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Cybersecurity firm finds hidden Monero mining malware on AWS Marketplace

A publicly-available instance on an Amazon Web Services (AWS) community marketplace contains Monero mining malware, according to a cybersecurity firm.

The post Cybersecurity firm finds hidden Monero mining malware on AWS Marketplace appeared first on The Block.

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Bitcoin Faces Harsh Rejection as Analysts Eye Potential Consolidation Phase

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  • Bitcoin faced an incredibly harsh rejection earlier this morning that caused its price to plummet
  • This came about directly following another test of the cryptocurrency’s all-time high, which was broken and tested on multiple occasions over the past day
  • The resistance here is still significant and should not be overlooked
  • Whether or not this level can be flipped into support anytime soon will offer serious insights into the entire market’s near-term outlook
  • One trader is now noting that although a few indicators are flipping bearish following the rejection, he is hoping for a consolidation phase

Bitcoin and the rest of the crypto market have been caught within the throes of an intense uptrend throughout the past few days and weeks.

Its momentum finally stalled yesterday when the crypto set new all-time highs on many different exchanges, with this coming about following a rebound from lows of $16,400 that were set just a few days prior.

The strength seen by the crypto in the time since its decline to these lows is a positive sign, but the overnight rejection at just under $20,000 shows how intense this region’s resistance level is.

One trader is now hoping that BTC sees a bout of consolidation, as this could bring multiple bearish indicators back into neutral or bullish territory.

Bitcoin Faces Dire Rejection at Just Below $20,000

At the time of writing, Bitcoin is trading down just over 5% at its current price of $18,700. This marks a notable decline from its recent highs of $19,800 that were set yesterday.

These highs marked the highest level seen by the cryptocurrency since 2017, and on some exchanges, marked an all-time high.

The resistance here is still significant and shows no signs of letting up anytime soon.

BTC’s RSI Flips Bearish as Analyst Eyes Consolidation Phase 

While speaking about this price action, one analyst observed that Bitcoin’s RSI indicator shows some signs of weakness.

That said, a consolidation phase around the cryptocurrency’s current price level could be its best hope, as this would allow the bearish indicators to drift back towards being neutral.

“Very confused by BTC. RSI shows some weakness. Dream scenario we consolidate here.”

Bitcoin

Image Courtesy of Wolf. Source: BTCUSD on TradingView.

So long as Bitcoin can set a higher low and continue holding above its intra-decline lows of $18,200, then the cryptocurrency could be poised to see another strong rebound in the days ahead.

Featured image from Unsplash.
Charts from TradingView.

Source: https://bitcoinist.com/bitcoin-faces-harsh-rejection-as-analysts-eye-potential-consolidation-phase/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-faces-harsh-rejection-as-analysts-eye-potential-consolidation-phase

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3 reasons why Bitcoin price violently rejected near $20,000

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Bitcoin (BTC) finally managed to secure a new all-time high but the digital asset rejected strongly near $20,000. On-chain analysts say a sell-off from whales and miners, combined with the $20,000 level acting as a resistance level caused a fierce drop.

BTC/USD 15-minute chart. Source: TradingView

What led whales and miners to sell Bitcoin?

For whales and high-net-worth investors, liquidity is the most important factor. Since they deal with large orders, they need to calculate the slippage their sell orders would cause.

Typically, the best period for whales to sell is when there is peak euphoria in the market met with large buyer demand. This allows whales to more efficiently sell their holdings without causing massive volatility.

When the price of Bitcoin officially surpassed its all-time high on Coinbase, it caused the market sentiment to become highly bullish. Shortly thereafter, whales started to sell, causing large liquidations across major exchanges.

CryptoQuant CEO Ki Young Ju explained that whale withdrawals were slowing down on Nov. 30. He said :

“I called short-term bearish based on miner-selling, whale activeness on exchanges, and no whale withdrawals. But I knew enough exchange stablecoin reserves would break $20k by this year. If ATH rejection happens, it could be a huge pullback as whales would sell BTC heavily.”

The confluence of whales keeping BTC on exchanges, which means higher selling pressure, and the sell-off from miners amplified BTC’s downturn.

Ki also noted that whales began to deposit Bitcoin into exchanges once again, which happens when whales want to sell their holdings.

Is the current recovery just a dead cat bounce?

The price of BTC recovered swiftly after dropping to around $18,200, surging back above $19,400 within hours.

The speedy recovery occurred likely due to the nature of the drop. As the price declined, exchanges saw cascading long liquidations. As such, BTC likely dropped harder than it should have if it weren’t for the large liquidations.

The recovery was equally intense to the upside for that reason. Late short-sellers could have gotten aggressive as BTC dropped, leading to a short-term short squeeze.

In the near term, Bitcoin could see two major scenarios. First, it could consolidate above $19,000, which would allow the derivatives market to find composure and the open interest to rebuild.

Second, BTC could continue to drop as traders anticipate a blow-off top after achieving an all-time high.

But, the macro outlook on Bitcoin still remains highly optimistic. Scott Melker, a cryptocurrency trader, emphasized that the monthly candle for November closed at BTC’s all-time high, which paints a positive long-term picture for BTC. He said:

“Last month closed right at the previous all time high monthly candle close. This month closed right at the all time high. Really impeccable chart.”

In the near term, the key support levels for Bitcoin are $18,200, $17,700, and $16,200. There are still large whale clusters in these areas, which could cause a reaction from buyers.

Source: https://cointelegraph.com/news/3-reasons-why-bitcoin-price-violently-rejected-near-20-000

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Why Europe Bests the US at Attracting Crypto Startups

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For years lawyers have warned of the risks associated with running a cryptocurrency business in the United States, especially when a token is involved. Regrettably, those risks are more apparent than ever.

As New York- and Austrian-licensed attorneys, we’ve talked countless clients out of publicly selling tokens in the U.S. or generally pursuing their businesses there. We’ve personally witnessed one of our European clients – a small fish by anyone’s account – fall victim to U.S. regulators’ zeal to shape the law through enforcement, presumably to establish precedent to go after bigger and badder actors in the distant future. 

Bryan Hollmann is of counsel at Stadler Völkel Attorneys at Law, a technology-focused law firm in Vienna, Austria. Oliver Völkel is a founding partner at the same firm.

The saying “the gears of justice turn slowly” is particularly true for U.S. regulators, who just this year have secured important court rulings against companies that sold tokens in 2017 and 2018. One thing is clear: Token issuers in 2020 and beyond cannot ignore U.S. securities laws without risking severe fines and litigation many years down the road.

Fortunately, the U.S. is not the only market in the world where companies can raise capital by selling tokens. We agree with U.S. lawyer Preston J. Byrne, who remarked in a CoinDesk opinion piece:

It is also true that there are, without a doubt, countries in the world that do countenance token offerings. Go there. U.S. securities laws are not meant to restrict the sale of tokens in those places.” (emphasis added)

New token sales

The European Union is one of the hottest regions in the world in terms of raising capital through token offerings, according to ICO Watchlist. And, as more and more companies choose to put the United States on the list of banned jurisdictions alongside countries like Afghanistan, North Korea and Syria, the EU is bound to become even more popular. 

In the last year, European-based projects like Polkadot (Switzerland) and Bitpanda (Austria) have sold tokens worth millions of euros through initial coin (ICO) or initial exchange (IEO) offerings. Leading blockchain projects such as Ethereum and MakerDAO are supported by Swiss foundations, and up-and-coming players like Bitpanda and Morpher (both of which are clients of the authors) are Austrian companies that have concluded financing rounds with prominent U.S. venture capital firms while maintaining their headquarters in Europe. On top of that, Bitpanda raised EUR 43.6 million in 2019 by selling BEST tokens. Morpher’s public sale of its own MPH token is currently underway.  

See also: EU Proposes Full Regulatory Framework for Cryptocurrencies

There are good legal reasons why companies are attracted to Europe. For starters, there is no Howey Test, which in 2018 led Securities and Exchange Commission Chairman Jay Clayton to declare that “every ICO [he’s] seen is a security.” Most European regulators, particularly those in the DACH region (Germany, Austria, Switzerland), distinguish security tokens and payment tokens from utility tokens and acknowledge that utility tokens, for the most part, are not subject to financial services or capital markets regulations. 

Unlike in the U.S., European regulators simply do not have a history of cracking down on token issuers. And token issuers are far less likely to get bogged down in private litigation in Europe than in the U.S.

Differing regulatory approaches

These differing regulatory approaches to token offerings can be attributed to historical financing methods used by companies in Europe and the U.S. as well as their distinct legal systems. In the U.S., equity offerings are still much more common than in continental Europe, where debt financing remains to a large extent the prerogative of banks and large financial institutions. 

If the present is any indication, our bet is on Europe having the upper hand.

Europe does not have as long a tradition of capital markets exposure as the U.S., and while European capital markets regulation was heavily influenced by the U.S., the need to harmonize the definition of “transferable securities” among the EU member states prevented the EU from employing the Howey Test outright when adopting the Markets in Financial Instruments Directive in 2004. In our personal experience, the constraints of the civil law tradition in continental Europe as opposed to the common law systems of the U.S. and the U.K. also prevent national regulators from introducing a Howey-like test via enforcement proceedings anytime soon, despite efforts to do so particularly with regard to token sales. 

In contrast to the U.S., the EU has made significant progress in codifying regulations governing token sales. On Sept. 24, 2020, the European Commission published a draft Regulation on Markets in Crypto-assets (MiCA), which establishes a disclosure regime for token sales, and lays the foundation for stablecoin issuers and cryptocurrency service providers to securely operate within the EU. The regulation is expected to enter into force in all EU member states by the end of 2022.

Once adopted, the legal framework will provide legal certainty for token issuers and will help establish Europe as the go-to jurisdiction for crypto businesses. Time will tell how the divergent regulatory approaches in Europe and the U.S. will shape the crypto industry going forward. If the present is any indication, our bet is on Europe having the upper hand.

Disclosure

Source: https://www.coindesk.com/europe-bests-us-crypto-startups

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