Bitcoin’s plunge, Twitter hack revelations and Pornhub now accepts crypto

Come every sunday, Hodler’s digest Tracks every important crypto news from last week. Required reading for all hodlers!

Top stories this week

Three reasons why bitcoin suddenly dipped under $ 10K – and recovered

This is already a bad end to week attempt for bitcoin. At one point, prices on major exchanges fell below $ 10,000.

Overall, the world’s largest cryptocurrency has seen its value decline. 11.7% In recent times. Most of these disadvantages Came on thursday When a sudden drop 7% In less than two hours, $ 99 million worth of people were wiped out.

This coincides with a sell-off in the US stock market, and it does not help that the dollar has been rallying recently. Sentencing was compounded after the sentencing, with eToro analyst Simon Peters Warning Bitcoin “can still go a long way to fall.”

Exactly 91 years after the 1929 Wall Street Crash, Crypto Fear and Greed Index Investor showed a seismic change in sentiment – changing from “greed” to “fear”.

Accused of second teenage mastermind behind Twitter’s “bitcoin giveaway” hack

Thought that strange case about the Twitter hack of July was resolved? think again.

The FBI has issued a search warrant against a 16-year-old Massachusetts man in connection with an unprecedented breach in which high-profile accounts of celebrities, millionaires, and presidential candidates were compromised.

Detectives have raided the teenage boy’s home amid allegations that he may have played “a similar, if not more important role” in the hack.

It is claimed that he may have posed as Twitter employees or contractor to fool legitimate people into entering their login credentials on fake websites where he could catch them.

Three others have been charged in connection with the attack – a 17-year-old and 22-year-old from Florida, and a 19-year-old from the United Kingdom.

Bank of England governor rejects bitcoin as a means of payment

May be finance Bitcoin advertising At a bus stop in London, but make no mistake: the Governor of the Bank of England is not a fan of cryptocurrency.

Andrew Bailey – a known crypto skeptic – has said that crypto assets are “unsuitable for the world of payments” because bitcoin “has no connection to money.”

However, there was some reason to be optimistic. Bailey said stablocks can provide some “useful benefits” by reducing friction in payments – as long as they already operate on the same standards as fiat-based options in the market.

This week too, It has been revealed that since mid-July, the market cap of fixed shares has been increasing by $ 100 million in one consecutive day. The growth of the DeFi protocol and demand for tokens in the liquidity pool is no doubt.

In an interview during the crypto boom in 2017, Bailey warned: “If you want to invest in bitcoin, be prepared to lose all your money.”

Apple stock market cap shows how small crypto is

If you want to get an idea of ​​the market cap of cryptocurrency, then know about Apple.

The iPhone giant now has a valuation of $ 2.1 trillion – six times more than all cryptocurrencies put together at $ 327 billion.

All this suggests that there is much room for future growth in the crypto sector.

Bitcoin has had an extraordinary journey over the past 12 years – going from a price of less than $ 1 per coin to hitting a $ 20,000 high in late 2017.

Maybe bitcoin needs a comeback like Apple. It is strange to think that Apple was on the verge of bankruptcy in the 1990s, so much that it needed a cash injection from Microsoft. In 2001, the iPod and iTunes were born … and the rest is history.

Pornhub now accepts Bitcoin and Litecoin

One of the world’s largest pornography sites now accepts Bitcoin and Litecoin as payment methods for premium services.

Pornhub says that cryptocurrency is excited to get more exposure, given that it has 130 million viewers per day.

The company is one year older than bitcoin and was founded in Montreal 13 years ago. Currently, it is the ninth most popular website in the world.

It is safe to say that the pseudonym inventor of BTC, Satoshi Nakamoto, must have approved. In 2010, he said: “Bitcoin will be convenient for people who don’t have a credit card or don’t want to use those cards, either husband or wife don’t want to see it on Bill or Dawn.” Trusting people to give their number ‘, or afraid of recurring billing.

Winners and losers

At the end of the week, bitcoin is $ 10,195.42, At other $ 340.52 And on XRP $ 0.23. Total market cap is at $ 324,953,472,998.

Among the largest 100 cryptocurrencies, the top three altcoin beneficiaries of the week are BitShares, CyberVein And Flexacoin. The top three altcoin losers of the week are Ampleforth, Gymnast And Aragon.

For more information about crypto prices, be sure to read Cointelegraph’s Market Analysis.

Most memorable quotes

“In the post-heeling bull cycle, bitcoin can often correct 25% (40% + in 2017), throw short-term traders (or give swing traders a shot on the short side). Each of them had the opportunity to buy one. DCA Opportunity Ahead? “

Raul Pal, CEO of Global Macro Investor

“There was a lot of panic yesterday from HODLers, who were very successful in buying tops. Their strategy seems to be – buy high sell low. “


“In the Battle of the Bulls, we # attack #NagDak, supporting more potential endurance.”

Mike McGlone, Bloomberg Senior Commodity Strategist

“Cryptocurrency is no longer the niche interest it once was, but neither is it completely mainstream – it’s somewhere in the middle.”

CoinMarketCap Representative

Week prediction

Bloomberg: Bitcoin may fall to $ 500,000 or zero

We like this prediction because there is a very high margin for error – and little chance of being proved wrong.

Bloomberg analyst Mike McGlone has said that bitcoin can either go to dizzy heights of $ 500,000, or it will fail.

In his view, bitcoin is set to become digital gold – with the help that its supply and growing demand are limited. McGlone has repeatedly compared the 2017 Bull Run.

Crypto evangelists, including Anthony Pompliano and Tyler Winklevos, have strongly predicted that BTC will one day achieve $ 9 trillion parity with the gold market cap. Dividing that number by a maximum supply of 21 million bitcoins gives you a price of $ 428,571 per coin.

FUD of the week

Revealed: How North Korean Hackers Stolen Cryptocurrency

A new report has revealed how the Lazarus Group, a well-known hacking gang sponsored by the North Korean regime, derives its undue benefits.

According to BAE Characteristics and Swift, Lazarus usually steals crypto funds from one exchange and then starts transacting through multiple exchanges using something called a “layering technique”.

Facilitators in East Asia receive a portion of the proceeds to help the funds, and they are tasked with transferring cryptos to several funds to “disrupt the origin of the funds”.

The report, called “Follow the Money”: “Other stolen funds can be transferred to bitcoin in prepaid gift cards, which can be used at other exchanges to purchase additional bitcoins.”

The study noted that the cases of money laundering through crypto are still relatively low compared to the huge amount of cash through wire transfer.

Crypto-hating Wikipedia editor David Gerrard claims another victim

An anti-crypto activist has used his influence as a senior Wikipedia editor to remove a blockchain-related entry about Australian firm Ledger Laser.

This is not the first time David Gerrard has done this. He appeared boasting about his latest victory in a blog posting in which he claimed the deletion was “based on a pile of press releases,” and that the only real press coverage was about the Power Laser one How the scam happened. “

Lobbying for deletion, Gerrard also took aim at sources in the Power Ledger Wikipedia entry. He called Coinervit a “bottom-of-the-barrel per bitcoin blog”, and also called “conservatism” articles from India’s Economic Times and TechCrunch. This phrase refers to news outlets that report on press releases, if any, on their own investigation.

It is worth noting that TechCrunch has 16 million readers, while The Economic Times is one of the world’s most read English-language commercial newspapers.

Indian Prime Minister Twitter Hack the latest victim of crypto scam

not again. Hackers once again took over a high-profile Twitter account and posted messages asking followers to create cryptocurrencies.

Who was the victim this time? Indian Prime Minister Narendra Modi.

This is not good for the crypto sector, not least because India is actively looking for ways to ban cryptocurrency.

Several tweets were posted to Modi’s account on Wednesday for his 2.5 million followers. One of them said: “Now India starts with crypto currency. Please donate bitcoins. “

Blockchain data shows that no funds were sent to the addresses listed in the tweets – and the group or individual responsible for the hack, went by the name “John Wick”.

Best combination features

Is Ethereum Left and Bitcoin Right?

Does the fight between conservative bitcoiners and progressive ethers reflect our divided political culture? Andrew Fenton takes a look.

Digital Cold War? The United States and China vied for blockchain domination

Andrew Singer sees the tech deadlock that is heating up between the US and China, as Washington’s reluctance to launch CBDC could have some serious consequences.

US SEC upgrade “Accredited Investor,” puts financial knowledge first

The United States Securities and Exchange Commission has changed its definition of qualifying as a “recognized investor”. Osato Avan-Nomayo looks at what this might mean for crypto tokens for sale.