Cryptocurrency and Blockchain News Headlines Update on September 09, 2020

Binance crypto exchange Uganda platform announces to delist and cease trading pairs for its own native token, Binance Coin (BNB) on Uganda shilling (UGX), according to a Sept. 9 announcement.

Standard Chartered Bank (SCB) announced to launch the first blockchain-based cross-border remittance service in Bangladesh, allowing Bangladeshi expats in Malaysia to instantly transfer wage remittances to their home country.

NFT marketplace Rarible (RARI) has received an undisclosed investment from CoinFund amid a transition to community-governance, according to a Sept. 8 announcement from Rarible.

An anonymous user has revealed how he made $250k in profits from a $200 in a cloned version of Yearn.finance called Soft Yearn (SYFI), due to a flaw in a DeFi protocol clone’s rebase code.

Concordium, a unique enterprise-focused dPoS-based blockchain first to use private real-life identity proofs as an integral part of its protocol, combining privacy and auditability require unconventional solutions.

Market data from Skew shows investors in the Bitcoin (BTC) options market are cautiously bearish in the short term as of Sep. 8 after the drop in Bitcoin’s price within a seven-day span.

The vast majority of Twitter users trust 18-year-old Spencer Schiff’s investment advice over that of his father, Peter Schiff — a renowned gold bug and Bitcoin (BTC) critic.

Bitcoin grapples with politics and $10,000 as sentiment turns fearful

After a turbulent end to the previous week, Bitcoin is contending with crucial $10,000 support as well as external forces.

The picture is markedly different to even the start of last week, underscoring the changeability of Bitcoin — no two weeks are ever the same for hodlers.

U.S. dollar flashpoint

The inverse correlation between Bitcoin and the U.S. dollar currency index continues to be a major focus for analysts.

On Friday, Bitcoin hitting lows of $9,900 followed days of gains for DXY, leading to warnings that unless it falls again, safe havens and Bitcoin will continue to experience pressure.

Among them is Max Keiser, eagerly hoping for a significant DXY crash far below the levels it hit in August, which themselves constituted two-year lows.

BTC/USD shed 15% before the weekend, with $10,000 providing only shaky support since.

Europe to shape the economic mood

In the eurozone, tensions are running high as the European Central Bank meets to discuss economic policy on the back of a return to deflation.

At the same time, Brexit talks are once again on the verge of collapse due to a lack of consensus, with U.K. prime minister Boris Johnson set to give an absolute deadline of Oct. 15 to agree on a deal.

Meanwhile, coronavirus woes continue, with commentators warning that the rebound from March’s crash is now running out of steam.

Familiar futures gaps

Bitcoin now has a second nearby futures gap to fill — and this one is higher, not lower.

Thanks to recent volatility, there is now a roughly $200 corridor in CME Group’s Bitcoin futures market focused on $10,500 — BTC/USD can rise to fill the void.

A remaining gap at $9,700 is still unvisited after Bitcoin bounced at $9,900 several times over the past few days.

Hash rate and difficulty weather the storm

Miners appear broadly unfazed by the price losses, with Bitcoin’s network fundamentals losing only marginal ground.

The difficulty is set for a small drop on Monday at the next readjustment, while the hash rate is still within sight of all-time highs from last month.

As Bitcoin fell from $12,000, outflows from major mining pools accelerated, indicating preemptive measures from network participants.

Investors are feeling the fear

Measures of consumer sentiment on cryptocurrency have underscored the dramatic shift in sentiment over the past week.

The Crypto Fear & Greed Index has completely changed its tone in recent days, going from “greed” to “fear” in a sudden drop, which places it back in its position from early July.

Any trace of irrational exuberance is now firmly absent from the Index’s constituent parts.

Bitcoin (BTC) price hits new lows $9.8K range on Sept. 7 amid ongoing strength in the U.S. dollar currency index, Bitcoin bears gain strength, sending BTC/USD to its lowest since late July.

Cryptocurrency market daily snapshot on Sept. 7, 2020. Source: Coin360
Cryptocurrency market daily snapshot on Sept. 7, 2020. Source: Coin360

Texas State Securities Board (TSSB) has detected two alleged cryptocurrency scams, “Bitcoin Pope” faces up to 10 years in jail. On Sept. 3, Texas Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order against two alleged forex and cryptocurrency scam schemes known as Forex Birds, LTD and PEK Universe. Kumar Babu Bondesi and Darwin Eric Balusek, known under the nickname “Bitcoin Pope” as the alleged operators of the schemes, according to the TSSB published order.

Crypto YouTuber Sunny Decree’s crypto-related videos live stream got cut short by YouTube, second offence of violated YouTube harmful and dangerous policy result in a one-week suspension of service for live streaming, uploading, and posting.

Ethereum Core Devs Meeting #95 held on 4 Sep 2020 discuss a variety of Ethereum Improvement Proposals regarding high gas fee prices on the network and ways to mitigate the issue.

“Smart money” Whales are bidding $8,800 to purchase Bitcoin (BTC) on major exchanges following a sharp drop to sub-$10,000.

Davey Day Trader, Portnoy says crypto is boring right now, proceeded to beg crypto traders to switch to the stock market instead.

Bloomberg’s analyst Mike McGlone observed that the price of Bitcoin could either be heading to the $500,000 mark, or it could drop to zero. McGlone emphasized how Bitcoin’s limited supply and increasing demand were key adoption indicators and drew comparisons to the 2017 bull run. Refer to Bloomberg Intelligence September 03, 2020 > Risking zero to $500,000: Bitcoin set to stay upward trajectory

3 key factors may be caused the Bitcoin price suddenly plunged 7% in less than two hours, dropping below $11,000, and liquidating over $100 million of longs: Bitcoin miner outflows, the strength of the U.S. dollar, and major resistance.

Taking May’s halving as a starting point, another chart suggesting $41,000 end-of-year BTC price target appears.

Bitcoin (BTC) is charting its way directly between the previous two-block subsidy halvings. Performance remains on track, PlanB told investors to be “patient” when it comes to price appreciation.

Sygnum is now licensed as a digital asset trading facility to cover the complete life-cycle of security, after receiving regulatory approval from the Financial Market Supervisory Authority, according to Sygnum’s press announcement.

Bitcoin (BTC) fell 5% to $11.1K on Sept. 2 as USD currency index produces an instant plunge for BTC/USD.

Cryptocurrency market daily snapshot, Sept. 2
Cryptocurrency market daily snapshot, Sept. 2. Source: Coin360

Another Electrum wallet user reported that 36.5 BTC missing from Electrum wallet address and spread across five different addresses. Details of a previous Electrum wallet hack on Aug. 30 surfaced when different Githubber reported 1,400 BTC in total missing from Electrum wallet.

The Australia and New Zealand Banking Group Limited, Commonwealth Bank of Australia and Westpac Banking Corporation along with two other shareholders, the Australian shopping centre company Scentre Group and technology behemoth IBM, forming a new company called Lygon to digitize bank guarantees using blockchain technology, reduce the timeline of bank guarantees processes by days.

Hacker behind 1,400 BTC Electrum wallet theft, appears to have utilized a Binance account, based on data from N-chain, posted on Github.

Analysts predict Yearn Finance’s yETH vault could trigger a renewed surge in buying pressure on the ETH markets. yETH vault being voted on by YFI token holders will automatically find the highest yielding decentralized finance (DeFi) protocol/strategy for Ether (ETH) deposits.

Bitcoin targets $12,000 amid new warnings over dollar weakness.
Fresh from a rebound closer to $12,000, Bitcoin is as unpredictable as ever at the start of a new trading week. Where will the market go next?

Stocks keep going up…
Nothing seems able to stop the global equities rally, and last week’s Federal Reserve speech on inflation only helped matters.

This week, analysts are eyeing continued upside for large-cap stocks despite small-cap stocks and consumers themselves feeling the pressure of coronavirus policies.

The curious paradox has long irked Bitcoin proponents who argue that the economic playing field unfairly privileges those already closer to the source of the money supply — particularly in the United States.

In addition, huge interventions in stock markets since March have undermined faith in the idea that “value” is even a concern for participants.

…While the dollar jitters
Where stocks are controversially gaining, the U.S. dollar is more conspicuously losing. On the back of the Fed, the U.S. dollar currency index continued to fall.

After a modest uptick over the weekend, the index forms a topic of interest for Bitcoin traders, who have seen an inverse correlation emerge between the two assets.

The Index measures USD strength against the currencies of a basket of U.S. trading partners. At the end of July, it fell to two-year lows.

Traders eye futures gaps
A modest gap opening in the Bitcoin futures chart this weekend keeps the debate open about a possible move lower.

With Bitcoin keen on rising or falling to “fill” gaps in futures markets, one empty spot at $9,700 remains on traders’ radar as a short-term price target.

Assuming this weekend’s gap, which is around $11,650, gets filled quickly, only two others are left. In addition to $9,700, a $16,000 gap provides another if the unlikely target for bulls.

Hash rate underscores miner sentiment
The health of the Bitcoin network is plain to see this week, as the hash rate returns to its upward trajectory.

At 125 exahashes per second, the hash rate is recovering from a previous slump and is just 5 EH/s off its all-time highs from earlier this month.

Miners are clearly bullish on profitability, as more and more computing power is dedicated to the network. Bitcoin difficulty also remains at a record, reflecting competition among miners.

Consumer sentiment still too “greedy”
Also plain to see is Bitcoin investor “greed” as price action continues to favour the bulls. According to the Crypto Fear & Greed Index, the danger of a sell-off remains.

The Index uses a basket of factors to gauge sentiment among holders and traders, with a high reading warning that a correction in price should ensue.

On Monday, the Index was at 75/100, firmly in the “greed” zone, and it hasn’t left since the end of last month.

Thomas Apel Published by Thomas Apel

, a dynamic and self-motivated information technology architect, with a thorough knowledge of all facets pertaining to system and network infrastructure design, implementation and administration. I enjoy the technical writing process and answering readers' comments included.