Another week, another series of Crypto Tidbits. Wow, what last seven days for Bitcoin, cryptocurrencies and global markets in general.
Bitcoin experienced a blood-red week, to say the least, from $ 10,000 Sunday to a minimum of $ 8,480 in a few days, as buyers failed to keep assets above the key support of $ 9,500. Altcoins performed even worse, with Ethereum, XRP, Litecoin, among countless other major cryptocurrencies, plunging 15% as they followed the lower BTC.
The crypto market carnage seen over the past week has occurred as global, equity and commodity markets began to crumble everywhere. The Dow Jones posted its worst historical performance on Thursday, dropping more than 1,000 points as US stocks suffered a coronavirus crisis. Gold also fell below $ 1,600, plunging after reaching $ 1,700 as investors attempted to take advantage of the asset as a safe haven.
The fact that indeed all assets fell this week was a sign for some investors that the weakness of Bitcoin and crypto may have been only temporary.
Indeed, due to the potential downturn in the US economy due to a drop in consumption and industrial activity due to fears linked to coronaviruses, the Federal Reserve has suggested that it could reduce rates of interest in the near future, adding to the valuation of Bitcoin.
Aside from the tumultuous market, the underlying cryptocurrency industry had an equally tumultuous week, with a number of news stories showing the growth and adoption of these technologies, although others shed light on the problems in this space.
Related Reading: Crypto Tidbits: Bitcoin Dips To $ 9,500, BCH $ 45 Million SIM Card Exchange, Cryptocurrency-Focused IRS
Bitcoin & Crypto Tidbits
- Top Bitcoin Exchange Bitfinex reached with a DDoS attack just a day after OKEx: Friday morning, the main Bitfinex cryptography platform has begun “Investigate what appears to be a distributed denial of service attack” (DDoS) on his exchange. Site data showed that site response time and data rate began to vary considerably at 6:40 am GMT, eventually reaching a point where the site crashed at around 8:00 am GMT, prompting exchange to respond. About an hour after they began investigating the attack, the exchange services returned online. It happened a day after OKEx, one of the largest Bitcoin exchanges in Asia, reported a DDoS attack that did not affect any user. The OKEx CEO accused a “competitor” of launching the attack.
Services on the Bitfinex platform have resumed. We have implemented a more stringent level of protection due to our platform under attack by distributed denial of service (DDoS). All issues related to the DDoS attack have now been resolved.
– Bitfinex (@bitfinex) February 28, 2020
- Warren Buffett still beats Bitcoin and Crypto, even after Tron’s CEO dinner: In an interview with CNBC, Berkshire Hathaway CEO Warren Buffett said he would never own a cryptocurrency, adding that digital assets, including Bitcoin, had no intrinsic value: “Cryptocurrencies do not ‘have basically no value and they produce nothing. In terms of value: zero. “This comment by Buffett regarding Bitcoin recalls his previous statements on the matter, such as when he called the cryptocurrency” poison rat squared “and saying that the asset is not much more valuable than a button. Although Buffett’s words carry weight in public circles, not everyone in the crypto space is convinced that what he has to say about Bitcoin is relevant, despite being a legendary investor. Industry investor Anthony Pompliano explained that “I really don’t take technology advice from someone who uses a flip phone or doesn’t use email.”
- Simpsons talked about Crypto in the Sunday episode: In the Sunday episode of The Simpsons – dubbed “Frinkcoin” because the episode’s plot A centered on a cryptocurrency constructed by the character, Professor Frink – the creators of the show included a segment of two minutes from a Simpsonified Jim Parsons, the actor behind Big Bang theorySheldon Cooper, discussing cryptocurrency. During Parsons’ explanation, a few key topics were mentioned: how the blockchain underpins Bitcoin (and other cryptographic assets) and how the registry works, including the distribution of nodes / registers and how blocks are added to the chain). This writer has noticed some gaps, for example, in the script, but he can give him a pass.
- The G20 advises on cryptographic repression: According to an official G20 statement released this week, the group’s finance ministers and central bankers want member countries to implement the “recently adopted FATF standards on virtual assets and associated suppliers”. The directive suggests that all entities dealing with cryptocurrency should actively collect customer information from those involved in the transactions. The FATF advises on data collection, including the name of the operator, its location and the name of the beneficiary of the transaction.
- Ripple secures its partnership: Announced in a blog article published on Wednesday, Ripple’s partnership with Azimo will see the latter company use liquidity on demand (ODL) as part of its money transfer capabilities in the Philippines, with plans to expand the use of the solution for the future.
Featured Image from Shutterstock
