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Bitcoin Just Broke $12K To Start A Fresh Cycle of Strong Uptrend

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Bitcoin is gaining momentum and it recently crossed $12,000 against the US Dollar. BTC is showing positive signs and it is likely to continue higher towards $12,400.

  • Bitcoin is trading in a nice uptrend above the $11,800 and $12,000 levels.
  • The price traded to a new monthly high at $12,084 and it is currently well above the 100 hourly simple moving average.
  • There was a break above a short-term declining channel with resistance near $11,665 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower in the short-term, but dips are likely to remain well bid near $11,900 and $11,800.

Bitcoin Price is Gaining Momentum

In the past few sessions, bitcoin price started a fresh increase from the $11,500 support area against the US Dollar. The price gained traction and broke a couple of important hurdles near $11,800.

As a result, the price broke the $12,000 resistance and it settled well above the 100 hourly simple moving average. During the rise, there was a break above a short-term declining channel with resistance near $11,665 on the hourly chart of the BTC/USD pair.

A new monthly high is formed near $12,084 and the price is currently consolidating gains. An initial support on the downside is near the $12,000 level. It is close to the 23.6% Fib retracement level of the recent rally from the $11,536 swing low to $12,084 high.

Bitcoin Price

Bitcoin price trades above $11,200. Source: TradingView.com

The main support on the downside is forming near the $11,900 and $11,800 levels (the recent breakout zone). It is close to the 50% Fib retracement level of the recent rally from the $11,536 swing low to $12,084 high.

On the upside, the $12,050 and $12,100 are initial hurdles for the bulls. A successful break above the $12,100 level could open the doors for a push towards the $12,400 and $12,500 resistance levels in the near term.

Dips Supported in BTC?

If bitcoin starts a downside correction, the bulls are likely to protect dips near the $11,900 level. The first key support is near the $11,800 level, below which the price might continue to move down.

In the mentioned case, the price is likely to continue lower towards the $11,700 level and the 100 hourly SMA, where the bulls are likely to take a stand.

Technical indicators:

Hourly MACD – The MACD is gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level.

Major Support Levels – $11,900, followed by $11,800.

Major Resistance Levels – $12,050, $12,100 and $12,400.

Source: https://www.newsbtc.com/2020/08/10/bitcoin-just-broke-12k/

Blockchain

New Loom Network CEO clarifies concerning information published by former employee

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One of Loom Network’s former employees recently leaked information about the company’s Kickstarter-funded game, Relentless (also called Zombie Battleground). The leak alleged that the project, and potentially the entire Loom Network, were no longer actively being developed. The former employee, who has not worked for the company in over a year, claimed that the issues largely stemmed from Loom’s former CEO, Matthew Campbell. Campbell left Loom in Feb. 2020, and was replaced by a new CEO.

“Dilanka accessed our Kickstarter account without authorization and sent out that rambling update,” Vadim Macagon, the current CEO of Loom Network, told Cointelegraph on Sept. 24. “He was let go almost a year ago because he started behaving erratically, and was quite open to some of his team about his drug use (and not just the drugs he mentioned in the update he just published).”

Dilanka’s claims

A Sept. 24 tweet from tech expert Bruno Skvorc notified the public of an email sent out to backers of the Relentless project. Cointelegraph reached out to Skvorc for further details, and received a link to the email in question. The email came from “Dilanka,” who worked in the project’s growth and marketing department. 

Dilanka asserted that both projects were dead, “or at the very least, currently on life support in the middle of an unpleasant pivot focused on healthcare.” 

Loom conducted its initial coin offering, or ICO, in 2018. On May 9, 2020, rumors circulated about Loom’s potential demise, as evidenced by a lack of communication from the project on various channels. Loom responded to the article through Twitter, asserting the company was still very much alive, but wading through a transition into government and healthcare-based enterprise blockchain work. According to Dilanka, the company has not come forward with any new developments since May 26. Loom’s Twitter account, however, uploaded a number of tweets since that time, including a roadmap for the year which was posted on June 30.

Relentless’ downfall, and Loom Network’s alleged failure as a whole, resulted from “lack of product market fit, mismanagement of resources, incompetent leadership from the founders, and a lack of appreciation and transparency toward you, the community who entrusted us with you hard earned money,” Dilanka said, giving his opinion on the situation. 

“I (along with many of our former team) was let go almost a year ago, and the fact that I still have access to this Kickstarter account (which I clearly shouldn’t) is another good example of the incompetence I am talking about.”

Dilanka, who somehow maintained access to the Kickstarter account associated with the game, said he has received notice of incoming questions about Relentless over the past year from backers looking for updates. 

Dilanka went on to cite a number of issues around the Loom Network, including a lack of communication, as well as questionable actions from former Loom CEO Matthew Campbell.

One example includes Campbell allegedly terminating development on Relentless in 2019, without telling funders, as well as making sure the news did not surface publicly. Loom Network reportedly put more than $1.5 million into building Relentless. 

Dilanka, however, provided a disclaimer:

“I don’t know what kind of pressure he [Campbell] was under by investors or what his story is as this is purely my own opinion based on my limited, one dimensional interactions with him as a ‘team member’ of Loom via Slack. In fact, take all of what I say with a grain of salt — I could be 100% wrong about everything. Do your own due diligence and make up your own mind. But yes, had I not worked remotely and Matt was within proximity, I would have happily punched him in his very punchable face to soften his keyboard warrior tendencies in the interest of teaching him some manners… and yes, I made sure to tell Matt (and Luke et al.) [other Loom brass] how I felt about him when things started to go south.”

Macagon’s explanation

Loom Network’s current CEO, Macagon, provided insights from the other side of the table. “I’m not going to comment on the outright slander against Matthew Campbell, instead, I’ll focus on the facts,” he said. “Dilanka didn’t lie about the fact that Loom spent more than $1.5 million USD on the game, after all, it was part of our core thesis during the first stage of our startup.” Macagon explained the Kickstarter funding resulted in less than $300,000.

The company put the aforementioned $1.5 million toward constructing “a playable real time game running fully on chain with its own APIs and block explorers,” Macagon said. Relentless boasted an entire experience built on blockchain. More than $200,000 of the $1.5 million was used for marketing — the department in which Dilanka worked. 

“We didn’t sell any cards over a few dollars, host any NFT auctions, nor engage in any crypto style fundraising,” Macagon said. Relentless stood as the result of significant time and effort by the team, in part evident in the project’s Github activity. Public appreciation, involvement and popularity never caught on, however, the CEO explained. He said that despite the team trying all conceivable approaches, success proved elusive, spurring the company in a different direction while leaving the game behind.

“I understand that drama is always interesting, but compared to most of the drama in the crypto space, ZombieBattleground is just a normal startup failure,” Macagon said, adding:

“I can understand Dilanka’s frustration to a certain extent, though I don’t understand the state of mind that led him to access our Kickstarter account without authorization, and then publicly admit to breaking contracts and potentially laws. Dilanka is no whistle-blower, he’s just high on something.”

Source: https://cointelegraph.com/news/new-loom-network-ceo-clarifies-concerning-information-published-by-former-employee

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Tax bitcoin as a currency, Israeli political party proposes

New bill proposes to change taxation approach towards bitcoin Bitcoin and crypto assets are subject to 25 percent taxation Another bill seeks to amend reporting intervals for cryptocurrency traders Israel is considering whether to tax bitcoin as a currency, changing the current taxation approach towards crypto. According to a local media outlet, a political party has […]

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  • New bill proposes to change taxation approach towards bitcoin
  • Bitcoin and crypto assets are subject to 25 percent taxation
  • Another bill seeks to amend reporting intervals for cryptocurrency traders

Israel is considering whether to tax bitcoin as a currency, changing the current taxation approach towards crypto. According to a local media outlet, a political party has proposed a new bill to change the laws governing bitcoin’s taxation by accepting it as a currency. The new bill, which was submitted in the Israeli government’s Knesset legislative branch, recommended several modifications for cryptocurrencies.

In Israel, the revenue generated from trading bitcoin and other cryptocurrencies is subject to a 25 percent tax. As such, the new seeks to exempt bitcoin from capital gain taxation by amending the Income Tax Ordinance. The legislation was presented by four members of the Yisrael Beiteinu party on September 22. 

Tax bitcoin as a currency, not an asset

In May last year, an Israeli central district court ruled in favor of the central bank, which recognizes bitcoin as an asset. A blockchain entrepreneur, Noam Kopel, had appealed against the decision to impose taxes on bitcoin by Israel’s tax authorities. Kopel argued against taxing the sale of bitcoin. A new attempt to tax bitcoin as a currency has just begun.

Bitcoin’s status as an asset in Israel is subject to capital gains tax. Tax agencies only offer reliefs to CPI-related lenders and sale of bonds and commercial securities who only pay 15 percent from gains generated. 

Nevertheless, the legislators argued that the discernment towards cryptocurrencies needs to be reevaluated. Furthermore, the legislation seeks to add another section on Income Tax Ordinance regarding the “determination of distributed digital currency.” The finance minister can specify the terms for recognizing cryptocurrencies as a distributed digital currency fro the section.

Another cryptocurrency bill tabled in the Knesset

 Besides, the Knesset received a separate bill seeking to define reporting intervals for cryptocurrencies to taxation authorities. The new bill wants to space the reporting intervals for digital assets once every six months or once every year. 

Currently, cryptocurrency traders in Israel report the sale of a crypto asset after 30 days are over. The new legislation is looking to extend this interval to once every year or once every six months. Recognizing bitcoin as a currency might be the gateway to increased adoption of cryptocurrencies in Israel.

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Twitter Implements New Policies and Steps Up Security Following July’s Hack

Following July’s hack-turned-Bitcoin-scam, Twitter has implemented new policies and training to prevent a shutdown of their worldwide service. On July 15, 2020, Parag Agrawal, Twitter chief technology officer, began hearing about phishing scams around the company’s offices. Someone was calling up engineers, pretending to be IT, and getting them to reset their passwords. In fact, […]

The post Twitter Implements New Policies and Steps Up Security Following July’s Hack appeared first on BeInCrypto.

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Following July’s hack-turned-Bitcoin-scam, Twitter has implemented new policies and training to prevent a shutdown of their worldwide service.

On July 15, 2020, Parag Agrawal, Twitter chief technology officer, began hearing about phishing scams around the company’s offices. Someone was calling up engineers, pretending to be IT, and getting them to reset their passwords.

In fact, they were hackers phishing credentials to get into Twitter’s corporate network. The coveted OG username handles @drug, @xx, @vampire, were being hacked, and Twitter’s rapid response team was handling it, at first.

That was until Binance’s account tweeted that they were giving back $52 million dollars to the community, and Elon Musk’s account was tweeting an old Bitcoin scam. Agrawal told Wired that by around 4 pm ET, every device he had was buzzing.

Soon, Bill Gates, Uber, and even Jeff Bezos proved to be compromised as well. Agrawal had a decision to make: would he shut down all of Twitter or just these accounts? There was also the issue, Wired noted, of being unable to inform the public of Twitter’s hack when news accounts themselves might be compromised or locked.

These questions all led to an overhaul of Twitter’s security policies and activities.

Training for Specific Types of Security Breaches

Since July’s attack, Twitter has been planning for the upcoming US General Election, a day when a media hack could be detrimental to the public. On Sept. 24, Twitter revealed new security protocols, mandatory employee training, and policy shifts.

According to Twitter’s blog post, higher scrutiny will be given to company individuals getting higher security clearances. The security team has also implemented more rigorous software to automatically detect unlawful or suspicious activity.

Though the post does not discuss the details of the mechanism, it still urges users to provide higher security to their own accounts, such as two-factor authentication. It also suggests that some high profile accounts now have tighter security.

The new protocols also include better testing and education. New employees will undergo more rigorous security training, the security team has updated passwords and keys, and a special “penetration testing” occurred during March until August of 2020. This task force trained for specific types of security breaches.

Twitter Stumbles

The July attack required some evasive maneuvers to patch up. The security team felt they could not shut down Twitter all together. At the time, they did not have a mechanism in place to identify compromised accounts. Damien Kieran, Twitter’s global data protection officer, told Wired this put him in a tough position. He said:

“We had to assume everyone was untrustworthy.”

So, Twitter decided to shut down all verified accounts. This included many news services that could communicate about the hack.

Twitter said it took them over a month to get back to a baseline, though not all employees received their formerly high levels of security clearance. Users with 10,000 followers or more, a former Twitter security engineer said, would likely see more stringent scrutiny. Likewise, some high-level approvals now require two sign-offs. The idea is that it would be much harder to coordinate a takeover of two seemingly unrelated internal accounts.

Following the July breach, Twitter quietly blocked Bitcoin addresses from tweets. The company has not said exactly what other automatic filters it has implemented.

Source: https://beincrypto.com/twitter-implements-new-policies-and-steps-up-security-following-julys-hack/

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