Bitcoin Becomes 6th Most Valuable Asset in the World With $1 Trillion Market Cap
Bitcoin breached yet another significant milestone of $1 trillion market capitalization, passing Tesla and Tencent to become the sixth most valuable asset in the world.
Top Companies in Market Capitalization. Source: AssetDash
At $53,700, Bitcoin recorded a market capitalization of $1 trillion for the first time ever.
The market value of Bitcoin is calculated by multiplying the circulating supply with BTC’s market price. The fully diluted market capitalization of BTC at a total supply of 21 million comes up to $1.15 trillion.
Bitcoin enthusiasts celebrated the event by adding a Cyclops-like laser eye to their profile pictures and trending a hashtag #LaserRayUntil100K.
The CTO of Tether, Paolo Ardoino, spoke with Crypto Briefing on the matter.
“Bitcoin was created as a peer-to-peer electronic cash system. The disintermediated quality is fundamental to its unique properties as a decentralized form of digital cash. Bitcoin was built by and on communities of developers, miners and retail investors. While interest from institutions has helped consolidate its role as digital gold, its future depends on the continued success and support of its communities of interest.”
The Bitcoin community is clearly out in full force on Crypto Twitter today.
In the U.S., the stimulus checks and income taxes are due in the next month. The relief amount in the next round of the stimulus package is expected to be $1,400 for individuals earning below $75,000 adjusted gross annual income.
Moreover, the tax season may see some individuals book profits for the year from their crypto portfolios.
While the former is expected to have a positive impact on the market, the tax season deadline of mid-April can cause a short-term correction in the market.
The total market cap of crypto markets is $1.7 trillion, nearing the $2 trillion threshold set by some institutions.
Disclosure: The author held Bitcoin at the time of press.
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Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process
Controversy still surrounds a liquidated New Zealand cryptocurrency exchange, which allegedly got hacked again. Adding to the $30 million stolen in 2019, Cryptopia reports that it was the target of a another theft incident on February 1, 2021.
According to Stuff.co.nz, the hackers took around NZD 62,000 ($45,000) worth of cryptocurrencies from the troubled exchange. The alert first came from Stakenet, a U.S.-based blockchain firm.
The investigation unveiled that hackers accessed a wallet that has been dormant since the hack in January 2019, where Cryptopia suffered a loss of over $30 million worth in cryptos.
The wallet belongs to Stakenet and is under the control of Cryptopia’s liquidators, Grant Thornton. Per the findings, the dormant wallet was holding around $1.96 million worth of XSN, Stakenet’s native token.
A spokesman from the U.S. blockchain company commented on the matter:
We had no prior warning of any intended movement, so naturally, we immediately contacted [liquidator] Grant Thornton, who is supposed to be in control of these assets and in charge of redistributing them back to their rightful owners.
Moreover, the Stakenet spokesman pointed out that Grant Thornton should clarify how the incident happened, as well as why they failed to prevent it:
If this unauthorized transaction has happened under Grant Thornton’s watch, then they need to explain to the users why they failed to secure… [their] assets like they were supposed to do and how someone was able to access them.
Cryptopia’s liquidators were appointed in May 2019 to start the process of shutting down the crypto exchange. As of press time, they haven’t addressed the recent alleged hack publicly.
But the string of troubles appears not to see an end for the crypto exchange. This incident happened just a few months after a former employee allegedly stole over NZD 250,000 ($182,300) worth in cryptos, plus customer data from Cryptopia. However, New Zealand authorities managed to recover the stolen funds and return them to Grant Thornton.
What do you think about this latest incident related to Cryptopia? Let us know in the comments section below.
Repainting Harmonic Pattern and Non Repainting Harmonic Pattern – Trading Systems – 19 February 2021 – CRYPTO CRYPTO NEWS
Here is a brief article covering on Repainting Harmonic Pattern and Non Repainting Harmonic Pattern. In Harmonic Pattern Plus and Harmonic Pattern Scenario Planner, they can indicate if the harmonic pattern is completely formed or if the Harmonic Pattern is still in the forming stage. When the pattern is formed completely, the completely formed pattern is no longer subject to the repainting. Forming pattern might repaint or might no repaint depending on the future price action. The attached screenshot will be helpful to confirm your understanding on this.
Depending on your strategy, this piece of information can be important. You can use this piece of information to reinforce your current trading position or exit strategy with Harmonic Pattern. Here is a further thought. If the harmonic pattern is big in terms of its size, then it also takes long time to confirm the pattern formation. In turn, repainting or non repainting confirmation is typically fast with small harmonic pattern. In addition, repainting happens in any technical indicator. But the repainting only affect the last candle bar most of technical indicators. For example, as new price arrives, the moving average indicator will keep changing its value for the last candle bar. As the repainting of ZigZag indicator can affect the last swing point to the previous swing point, ZigZag indicator is affected by repainting over many candle bars from last swing point to previous swing point. Hence, you might feel the repainting more in the ZigZag indicator.
For your information, you do not have to worry about repainting for X3 Chart Pattern Scanner because X3 Chart Pattern Scanner is non repainting and non lagging Harmonic Pattern Scanner. Hence, this article is only applicable to Harmonic Pattern Plus and Harmonic Pattern Scenario Planner. At the same time , you can use X3 Chart Pattern Scanner with Harmonic Pattern Plus in the same chart.
Harmonic Pattern Plus Landing Page
Harmonic Pattern Scenario Planner Page
X3 Chart Pattern Scanner Landing Page