AtoZ Crypto weekly overview: Bitcoin price rally continues

12 May, 2019 | AtoZ MarketsBinance bitcoin hack resulted in a $40.7 million loss, Facebook lifts Crypto ban and Bitcoin price rally continues. CFTC may approve Ethereum Futures and gives away $1.5 million reward for a Forex whistleblower. That was how the frantic week started, and that was just the beginning!
Welcome to a new tour of our weekly AtoZ Markets’ overview.

Bitcoin price rally continues: BTC breaks $7000 ceiling

Bitcoin price rally is continuing, as BTC broke the $7000 ceiling this weekend, continuing to peak at $7500 on Sunday morning, 12th of May 2019. Also, other cryptos flourished this week, with Ethereum soaring above the $200 handle and Ripple trading above $0.31. 

Crypto traders and investors are now anticipating that BTC will reach the $8,000 level. One of the factors that could have influenced the Bitcoin rally was this week’s news about Facebook. Will the Bitcoin price rally continue in the new trading week or will the bulls lose steam?

Facebook lifts crypto ban 

The social media giant has retreated the ban related to cryptocurrencies it had imposed before. The company announced on Wednesday, that it would lift the ban on crypto related ads. As Facebook lifts crypto ban, this will allow more companies, which work on these technologies to boost their efforts on the social network.

Facebook had begun blocking ads promoting cryptocurrencies and initial coin offerings in January 2018, fearing that users could be tricked by offers from some crypto firms.

The company didn’t clarify why it changed its policy in that context, while observers read the announcement as a potential prior step on the way of issuing Facebook’s own cryptocurrency as some news referred to earlier.

US Court orders Craig Wright to submit his bitcoin addresses

The United States District Court of the Southern District of Florida issued an order to reveal Craig Wright’s Bitcoin addresses as of Dec. 31, 2013.

The procedure is part of an ongoing case against Wright filed by the computer scientist David Kleiman. The latter had accused Wright of stealing hundreds of thousands of BTC, which were worth over $5 billion dollars in February last year at the time of first filing the case.

Wright filed a motion against the order, however, the court insisted on its order.

AtoZ Market’s mid-week break was with an article on “all you need to know about cryptocurrency cloud mining”.

Binance Bitcoin hack: $40.7 million lost

The largest crypto exchange in the world, Binance, was reported mid this week to have been hacked, the incident that resulted in losing $40.7 million worth of bitcoins.

CEO Changpeng Zhao said that the hackers used various techniques, including “phishing, viruses and other attacks.”, and “had the patience to wait, and execute well-prepared actions through multiple seemingly independent accounts at the most opportune time”.

The hack affected only Binance’s hot wallet, which contains roughly 2 per cent of the exchange’s total bitcoin holdings, while “other wallets are secure and unharmed”, as the exchange’s statement reads.

WeChat bans cryptocurrency transactions

China’s most popular chatting platform, WeChat, updated its payment policy recently, in which it included terms that may negatively affect the token services on the platform.

The above mentioned means that starting from May 31, any transaction that is involved in cryptocurrencies, online gambling, or pornography will result in terminating the accounts associated with it, given the aforementioned domains were identified as “illegal business” according to the messaging app’s update.

WeChat’s policy update comes in harmony with the Chinese government, which had shut down many WeChat accounts for violating the platform’s agreement terms at an earlier time.

CFTC may approve Ethereum Futures

The Commission hinted that it has no objection to approving an Ethereum futures contract, should the latter fulfilled all the requirements, as media reports revealed.

Analysts expect that if the CFTC approves Ether Futures, the crypto then will bring a new fresh wave of institutional money in the Ethereum ecosystem, taking from the Bitcoin case an example.

CFTC Whistleblower Program update: $1.5 million bounty rewarded

In a connected news, the US Commodities Futures Trading Commission (CFTC) has rewarded this week an anonymous person with $1.5 million bounty for providing it with information against illegal forex activities.

The incentive comes within the CFTC Whistleblower Program, which gives informants between 10 to 30% of the money it recovers from enforcement actions. The information should lead to a successful enforcement action, while the CFTC guarantees protecting the whistleblower’s ID from disclosure.

With the CFTC Whistleblowe program update, we have come to an end to our crypto market tour for this week. Stay tuned for more relative news and briefs on AtoZ Markets.


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