Every week, I will be collecting some news stories / opinion pieces that I have found to be interesting in the crypto world and condensing them down into one easily digestible article. All the article and images are taken from a news source that I like to use and an alternative to CoinTelegram called BeInCrypto.
BeInCrypto is a news website founded in August 2018 that specialises in cryptographic technology, privacy, fintech, and the Internet — among other related topics. The primary goal of the website is to inject transparency into an industry rife with disingenuous reporting, unlabelled sponsored articles, and paid news masquerading as honest journalism. You can visit their website by clicking here or join their new Telegram Trading channel by clicking here. I am also part of that group and like the content they are discussing. There is a lot of news that came out last week, So let's get started!
PLUS Token continues to dump its stolen Bitcoin (BTC) on the market. The move was correlated with the recent price drop which means the scam may have exacerbated Bitcoin’s losses
The PLUS token scam has accumulated some 200,000 BTC and 800,000 ETH from its victims by the time the scam was uncovered in 2019. Although the creators of PLUS were apprehended by Chinese authorities last year, it seems that the wallet is still very active. Someone is still holding and using the private keys. On average, the PLUS token scam has been selling off 1,300 BTC daily. This weekend, however, some 13,000 BTC ($118M) was moved to be sold off. The owners of this scam wallet did the same thing when Bitcoin crossed $10,000 earlier this year.
Some suggest that is was another major cause of the bitcoin price drop as well as the Caronavirus fears and the oil price war. To read the full article, click here.
As the market continues to spiral downward, trading volume has spiked. Coinbase recently posted a new weekly record. The coronavirus pandemic is wreaking havoc on global markets across the board. As traders brace for another extremely volatile week, exchanges are posting record trading numbers amid the calamity.
Although Bitcoin’s value has halved in about a week, trading activity on Coinbase and other exchanges has spiked significantly. This past week has been especially noteworthy: according to metrics from Bitcoinity, Coinbase has seen a rapid increase in trading activity.Coinbase’s highest daily spike happened on March 13, which was the day after the massive drop on Thursday. Stocks rallied on Friday (March 13), and Coinbase saw 155,000 BTC traded on its platforms. To read the fill article, click here.
LINK flash crashed today on Binance’s LINK/USDT pair. Remarkably, the red candle dropped as low as it could possibly go: $0.00001.
After touching new all-time highs, LINK holders were hit especially hard today amid the collapse. Stunningly, LINK is down some -37% on the daily today and is leading the top cryptocurrencies in losses. To read the full story, click here.
In the wake of the market plunge that saw Bitcoin shed more than $60 billion from its market capitalization in less than 24-hours, it seems some of the cryptocurrency industry’s more prominent personalities may have previously gotten a little ahead of themselves.
As pointed out in the following tweet by Twitter user ₿artholomew (@Username_Bart), Tyler Winklevoss, a co-founder of the Gemini exchange, is among them. Winklevoss has confidently claimed Bitcoin as “gold 2.0” in the past, arguing that it “beats gold across the board.”Winklevoss was forced to do a spot of backpedaling. He now claims that “bitcoin isn’t gold 2.0.” Despite going on to state that it’s an early part of Bitcoin’s story, Winklevoss himself admits that Bitcoin is struggling for a value proposition. You can read the full article by clicking here.
You have likely heard of Jacob Canfield if you frequent any cryptocurrency trading channels or circles. Often self-styled as the ‘#1 cryptocurrency analyst,’ he has now been caught posting photoshopped positions. A recent collection of screenshots provides proof that a top trader was photoshopping his gains to misleadingly boost his reputation. In one instance, Canfield photoshopped 7 BTC in profit to 15 BTC. It’s claimed that there are over 10+ major positioned photoshopped by Canfield to exaggerate his earnings. You can read the full story by clicking here.
Edward Snowden is a popular fellow traveler of the cryptocurrency industry. Best known for exposing the secrets about U.S. spying programs, he has been on the run for some time in Russia and is correctly protected under asylum. Last year, he tried publishing his book which the U.S. government said it would seize any profits from. He thought this made a clear case of why we need independent, fungible money outside of state control. Recently, it seems like Snowden has been paying attention to the record-dropping cryptocurrency market and thinks it’s buy time. In a tweet made on Friday, Snowden says “that drop was too much panic and too little reason.” To read the full story, click here.
In recent weeks, an increasing coronavirus-induced panic has taken its toll on markets around the world. Out of the carnage that has seen tens of billions drained from the cryptocurrency markets, stablecoins are proving themselves popular with investors looking to protect wealth whilst markets slide. The CEO of Circle, Jeremy Allaire, says that although the slide in cryptocurrency markets is “not as exciting,” he is encouraged to see “demand for internet dollars” increasing. To read the full story, click here.
The Dutch branch of Red Cross is now accepting cryptocurrencies to raise money in the fight against COVID-19. Red Cross is trying to boost donations and is now accepting cryptocurrencies. On the Dutch website for Red Cross, one can now donate cryptocurrencies to aid in the fight against the novel coronavirus.
To read the full article, click here.
The cryptocurrency market is still struggling to find itself after posting record losses on Thursday. Binance has decided to give it another cash injection of $7M.
Binance, together with the PAX Treasury, has just issued over $7 million worth of its own stablecoin Binance USD (BUSD). This may help to provide the cryptocurrency market with some much-needed relief. If you want to read the full story, you can do so by clicking here.
That is my weekly roundup of the interesting news coming from the crypto world. What do you think about the topics / news stories and what was your favourite article? If you liked the content, please consider following me and tipping the article. Also are you a trader? If you are check out my favourite Telegram Trading chat, where you can discuss and find out more about crypto projects. Click here to start conversations with other crypto traders!