Elrond (ERD) Trading and Staking to Go Live on Bitfinex

ERD deposits on Bitfinex to launch on August 17, 2020. According to an official statement by the project team, the native asset of the Elrond blockchain, …

Elrond (ERD), the high-scalable blockchain architecture, announced that its token will be listed on Bitfinex, the leading cryptocurrency exchange. Why is this novelty important?

ERD deposits on Bitfinex to launch on August 17, 2020

According to an official statement by the project team, the native asset of the Elrond blockchain, ERD, will be available on Bitfinex starting from August 17. Moreover, the staking environment for ERD will be added soon after.

Beniamin Mincu, CEO and founder of the Elrond network (ERD), emphasized the crucial importance of this listing for his product in terms of its further marketing and technical development:

We are excited to unveil this listing as part of a strategic plan to expand our ecosystem, which brings significant exposure and opportunities for Elrond. Enabling additional products in collaboration with Bitfinex, such as staking, will strengthen Elrond, and position it for accelerated growth after the mainnet launch.

The Elrond (ERD) team has also stressed that Bitfinex rarely enriches its toolkit of assets, since ERD is only the second token to be added on Bitfinex in 2018. That said, listing on such an exchange means that the product has reached sufficient maturity and credibility.

The upcoming ERD staking opportunity on Bitfinex looks very attractive for the PoS community. According to leading cryptocurrencies staking explorer Staking Rewards, Elrond (ERD) is among the Top 5 assets with the highest annual rewards.

ERD is top-five PoS asset by staking rewards

Image by Staking Rewards

Among the Top 5 assets, ERD has the highest market capitalization and the lowest share of tokens already frozen in staking environments.

Innovative approach to scalability

It is worth noting that the Elrond (ERD) blockchain is well known due to its excellent level of scalability and the very low latency of its operations. These are achieved by two important characteristics: Elrond (ERD) has an Adaptive State Sharding mechanism and Secure Proof-of-Stake (SPoS) algorithm consensus.

As a result, Elrond (ERD) can process up to 10,000 transactions per second with an average latency of five seconds and negligible transaction costs.

The creators of Elrond assure the community that it will be a reliable backbone for the permissionless internet economy.

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Twitter Bitcoin scam reached over 382 million followers

Coinbase is the largest US bitcoin exchange, with 35 million users around the world. Sharing.

On July 15, 2020 cybercriminals took over multiple high-profile Twitter accounts to promote a Bitcoin scam.

Hackers sent out tweets asking people to send cryptocurrencies to a specified wallet, and in return, the sent amount would be doubled and returned to the sender.

According to data analyzed by the Atlas VPN research team, the Twitter Bitcoin scam reached 382.6 million followers. Even the former US President Barack Obama’s account was compromised, an account which is followed by more than one-third of Twitter’s users.

By far, the biggest account affected was Barack Obama’s. His official twitter account has 121 million followers.

Another victim was an American media personality – Kim Kardashian; she just reached 66 million followers.

Prominent figures in the music industry have also been affected – Wiz Khalifa’s and Kanye West’s accounts were hacked. Wiz Khalifa has 36.4 million followers, and Kanye West has 30.6 million followers.

The incident affected major brands such as Apple (4.6 million followers), Uber (1 million followers, and CashApp (1 million followers).

Several cryptocurrency exchange companies were also compromised. Binance (1.1 million followers), Coinbase (1.1 million followers), CoinDesk ( 849 thousand followers), and multiple other cryptocurrency-related company’s accounts were affected by the hack.

It is believed that scammers stole about $120,000 in bitcoin in total.

“Even with this added $280,000 to the pot, this is still a very unsuccessful scam given the reach that the hackers achieved through the hacking of these highly prominent Twitter accounts,” commented Dr Alexi Drew, a cybersecurity expert at King’s College, London.

The move from Coinbase indicates that exchanges are attempting to stop scammers in their tracks, she said.

“Exchanges, as they seek greater legitimacy and recognition in financial markets and institutions, are taking on more of the responsibilities of that.

“While Coinbase might have these proactive policies in place, that doesn’t mean that all exchanges do, nor that all crypto-currencies are in the process of being brought into the fold of regulated financial systems.

“There are other exchanges and crypto-currencies that are far more lax and far better suited to nefarious use.”

Coinbase is the largest US bitcoin exchange, with 35 million users around the world.

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Crypto Service Providers in Thailand Doubles in Twelve Months

Finally, the regulator has approved four Initial Coin Offering (ICO) portals — SE Digital, T-box, Bitherb, and Longroot. Bitherb is a joint venture between …

Thailand has been consistently growing as a country with an increasingly structured cryptocurrency space. This reputation appears to be well-founded, as the country is now attracting more companies in the industry.

What a Regulated Environment Can Achieve

Thailand made a splash in the crypto space when the government approved the Royal Decree on the Digital Asset Businesses B.E. 2561. The decree went into effect last May, and it provided definitions for digital assets, the business scope of digital currencies, and the scope of regulation, amongst others.

Amongst other things, this decree has now made it possible for companies to seek out licenses. Per reports, the Thai Securities and Exchange Commission (SEC) has now approved 13 companies to act as digital asset service providers.

The companies include six cryptocurrency exchanges — Bitkub, EXR, Satang Pro, BX, Huobi Thailand, and Zipmex. The agency also approved three digital asset brokers — Bitazza, Coins TH, and Kulap. However, Coins TH is the only licensed dealer that appears to be operational.

Finally, the regulator has approved four Initial Coin Offering (ICO) portals — SE Digital, T-box, Bitherb, and Longroot. Bitherb is a joint venture between Japanese crypto exchange Bitcoin Japan and the Asia Herb Association Bangkok Co. Ltd, but it’s not yet functional.

Progress with the approvals has been quite impressive. This time last year, the Thai SEC had only approved five digital asset trading licenses — the agency approved Huobi Global on July 5, 2019.

Thailand Progresses With a CBDC

The success in Thailand’s private crypto sector is also matched by progress in the public space. With many countries on the verge of launching Central Bank Digital Currencies (CBDCs), Thailand is also working earnestly to do the same. The Bank of Thailand announced last month that it was moving ahead with a pilot program for a CBDC, claiming that it was working towards an asset that would function for large-scale enterprises.

As the official press release confirmed, the bank partnered with Siam Cement Group, Thailand’s largest provider of cement and building materials. Thai FinTech firm Digital Ventures Company Limited also participated in the pilot program.

The bank gave a progress report two weeks ago, with local English news source The Nation claiming in a report that it had successfully deployed the CBDC and was using it for large-scale business transactions.

Per the report, the Bank of Thailand has entered the third phase of developing its “digital Baht.” The bank now plans to expand it to include more businesses.

Most particularly, the bank has plans to collaborate with the Hong Kong Monetary Authority, Hong Kong’s central banking institution, in September. The Bank of Thailand is also exploring the possibility of expanding the asset’s use to the general public to provide low-cost, real-time transaction functionalities. However, it believes that there will be some required study to explore the potential implications of a general-purpose CBDC.

The Bank of Thailand is reportedly following China’s blueprint, as they believe that Beijing’s rollout of its digital Yuan hasn’t had any side effects thus far.

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Over $20M from 2016 Bitfinex hack on the move

Digital currency tracker Whale Alerts has reported that $21,814,820 worth of stolen BTC from the 2016 Bitfinex hack is on the move. ⚠ 473.32 #BTC …

Digital currency tracker Whale Alerts has reported that $21,814,820 worth of stolen BTC from the 2016 Bitfinex hack is on the move.

⚠ 473.32 #BTC (5,114,905 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallet

Tx: https://t.co/btmsjyT1iN

— Whale Alert (@whale_alert) July 27, 2020

⚠ 448.72 #BTC (4,849,029 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallet

Tx: https://t.co/UEPfmH0uEk

— Whale Alert (@whale_alert) July 27, 2020

⚠ 476.32 #BTC (5,147,316 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallet

Tx: https://t.co/2kqzfoYIA1

— Whale Alert (@whale_alert) July 27, 2020

⚠ 320.34 #BTC (3,461,772 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallet

Tx: https://t.co/pUmYvGWtdD

— Whale Alert (@whale_alert) July 27, 2020

⚠ 299.99 #BTC (3,241,798 USD) of stolen funds transferred from Bitfinex Hack 2016 to unknown wallet

Tx: https://t.co/3A8893y1b5

— Whale Alert (@whale_alert) July 27, 2020

The 2016 Bitfinex hack

It is well-known that BTC is most criminals’ digital currency of choice; in 2016, Bitfinex was hacked for 119,756 BTC, worth $12,117,663,505.20 at press time.

For several years now, chunks of money from the Bitfinex hack occasionally move from the wallet they reside in, to an “unknown wallet address.” This means that the address the stolen BTC is sent to is not known to be associated with any particular digital currency exchange or wallet provider. This year alone, there have been 35 different occurrences of BTC moving out of the wallet address that contains the stolen funds from the Bitfinex breach.

Where do the stolen funds go?

Although it is unclear where the stolen funds are being sent, the recent movement of the stolen BTC has some individuals worried that the current rally we are experiencing in the digital currency markets is going to come to an end.

dump incoming?

— Longonly (@Longonly3) July 27, 2020

The individual in control of the wallets may have decided that now is one of the best times to send their BTC to another location given the positive market movements that several digital currencies have experienced over the past few days. As of press time, both BSV and BTC are up 6% on the day.

The real challenge for the hacker will be liquidating their stolen funds, nearly every government agency uses a blockchain analytics service now, closely watching digital currency transaction flows and keeping an eye out for any illicit money that is on the move.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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TD9 and Exchange Inflows: Reasons for Caution as Bitcoin Hits $10440

The price of Bitcoin hit $10,463 on BitMEX, slightly below the June peak. But the TD9 and exchange inflows suggest a BTC pullback is very much …

The price of Bitcoin hit $10,463 on BitMEX, slightly below the previous peak in June. But two indicators are signaling a BTC cool-off: TD9 and exchange inflows.

The price of Bitcoin tests a crucial resistance level

The price of Bitcoin tests a crucial resistance level. Source: Raoul Pal

The TD9 is a trend-reversal indicator that is a part of the TD sequential system. It typically indicates if a rally or a correction is over-extended.

Similarly, exchange inflows, especially among whales, often suggest that the ongoing rally could be overcrowded.

Is the ongoing Bitcoin rally over-extended?

A TD9 sell signal triggers essentially when the price of Bitcoin rises for nine consecutive days without a major pullback. If nine candles all stay above the close of the four candles prior, then a TD9 lights up.

Since July 19, the price of Bitcoin has increased from $9,219 to $10,463. The four candles prior to the most recent nine daily candles closed at $9,150, making a TD9.

The TD9 in itself could be unreliable. It does not take into account the fundamentals or technicals of an asset. But when BTC rallies for nine straight days, and it coincides with other factors, it might hint at a pullback.

Apart from the TD9, analysts are exploring exchange inflows of BTC. According to CryptoQuant CEO Ki Young-Ju, exchange inflows spiked upon Bitcoin’s latest rally. He suggested that some whales could be getting cautious. He said:

“BTC price went up too fast. Seems like other whales think so too.”

Bitcoin exchange inflows spike as BTC surges

Bitcoin exchange inflows spike as BTC surges. Source: CryptoQuant

The funding rates of perpetual futures contracts across major exchanges, like BitMEX and Binance Futures, are also surging.

Perpetual futures contracts do not have any expiration dates, unlike conventional futures contracts. As such, exchanges use a mechanism called funding to incentivize users that bet against the majority of the market.

For example, if the Bitcoin futures market has more than 60% of longs, the funding rate would increase and incentivize short holders.

Currently, the funding rates on BitMEX and Binance Futures are 0.072% and 0.054%, respectively. Usually, the funding rate of BTC perpetual contracts hovers at around 0.01%. It indicates that the majority of the market are longing, which might leave BTC vulnerable to a long squeeze.

An alternative scenario

Meanwhile, some other traders and technical analysts believe that Bitcoin may continue to rally without major pullbacks.

Zoran Kole, a cryptocurrency trader, said he expects Bitcoin to stabilize at the $10,000 to $10,100 support range, before moving upwards. Based on market structure, the trader explained that BTC could surge to as high as $11,500. He wrote:

“Looking to long range high retest/DBS Zone. Invalidation below weekly open/9900 sweep. Targeting 11.5-11.6 weekly kumo top.”

Raoul Pal, the CEO of Real Vision Group, said that the real rally of Bitcoin starts when BTC crosses $10,500. Whether it corrects before hitting the crucial resistance level is an uncertainty, Pal said. But he noted that he expects the momentum to continue. He said:

“The real game in bitcoin begins over $10,500. Maybe it corrects first, maybe not but I’m hodling.”

Simon Peters, a cryptoasset analyst at global investment platform eToro, shared his comments, saying:

“Bitcoin’s network metrics are also looking pretty healthy. Glassnode’s Reserve Risk metric… is currently signaling an attractive risk-to-reward level, indicating that confidence is high and the price is low.”

While several fundamental indicators point toward a minor short-term pullback, some traders believe the momentum of BTC is too strong for a deep correction.

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