Bitcoin Price Drop to $8.9K Caused by Whales Selling at Major Exchanges

As the weekly open commenced Bitcoin price dropped below $9,000 in a rapid pullback, liquidating $30 million in longs on BitMEX alone. According to market data, part of the sell off was the movement of crypto whales closing positions which led to panic selling among retail investors. Whales—individual investors that hold an immense amount of Bitcoin—have the ability to significantly impact the price of BTC and according to on-chain data provider CryptoQuant, the recent selling is indicative of the start of a bear trend within the market. Ki Young Ju,…

Waves Wants to Put an End to Bogus Blockchain Speed Claims

Waves Enterprise has created a framework for load testing of blockchain networks under real-life scenarios in order to provide greater transparency for potential clients. Original sin Transactional capacity or lack thereof has been a hotly contested discussion in the industry almost from the beginning. The first known response to Satoshi Nakamoto announcing Bitcoin (BTC) was on exactly this topic: “We very, very much need such a system, but the way I understand your proposal, it does not seem to scale to the required size.” A lot has changed since then.…

$125 B Corporate Giant Will Use Blockchain Tech to Combat Global Warming

June 15, Unilever unveiled a $1 billion initiative aimed at fighting climate change in which blockchain technology will play an integral role. Traceability & transparency Unilever is establishing a €1 billion ($1.13 billion) fund that over the next ten years will be used to protect the environment: “To accelerate action, Unilever’s brands will collectively invest €1 billion in a new dedicated Climate & Nature Fund. This will be used over the next ten years to take meaningful and decisive action, with projects likely to include landscape restoration, reforestation, carbon sequestration,…

Charlie Lee Breaks Down ‘Litecoin 2.0’

The creator of Litecoin, Charlie Lee, discussed the upcoming MimbleWimble upgrade which aims at enhancing Litecoin’s scalability and privacy. Lee noted that Litecoin’s upcoming implementation will be able to scale much better than other privacy-focused protocols, like Monero or Z-Cash. “It does privacy and scare very well compared to other implementations”, he said. Talking about the risks involved, Lee pointed out “hidden inflation”, a bug commonly affecting privacy coins which allows hackers to counterfeit an infinite amount of coins. However, “The risk is manageable”, Lee noted, pointing out that the…

Israeli Software Firm Goes Behind Regulator’s Back to Pay $250,000 in BTC Ransom

An Israel-based company reportedly paid $250,000 in Bitcoin for a ransom payment demanded by hackers that threatened to shut down its systems after a ransomware attack. According to a source quoted by Calcalist on June 14, Sapiens International Corp. N.V. — a Nasdaq and Tel Aviv-listed software company — didn’t report the decision to the securities’ regulators of either the U.S. or Israel. The ransomware attack happened at some point between March and April, when the COVID-19 outbreak exploded across the globe, forcing most of the company’s employees to switch…

Gov’t Was Concerned Libra Could Displace Dollar

David Weild IV, who is known as the father of the JOBS Act, believes that the U.S. government had to move to stamp out Facebook’s Libra stablecoin. Facebook: Number of Active Users. Source: Statista. ‘Government’s got to do something’ In an interview with Cointelegraph, Weild said that when he first heard about Zuckerberg’s initiative, he knew right away that the government needed to step in: “When I heard what Zuckerberg was going to do (and this was before the government clamped down), I said ‘the government’s got to do something…

CFTC Chairman Cautions Against ‘Overly Prescriptive Rules’ for Crypto

In a framework published in the Harvard Business Law Review on June 15, Heath Tarbert, Chairman of the Commodity Futures Trading Commission, broadly advocated financial regulation based on broader principles rather than specific rules. The argument for principles The argument for principles is that the approach entails less red tape and, ideally, encourages innovation. Tarbert voiced a desire to see the CFTC “stay ahead of the curve by reacting more quickly to changes in technology and the marketplace.” Tarbert wrote that in addition to promoting flexibility and innovation, “Principles-based regulation…

Fraudulent Site Impersonates Encrypted Messaging Service to Steal Bitcoins

Cybercriminals have reportedly created a fake site version of the legitimate encrypted self-destructing notes service privnote.com. The fake version can be shared with other users to steal Bitcoin. According to a June 14 report from KrebsOnSecurity, the creators of the encrypted notes service complained about a fake clone site, privnotes.com, whose scam scheme consists of the following: “Any messages containing Bitcoin addresses will be automatically altered to include a different Bitcoin address, as long as the Internet addresses of the sender and receiver of the message are not the same.”…

Order Types, Explained | Cointelegraph

Stop orders are similar to, but distinct from, limit orders. Where limit orders are actually on the order book, stop orders are only placed when the predefined price is reached, and they can be used in conjunction with market or limit orders. The distinction is subtle, but the key difference is that limit orders are already placed on the order book and can be seen by anyone, while stop orders aren’t even submitted until the conditions are met. They can be set up to place a market or limit order,…