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Bitcoin Breaking Below These Two Levels May Suggest The Bull Trend Is Over

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Bitcoin has slipped over the past 72 hours. After peaking at $12,500 on Monday, the asset has slipped lower and lower, now trading for $11,450. This isn’t much than it was just a week ago, but analysts have begun to mark out important levels as the downtrend may persist.

One cryptocurrency trader shared the chart below on August 21st. Along with showing the recent price action, it shows important levels for BTC to hold moving forwar

Per the trader Bitcoin must hold both $11,000-11,200 and $10,600 to maintain the bull trend:

“Levels to watch on $BTC if we continue dropping: $11.2-11k and $10.6k. Should these two major supports be broken then it could signal a shift in trend in the medium to long term. So far $11,000 hasn’t been raided in the past few weeks.”

Chart of BTC’s recent price action by crypto trader Flood (@ThinkingUSD on Twitter). Chart from TradingView.com

Another analyst has pointed to the low-$11,000s as an important level for Bitcoin to hold. One noted that there is “heavy support” in that region due to the consolidation BTC saw in that region earlier this month.

$10,500 Could Hold, Technicals Suggest

Even if $11,000 breaks, analysts have some confidence that the $10,500 level will hold.

For reference, that specific level is one of macro importance to Bitcoin. As readers are likely aware of, $10,500 was a level at which three separate BTC rallies topped at: one in October 2019, one in March 2020, and once in June of this year.

It already held once during this rally, with a flash crash bouncing right above $10,500. The level is likely to hold for a second time should Bitcoin test the level due to the Ichimoku Cloud technical indicator.

Another trader shared this chart on August 21st. It shows that the Ichimoku Cloud’s “Kijun” line sits at $10,600 at the moment.

Chart of BTC’s recent price action by crypto trader Ledger Status (@LedgerStatus on Twitter). Chart from TradingView.com

Source: bitcoinist.com

Source: http://futureneteam.biz/bitcoin-breaking-below-these-two-levels-may-suggest-the-bull-trend-is-over/

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Australian Crypto Exchange Accidentally Exposes Over 270,000 Customer Emails

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The Australian cryptocurrency exchange, BTC Markets, has inadvertently exposed more than 270,000 emails of its customers. The company apologized for the inconvenience and reassured that all other data, including users’ funds, is safe.

BTC Markets Exposes Customers’ Emails

A user going by the Twitter handle Stevosxrp.crypto took it to Jack Dorsey’s social media giant and Reddit to first complain about BTC Markets’ screw up. The Australian-based exchange later confirmed the breach on its official Twitter account.

The statement explained that BTC Markets “uses an external system to send client-wide emails.” Although the exchange has used this service for years “without an incident,” including sending test mails, this time, the testing “didn’t pick up that the sample email addresses in the batch were added to the same email, rather than sent individually.”

Consequently, the names and email addresses of account holders were exposed. BTC Markets claimed that this process was instant; therefore, “it was not possible to stop the batch send once the error was realized.”

The CEO of BTC Markets, Caroline Bowler, later revealed that all account holders were affected because the emails were sent in batches.

Funds Are SAFU, But The Damage Is Done

The exchange said that it will “self-report” to the Office of Australian Information Commissioner and “fully comply with the data breach reporting requirements.” Furthermore, the company plans to conduct an internal review.

Despite the data leak, BTC Markets reassured its users that the platform is still secure, no passwords were revealed, and all customers’ funds are safe.

Nevertheless, the exchange suggested that users’ should enable two-factor authentication (2FA) to enhance the security of their accounts.

None of those reassurances seemed to have an effect on the users, though. The Twitter thread explanation was met with numerous complaints from customers.

While most highlighted their disappointment with having their personal emails and names revealed, some took it a step further. One user claimed that the BTC Markets’ name is “now as good as dog s**t.”

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Source: https://cryptopotato.com/australian-crypto-exchange-accidentally-exposes-over-270000-customer-emails/

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Former Goldman Sachs Chief and Trump Economic Advisor Says Bitcoin Lacks Integrity

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Gary Cohn, a former chief economic advisor to President Donal Trump, who was also the ex-president and COO of investment bank Goldman Sachs, said that bitcoin could fail because it had integrity flaws.

Cohn Spells Potential Doom for Bitcoin

According to Bloomberg on Dec.1, Cohn stated that Bitcoin’s “integrity flaw” could lead to the failure of the largest cryptocurrency by market capitalization. The former Goldman Sachs chief made the statement during an interview on Bloomberg Television.

When asked his bullish stance on bitcoin and other cryptocurrencies and the effect of the nascent technology on the economy, Cohn responded by saying that he was not a bitcoin proponent. The ex-Trump economic adviser also described BTC as lacking transparency and some of the basic integrity of a real market.

Cohn further buttressed his point, stating:

“Part of the integrity of a system is knowing who owns it and knowing who has it and knowing why it’s being transferred. The Bitcoin system today has no transparency to it. So there are a lot of people that question, why would you need a system that does not have an audit trail.”

Meanwhile, Cohn’s statement was met with surprise by members of the crypto community on Twitter. Most commenters stated that Cohn’s remarks showed a lack of research and a basic understanding of how Bitcoin functioned.

Pierre Rochard, bitcoin maximalist and co-founder of the Satoshi Nakamoto Institute, replied via Twitter, saying:

“I formally challenge Gary Cohn to a televised debate on Bitcoin’s auditability. Bring him to me.”

Furthermore, Cohn’s statement comes amid BTC’s price rally. The number one cryptocurrency set a new all-time high (ATH) on Nov. 30, surging past the record set in December 2017.

Not a First Time Bitcoin Opponent

Cohn’s anti-bitcoin stance, however, is not surprising. In May 2018, the former Goldman Sachs president stated that there could be a global cryptocurrency, but it would not be bitcoin. Cohn also revealed that he favored blockchain over bitcoin.

Meanwhile, in a Financial Times article back in April, the one-time Goldman Sachs president wrote favorably about central bank digital currencies (CBDCs). According to Cohn, CBDCs would give individuals easy access to financial services.

Featured image courtesy of Fortune

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Source: https://cryptopotato.com/former-goldman-sachs-chief-and-trump-economic-advisor-says-bitcoin-lacks-integrity/

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Visa Partners With Circle to Integrate USDC for Payments

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Visa, a global financial services company and credit card giant, has partnered with Circle Internet Financial, a leading crypto fintech startup, to integrate the latter’s stablecoin.

Visa Taps USDC for Digital Payments

According to Forbes, on Dec. 2, Visa will be adopting Circle’s USD Coin (USDC) into its credit card platforms. The collaboration between both companies would see the use of the stablecoin to send and receive payments.

Although Visa will not be a custodian to the USDC, Circle will help the financial services giant choose credit that will integrate the USDC into their platforms. The report also noted that 25 crypto companies involved in Visa’s Fast Track program would also be included in the partnership.

Furthermore, Visa plans to roll a credit card in the near future, following Circle’s completion of the company’s Fast Track program. It would enable businesses to seamlessly carry out payments using USDC. Commenting on the proposition, Cuy Sheffield, Visa’s head of crypto, said:

“This will be the first, corporate card that will allow businesses to be able to spend a balance of USDC. And so we think that this will significantly increase the utility that USDC can have for Circle’s business clients.”

Digital Payments Adoption on the Agenda

According to a recent report by CryptoPotato, Visa, and BlockFi, a crypto wallet provider, announced a collaboration to launch a Bitcoin rewards credit card in 2021. The credit card would enable customers to get rewards for their purchases in BTC. BlockFi would use the USDC in Q1 2021.

Sheffield also spoke on the integration of Circle’s stablecoin, saying:

“We continue to think of Visa as a network of networks. Blockchain networks and stable coins, like USDC are just additional networks. So we think that there’s a significant value that Visa can provide to our clients, enabling them to access them and enabling them to spend at our merchants.”

The Visa – Circle partnership is the latest development in the expanding digital payments arena. Fellow payments giant PayPal recently boarded the crypto train, allowing its 346 million users to purchase cryptocurrencies on its platform.

Back in November, PayPal CEO Dan Schulman revealed that cryptos would be an accepted funding source for online payments on its 28 million merchants by 2021. During the ongoing Web Summit in Portugal, Schulman opined that the era of digital payments was imminent.

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Source: https://cryptopotato.com/visa-partners-with-circle-to-integrate-usdc-for-payments/

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