Massive $1,000,000,000 Bitcoin Transfer Initiated – Is a Corporate Crypto Giant Moving Funds?

Massive $1,000,000,000 Bitcoin Transfer Initiated – Is a Corporate Crypto Giant Moving Funds?

A Bitcoin transaction worth more than $1 billion is making waves in the world of crypto.

A high-rolling crypto whale transferred a total of 88,989 BTC on Monday, for a transaction fee of just $9.15.

The huge transfer was first spotted by the blockchain tracker known as the Bitcoin Block Bot.

According to the crypto data company BitInfoCharts, the sending address appears to be connected to a cold storage wallet that belongs to Binance. Cold wallets are not connected to the internet in order to prevent hackers from gaining access to the funds.

The BTC in question was sent to two different addresses, with 68,101 BTC moving to one unknown wallet, and the rest heading to another cold wallet that’s also thought to be owned by the exchange. The crypto block explorer also shows that the 88,989 BTC stash first entered the exchange’s wallet on April 30th. The wallet neither sent nor received a substantial amount of BTC until now.

According to blockchain tech firm Blockstream, Binance saved 36% in transaction fees thanks to the scaling solution SegWit.

The huge transfer is not the only transaction traders are keeping an eye on.

The crypto tracker Whale Alert spotted four large BTC transactions in the past 24 hours. Two of the transactions involved BTC moving to crypto exchanges, indicating that the holders may be looking to sell.

  • 1,500 BTC worth $17 million transferred from Xapo to Binance 
  • 947 BTC worth $10.7 million transferred from unknown wallet to Coinbase
  • 1,000 BTC worth $11 million transferred from Bitstamp to unknown wallet
  • 1,200 BTC worth $13.5 million transferred from Bitstamp to unknown wallet 
  • Source: dailyhodl.com


    BTC/USD has failed to break above $11,500 again as dominance index drops to 60.4%

    BTC/USD has failed to break above $11,500 again as dominance index drops to 60.4%

    Bitcoin looks set to linger around $11,000 before seeing further upside movement

    Despite testing price levels near a major resistance area of $11,500, Bitcoin has seen its overall market dominance fall in the past 48 hours.

    Total market cap stands at around $345 billion, with Bitcoin’s $208.9 billion accounting for 60.4% of total cryptocurrency capitalisation.

    On July 28, the Bitcoin dominance index rose to 63.4%, just as the price rally that took it past $10,000 began to take shape. Although it appears bulls had the momentum that would take it well above $12,000, a run to a high of $12,134 ended with bears pushing prices back to lows of $11,000.

    As a result, Bitcoin’s dominance has dropped from the 63.4% mark to today’s low of 60.4%. If the metric drops below the 60% mark, it would be the first time it does so since dipping to 55.8% in June 2019. According to historical data from CoinMarketCap, the lowest level the Bitcoin dominance index has dropped was 32.81% on January 15, 2018.

    With the Bitcoin market witnessing far less volatility compared to the dramatic moves of last week — it’s been altcoins that have looked more likely to make significant gains. Bitcoin price rose to within $11,500 in the late hours of trading on Monday, only for the upside to cool off as prices closed around $11,250.

    Ethereum and XRP have both gained over 4% in the past 24 hours, while Chainlink is the hottest coin in the market among the top 20 cryptocurrencies by market cap. LINK/USD has swung 15% in the same period to hit a new all-time high of $9.56.

    According to Glassnode, sentiment towards a new uptrend is strong. As such, BTC/USD could benefit from strong network health and liquidity to tick above $12k and kick start the next bull market.

    However, the price of Bitcoin could suffer an extended short term setback if traditional markets crash in a fashion similar to Black Thursday with more economic uncertainty on the horizon.

    “BTC remained confidently above $10k throughout Week 31, and Bitcoin’s on-chain fundamentals point to the beginning of a potential bull market – but external market forces could still impact this possibility” the firm tweeted yesterday.

    Source: www.bit-cointalk.com


    Bitcoin Will Get Stronger After Crisis, Says US Congressman Emmer

    Bitcoin Will Get Stronger After Crisis, Says US Congressman Emmer

    The largest cryptocurrency, Bitcoin (BTC), is not going away once the ongoing financial crisis subsides, United States Representative Tom Emmer (R-MN) believes.

    A known industry advocate, Emmer says that Bitcoin will only be getting stronger after the world eventually emerges from the economic chaos caused by the coronavirus.

    “As we come out of the crisis, Bitcoin ain’t going away, it’s gonna get stronger,” the Congressman saod during an Aug. 3 interview with co-founder of Morgan Creek Digital Anthony Pompliano.

    According to Emmer, both Bitcoin and its underlying technology of blockchain will “continue to become more and more important” and see further advancements due to its unprecedented value. “You just watch, it has value, when something has value, people are going to take risks and it’s going to advance,” the politician said.

    According to Emmer, Bitcoin’s future is now even more promising after U.S. regulators authorized banks to provide custody for cryptocurrencies last week. 

    As reported, the  Office of the Comptroller of the Currency officially approved federally chartered banks to store crypto like Bitcoin on July 22. According to Emmer, Brian Brooks, Acting Comptroller of the Currency at the OCC, made a significant contribution to the future of Bitcoin:

    “And now Brian Brooks is saying ‘Hey, institutions, you can start banking this stuff. You can provide a home for it, you can start working with it.’”

    What future awaits cryptocurrencies?
    GOODBAD

    Representative Emmer is known for advocating cryptocurrency-powered innovation. Earlier this year, he expressed concerns about regulation smothering innovation. Previously, the Congressman has called on the government to provide more regulatory clarity for the crypto industry.

    Emmer is not alone in thinking that Bitcoin will become even more solid once markets start to recover. In March 2020, billionaire investor and blockchain tech supporter Tim Draper predicted that Bitcoin will be one of the most crucial tools for recovering from the global financial crisis. “When the world comes back, it will be Bitcoin, not banks and governments that save the day,” Draper said.

    Source: www.bit-cointalk.com


    Gregory Maxwell Returns to Bitcoin Cash

    Gregory Maxwell Returns to Bitcoin Cash

    Blockstream’s co-founder, Gregory Maxwell has been quite busy recently but not with code or buildings things, at least as far as we are aware.

    Instead he seems to spend much time making statements like: “Andrew Stone, you mark yourself as an utterly…,” not worth printing the insulting rest.

    That was in reply to BU’s lead dev, Andrew Stone, asking “Why is this guy still here?” while referring to Maxwell. “Relax. He’s harmless now,” was Jonathan Toomim’s reply.

    So giving you a brief snapshot of the situation in Bitcoin Cash where Toomim says ABC’s lead dev is “a jealous dictator who tries to generate both the problem and the solution.”

    The dictatorship here appears to be that ABC has taken Toomim’s code, called ASERT, but have added some modifications with that modified code called Grasberg.

    Both are difficulty adjustment algorithms, with BCH wanting to change the current one as it has led to very unpredictable block-times of sometime 5 blocks in ten minutes and sometime none for two hours.

    Stabilizing that aspect is a very difficult task because this is a smaller network sharing the same hash as the vastly bigger bitcoin network.

    As such it isn’t actually very clear whether it can be stabilized as there are many moving factors and inherently unpredictable factors like price.

    Therefore this is a very very technical matter, with much math involved, but there is also a monetary aspect in that ABC is proposing what they call a “drift correction that adjusts the targeted block time up or down slightly in order to catch up with the expected emission schedule.”

    Many more BCH have been produced than BTC because miners have gamed BCH’s adjustment algorithm and therefore ABC is proposing to effectively slow down block times, and thus rewards, for five years or so depending on how hash increases or decreases and depending on whether any of these proposed new upgrades to the difficulty adjustment will work in practice to stabilize it.

    This drift seems to be the main difference between all these coders who apparently not only can’t agree, but are now name calling.

    That’s fairly untypical of Toomim, or was, with him usually maintaining a professional approach as he runs a mining business, but sometime codes as well.

    He says this drift means miners would get 800 BCH a day instead of 900 BCH, and this would increase the block size to 11 minutes from messy minutes in BCH currently, but it’s meant to be on average ten minutes per block.

    BCHers are very big on zero confirmed transactions, and they have plenty of capacity, so it’s not clear why this 1 minute would make much difference in practice.

    While the 100 BCHs difference for miners should be adjusted through the price all else being equal, so in theory it shouldn’t make much difference to miners.

    However whether that part should be changed at all is clearly something that has led to disagreement, with it unclear why they can’t reconcile their disagreement as over the medium term there appears to be no difference except it halves quicker.

    Making it more the atmosphere really of non-collaboration and a tendency to far to quickly go to the public and ask them about very technical matters.

    Cashers you’d think would probably be greedy and go for the lower short term inflation if it came to it, although they may not want to change that aspect.

    But you’d think what cashers would most want is for this bickering to stop as it tends to lead to stagnation.

    Not that it mattered much for bitcoin price wise, except ethereum is talking of flippenings again, and it may well not matter for BCH either.

    But it might not give coders much confidence to build things on BCH if they think it’s just gone split and split.

    That seems unlikely in this case, but all these different clients don’t seem to like each other at all.

    What’s more, the fork is in November, so this might go on and on and who knows they might even split over such a small matter.

    Maxwell is doing his best to increase divisions, but they don’t really need his help as public arguments over small things may well now be what distinguishes BCH.

    Source: www.trustnodes.com


    Here’s Why a Bouncing U.S. Dollar Is Bad News For Bitcoin

    Here’s Why a Bouncing U.S. Dollar Is Bad News For Bitcoin

    The dollar sank in July to the lowest point in two years in response to more stimulus money being printed to inflate the economy. At the same time, Bitcoin spiked to the highest level in over a year.

    The dollar has since bounced, and the leading cryptocurrency by market cap experienced its first powerful pullback since the recent uptrend began. Here’s how a bouncing dollar may just be the start of bad news for Bitcoin.

    Bitcoin, like most assets across the global market, trades against the almighty dollar. The dollar’s role as the global reserve currency means that it is the most common base currency across trading pairs and exchange rates.

    The dollar has spent nearly the last 100 years in power, helping the United States grow to become the world’s economic superpower.

    But since the pandemic began, the dollar has been weakening, falling to the lowest rate on the DXY dollar currency index in two years. The currency has fallen against other major currencies like the yuan, precious metals like gold, and cryptocurrencies across the board.

    Bitcoin broke above resistance at $10,000 and rocketed to $12,000, while major altcoins like Ethereum and XRP began soaring.

    Overnight Saturday night, profit-taking from a large whale may have prompted the first signs of rejection in Bitcoin’s uptrend. Or, according to an uncanny correlation with the dollar, a bounce in the reserve currency may have been responsible for the crypto asset’s decline.

    bitcoin btcusd dollar

    The dollar is bouncing, and although it is unclear currently if this is the first sign of a reversal, or if its just a dead cat bounce before the global reserve currency tanks harder.

    Analysts have been calling for as much as a 35% or more collapse in the dollar versus other major currencies. And while that has yet to happen, the dollar has indeed been plummeting.

    According to an inverse Bitcoin chart, the asset has been trading almost exactly opposite the dollar index. The cryptocurrency’s strength almost appears to be entirely dependant on the dollar’s decline and weakness.

    With USD bouncing and Bitcoin price action playing out totally inverse to the dollar, a strong recovery in the fiat currency could erase recent crypto gains.

    While such a scenario is certainly possible, things could also turn increasingly bullish for Bitcoin if the dollar continues its descent, or perhaps falls completely from its pedestal.

    This post was originally published on www.newsbtc.com

    Source: www.cryptoalphanews.com

    Author: cm_team


    Bitfinex offers $400M reward for return of $1.3B in stolen Bitcoin

    Bitfinex offers $400M reward for return of $1.3B in stolen Bitcoin

    Cryptocurrency exchange Bitfinex is offering $400 million for the return of $1.33 billion worth of Bitcoin BTC stolen by hackers in 2016.

    “Bitfinex is offering a reward to any persons that connect us with hackers responsible for the unauthorized transfer of almost 120,000 bitcoins from the exchange in August 2016,” said the company in a statement.

    “We will reward anyone with information that can put us in direct contact with those responsible for the 2016 security breach at Bitfinex,” said Bitfinex CTO Paolo Ardoino. “The hackers will receive a share of the returned property.”

    Today, BTC trades at around $11,000, but was worth only $650 in August 2016 — meaning the value of the stolen cryptocurrency has risen by roughly 1600% since the attack.

    In February last year, authorities recovered 27.6 of the pilfered BTC, currently worth a little more than $300,000.

    [Read: Bitfinex denies role in spooky transfer of $1.37 million in stolen Bitcoin]

    Effectively, Bitfinex hopes 30% of the total funds stolen will be enough to entice the hacker(s) (or anyone connected to them) to come forward.

    Bitfinex explained the exact stipulations of the reward:

    After the identity of the hackers is confirmed, the persons establishing contact with the hackers will be rewarded. The hackers will be paid upon return of the stolen bitcoin. Those who put Bitfinex in contact with the hackers will receive 5% of the total property recovered (or equivalent funds or assets at current market values) and the hackers will receive 25% of the total property recovered (or equivalent funds or assets at current market values).

    Any payments made to those connecting Bitfinex will work to ensure this can be done securely, thereby protecting the identities of all parties, and Bitfinex reserves the right to impose conditions on any transfers in order to verify claims and ensure a secure process.

    For what it’s worth, Bitfinex tried the whole monetary reward thing directly following the attack, when it offered $3.5 million (around 6,000 BTC at the time) to anyone who could point them in the right direction.

    Back then, that represented roughly 5% of the value of the stolen Bitcoin, but it was considerably more than today’s offer, at least in terms of US dollars.

    Not sure if today’s $400 million reward is going to bring out the snitches.

    David Canellis

    Source: thenextweb.com

    Author: David Canellis


    Massive $1,000,000,000 Bitcoin Transfer Initiated – Is a Corporate Crypto Giant Moving Funds?


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