Bitcoin (BTC) exchange Coinbase unprecedentedly popular with investors, collecting not 1.5 but 2 billion dollars!
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Coinbase

Yesterday, the press reported that Bitcoin (BTC) exchange Coinbase plans to raise $1.5 billion from investors. The stock market proved to be very popular with investors. Coinbase has indeed earned much more than the planned $1.5 billion!

According to an article by Bloomberg, no less than $7 billion in orders have been received. This allowed Coinbase to increase its original target from $1.5 billion to $2 billion. Investors received so-called junk bonds for their invested money, i.e. bonds for which they receive interest.

These are bonds with maturities of seven and 10 years. That the demand for these bonds is so great at a crypto company is a good sign. Bloomberg notes that this “shows that cryptocurrencies are no longer reserved for venture capital.” According to the media platform, hedge funds and pension funds also participated in the round.

Coinbase will invest the money raised in the further expansion of its services. Coinbase is a big player in crypto trading,“but it wants to do more to diversify beyond that, which can be a volatile business,” said Julie Chariell of Bloomberg Intelligence.

One of the areas the exchange wants to expand into is the world of decentralized finance (DeFi). For example, she wants to set up a credit service. This service, simply called “Lend,” allows certain Coinbase customers to earn interest (4% per year) by borrowing their USD Coin (USDC) stablecoins. However, the US regulator now seems to be putting a stop to this.

Coinbase is not the first company to issue such bonds in the United States. MicroStrategy had preceded the company when it raised $500 million in June. These proceeds were then invested in Bitcoin. The company now owns more than 100,000 bitcoins, making it the largest bitcoin owner among listed companies.

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Americans in trouble after installing Bitcoin miners in a government building
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Bitcoin Miner USA

A man in the United States has caused a sensation in a remarkable way. He had illegally installed a number of Bitcoin (BTC) and other crypto mining machines in a government building and was subsequently caught.

IT specialist finds the software

He is 42-year-old Christopher Naples. He is an IT inspector at a local government in the state of New York. He had worked here for more than 20 years, but that seems to have come to an abrupt end. He is accused of corruption, theft and trespassing:

The reason for this is that he had installed 46 crypto mining machines at the local government headquarters without permission. In this way, he was able to mine large amounts of crypto currencies without having to pay the horrendous electricity bill. This bill would amount to up to $60,000.

He had hidden the machines in six rooms under floors and behind walls. According to the authorities, these machines had been in the property since February and have been continuously mining cryptocurrencies ever since.

An official there, Timothy Sini, commented on this particular situation as follows:

“Cryptocurrency mining requires an enormous amount of resources, and miners need to think about how to pay for these costs. Naples had found a solution, which unfortunately was carried out on the backs of the taxpayers.”
Sini also pointed out that Naples had installed so many miners in the building that the entire infrastructure was overloaded. Employees had complained for months about the slow internet, and when the miners were finally pulled out, the temperature in one of the rooms dropped drastically.

It looks as if Naples can expect quite a penalty for this. He had found a way to get out of the energy bill, but in the end it will cost him dearly.

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Bitcoin (BTC) to $200,000? Price breaks out, but volume “not big”
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Bitcoin 200000 Dollars

Yesterday, at the beginning of the evening, Bitcoin (BTC) finally moved more clearly above the $50,000 mark. Although this was not accompanied by an explosion in the volume of trade, the development is nevertheless positive. In this article, you will find some interesting tweets from well-known analysts and others.

Bitcoin exchange flows stabilize

On-chain data analytics firm Glassnode just shared a tweet showing stock market flows. This data shows whether bitcoins are actually being withdrawn from the exchanges or whether investors are sending their bitcoins back to the exchanges. While we’ve seen a lot of recently that people are actually taking bitcoins off the exchanges (bullish), this has stabilized over the past 24 hours.

It doesn’t have to be bearish. The Bitcoin price has fallen this weekend with low volume, but in the longer term we are still in an upward trend. Perhaps after today’s price breakout, more people will withdraw Bitcoins from the exchanges again. With Ethereum (ETH), the trend continues: Almost 92 million dollars of ETH have flowed into external wallets.

Bitcoin Price Forecast

Then an interesting tweet from Feras Crypto. He shared a Bitcoin price forecast last night based on Fibonnacci retracements and the analystools of Immediate Advantage and Bitcoin Trader. In his opinion, Bitcoin can reach a peak of $200,000 on this basis, but for that BTC would have to be above $59,000 as early as the third quarter. A word of caution at this point: this is an analysis, not a prediction.

“The volume was not large, but bullish”
Finally, a tweet from Lark Davis,Bitcoin and crypto investor. He notes that the volume during yesterday’s breakout was “not great,” but that it was still a bullish breakout. “The highest closing price on the daily chart since mid-May,” according to the investor:

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Cream Finance (CREAM) promises to repay stolen $19 million and seeks the culprit
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A few days ago, another large decentralized finance project (DeFi) was hacked. Cream Finance (CREAM) was targeted by a hacker who managed to capture up to $19 million in cryptocurrencies. There was a vulnerability in the system that the hacker was able to exploit.

The flaw was caused by the amp (AMP) token, and the hacker captured 418 million AMP. In addition, the hacker managed to steal around 1,300 Ether (ETH).

Cream Finance pays everything back

Meanwhile, the team behind Cream Finance has announced that it will compensate the victims. They promise to replace all stolen AMP and ETH tokens by providing 20% of all transaction fees incurred on the platform for this purpose. This will continue until all tokens are refunded.

Cream Finance has also announced that this is the first hack of its kind for the platform (compare also with Bitcoin Era and Bitcoin Trader). With the help of cybersecurity company PeckShield, the company has figured out the cause of the hack. Cream Finance has also taken responsibility and acknowledged that the blame lies with them:

In addition to the big hack, in which $19 million was stolen, a so-called “imitator” was also active, according to Cream Finance. It was most likely a person who was inspired by the great attack and saw their chance. How big the damage of this smaller hack is is still unknown.

In addition, Cream Finance is currently working with the authorities to track down and prosecute the perpetrators. Cream Finance has even agreed to donate 10% of the stolen amount to the perpetrator if he turns himself in and returns the full amount.

Cream Finance is also calling on the crypto community to provide possible clues about the perpetrator. If someone provides information that could lead to the arrest of the perpetrator, Cream Finance is willing to donate 50% of the recovered amount to that person.

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Visa Buys NFT, El Salvador Prepares to Launch Bitcoin (BTC) and More News This Week
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Visa buys NFT

It’s Sunday and so we can look back on a week with a lot of crypto news! Non-fungible tokens (NFT) were again frequently seen, and there were also some interesting developments in Bitcoin (BTC). In this article, you will find an overview of the most important newspublished on Crypto Insiders.

Visa joins the NFT craze

The NFT craze is in full swing and with it the new prices for these digital collectibles are skyrocketing. We see more and more often that big names either sell or buy NFTs. Earlier this week, the big payment giant Visa was in the news in this regard. This company has bought a CryptoPunk NFT.

This was CryptoPunk #7610, one of the 10,000 unique CryptoPunks (and one of 3,840 female ones). CryptoPunks are so-called non-fungible tokens (NFTs) in the Ethereum (ETH) network. Read more about this message in this Twitter post:

El Salvador prepares for a big Bitcoin move, Cuba is switching to Bitcoin

El Salvador made big headlines when it decided to accept Bitcoin as legal tender. On September 7, the law comes into force, and the country is preparing for this moment. Among other things, Bukele, the country’s president, announced that the government is currently setting up 200 Bitcoin ATMs, also known as “BATMs.” Bukele calls these BATMs the “Cajeros Chivo”. The President also made some other interesting statements.

Cuba also seems to be warming up to cryptocurrencies. The central bank and government of Cuba have announced that they want to recognize and regulate cryptocurrencies. This could be an important support for the country, as Cubans abroad can more easily send money into the country.

Big money continues to buy Bitcoin

Meanwhile, major investors continue to buy crypto currencies. MicroStrategy, for example, has invested another $177 million in Bitcoin:

This company has been buying Bitcoin regularly for a long time, so it’s no longer any particular news. Meanwhile, about 4% of the total Bitcoin stock is in the hands of companies and asset managers. Among other things, an investment in Immediate Advantage as a still very new technology is to be in the room.

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Google removes fake crypto mining apps from Google Play Store, how to detect fake apps?
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Google Mining Apps

Some time ago, it became known that many people fall for certain rogue apps for Android phones. Cybersecurity firm Lookout revealed that it has tracked down at least 172 apps that deceive users. Although measures have already been taken to remove these apps from the Play Store, Google is still battling the consequences.

Eight more apps will be banned

This time, Google has banned eight more apps from the Google Play Store. Again, these are crypto mining apps that don’t keep their promises to users. Many of these fake crypto mining apps require users to pay for the service, but the apps simply don’t mine cryptocurrencies. So for users, this is a complete waste of money.

The promise of a cloud mining service is not kept. For this reason, Google has removed and banned the apps. These are the following applications: Bitfunds, Bitcoin Miner, Bitcoin (BTC),Crypto Holic, Daily Bitcoin Rewards, Bitcoin 2021, MineBitPro and Ethereum (ETH).

These applications were identified by cybersecurity company Trend Micro. While removing these rogue apps is a good move, Trend Micro notes that there are still at least 120 similar apps available on the Google Play Store. So there is still a lot to do for Google.

In addition, Trend Micro states that at least 4,500 users have fallen victim to these fake applications. Often they paid for a service, but ultimately received no consideration.

How to avoid fake apps?

Trend Micro gives some tips on how to avoid becoming a victim of such applications. First of all, it is important to read the reviews in the Google Play Store. Even though many 5-star reviews may be fake, there is always something to learn from these reviews. If there are many 1-star reviews, these often come from legitimate users with bad experiences.

Another way to checkif an app has bad intentions is to enter a wrong wallet address. If it is a legitimate app, the wrong address will not be accepted. However, it turns out that the fake applications simply go along with this.

The fact is that there are still a large number of fake apps in the Google Play Store. So be very careful when choosing an app that promises to mine crypto on an Android phone.

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Bitcoin (BTC) and cryptocurrencies the future? The majority of executives say yes, according to a Deloitte study
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Deloitte Bitcoin

According to a Deloitte survey, the future of the cryptocurrency world looks bright. According to the study, an overwhelming majority of executives of large companies believe that digital assets will become an important part of the global financial system.

End of physical money in sight?

In the study, Deloitte surveyed the executives of around 1,000 companies about cryptocurrencies. 80% of respondents believe that digital assets will be an integral part of the financial world within two years. After all, 73% believe that blockchain technology will be essential for future competitiveness.

Even more remarkably, 76% of respondents believe that fiat currencies need to make way for digital currencies within five to ten years. Some even say they wouldn’t be surprised if the era of physical money came to an end.

Shift in the financial ecosystem

According to Linda Pawczuk, an expert on blockchain and digital blockchain and digital currencies at Deloitte, this is typical of the change that has been underway for several years.

“Over the past year, we have seen a significant shift in the way the financial ecosystem is thinking about new business practices driven by digital assets and how they will play an important role in financial infrastructure.
Executives of financial institutions such as banks were also surveyed. Around 76% of financial institution executives fear that their business will fall behind if they don’t quickly adopt blockchain technology and digital currencies.

Finally, 43% believe that their companies should create the opportunity to pay with cryptocurrencies as soon as possible. Trading venues or software systems such as Bitcoin Era or Immediate Edge are also still seen as growth drivers.

Despite this positive attitude of the top executives towards blockchain and crypto, there are also some areas where improvements are possible. For example, 71% believe that safety in this new innovative sector still leaves much to be desired. In addition, restrictive regulations give many people a slight headache.

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US Treasury Department wants to make new controversial law “bitcoin-friendly”
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A few days ago, a new gigantic law was passed by the US Senate. The Infrastructure Act. This bill frees up $1 trillion to tackle major infrastructure projects.

The bill also includes additional regulations for cryptocurrencies. It is precisely these additional rules that are causing a lot of criticism of the law in the crypto community. According to some, this could limit innovation in the country, and compliance with certain regulations would simply be impossible.

Despite opposition and criticism, the law was passed by an overwhelming majority.

The Ministry of Finance reassures

According to Bloomberg, the U.S. Treasury Department is working hard to clarify certain unclear parts of the law regarding cryptocurrencies. This is intended to reassure crypto investors and the country’s tech sector.

One of the biggest ambiguities in the law is the term “broker”. Due to the vague wording of the law, it was not possible to say with certainty who or what is considered a broker. This also refers to brokers of the platforms Bitcoin Era and Immediate Edge.

The Ministry will soon officially announce that this classification only applies to companies or individuals that regularly provide services related to the transfer of digital assets on behalf of another person.

This means that miners, developers and investors don’t have to worry about regulations that are impossible to comply with. Next week, the ministry is due to issue an official announcement on the matter, according to Bloomberg.

Of course, the law will not come into force for the time being. The bill must first pass the U.S. House of Representatives. Adjustments to the law can still be made there. According to some members of Congress, many of them support some changes to the crypto part of the law.

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Litecoin price analysis: LTC is about to rise 26% towards $200
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Litecoin price development

Market

Optimistic market sentiment and a surge in new addresses could trigger a new surge in Litecoin prices

Litecoin, as well as most other altcoins, saw a huge bounce this past weekend as LTC bulls mirrored the great performance of Bitcoin and Ethereum. While the BTC price hit the $45,000 mark for the first time in over two months, Ethereum’s successful London hardfork caused the ETH/USD trading pair to break through the $3,000 mark.

Litecoin also closed above the $150 level, marking the first two consecutive daily closes above that mark since June 20.

LTC is trading at around $149 at the time of writing, which is slightly lower as profit taking seems to be limiting early morning trading this Monday.

However, once the bulls resume the uptrend, the price could rise 26% to an important resistance.

Litecoin price outlook

The Litecoin price is trading back above the 50-SMA line after a bounce off a low of $104 prompted Litecoin buyers to break through resistance at $138. This rally confirmed the pattern of a double bottom, and the consolidation above the 50 SMA gave the bulls a chance to make a move above the $147 resistance line.

Price has turned back down after rallying to a 7-day high of $157, but a clear daily close at or above $150.79 should allow LTC bulls to make further gains towards the flat 200 SMA at $191.18.

If the LTC/USD trading pair breaks this price barrier, buyers could see a 26% price change from the current price level.

This prospect is likely to spur the bulls and trigger renewed interest at the $200 level, giving buyers the opportunity to breach the $200 level and even the 38.2% Fibonacci retracement level of the swing from 301.79 to 104.07 at $226.26.

Litecoin Forecast August 2021

LTC/USD Daily Price Chart. Source: TradingView

The Litecoin price could also fall below the 78.6% retracement level at $146.39. Buyers will be in control if they can maintain this level and look for new upside prices. As seen on the price chart above, the daily RSI of above 50 supports the possibility of such an immediate rebound.

However, a move lower would expose LTC to a downtrend, indicated by the sloping 50-SMA curve at $133.83, with a loss likely bringing the support line at $104.07 back into focus.

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BofA outlines potential benefits of bitcoin adoption in El Salvador
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Bank of America Bitcoin

Bitcoin democratizes access to electronic payments, which could benefit 70% of El Salvador’s unbanked adult population

A report from Bank of America (BofA) has highlighted some of the potential benefits El Salvador will experience following this Central American nation’s historic acceptance of Bitcoin as legal tender. The financial institution’s report, released last week, highlights key areas where the use of Bitcoin could have a major impact:

According to BofA analysts, the recognition of BTC will streamline the country’s money transfer industry, which contributes nearly 25% to El Salvador’s GDP. Using Bitcoin reduces the amount of transaction fees that are incurred when using traditional channels.

In this case, Bitcoin becomes an “intermediary for cross-border transfers” where El Salvadorans save money even if they exchange the BTC they receive into dollars. It is believed that such an increase in remittances and reduction in fees will significantly increase the disposable income of the people there.

Another advantage is the financial freedom that should be granted to about 70% of the country’s population who do not have a bank account. The digitization of finance is considered one of the main benefits of cryptocurrency, which is an advantage for those who cannot open a bank account, according to the report.

The ability to use Bitcoin also gives people more choices as consumers, the bank adds. “We disagree with the idea that it is mandatory for businesses to accept Bitcoin as a form of payment,” the bank wrote, adding that businesses and consumers have the freedom to choose the cryptocurrency or use dollars from their ‘Chivo’ wallets.

Bank of America also believes El Salvador will benefit from becoming a bitcoin hub. This, analysts say, will be especially the case when it begins to attract foreign direct investment, given developments related to bitcoin mining.

The report comes as a surprise given BofA’s“icy” attack on BTC in its March report, in which it stated that Bitcoin had “dirty little secrets” and was only suitable for speculative trading. This came on top of recent criticism from the IMF and the UN Economic Commission for Latin America and the Caribbean.

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