Bitcoin Fundamentals are in ‘Moon Mode’ Now: Will Market Respond Only In 2021?

Bitcoin Fundamentals are in 'Moon Mode' Now: Will Market Respond Only In 2021?

Noted on-chain market analyst Willy Woo is of the opinion that Bitcoin’s network fundamentals including blockchain data and infrastructural metrics are going pretty strong. But the BTC market has still not caught up on this ‘moon-like’ action. Willy believes it will, only next year.

Willy Woo, while tweeting from his official Twitter handle, took a heavily bullish stance on the state of the Bitcoin network. He said that it is one of those rare instances (in his bitcoin career) when BTC’s blockchain fundamentals are displaying significant strength (read ‘Moon Mode’).

This is one of the few times in my Bitcoin career where the fundamentals (on-chain data and metrics from infrastructure players) are in moon mode, yet the market is not woke to it. They will be by 2021. This is an opportunity I’ve not seen since mid-2016.

— Willy Woo (@woonomic) October 7, 2020

He added that although on-chain indicators are looking healthy, the market has not responded to this bias in unison. But the same will happen next year, supposedly. Woo also commented that this is an incredible bitcoin buying opportunity ‘not seen since mid-2016’.

As usual, his observation was called out as fluff by one of the commentators, to which he responded by mentioning his utterly bearish stance on Bitcoin until March/April 2019. According to the analyst, BTC traders and investors hated him then.

But the recent BTC market action has led him to flip bullish. For example, as CryptoPotato reported last month, the ‘Bitcoin Difficulty Ribbon’ that Willy devised for predicting BTC market movements had ‘broken out of the green buy zone for the first time since March in terms of compression.

Blockchain analytics firm Glassnode highlighted it in one of their updates and added that the above scenario has always preceded significant Bitcoin price appreciation in the past.

The past few days have been pretty eventful for the cryptocurrency community. The US DOJ and CFTC charged bitcoin derivatives exchange BitMEX’s founding team for violating the federal Bank Secrecy Act and conspiring to violate that law.

The UK’s Financial Conduct Authority has banned cryptocurrency derivatives trading for retail customers from the beginning of the next year. And authorities arrested antivirus mogul and crypto commentator John McAfee in Spain for tax evasion.

Despite the above stream of negative news, bitcoin has held strong and refused to budge below the all-important psychological price barrier of $10,000. Stock-to-flow model propounder Plan B too pointed it out in his latest tweet.

#bitcoin holding strong after:
– BitMEX crackdown by US govt
– Crypto derivatives banned by UK govt
– McAfee arrest by US govt pic.twitter.com/GUALQbyz93

— PlanB (@100trillionUSD) October 7, 2020

It could be because of the ‘moon-mode’ performance of Bitcoin’s fundamental indicators that BTC price hasn’t buckled under the pressure of the above news updates.

But will Willy’s ‘woke’ call for bitcoin hold true in 2021? That still remains to be seen.

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Source: cryptopotato.com


Hacked crypto exchange KuCoin resumes crypto deposits and withdrawals

Hacked crypto exchange KuCoin resumes crypto deposits and withdrawals

The KuCoin cryptocurrency exchange is partly restoring deposits and withdrawals following a major hack.

As KuCoin officially announced on Oct. 7, the platform has completed the wallet security upgrade for major cryptos like Bitcoin (BTC), Ether (ETH), and Tether (USDT).

Following the upgrade, KuCoin has resumed the deposit and withdrawal service of BTC, ETH, and ERC-20-based USDT. According to the announcement, USDT running on other blockchains like EOS, Tron, and Omni is not yet available for withdrawals. KuCoin stated:

“KuCoin is gradually restoring the deposit and withdrawal services of all tokens, and the full service of USDT will also resume soon. Please stay tuned for the official announcement.”

KuCoin noted that BTC, ETH, and USDT have all generated new deposit addresses. While the old addresses are still available, the exchange recommended users to update their deposit addresses.

The partial recovery of crypto withdrawals on KuCoin comes about 10 days after the exchange suffered a massive hack in late September. While the exchange initially estimated user losses to account for $150 million, major crypto analytics firm Chainalysis estimated losses at $275 million.

KuCoin Global CEO Johnny Lyu previously told Cointelegraph that the breach affected hot wallets holding BTC, ETH, and ERC-20 tokens. A large number of stolen ERC-20 tokens were subsequently frozen by major crypto projects. On Oct. 3, Lyu announced that KuCoin executives have managed to find the suspects of the hack with “substantial proof at hand.”

KuCoin representatives did not immediately respond to Cointelegraph’s request to comment on the news. This article will be updated pending any new information.

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Source: crytonow.com

Author: adminhttps://crytonow.com


Crypto exchange BitMEX overhauls management after U.S. criminal charges

Crypto exchange BitMEX overhauls management after U.S. criminal charges

HONG KONG (Reuters) – Top executives at BitMEX, one of the world’s largest cryptocurrency derivatives exchanges, will step back from their roles, the company said on Thursday, a week after U.S. prosecutors filed criminal charges against them.

The company said last week it would “vigorously” fight the allegations after the U.S Department of Justice charged the exchange’s three founders, Arthur Hayes, Samuel Reed and Benjamin Delo with violating the federal Bank Secrecy Act. Gregory Dwyer, its first employee, was also charged.

Prosecutors said BitMEX had made itself a “vehicle” for money laundering and sanctions violations.

BitMEX said Hayes and Reed have “stepped back from all executive management responsibilities for their respective CEO and CTO roles with immediate effect,” adding they and Delo would not hold executive positions and that Dwyer would take a leave of absence from his role as head of business development.

Chief Operating Officer Vivien Khoo, will take over as chief executive. She previously held roles at Goldman Sachs and Hong Kong’s markets watchdog.

The statement said the management changes had been made with the “full approval” of the founders.

“These changes to our executive leadership mean we can focus on our core business of offering superior trading opportunities for all our clients,” David Wong, chairman of 100x Group, BitMEX’s parent, said in the statement.

Hayes and Delo did not immediately respond to requests for comment sent via their social media profiles and Reed could not be reached for comment. Dwyer’s lawyer, Sean Hecker, who earlier said his client would contest the charges, did not immediately respond to an emailed request for comment.

BitMEX is one of the world’s largest bitcoin futures trading platforms, popular for its high liquidity and compliance requirements that are seen as less onerous than those for futures venues regulated in major financial centres.

(Reporting by Alun John in Hong Kong and Tom Wilson in London; Editing by Tomasz Janowski)

Source: news.yahoo.com


Hacked crypto exchange KuCoin resumes crypto deposits and withdrawals

Hacked crypto exchange KuCoin resumes crypto deposits and withdrawals

hacked-crypto-exchange-kucoin-resumes-crypto-deposits-and-withdrawals

KuCoin is partially restoring crypto withdrawals after a major hack.

The KuCoin cryptocurrency exchange is partly restoring deposits and withdrawals following a major hack.

As KuCoin officially announced on Oct. 7, the platform has completed the wallet security upgrade for major cryptos like Bitcoin (BTC), Ether (ETH), and Tether (USDT).

Following the upgrade, KuCoin has resumed the deposit and withdrawal service of BTC, ETH, and ERC-20-based USDT. According to the announcement, USDT running on other blockchains like EOS, Tron, and Omni is not yet available for withdrawals. KuCoin stated:

“KuCoin is gradually restoring the deposit and withdrawal services of all tokens, and the full service of USDT will also resume soon. Please stay tuned for the official announcement.”

KuCoin noted that BTC, ETH, and USDT have all generated new deposit addresses. While the old addresses are still available, the exchange recommended users to update their deposit addresses.

The partial recovery of crypto withdrawals on KuCoin comes about 10 days after the exchange suffered a massive hack in late September. While the exchange initially estimated user losses to account for $150 million, major crypto analytics firm Chainalysis estimated losses at $275 million.

KuCoin Global CEO Johnny Lyu previously told Cointelegraph that the breach affected hot wallets holding BTC, ETH, and ERC-20 tokens. A large number of stolen ERC-20 tokens were subsequently frozen by major crypto projects. On Oct. 3, Lyu announced that KuCoin executives have managed to find the suspects of the hack with “substantial proof at hand.”

KuCoin representatives did not immediately respond to Cointelegraph’s request to comment on the news. This article will be updated pending any new information.

The post Hacked crypto exchange KuCoin resumes crypto deposits and withdrawals appeared first on BTC Ethereum Crypto Currency Blog.

Source: cryptomoneyteam.co

Author: By TeamMMG


Crypto exchange BitMEX overhauls management after U.S. criminal charges

Crypto exchange BitMEX overhauls management after U.S. criminal charges

HONG KONG (Reuters) – Top executives at BitMEX, one of the world’s largest cryptocurrency derivatives exchanges, will step back from their roles, the company said on Thursday, a week after U.S. prosecutors filed criminal charges against them.

The company said last week it would “vigorously” fight the allegations after the U.S Department of Justice charged the exchange’s three founders, Arthur Hayes, Samuel Reed and Benjamin Delo with violating the federal Bank Secrecy Act. Gregory Dwyer, its first employee, was also charged.

Prosecutors said BitMEX had made itself a “vehicle” for money laundering and sanctions violations.

BitMEX said Hayes and Reed have “stepped back from all executive management responsibilities for their respective CEO and CTO roles with immediate effect,” adding they and Delo would not hold executive positions and that Dwyer would take a leave of absence from his role as head of business development.

Chief Operating Officer Vivien Khoo, will take over as chief executive. She previously held roles at Goldman Sachs and Hong Kong’s markets watchdog.

The statement said the management changes had been made with the “full approval” of the founders.

“These changes to our executive leadership mean we can focus on our core business of offering superior trading opportunities for all our clients,” David Wong, chairman of 100x Group, BitMEX’s parent, said in the statement.

Hayes and Delo did not immediately respond to requests for comment sent via their social media profiles and Reed could not be reached for comment. Dwyer’s lawyer, Sean Hecker, who earlier said his client would contest the charges, did not immediately respond to an emailed request for comment.

BitMEX is one of the world’s largest bitcoin futures trading platforms, popular for its high liquidity and compliance requirements that are seen as less onerous than those for futures venues regulated in major financial centres.

(Reporting by Alun John in Hong Kong and Tom Wilson in London; Editing by Tomasz Janowski)

Source: whtc.com

Author: Syndicated Content


Bitcoin Fundamentals are in 'Moon Mode' Now: Will Market Respond Only In 2021?


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