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Bitcoin Rising, Satoshi Discoveries, & Google Enters the Race: Bad Crypto News of the Week

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It’s been a strange week for BTC as we move forward in our new mining rewards era. The price ends the week down but a late rally has pushed it back over $9,000. Technical analysts expect Bitcoin to continue rising based on the liquidation range of short positions, a discussion of cryptocurrency in Goldman Sachs’s client call, and a lack of funding in the futures market. On the other hand, if ratings agency Weiss is right, more than 21 million Bitcoins may now be in circulation. The agency, known for controversial opinions, blames leverage in agencies.

The entry of Google into the blockchain space might help soak up some that extra supply though, if it exists. Blockchain company Theta Labs has partnered with Google Cloud to let users deploy and run nodes. Google Cloud will also act as a validator serving Europe. On the other hand, Google’s Chrome is facing strong competition from crypto-powered Brave. The browser now offers video calls, even as the Telegram messaging service seals its departure from the Telegram Open Network. TON will now stand for “The Open Network.”

While Google prepares to validate, other Bitcoin owners have been in-validating. They’ve used 145 addresses to call Satoshi pretender Craig Wright “a liar and a fraud.” Wright had claimed that he controlled the addresses. Maybe they should have just asked Wright if he owned a Mac. Laszlo Hanyecz, the “Bitcoin pizza guy” who worked with Satoshi to develop Bitcoin, has said that Satoshi only worked on Windows. Kenneth Blanco, Director of the United States Financial Crimes Enforcement Network (FinCEN), warned in an interview with Chainalysis against bad actors as well as rogue nations hijacking blockchain technology. 

A crypto-enthusiast could soon control the Fed though. President Trump’s nominee for the US Federal Reserve board of governors, Judy Shelton, has talked of a return to a gold standard, with a side of cryptocurrency. Other national banks appear to be moving the same way. The Bank of Lithuania has completed research into its blockchain project, LBChain. Antigua and Barbuda’s House of Representatives has passed a bill that will start to make the region a friendly place for digital assets. China, too, looks set to promote its DCEP digital currency, which is backed by the country’s central bank, as a rival to the US dollar.

Private industry also continues to warm to the blockchain. Household goods manufacturer LG has joined the governing council of Hedera Hashgraph. Hedera wants to build an enterprise-grade blockchain platform to benefit businesses and consumers. Coinbase is buying brokerage Tagomi in order to cash in on the rise of hedge fund and macro investors in cryptocurrencies. In the world of online entertainment, Dapper Labs, the maker of CryptoKitties, is swapping cute digital cats for collectible digital basketball cards in a deal with the NBA. PornVisory wants to give users tokens for watching porn(!) And Minecraft is giving cryptocurrency a new kind of mining. The EnjinCraft plugin now lets players integrate blockchain-based Minecraft assets. That’s a whole different kind of mining reward. 

Check out the audio version here:

Joel Comm is an internet pioneer, New York Times best-selling author, futurist speaker and co-host of The Bad Crypto Podcast. That’s a fancy way of saying he writes words, says things and loves to play with cryptos.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Source: https://cointelegraph.com/news/bitcoin-rising-satoshi-discoveries-google-enters-the-race-bad-crypto-news-of-the-week

Blockchain

S&P 500 To Hit 4,000 In 12 Months, Veteran Strategist Predicts: Bullish For Bitcoin?

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Veteran market strategist Jeff Saut recently made a bold prediction that the S&P 500 index will skyrocket in the upcoming year to over 4,000.

Having in mind Bitcoin’s increased correlation with the prominent US index, such a surge could be considerably beneficial for BTC’s price as well.

Saut: The S&P 500 Above 4,000 Within A Year

Saut, who is Capital Wealth Planning’s chief investment strategist, has been traditionally bullish on the US economy and the S&P 500 in particular. In his latest appearance on CNBC’s Squawk Box, he discussed the country’s current economic situation and how the US is handling the COVID-19 crisis.

When asked about the increasing number of confirmed cases and the potential damages on the economy, Saut said:

“You live in New York City. Go to the restaurants; they are full. Restaurants in St. Petersburg are full. The economy is doing a lot better than most economists think. I think the economics are going to come out strong, and earnings are going to do better than most people think.

People are woefully underinvested. There’s $5 trillion in money market funds. I think the markets are going up a lot more than people think.”

Saut added that the most popular US indexes could stall in the upcoming months, especially in the fall. However, he believes that “you are going to get a rocket ship” after the fall this year and “actually, I think the S&P is going to trade above 4,000.” He also specified that this price surge could occur “within the next twelve months.”

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It’s worth noting that the S&P 500 is currently trading at 3,179 after yesterday’s 1.6% increase. If the index is indeed to exceed 4,000, it has to surge by over 25% in the next year.

Jeff Saut. Source: Bloomberg
Jeff Saut. Source: Bloomberg

Will Bitcoin Follow?

Bitcoin performed differently than the stock markets for years. Being fundamentally different from equities while simultaneously similar to gold, speculations rose that BTC is actually a safe-haven asset.

However, the outbreak of the COVID-19 pandemic altered this narrative to some extent. The primary cryptocurrency demonstrated increased levels of correlation with most stock market indexes and the S&P in particular. Apart from a few examples of short-term decoupling, Bitcoin and the popular index have charted similar price movements.

Bitcoin (blue) Vs. The S&P 500 (red) Past 6 Months. Source: TradingView
Bitcoin (blue) Vs. The S&P 500 (red) Past 6 Months. Source: TradingView

This raises a valid question if BTC would follow the S&P in such a decisive bull run. A similar increase of 25% will take Bitcoin from its current level of $9,300 to $11,700. However, if the S&P 500 registers a new all-time high at 4,000 and the primary cryptocurrency follows its footsteps, BTC could increase beyond the 2017 ATH of nearly $20,000.

It’s worth noting that despite the similarities in their performances after the mid-March market crash, the S&P is still in the negative since the start of 2020, while BTC is up by almost 30%.

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Source: https://cryptopotato.com/sp-500-to-hit-4000-in-12-months-veteran-strategist-predicts-bullish-for-bitcoin/

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CFTC Files For Default Judgment Against Director of $147 Million Bitcoin Scam

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The Commodity Futures Trading Commission (CFTC) has submitted a document to the New York Southern District Court to secure a default judgment against Benjamin Reynolds, the director of alleged fraudulent cryptocurrency scheme Control-Finance.

According to reports from Finance Feeds, Reynolds failed to plead or defend the CFTC’s action, thus forcing the regulator to obtain a Certificate of Default against the defendant.

The commission initially filed a lawsuit against Control-Finance and its director in June 2019 for illegally obtaining and mismanaging investors’ cryptocurrencies worth millions of dollars.

$147 Million Worth Of Bitcoin Lost

Control-Finance was a Bitcoin investment scheme based in the United Kingdom. The company promised investors high returns on crypto trading of up to 1.5% daily and 45% monthly profits. The defendants also told investors that their Bitcoin deposits were protected via several risk diversification methods.

As per the CFTC complaint, Control-Finance and Reynolds conducted their fraudulent operations from around May 2017 to October 2017. The regulator alleged that the scheme exploited more than 1,000 investors and generated at least 22,858.822 BTC worth around $147 million at that time.

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No Single Trade Made

The commission further stated in the lawsuit that the company never conducted a single trade with customers’ deposits, and investors only saw fake balances on their accounts. The scheme also published reports with false data to keep up with the lie.

Aside from claiming it engages in crypto trading, Control-Finance was also a pyramid scheme. The company used its “Affiliate Program” to offer commissions to customers who invite new members to invest in the company.

All of these were done through the defendants’ website and social media accounts, including Facebook, Twitter, and Youtube.

By September 2017, Control-Finance website was no longer accessible, and all advertisements about the company on social media were deleted. Additionally, the defendants stopped paying investors and Affiliate Program members.

CFTC Seeks Penalties

The CFTC accused Benjamin Reynolds and his company of laundering millions of dollars in “misappropriated Bitcoin through thousands of circuitous blockchain transactions.”

The defendants may face monetary penalties and ancillary relief, including but not limited to permanent trading and registration bans, restitution, and disgorgement.

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Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.


Source: https://cryptopotato.com/cftc-files-for-default-judgment-against-director-of-147-million-bitcoin-scam/

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Bitcoin SV is Up 21% This Week And Nobody Has a Clue Why

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  • Bitcoin SV, the controversial blockchain token promoted by Craig Wright, has surged by 21 percent in just two days.
  • The wild price rally surfaced as Bitcoin, the leading cryptocurrency token, jumped above $9,300 after a week of rangebound action.
  • Nevertheless, the extent of Bitcoin SV’s rise surprised, given the move had no solid catalysts backing it.

Bitcoin SV added about $60 million to its market capitalization in just two days of trading. As a result, the cryptocurrency’s per token rate against the US dollar surged by circa 21 percent. It also rose by about 19 percent against the top digital currency Bitcoin.

It’s not just Bitcoin SV, though. The entire top-10 brass of cryptocurrency returned little-to-major gains. Bitcoin, for instance, jumped by close to 3 percent. Its rivals, including Ethereum, XRP, Bitcoin Cash, and EOS, rallied in a 2-15 percent range.

bitcoin sv, bsvusd, bsvbtc, bsvusdt, cryptocurrency, crypto
Bitcoin SV (BSV) price correcting lower on Tuesday. Source: TradingView.com
Bitcoin SV (BSV) price correcting lower on Tuesday. Source: TradingView.com

But Bitcoin SV’s gains surprised. They appeared overtly higher than their peers even for a Bitcoin-tailing rally. Meanwhile, they came almost without solid catalysts – something that could explain why traders pumped Bitcoin SV by $60 million overnight.

Thin Liquidity

One of the significant reasons why altcoins perform exceptionally well on special days is inferior liquidity. Compared to Bitcoin, Bitcoin SV remains a thinly-traded coin despite maintaining its position in the top-ten cryptocurrencies.

That shows the involvement of lesser market participants – a few actors create an artificial demand for the asset to take advantage of day traders.

One analyst noted in back in January 2020 that Bitcoin SV has a smaller market presence following its delisting across several top exchanges last year. That left the cryptocurrency in the hands of smaller, unregulated exchanges – a hotbed for pump-and-dump crypto schemes.

“Much easier to pump shitcoin on 3rd rate exchanges with low liquidity,” the analyst wrote.

Bitcoin SV Outlook

Such risks don’t deter long-term BSV believers from holding the token. People who believe that the Bitcoin SV’s creator Craig Wright is the real Satoshi Nakamoto keeps attempting to grow their community on social media.

Calvin Ayre, an online casino billionaire with business interests in Bitcoin SV, can be seen commenting under the Twitter posts, promoting Bitcoin SV as the “original Bitcoin” all the time.

The coin also has a dedicated website CoinGeek.com that constantly keeps updating readers about its infrastructural growth.

But then, there are observers who think Bitcoin SV does not even deserve to be in the top-ten. Tom Shaughnessy, the founder of Delphi Digital, made that clear in his Monday tweet, wherein he accused Bitcoin SV of being a “choppy block.”

“Any project worth billions that had years to deliver and didn’t is on the chopping block,” Mr. Shaughnessy said. They’re really not worth billions, given a sizeable sale would impact the books.”

Bitcoin SV was trading more than 4.17 percent lower on Tuesday.

Photo by Juan Rumimpunu on Unsplash

Source: https://www.newsbtc.com/2020/07/07/bitcoin-sv-is-up-21-this-week-and-nobody-has-a-clue-why/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-sv-is-up-21-this-week-and-nobody-has-a-clue-why

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