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Could inflations in the US push a $15k BTC bullish triangle?

With Bitcoin moving comfortably in an upward stride, Adam Mancini, a famous Bitcoin trader, says Bitcoin has all the reasons to break out of the BTC bullish triangle to post a $15,000 price mark in the coming weeks. BTC Bullish triangle in this context means a continued pattern of upward movement by the coin to […]

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With Bitcoin moving comfortably in an upward stride, Adam Mancini, a famous Bitcoin trader, says Bitcoin has all the reasons to break out of the BTC bullish triangle to post a $15,000 price mark in the coming weeks.

BTC Bullish triangle in this context means a continued pattern of upward movement by the coin to eventually form a triangle. Giving the reason for his statement, the trader said that he noticed that Bitcoin, in the early hours of Monday, closed the day $2,000 above a multi-year BTC bullish triangle.

With Bitcoin already making it past the movement steadily, it is well primed for making small surges from time to time. Furthermore, Mancini said that if Bitcoin could make a breakout to reach $15,000, then a $24,000 price surge should be expected.

China stocks drop as Bitcoin moves above the BTC bullish triangle

Before the sharp increase above the BTC bullish triangle in the asset price, Bitcoin had had to endure a very dull weekend, which came at a time when investors were lamenting the drop in stocks around China.

With the US sanctions biting hard on the Chinese economy, especially against Hong Kong’s leader, Carrie Lam, China’s CSI and Hang Seng witnessed a massive drop by 0.8% and 1%, respectively.

Bitcoin bullish move signals large buy witnessed by the asset

China is not the only one going through tough times, which has coincidentally been pointed out as a reason for the Bitcoin surge as inflation is also threatening the US. JP Morgan’s strategist, Mike Wilson, said that the government’s issuance of stimulus checks had increased the supply of money in the country.

The country is presently feeling the pangs as the interest that comes with buying the US bonds has dropped drastically.

Despite a drop in the interest on bonds, gold, which is its close call rival in the stock market, has touched its all-time high figure. The metal saw its price touch $2,000 per ounce for the first time in a while, which has brought its Year to date profit to 36%.

Presently, Bitcoin is making considerable strides in the market, and with the break above a BTC bullish triangle, it showed it had enjoyed massive adoption.

According to the CEO of Standpoint Research, Ronnie Moas, the digital asset, is presently experiencing large purchases in the crypto market as a result of the break above the bullish triangle.

More on the bullish triangle

The Bullish Triangle is a buy signal. The pattern takes the form of a compressing range. The width of the range needs to be at least 5 columns. The columns form a series of lower highs and higher lows. The depth of the undulating column swings is a result of coiling price action.

The breakout strategy is to buy when the price of an asset moves above the upper trendline of a triangle, or short sell when the price of an asset drops below the lower trendline of the triangle. One option is to place a profit target at a price that will capture a price move equal to the entire height of the triangle.

Blockchain

Hackers Have Been Trying To Crack Bitcoin Wallet Worth $750 Million But Here’s The Catch

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A bitcoin wallet containing a little over 69,000 BTC is doing the rounds in hacking communities all over the internet. The reason? It’s obvious.

Everyone (read seasoned hackers and self-professed bitcoin wallet crackers) wants to break it open and take it all. Or at least, a slice of the almost $750 million pie. For the last two years, however, no one has been able to ‘strike it lucky.’

Hackers Tried Cracking The 7th Largest Bitcoin Wallet In The World

According to cybersecurity expert Alon Gal, who goes by the handle ‘UnderTheBreach on Twitter, hackers have been trying to break open a bitcoin wallet holding around $720 million worth of BTC (considering today’s rates). However, Gal reported that no one has posted any success regarding the same.

As it so happens, the bitcoin wallet in the discussion has the 7th largest BTC stash in the world.

It Is Now Available Online For Everyone To Try

While some folks have tried breaking in themselves, most of them admitting failure has advertised the wallet on online hacking forums for somebody else to do the job.

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Alon revealed this to Vice in a one-on-one chat regarding the matter:

Stealing Bitcoin wallets from victims worldwide is a common goal among cybercriminals. Wallets tend to be protected by strong passwords and in the event that a cybercriminal manages to obtain a wallet and cannot crack the password he might sell it to opportunistic hash crackers who are individuals with a large amount of GPU power

Gal noticed one such advertisement on a popular hacking forum RaidForums. And not just hacking portals, the wallet showed up on BitcoinTalk on June 29 last year. After that, on All Private Keys and then Wallet-dat(dot)net.

But Does It Contain The 69,370 BTC Though?

The bitcoin wallet seems like a tough nut to crack. But the important question to ask is – Does it contain the BTC? Although it has an alphanumeric address, it is quite possible that the ‘wallet.dat’ file is ‘doctored.’ There is a public key available but not the private key.

The founder of Wallet Recovery Services, Dave Bitcoin, said that:

It’s possible to doctor a Bitcoin wallet.dat file to make it seem like it contains a high balance. The wallet file contains pairs of public key & encrypted private key of the addresses it controls. So one could modify the file in a binary editor and change the public key of one of the address pairs to that of a high value BTC address.

It may be a bait to beguile folks into making bitcoin payments for a shot at cracking a wallet that doesn’t actually have any BTC.

Breaking In Could Be Impossible

According to another assumption, cracking open this bitcoin wallet may be outright impossible. But why?

Quite possibly, the wallet is protected by a long, unique, and difficult to crack the password. Apart from this, the wallet.dat file may be encrypted using a combination of AES-256-CBC and SHA-512 algorithms. These are super slow to process, making it all the more difficult to ‘brute force’ them open.

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Source: https://cryptopotato.com/hackers-have-been-trying-to-crack-bitcoin-wallet-worth-750-million-but-heres-the-catch/

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Tether, Bitcoin, and how to revive the passé 60/40 investment rule

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In light of rising institutional interest and Bitcoin’s press time RoI of 53.17% YTD, it may be the right time to evaluate what comes after 60/40. Once the mantra of Wall Street Bulls, 60/40 is now a passé strategy. Allocating 60% broadly to stocks and 40% to bonds assured relatively good returns with low-risk exposure back in the 80s and 90s. Fast forward to 2020 and now, alternative investors are eyeing Bitcoin to balance the performance of portfolios afflicted by the Fed’s 0 to negative interest rates and the unpredictability of global stock markets. 

Despite the volatility associated with Bitcoin, its RoI has climbed steadily YoY. The risk-reward ratio is low when the investment period is longer than a quarter, and this has been especially true since 2019. In fact, in January 2019, BTC’s price was $3732, before it hiked by 130% to hit $8572 in June 2019.

It should also be noted that there were several profit-taking opportunities at 50%, 70-85%, and 130%. Depending on the desired returns on the portfolio, managers could capitalize on the opportunity and exit based on their risk appetite.

What comes after 60/40

Source: CoinMarketCap

This year, Bitcoin’s RoI is perhaps a little underwhelming at 52%. However, before the recent collapse in BTC’s price, there were profit booking opportunities from 27 July 2020 right up to 3 September 2020. This also coincided with the post-halving price rally of this market cycle. Having established that returns are lucrative to asset managers, what is the barrier to entry? 

Buying cryptocurrencies using fiat like USD is one of the top deterrents as most fiat-crypto exchanges charge a premium or high fees on entry and exit. The rising popularity and market capitalization of USDT have tackled this challenge effectively. In the past 3 months alone, stablecoins have consistently added $100M a day in market capitalization. In fact, so potent has the rise of stablecoins like USDT been, that it has risen to 3rd on the rankings by market cap, only behind Bitcoin and Ethereum and well ahead of XRP

What comes after 60/40

Source: Twitter

With its supposedly transparent reserves, high market capitalization, and low transaction fees, Tether has made it easier for new players to enter fiat-crypto markets/transfer funds across crypto-exchanges. 2020, ergo, may truly be the year of Tether

Tether provides liquidity and the opportunity to purchase Bitcoin or altcoins at market value. However, it also provides a true hedge against inflation. It has become a replacement for the USD in countries like Russia and China.

What comes after 60/40

Source: Chainalysis

Transferring USD across borders for investing in international business or products comes at a high premium. However, Tether has dropped the barriers and reduced cross border transaction costs drastically. Its adoption is driving its market capitalization and its ease of access and availability is helping institutional investors save millions spent in fees and paid in premiums on exchanges globally. 

Contrary to popular perception, relying entirely on the US Dollar may not be the best move in uncertain times. Hence, it is time to replace the traditional 60/40 with an optimized strategy where at least 10% is invested in Bitcoin, held for a quarter or two. Bitcoin, alone, won’t do either. As teenage Bitcoin billionaire Eric Finman once said, “Invest 10% of your income into top cryptocurrencies.” 

This 10% can be invested into the top 25 altcoins ranked by market capitalization while another 10% can be held in Tether. Tether is the most crucial cog in this portfolio boosting machine. During a bloodbath, traders are left with two options – Hodling assets in their portfolios as they race to the bottom or converting them back to fiat on fiat-crypto exchanges and booking losses.

However, stablecoins like USDT give traders a third option – converting their crypto-assets to Tether and HODLing through the bloodbath, thus avoiding losses and converting to USD at low fees and near-zero volatility. 

Ergo, Tether might just be the key to unlocking 60/40, while introducing a balanced basket of crypto-assets to investor portfolios in 2020.

Source: https://eng.ambcrypto.com/tether-bitcoin-and-how-to-revive-the-passe-60-40-investment-rule

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Blockchain

Hackers Have Been Trying To Crack Bitcoin Wallet Worth $750 Million But Here’s The Catch

Published

on

A bitcoin wallet containing a little over 69,000 BTC is doing the rounds in hacking communities all over the internet. The reason? It’s obvious.

Everyone (read seasoned hackers and self-professed bitcoin wallet crackers) wants to break it open and take it all. Or at least, a slice of the almost $750 million pie. For the last two years, however, no one has been able to ‘strike it lucky.’

Hackers Tried Cracking The 7th Largest Bitcoin Wallet In The World

According to cybersecurity expert Alon Gal, who goes by the handle ‘UnderTheBreach on Twitter, hackers have been trying to break open a bitcoin wallet holding around $720 million worth of BTC (considering today’s rates). However, Gal reported that no one has posted any success regarding the same.

As it so happens, the bitcoin wallet in the discussion has the 7th largest BTC stash in the world.

It Is Now Available Online For Everyone To Try

While some folks have tried breaking in themselves, most of them admitting failure has advertised the wallet on online hacking forums for somebody else to do the job.

You Might Also Like:

Alon revealed this to Vice in a one-on-one chat regarding the matter:

Stealing Bitcoin wallets from victims worldwide is a common goal among cybercriminals. Wallets tend to be protected by strong passwords and in the event that a cybercriminal manages to obtain a wallet and cannot crack the password he might sell it to opportunistic hash crackers who are individuals with a large amount of GPU power

Gal noticed one such advertisement on a popular hacking forum RaidForums. And not just hacking portals, the wallet showed up on BitcoinTalk on June 29 last year. After that, on All Private Keys and then Wallet-dat(dot)net.

But Does It Contain The 69,370 BTC Though?

The bitcoin wallet seems like a tough nut to crack. But the important question to ask is – Does it contain the BTC? Although it has an alphanumeric address, it is quite possible that the ‘wallet.dat’ file is ‘doctored.’ There is a public key available but not the private key.

The founder of Wallet Recovery Services, Dave Bitcoin, said that:

It’s possible to doctor a Bitcoin wallet.dat file to make it seem like it contains a high balance. The wallet file contains pairs of public key & encrypted private key of the addresses it controls. So one could modify the file in a binary editor and change the public key of one of the address pairs to that of a high value BTC address.

It may be a bait to beguile folks into making bitcoin payments for a shot at cracking a wallet that doesn’t actually have any BTC.

Breaking In Could Be Impossible

According to another assumption, cracking open this bitcoin wallet may be outright impossible. But why?

Quite possibly, the wallet is protected by a long, unique, and difficult to crack the password. Apart from this, the wallet.dat file may be encrypted using a combination of AES-256-CBC and SHA-512 algorithms. These are super slow to process, making it all the more difficult to ‘brute force’ them open.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.


Source: https://cryptopotato.com/hackers-have-been-trying-to-crack-bitcoin-wallet-worth-750-million-but-heres-the-catch/

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