Bitcoin Press Releases

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Binance has found itself at the center of an unusual trading bug that has created big winners and losers. In a matter of minutes, viacoin pumped by 70x. Just to compound the drama, bitcoin experienced a massive sell-off shortly afterwards following bearish news from the SEC. Binance suspended withdrawals while it investigated the matter, but these have since been reactivated. Wednesday March 7 will go down as a memorable day in the exchange's short history, but one with a happy ending. 

Viacoin Goes on a Moon Mission

Pump and dump schemes are not unusual on cryptocurrency exchanges, but this wasn't a usual pump. This was a mega pump which sent viacoin from $3 to $200 in record time. Binance wasn't hacked. Rather, a compromised API is the culprit behind what was an extremely clever attack. First, the bot sold all the altcoins in accessible accounts at market prices, causing a sea of red. Then, it took the BTC profits and put them into viacoin. It may have occurred illegally, but if ever there were a case of a moon mission, this was it, as one Twitter user memorably depicted, the green candle standing proud in the center:

The candle viacoin produced was a spectacular one, as the misappropriated crypto of potentially hundreds of traders was used to send the coin sky-high. One trader boasted of having made $300,000 in BTC from the pump and then withdrawing it to Coinbase before Binance caught on and disabled withdrawals. The user's Twitter account disappeared shortly afterwards. Another reportedly lost 0.5 BTC, although Binance has since restored all customer funds.

Bots Blamed for Beastly Binance Bug

Altcoinbot.io has been suggested as the likeliest culprit behind the scam. Typically, such bots require traders to submit an API key linked to an exchange. This key permits the bot to make trades on their behalf, but not withdrawals, hence the pattern of dumping affected users' altcoins and then pumping VIA. As the mother of all pumps unfolded, viacoin dev Romano was forced to go on the defensive, with some people suggesting the scheme was of his doing.

The conspiracy theories were bolstered by the fact that Romano had spoken of tinkering with his own trading bot in the last few days. He seems to have had no inkling of this event in advance, however, and there is no evidence that points to his involvement. "At least the hacker has a good taste," he wisecracked, adding "Jokes aside I have nothing to do with Binance acting weird. If rumors are true, kinda wish they bought another coin instead of Viacoin. Probably they chose the coin with the lowest marketcap, being the easiest to buy up."

We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak. As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised. Please remain patient and we will provide an update as quickly as possible. Withdrawals are temporarily disabled at this time.

Some of the affected users are adamant that they have never used the Binance API, but the exchange's CEO attributed this to previous phishing attacks. More sophisticated than a conventional phishing attack, this instance would steal a user's login details via a virtually indistinguishable URL then redirect them to the real Binance site. The attacker would have been none the wiser that their account had been compromised until today.

Bitcoin Dumps Amidst the Chaos

Bots Blamed for Binance Bug That Leaves Traders Counting the CostIn a dramatic day for the markets, bitcoin dropped sharply to under $10,000 as the full scope of the Binance incident was still sinking in. Altcoins have also been badly affected, not only on Binance, but across the board. Bitcoin's sharp dip does not necessarily correspond to the goings on at Binance – the SEC releasing a directive regarding unlawful trading platforms is a likelier cause – though the incident can't have helped. If a trading bot is proven to be responsible, it may cause traders to think twice about who they hand their API keys to in future. Third party platforms might be incapable of accessing users' funds, but they can still wreak havoc as today's events show.

A small island nation with less than 60,000 inhabitants best known internationally as a former test site for nuclear weapons is joining the hottest new trend – issuing a national cryptocurrency. The planned Marshall Islands' Govcoin is expected to be issued later this year.

Marshall Islands Govcoin ICO

The Republic of the Marshall Islands plans to issue its own cryptocurrency as an official legal tender, to be known as the Sovereign. The local parliament voted this week to proceed with the issuing plan, Kenneth Kedi, a senator and the body's speaker, said in a Bloomberg interview. A council still has several days to object, a step he considers unlikely.

The Sovereign is expected to be issued later this year, David Paul, minister-in-assistance to the president revealed. The Marshall Islands government will arrange an initial coin offering (ICO) and exchanges will be allowed to apply to trade the currency, he said. The move is seen as a way to bolster local budgets, he added. "This was specifically targeted for the long-term needs of the country." A portion of the funds raised in the ICO offering will also be used to finance health care to islanders still affected by US nuclear weapons testing in the area decades ago, Paul said.

The National Crypto Trend

Offshore Tax Haven Marshall Islands to Issue National CryptocurrencyThere have been discussions for the last few years among central bankers about issuing national cryptocurrencies, mainly as an effort to to create a 'cashless society' or to try and answer the attraction to bitcoin by young people, as they see it. However, this trend has gotten a lot stronger recently, apparently because of the government of Venezuela pushing its own Petro.

The actual potential value of such national cryptocurrencies is still in doubt. For citizens, these digital currencies will not offer the alluring freedom from state control of bitcoin if they are really managed by the government. And if they are not run by the state then they will offer no benefit to central bankers. As the Russian Ministry of Finance recently informed President Vladimir Putin, the creation of a centralized coin seems impossible, as cryptocurrencies are based on decentralized ledgers.

This week the Bitcoin Cash network has gained more infrastructure and support from a variety of crypto-based businesses. Additionally, the digital asset has seen increased trade volume, and its price has been holding steady after the big dip that affected the entire cryptocurrency market ecosystem.

Bitcoin Cash Markets Consolidate for the Next Move

More Infrastructure Support Joins the Bitcoin Cash Ecosystem So far the Bitcoin Cash (BCH) blockchain is 8037 blocks ahead of the core chain (BTC) since it was born on August 1, 2017. At the time of publication, the BCH chain is operating at 11.8 percent of the BTC chain's difficulty, and it is 4.8 percent more profitable to mine BTC right now. Since the inception of BCH, the digital asset has grown exponentially in value in just a few short months, and today one BCH is averaging $1,225 per token. After this weekend the currency's market saw a significant spike in trade volume, capturing over $400Mn each day over the past 48 hours. The currency swapped the most with BCH right now is BTC, as it represents roughly 51 percent of BCH trades on February 27. This is followed by tether USDT (20.7%), the USD (16.2%), and the Korean won (8%).

Technical Indicators

Bitcoin Cash markets have seen some gains since the February 25th rally got started, and the price has recovered quite a bit since hitting a low of $760 on February 6. The 100 Simple Moving Average (SMA) is above the longer-term 200 SMA after crossing hairs just a few hours ago. This indicates the path to resistance is on the upside and bulls have a chance to regain the $1,650 high it reached on February 18. RSI and Stochastic oscillators are heading northbound as well following tight correlated movements with BTC market indicators.

Today on February 28 one BCH is averaging $1,225 USD per token.

Order books show big sell walls in the $1,300 region, but after those walls there seems to be smoother seas ahead. BCH will likely have pit stops in the $1,600 and the psychological $2,000 territory if market prices manage to make it past resistance. On the back side, order books show some solid foundations between $1,200-1,000. If the Displaced Moving Average is broken at $1,000, testing the $700 territory again would be likely. For now, BCH markets look like they will continue to rally northbound with the rest of the digital assets recovering from this past weekend's losses.

Three more companies announce Bitcoin Cash support. Unocoin launches its multi-currency exchange that lists BCH. Paybis now allows BCH purchases using credit cards, and the wallet provider Bread revealed this week its BCH supporting wallet is on its way.

Bitcoin cash has also gained some infrastructure support this week. For instance, the Indian company Unocoin has launched a multiple cryptocurrency asset exchange and will list BCH. Another popular wallet provider Bread (formally Bread Wallet) has announced its multi-currency client will be released soon with full BCH support.

"We have to build a fully autonomous SPV wallet, and it has to work — We can't get away with standing up some bitcoin-ABC nodes and changing some RPC calls. That being said, it's already done and in final testing phase. In fact, if you'd like to test, please email me," explains a developer from Bread.

The tipmebchbot.

In addition to the wallet support, the BCH community now has a beta Telegram tipping-bot called the tipmebchbot. The bot allows Telegram users to tip each other BCH, but the program is in a testing stage for now. "This software is highly experimental and may lead to loss of funds. The author takes no responsibility for your money," explains the Bot's Github repository.

Alongside the Telegram bot news, BCH fans will soon be able to purchase bitcoin cash using a debit or credit card through the company Paybis. The firm says they are thrilled to announce that customers will be able to use cards to purchase BCH almost instantly with help from its processing partner Simplex. According to Paybis, users will be able to buy $20,000 weekly and $50,000 USD monthly.

New ATMs that support Bitcoin Cash installed this week in Toronto and the UK.

BCH Community Remains Positive

Overall bitcoin cash proponents are optimistic the price will regain strength, and more infrastructure will soon follow. Additionally, there are two big conferences dedicated to focusing on the BCH ecosystem coming this spring hosted by Bitcoin Unlimited and the firm Coingeek. Further, there's been a lot of discussions revolving around the development of 'colored coins' and the community has been talking about this subject with great fervor. Lastly, BCH supporters are waiting for Bitpay to implement BCH invoices soon which will open the cryptocurrency to a vast array of merchants and services that accept cryptocurrency payments.

Earlier this year, nearly every device with an Intel CPU was affected by the Meltdown and Spectre vulnerabilities. The two vulnerabilities allowed hackers and malicious actors to steal passwords and sensitive information from devices, by accessing the memory and secrets of programs on the operating system of devices.

Meltdown, easier to exploit than Spectre, breaks the basic isolation between user applications and the operating system of devices, leaving memory and private data vulnerable to attacks. Spectre, more difficult to exploit but also harder to detect, allows malicious actors to trick error-free programs to leak secrets, leading sensitive data to be released.

In January, Oleg Andreev, the protocol architect at blockchain company Chain, stated that proof-of-stake (PoS) is an "incompetent" idea because when major vulnerabilities like Meltdown and Spectre are exploited, private keys stored locally in memory are retrievable. When private keys are lost, attackers can easily reallocate massive amounts of funds, getting ahold of the stake and obtaining the ability to attack the PoS blockchain.

"Meltdown/Spectre is why Proof-of-Stake is an incompetent idea: PoS authors ask for an unforgivable amount of money to sit in the online wallets that actively generate signatures," said Andreev.

Last month, almost immediately after Meltdown / Spectre were discovered and utilized to exploit devices, Particl introduced its Cold Staking safeguards, that prevent locally stored private keys of being vulnerable to attacks.

"Particl Cold Staking safeguards your wallet's private keys, and thus your PART, by using a script (contract) between an online staking node and an offline wallet. Both wallets have unique private keys, meaning that if/when the online staking node is exploited by Meltdown/Spectre with a memory leak only the private keys of the node are stolen. If setup properly, the staking node should have 0 PART — thereby eliminating the threat of theft and protecting the PART in your wallet kept offline and secure," explained the Particl development team.

If Particl Cold Staking safeguards are activated and integrated, even when Meltdown / Spectre exploits successfully leave the operating system of devices vulnerable to attacks and the private key from memory is obtained, attackers cannot steal or reallocate funds because staking nodes carry a 0 PART balance. Which means, even if hackers gain access to the locally stored private keys, funds cannot be stolen and remain safe.

"If the Meltdown/Spectre exploit is used on a machine running a Particl Staking Node an attacker could retrieve the private key from memory but it would be of no use since staking nodes typically carry a 0 PART balance," the Particl development team added.

The Particl Cold Staking also prevents quantum computer attacks, disallowing attackers with a quantum computer to obtain a private key from a public key, due to the integration of multiple quantum-resistant one-way hash functions.

Conclusively, the security in Particl prevent two major attacks in Meltdown / Spectre and quantum computer attacks from affecting a PoS blockchain.

Mexico's bill to regulate fintech institutions including cryptocurrency exchanges is expected to become law within "weeks," according to local crypto exchange ISBIT. Daniel Luévano, the exchange's director of operations, shared with news.Bitcoin.com what to expect from the new law, citing a leaked document he obtained from the recent meeting of regulators.

Changing Mexico's Crypto Landscape

Sneak Peek: Mexico's Regulations for Crypto Exchanges Expected in 'Weeks'Mexico's Chamber of Deputies will soon vote on the bill to regulate the country's fintech institutions including cryptocurrency exchanges, which the Senate has already approved.

The bill "establishes a regulatory framework that regulates the platforms (called Financial Technology Institutions or ITFs)" which includes crypto exchanges, the document states. "The bill recognizes two types of ITFs: collective financing institutions and electronic payment fund institutions."

Sneak Peek: Mexico's Regulations for Crypto Exchanges Expected in 'Weeks'News.Bitcoin.com (BC): Does the bill legalize bitcoin and other cryptocurrencies?

Daniel Luévano (DL): Bitcoin and other cryptos will not be legal tender. However, ITFs that the Bank of Mexico gives consent [to] will be allowed to operate with them.

BC: Can people legally use cryptocurrencies to pay for goods and services?

DL: Yes, they can!

BC: What are the most important changes brought about by the bill?

DL: Financial institutions will be able to operate with virtual assets, but also, they are allowed to invest in ITFs. ITFs will be constantly audited; everything must be transparent to regulators and consumers. AML/CFT [anti-money laundering/combating the financing of terrorism] practices will be a really important requirement for exchanges.

BC: What major changes to the existing Mexican crypto ecosystem will result from the bill?

DL: Changes in the Mexican financial ecosystem? Huge ones.

ITFs will be considered just as important as banks. All trade finance companies will be operating with them.

Only 44% of people in Mexico have a bank account, while the rest only use cash. The amount of money and transactions that can migrate to crypto and its technology is huge.

Licensing & Approved Crypto

Sneak Peek: Mexico's Regulations for Crypto Exchanges Expected in 'Weeks'BC: What is the role of the Bank of Mexico with respect to the crypto market going forward?

DL: They are more than open to keep new technologies [and] strengthen the Mexican financial ecosystem. They don't want to lose control of things they still don't understand widely, that's why the Bank of Mexico will decide which virtual assets can be operated in the Mexican territory.

BC: Are crypto exchanges now required to get a license from the Bank of Mexico? What kind of authorization do they need?

DL:

BC: Are there restrictions on what cryptocurrencies are approved in the bill?

DL: The Bank of Mexico will decide which ones [cryptocurrencies] are allowed to be listed on the exchanges.

They will decide according to Article 30 [which states that] "Bank of Mexico will take into account, among other characteristics, the public acceptance (its use, the trade of it, the storage, and the volume of transaction), other jurisdictions' acceptance, other agreements, mechanisms, rules or protocols that allow to create, identify, partition, and control the replication of these assets."

Penalties

BC: What are the penalties for non-compliance?

DL: The penalties are applicable only for the ITFs in case they don't comply or they don't follow the law. If you don't have the authorization, the penalty is from 30k UMA to 150k UMA, according to Article 104 I. 1 UMA (Unit of Measurement and Update) = 80.6 MXN = 4.27 USD.

BC: When will this bill become law? And how long do exchanges have to comply?

DL: The bill will become law in the following weeks, as soon as the Chamber of Deputies votes for it.

After a few days of positive cryptocurrency momentum, it seems the markets may turn bearish as we head into the weekend. Such a  turn of events is anything but surprising, as we have seen some very solid gains all week long. Even though the mood is souring, the Bitcoin Cash price is still making some major gains. With a 10.78% increase over the past 24 hours, it seems things look pretty good.

SOLID BITCOIN CASH PRICE GAINS HAVE ARRIVED

Even though most cryptocurrency enthusiasts and speculators only focus on Bitcoin and Ethereum, the ecosystem is about so much more than just two currencies. While not everyone is convinced Bitcoin Cash is here to stay, it has become evident this altcoin has a more than loyal following. Additionally, we see various service providers and retailers switch from Bitcoin payments to Bitcoin Cash in recent months.

All of this is also impacting the Bitcoin Cash price. With the rough start of 218 seemingly behind us, it is time to look toward the future. In the case of the Bitcoin Cash price, the future seems to rest somewhere above a $1,500 valuation. As the Bitcoin Cash price surpassed this $1,5000 threshold a few hours ago, it seems evident the road to $2,000 will be long and hard. It is not impossible to overcome, mind you.

These solid price gains are the direct result of an increase in USD value. Thanks to Bitcoin's uptrend, the Bitcoin Cash price has gained 10.78% in USD value over the past 24 hours. However, BCH also managed to gain on Bitcoin itself, resulting in a 9.19% increase in the BCH/BTC ratio. With Bitcoin Cash back above 0.15 BTC, it will be interesting to see how this trend evolves in the coming weeks. Reaching a new all-time high price will not happen anytime soon, though.

With $849.976m in 24-hour trading volume, the demand to buy BCH seemingly outweighs the desire to sell. All cryptocurrency speculators want to maximize their profits at all times and the current trend indicates we may see a Bitcoin Cash price of $1,750 before the week is over. Even so, this trading volume is a lot lower compared to what we have seen in recent days, as BCH usually generates close to $2bn in volume on a good day. This current price increase seemingly doesn't impact the volume in a positive manner.

OKEx is the leading exchange when looking at the BCH trading volume. Their lead over Upbit is just $1.3m, though, and these two exchanges will one-up one another throughout most of the day. OKEx is also in third place with their USDT trading pair. The first non-Korean fiat currency pair comes in the form of Bitfinex's BCH/USD market, followed by the GDAX BCH/USD market. All things considered, things look pretty promising for Bitcoin Cash, even though the momentum can turn bearish at any moment now.

It is unclear what the rest of today and the weekend will bring in terms of the Bitcoin Cash price. With all markets suffering from a bearish fever right now, it is possible Bitcoin Cash will elude the bears' grasp, for the time being. Assuming that is the case, a Bitcoin Cash price of $1,750 by Sunday afternoon is not entirely impossible. If the markets were to turn bearish, however, the decline may go as deep as $1,325. An interesting weekend lies ahead, that much is rather evident.

As all cryptocurrency markets show a sign of life again, things are looking pretty good all across the board. So far, the Lisk price has seen some positive changes over the past week. Even though there was a big dip along the way, the overall trend seems to be intact right now. With the current Lisk price of $23.83, things are looking rather interesting for this particular altcoin. Maintaining a positive trend will prove to be difficult in the long run, though.

It is quite interesting to see how things evolve in the world of cryptocurrencies. More specifically, we have seen several weeks of negative pressure, but things are certainly heading in the right direction once again. Even the Lisk price is noting some solid gains, as this particular altcoin has been on the rise for quite some time now. With a solid 16.83% gain over the past 24 hours, the Lisk price is making up a lot of lost ground in quick succession. All of this is achieved despite a rather low trading volume, though.

While the current Lisk price momentum appears to be positive, the past week has been subject to a massive dip as well. A few days ago, the LSK price went from $23.5 all the way to $12 in quick succession. Considering how Bitcoin and other currencies saw losses of up to 45% during this time, that is no big surprise whatsoever. In fact, the Lisk price lost nearly 50% of its value as well, indicating the currency is just following the general trend of major cryptocurrencies right now.

With a solid 16.83% gain in USD value and a 13.56% increase in the LSK/BTC ratio over the past 24 hours, things are looking pretty good for Lisk right now. While this results in solid Lisk price gains as of right now, it is certainly possible the momentum will turn against most cryptocurrencies again in the near future. With such strong gains in just 24 hours, it seems a small correction will become apparent in the coming weeks hours and days.

One thing to keep in mind is how Lisk has virtually no trading volume to speak of. Although $78.21m in 24-hour trading volume is not all that bad, it is a rather disappointing number first and foremost. Especially given the current Lisk price, one would expect there to be an even bigger interest in LSK, things are not adding up by the look of things. It is possible we will see a bigger interest in Lisk over the next few days, especially if this Lisk price trend continues at this rate.

Most of the Lisk trading volume comes from Upbit, which is quickly becoming the go-to exchange for most altcoins right now. Bittrex is in second place, with a marginal difference compared to both Upbit and CoinEgg in third place. It is good to see the current volume being spread out a bit across multiple trading platforms. Binance is barely in the top five right now and they value Lisk nearly three dollars lower. An interesting trend well worth keeping an eye on.

For the time being, it remains unclear what the future will hold for the Lisk price. So far, the uptrend is in place, but the cryptocurrency markets remain extremely volatile first and foremost. It is evident interesting things are bound to happen in the next few hours and days, but no one knows for sure if it will be a positive or negative outcome. Always take profits whenever the opportunity arises, as any gains can be wiped out extremely quickly in this industry.

The crypto markets have been having an interesting week to put it mildly. Seas of red and deep cuts have had the vultures circling, the weak hands folding, and the naysayers expending their lifetime's allocation of "I told you so's". While the last two weeks have been painful for anyone who bought bitcoin in December or ripple in January, they've been welcomed by many as "a necessary correction" and an opportunity to pick up cheap coins.

Flash Sale for a Limited Time Only

Ripple.

At times of sudden upward or downward movements, market psychology is fascinating to watch. The giddy highs of December, when crypto traders found themselves stupidly rich and refreshing their portfolio apps in disbelief, feel like a lifetime ago. Only three weeks ago CNBC were shilling $3 ripple and a token designed for the global dental industry had a billion dollar market cap. Something had to give, and when it did, it was inevitable which coins would bear the brunt of the collapse.

It's bitcoin which has attracted the apocalyptic headlines though. As the market leader and the "face" of cryptocurrency, it earns the praise in good times and bears the scorn in bad times. And right now, for many crypto investors, it is the worst of times. For those with short memories and shallow pockets, the past week has taken its toll, both financially and emotionally. But for crypto believers who got in before 2017's peak mania, the current cycle is nothing to be alarmed at.

For one thing, they got into crypto before it was all about money, and thus don't measure its success by its dollar value. And for another, they've seen it all before and know not to confuse current pain with terminal illness. The crypto markets will bounce back, and when they do, the recovery will likely be strong and sudden. Quite when that feat occurs though is anyone's guess. When mass panic sets in, TA and FA go out the window and emotions reign supreme.

Iron Hands Show Their Might

Just as times of oppression spawn the best protest music, art, and culture, bear markets spawn the best memes. Morbid humor has been in plentiful supply on crypto trading forums of late complete with the obligatory "pink wojak" reaction images and talk of seeking new employment. While jokes about burger flipping remain little more than that at this stage, the Lambo dreams have been put on hold for now. "I unironically sent an email to my ex manager this morning," confessed one forum user. "I feel like a total idiot and she didn't respond yet". Crypto Feels, which displays a scrolling page of red markets against a sombre orchestral soundtrack, is beautiful in its bleakness at times like these.

It's hard to find a capable performer in the cryptocurrency market right now. Even ETH, which had weathered the worst of the storm this week, has succumbed to the red tidal wave, dropping 30% in the past 24 hours. The less said about ripple (-40%), the better. Sites such as Coincodex chart the market movements in real time and for anyone who's all in altcoins, it's not a pretty sight. For those watching from the sidelines – either because they've yet to buy in or because they've long since switched to tethers – the slump is an extremely comfortable one to observe.

Speaking of tethers, they're by no means the only cause of the market capitulation and may not even be a major cause (the truth is no one knows). It would be fair to say that the lingering uncertainty surrounding the solvency of Tether and the U.S. subpoena of its records aren't helping. While some people have praised pseudonymous critic Bitfinexed, who first shone a spotlight on the company, others are deeply critical.

Tethering for Dear Life

The Cryptocurrency Markets Are Having an Interesting WeekIt has been speculated that Bitfinex and Tether may be solvent but may also be engaged in dubious financial practises due to banking issues or other reasons. The companies aren't headquartered in the U.S., so can't be shut down by U.S. regulators, but exchanges such as Kraken and Bittrex, which are reliant on tethers, are within their reach. It has also been speculated that events as diverse as a regulatory "raid" on Coincheck's Japanese HQ and the Chinese New Year are to blame for the tumbling markets.

For all the hysteria, schadenfreude, and obligatory FUD, it is worth noting that the cryptocurrency markets, currently valued at around $350 billion, were worth just $200 billion as recently as November. What goes up must come down, and when the capitulation gives way to consolidation, iron hands will begin to rebuild and reaccumulate.