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Binance Freezes Tokens from Hacked Cryptopia Exchange

New Zealand-based crypto exchange Cryptopia was hacked two days ago. The thief (or thieves) made off with approximately $3.6 million in cryptocurrency. Now, the biggest cryptocurrency exchange, Binance, has frozen tokens sent to its wallet by the alleged hackers.

Binance Freezes Tokens

According to Binance CEO Changpeng ‘CZ’ Zhao, the exchange reportedly received an unspecified amount of cryptocurrency that social media users noted looked suspicious. The transactions were coming from addresses known to be related to the Cryptopia hack.

Cryptopia currently remains shut down while police investigate the hacking.

The Frozen Tokens

CZ spoke on the matter and said Binance staff are holding the tokens while the investigation is underway. The tokens arrived on the exchange in several batches of MTL coins valued at $7,830 and KNC tokens valued at $6,867 at the time of writing.

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Speaking on Twitter CZ showed his surprise at the hacker’s decision:

“[Binance was] able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high risk maneuver for them.”

Cryptopia Hack

Cryptopia itself has been unable to comment on events surrounding the hacking because of the police investigation. As a result, we don’t know an awful lot about the events leading up to the hack. One suspicion has arisen over large sums of tokens being moved on the exchange in the days preceding the attack. A positive move was that Cryptopia revealed it to investors immediately and didn’t try to hide it as has been an issue in similar past incidences.

Hacking on crypto exchanges is nothing new. Unfortunately, the regularity of hacking is a big reason why cryptocurrency has faced difficulty with mainstream adoption. The risks associated with trading the coins is considered far too volatile for major industry and financial bodies.

Featured Image: Depositphotos © NadaK2

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Bitcoin Price | Another Sudden Sell-Off After a Steady Month

At this point, there doesn’t need to be a reason for Bitcoin price to drop suddenly. The market is so volatile by nature it is almost pointless to look for why. So, in true fashion, yesterday’s sudden sell-off confirms just that.

There was no major market news reported, and despite this, Bitcoin price dropped 10% in a 24-hour period. Go figure.

The drop ended what was a (relatively) steady month for the coin.

Bitcoin Price Drop

Of course, where Bitcoin goes, others tend to follow, and so the entire market entered another period of sell-offs yesterday. Until this point, you could almost believe that the market would recover from December 2017’s mighty crash.

At the time of writing, Bitcoin price is valued at $3,693.

Crypto Market

The Bitcoin price decline was bad, but it wasn’t the worst. Other altcoins fared worst yesterday. Some of the day’s biggest losers included Ethereum (ETH), which traded down 15.4% selling for $126.31. Ripple (XRP) was also down 11.1% selling for $0.33. Litecoin (LTC) was down 14.9% at $32.99, and Bitcoin Cash (BCH) was down 16.8%, selling for $131.92.

According to CoinMarketCap, the entire cryptocurrency market value was down 10.6% in the 24-hour period, standing at $122.7 billion.

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Volatile

As stated, the crash needs no explanation, and no doubt won’t be the last. Bitcoin is a different looking coin in 2019 than it was in 2017. At its current value, Bitcoin price is down 80% what it was worth from its peak in December 2017.

It is for this reason that many people are torn over cryptocurrency’s ability to serve as a viable form of currency usable in everyday situations. The underlying technology of the blockchain underpinning every coin is considered a technological achievement useable for many purposes. The coins, as a payment system, however, tell a different story.

Featured Image: Depositphotos © sinenkiy

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Bitcoin Price | Holding Steady Near $3,800, Corrections Across the Market

Bitcoin price is currently down 2% on the day and selling for $3,792. Today’s action is reminiscent of previous days in the week where the coin has dropped a few percents but then gained a few more and vice versa.

Bitcoin Price

Disappointingly, the coin has failed to break back above the $4,000 mark that it fell below one month ago. It seemed like it might do that this week, as we saw several bursts. However, Bitcoin price remains steady as it holds firmly, and predominantly, between the $3,800-$3,900 price points.

Despite today’s red hue, overall, Bitcoin price is trading up 3.5% on the week. We are in a very strange time for Bitcoin, and it’s hard to predict if this trend will stay much longer or if there is another dramatic fall on the horizon. Comparatively to the beginning of 2018, Bitcoin in 2019 looks set to be a totally different beast.

Top Twenty

All the top twenty coins today are seeing some further corrections after the market tipped into the red yesterday.

Ripple’s XRP has lost even more than Bitcoin. XRP is down over 3% and selling for $0.35 at the time of writing. This brings the coin close to full circle on its weekly and monthly charts.

Also down is recently forked Bitcoin SV (BSV), IOTA (MIOTA), and Bitcoin Cash (BCH). All these coins are experiencing bigger losses around the 4% mark.

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Ethereum (ETH)

Ethereum is putting Bitcoin price to shame. The second largest coin by market cap is the only gainer in the top ten today.

It is in the green only by 0.5% and selling for $150 at the time of writing. But on its weekly chart, ETH is fairing much better as it is 28% in the green. It has also grown an impressive 34% on the month.

Ethereum looks set to capitalize from the launch of new European digital trading platform DX.Exchange. The platform offers fully EU-regulated, tokenized stocks on the Ethereum blockchain and kicks off next week. Excitingly, DX uses Nasdaq’s Financial Information exchange (FIX) protocol to deliver the product.

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Bitcoin Gains 18% | Quinone CEO Says 2019 Will Bring New All-Time High

Despite Bitcoin’s intense price drop in recent months, some still believe it is going to turn it around next year. And there’s nothing to say it definitely won’t; in the last three days, Bitcoin has packed on 18% in gains.

Sudden Gains

The world’s largest cryptocurrency by market cap jumped from $3,181 to $3,776 in under three days, proving further that nobody can truly know where this coin is headed next.

One advocate for its future upturn is Mike Kayamori, CEO of Quinone, a Japan-based crypto exchange platform. Speaking with Bloomberg TV, Kayamori believes that by the end of 2019, Bitcoin won’t just have increased its price, but it will hit a new all-time high. Is he just being hopeful or is there anything to back this up?

Promising 2019

The future can always appear promising, but 2018 has been anything but for Bitcoin. The crypto market has been truly bearish all year, wiping 80% of its value off the board since January. Bitcoin was priced at around $20,000 this time last year; now it is struggling to stay above $3,000.

There have been some brief bullish runs here and there, but overall, Bitcoin has been on a steady downward spiral for most of the year. It doesn’t help that it’s taken most altcoins with it.

>> Spencer Bogart: Bitcoin Price Can Go Lower or Higher, Either Way It’s a Good Asset

Lack of Newness

But for Kayamori, the reason for the current state of Bitcoin is simply a lack of newness in the crypto market. Believing that “there’s nothing new, no catalyst” to propel the market forward, he could be right. Cryptocurrencies grew their value from hype, after all, and there has been very little newness to continue the momentum.

But what is new in Kayamori’s opinion is that Japanese exchanges are adapting to Japan’s regulations and the country is open to more industry players. This, he thinks, will help to spur on adoption, at least in Japan anyway.

The CEO also went on to say that the arrival of Fidelity Digital Asset Services by Bakkt, as well as other investor-focused products in early 2019, will give “new momentum and sentiment” and could drive a bullish Bitcoin rebound.

Featured Image: Depositphotos/© dmvasilenko

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Bitcoin Price | Spencer Bogart Says Lower or Higher, Either Way it’s Good

As we wrap up 2018, crypto players are starting to publicly come out with their Bitcoin price forecasts for the new year. Some are bearish, using the fact that BTC was nearing $20 thousand this time last year. Others, however, continue to be bullish. Spencer Bogart of Bitcoin Capital is one of the latter.

Spencer Bogart Remains Bullish of Bitcoin Price

In a recent interview with CNBC, when asked whether he believes BTC will hit $50,000, Spencer Bogart said yes, but maybe not as soon as bulls are forecasting.

“Absolutely it can go that high,” said Bogart, “how long will it take, I’m not sure.” That’s a different but realistic approach to the future of Bitcoin price, compared to someone like Tom Lee, who reiterated his $15 thousand year-end prediction last month.

What Caused the Downward Slide?

The crypto market is aware of the downward tumble in the Bitcoin price. However, players remain divided as to what the cause of it was. Was it because Bitcoin was never meant to succeed? Just another Ponzi scheme? Bears may agree. Or, was it because of the individual players buying the digital currency, not being mature enough to learn the ropes before climbing up them?

For Spencer Bogart, co-founder of Bitcoin Capital, he is of no opinion. He is simply ignoring the BTC price.

Bogart said that if you ignore it, it becomes evident that 2018 has been a “fantastic year” for the digital currency. “This is the first year we have started to move to scale Bitcoin with a lightening network where you can transact extremely quickly and extremely cheaply,” explained Bogart.

>> Has Tether Told the Truth All Along? Bank Statements Say 1 For 1

A Signal to Buy In?

In the CNBC interview, Bogart said: “I think it’s a great buy in opportunity right now.” Does he deny that Bitcoin will probably drop lower? No; “Could we go lower?” Bogart asked, “absolutely.” But that’s what makes it such a great opportunity. “I think anywhere between here and $2,000 and $1,000 is a great buy in opportunity.”

He added that in 24 months, people may look back and say “why didn’t I buy now?” The interviewer didn’t seem to support the idea as much, jokingly responding back saying “I hope so. I hope it’s not more of a question of why did I buy then?”

The Takeaway

Some people are worried about the Bitcoin price lingering around $3,000, but Spencer Bogart is not one of them. Everyone is different, though.

What direction do you think BTC is headed in for the new year? Let us know in the comments below.

Featured Image: Depositphotos/ulchik74

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