
Twitter Hacker Has 3000 Bitcoin, Says Attorney
Graham Ivan Clark, the 17-year-old ringleader behind the recent Twitter hack, reportedly has 300 Bitcoin estimated at about $3.347 million.
The lawyer representing Clark made the disclosure on Saturday at Hillsborough County Courthouse, Florida.
Clark’s bail was set at $725,000 during his first court appearance on Saturday.
The 17-year-old was arrested on Friday as authorities see Clark as the ringleader and mastermind of last month’s ‘CryptoforHealth’ Twitter hack — that attacked about 30 high profile accounts and promised to double the money of users who sent cryptocurrency.
The report shows in total about $117,000 worth of cryptocurrency was transferred to the hackers in one afternoon.
Two other accomplices were also picked and charged in California, according to the report.
Authorities had previously confiscated 400 bitcoin from Clark before returning 300 in 2019 when authorities accused him of acquiring them illegally. An accusation his attorney has argued it was legitimate because it was eventually returned.
Clark now faces 17 counts of communications fraud 11 counts of fraudulent use of personal information, as well as one count of breaking into an electronic device and another for organized fraud.
Meanwhile, Bitcoin has rebounded from Sunday low following the flash crash it suffered. The coin rebounded slightly from $10,960 to $11,157 on Monday during the New York trading session.
Bitcoin Price Drops by $1,458 Within One Hour, Liquidating $1.4bn Positions
Bitcoin Drops by $1,458 on Sunday, Liquidating Almost $1.4bn Positions
Bitcoin, the world’s most capitalised cryptocurrency, on Sunday suffered a price drop of $1.458 within one hour to $10,960 per coin.
The world’s most dominant coin broke through the $10,519 resistance level last week Monday following months of trading below that level.
While crypto experts have predicted bullish run henceforth given the recent Bitcoin halving that limited market supplies, series of uncertainties amid unchecked activities continue to hurt the coin stability.
On Sunday, Bitcoin price crashed from $11.446 per coin it traded earlier in the day to $10,960, closing several open positions across major exchanges, according to data from Bybt.
BitMex, a Seychelles based cryptocurrency exchange, said the price drop triggered $144 million worth of sell liquidations or closed long positions on the platform, the highest since May 10.
Also, the exchange said it register buy liquidations of $7.6 million worth of positions on Sunday.
Findings revealed that 95 percent of closed positions on BitMex were long positions, indicating that traders were bullish on cryptocurrency prior to the crash.
Bitcoin Breaches Investors King Key Resistance Level, What is Next?
Bitcoin Breaches Key Resistance Level, What is Next?
Bitcoin, cryptocurrency most dominant coin, on Monday broke through $10,519 key resistance level to peak at $11,409 on Tuesday.
This is coming a few days after the United States banks’ regulator approved banks in the country to commence cryptocurrency custodial services. The news boosted cryptocurrency outlook and pushed Bitcoin above its long term range of $8998 and $9341 to its present trading value of $10,960 per coin. Its highest since August 2019.
While series of economic uncertainties due to the COVID-19 pandemic could have helped bolster the digital currency above Investors King‘s key resistance level, a sustained break is now needed to push the world’s leading cryptocurrency above $12,891 resistance level.
Again, because Bitcoin remained vulnerable to the activities of hackers, its path to stability remains a concern.
For instance, 2,550 Bitcoin valued at about $28 million stolen from Bitfinex, an exchange platform in 2016, was moved on Monday according to Whale Alert, a Twitter handle specializes in tracking transfer of large cryptocurrencies.
This is likely one of the main reasons Bitcoin pulled back this morning from $11.409 per coin as uncertainty surrounding the stolen coins surges.
While we remained bullish on Bitcoin, especially now that it has started establishing characteristics of traditional assets and supply projected to continue to drop substantially, activities of hackers and other unchecked criminals using the coin as a medium to move a huge amount of stolen funds remained an issue.
News4 weeks ago
British High Commission to Start Accepting Visa Applications From Nigerians Soon
Finance4 weeks ago
DSS Arrests EFCC, Acting Chairman, Magu
Business4 weeks ago
Seplat Appoints Emeka Onwuka as CFO, Executive Director
Forex4 weeks ago
Naira-USD Exchange Rate to Hit N430 – Report
Government4 weeks ago
FG Puts School Resumption Plan on Hold as COVID-19 Cases Hit 30,000
Finance4 weeks ago
CBN Spends $11.5bn in Q1 2020 to Support the Economy and Dwindling Naira
Business4 weeks ago
West African Consumer Sentiment Reflects Global Uncertainty
Business3 weeks ago
Nneka Ede Purchases Portuguese Football Club, Lusitano Ginasio Clube