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Bitcoin (BTC) Lacks Steady Support and Awaits Possible Breakout

Bitcoin continues to trade around $9.2k while the altcoin market experiences steep surges as the smart contract-based blockchain platforms make breakthrough developments and extend their services in all the possible sectors. BTC price trend has been moving with almost a flattish curve over ten weeks now with the intermittent rise and dips at $10.5k and …

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Bitcoin continues to trade around $9.2k while the altcoin market experiences steep surges as the smart contract-based blockchain platforms make breakthrough developments and extend their services in all the possible sectors. BTC price trend has been moving with almost a flattish curve over ten weeks now with the intermittent rise and dips at $10.5k and $8.8k, respectively.

Although Bitcoin turns flat and lacks momentum, BTC lovers and loyalists are not hopeless and await the possible breakout anytime soon. BTC is notably distant away from losing its charm this soon and is marking recognizable entries in all the possible branches.

It was just in the recent past when Bitcoin was encircled by PayPal’s contemplation to introduce direct sales of crypto assets and extending services to store their crypto using its digital wallet. However, the recent upgrade about the previous news, the massive tech giant legitimately confirmed that it is in action to develop capabilities in the cryptocurrency space. PayPal has 300+ million users, and this is going to be a big leap for crypto investors to have it all in one place.

Just as mentioned above, although Bitcoin lacks momentum, the spark is not gone, and in recent news after PayPal’s, Zimbabwean authorities suspend the services of Mobile Money Operators (MMO) after endless clashes. Now, it plans to opt for Bitcoin, and Zimbabweans have realized sooner than later that BTC is much more beyond being just an investment and avenue and cannot be banned if it is started using by masses efficiently and effectively.

Bitcoin Price Analysis

Bitcoin News
BTC/USD Chart By TradingView

Bitcoin, irrespective of recent news regarding the increase in its use case, is not performing well on the trading front as the price stagnates. BTC/USD price trend on the 8-hourly chart confirms the lack of traction over the past ten weeks now with a brief rise above $10k and dips below $9k.

BTC is holding strong support at $8.8k, and a break below $8.8k till $8.5k will be a turn towards being bearish. The 20-day Bollinger Bands are seen squeezing as the breakout is overdue. However, the historical data speaks that Bitcoin and other influential cryptos have pumped right after the alt season, and we await the same.

The technicals are confirming the lack of traction, and the MACD has turned flat with intraday bearish candlesticks, and the RSI of BTC is lying at 48.79 with no trading extremities seen.

Source: https://www.cryptonewsz.com/bitcoin-lacks-support-and-awaits-possible-breakout/

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Ethereum Prices Set to Surge as Beacon Chain Genesis Nears

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The primary catalyst could be just around the corner, however, as ETH 2.0 genesis inches ever closer.

Since the beginning of this year, Ethereum prices have gained 170% from below $140 on New Year’s Day to current levels of around $380. There is no doubt that the primary driver of demand has been the DeFi sector which has surged itself by 200% in terms of Ethereum locked up.

Today, there are almost 9 million ETH, or nearly 8% of the entire supply, locked across various DeFi protocols according to DeFi Pulse. That demand for yield farming has driven ETH prices this year as they outperform Bitcoin which has only made around 62% over the same period.

Ethereum
ETH prices YTD – tradingview.com

Beacon Chain a Bigger Driver

A bigger move could be on the cards for Ethereum before this year is out as lead developers have hinted at a Beacon Chain genesis in around six weeks’ time. As recently reported by CryptoPotato, ETH 2.0 testing phases are coming to an end as the launch of the real thing nears.

Commenting on the dwindling participation on the Medalla testnet, ConsenSys developer Ben Edgington stated that this is unlikely to be the case on Beacon Chain when it delivers real staking rewards;

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“To be fair, I don’t expect this situation to arise on a network with real value at stake. People will be working hard to keep the network finalising. It’s exactly why we need to move on from the testnets now.”

When people asked if the testnet was ‘broken’ he added it has low participation because people are bored of testnets. At the time of writing, there was just over 50% network participation and it needs 66% to reach finality.

It is for this reason that the teams behind the testing and development of ETH 2.0 want to push out the real thing within the next six weeks or so. Edgington has already stated that the deposit contract is good to go and may even launch this week.

ETH Price Outlook

Industry observers and crypto traders have labeled this an accumulation phase for Ethereum, which is still 73% down from its all-time high.

On-chain metrics suggest that a large amount of it has not moved in over a year which indicates that investors are hodling in anticipation of the Phase 0 launch. The bullish case for Ethereum is mounting; and even the CFTC Chairman Dr. Heath Tarbert recently said how impressed he was with the asset.

Once the ETH 2.0 genesis date is made official, a rapid move back into the $400 zone is highly likely.

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Source: https://cryptopotato.com/ethereum-prices-set-to-surge-as-beacon-chain-genesis-nears/

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CryptoLocally Lists Native Token GIV On Bithumb Global

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[PRESS RELEASE – Please Read Disclaimer Below]

Peer-to-peer cryptocurrency trading platform CryptoLocally announced today that it has listed it’s native token, GIV, on Bithumb Global. CryptoLocally recently held a private sale for GIV, followed by the successful GIV Bonding Curve Distribution Event which allowed the public to purchase the token as well.

In the near future, CryptoLocally plans to allow the CryptoLocally community to have more influence over the governance of the platform through GIVernance. The release of the Finance Wallet, CryptoLocally’s DeFi feature, has been the first step toward the company’s goal of bringing DeFi to the masses and making financial inclusion possible. Soon, in addition to earning interest on ETH, DAI, USDT, USDC, UNI and GIV which is already possible through the Finance Wallet, users who invest into vault pools will be able to optimize yield through CryptoLocally Vaults (CLVs), non-custodial smart contract based algorithms deployed across multiple chains.

giv_pr-min

These recent developments and planned features related to GIV will be strengthened by GIV’s listing on more exchanges. For this reason, this first listing on a centralized exchange is important to the future growth of the token and the CryptoLocally platform. When asked about the significance of the partnership with Bithumb, Jae Chung, Co-Founder and Chief Engineer at CryptoLocally, stated:

We’re very excited to have Bithumb Global as our very first centralized exchange listing partner for GIV. Both CryptoLocally and Bithumb Global have been growing extremely quickly in the last year, and we hope this partnership will fuel this growth even further.”

It is clear that being listed on it’s first centralized exchange, and one that has a current cumulative transaction volume that has exceeded 1 trillion U.S. dollars, will help CryptoLocally and GIV grow faster. Trading GIV will now be much easier for the GIV/CryptoLocally community.

What is CryptoLocally?

CryptoLocally is a non-custodial P2P cryptocurrency trading platform with a smart contract escrow that provides additional security to users. CryptoLocally’s smart contract escrow eliminates third party involvement in trades, providing a true decentralized trading experience. For each trade completed on the platform, users earn GIV, CryptoLocally’s native token.

A DeFi feature, the Finance Wallet, was recently added to the platform, allowing users to earn staking rewards on ETH, DAI, USDC, USDT, UNI, and GIV.

As the first P2P exchange to integrate a DeFi feature, CryptoLocally is leading efforts to create a decentralized financial future that is inclusive and easily accessible to anyone.

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Source: https://cryptopotato.com/cryptolocally-lists-native-token-giv-on-bithumb-global/

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Telecoms protocol from 1975 exploited to target 20 crypto executives

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Hackers compromised the Telegram messenger and email accounts of multiple cryptocurrency executives last month by exploiting a vulnerability in a decades old protocol. 

The fraudsters are believed to have been trying to intercept two-factor authentication codes of victims in an attack on Israel-based telecommunications provider Partner Communications Company, formerly known as Orange Israel.

The attacks are currently being investigated by Israel’s National Cyber Security Authority, and national intelligence agency Mossad.

According to cybersecurity publication Bleeping Computer, the devices of at least 20 Partner clients were compromised.

Israel-based cybersecurity firm Pandora Security’s analysis of the event suggests the devices were likely breached via a Signaling System 7 (SS7) attack. SS7 comprises a set of protocols that are used to facilitate the exchange of information within public switched telephone networks (PSTNs) interacting over digital signaling networks.

Hackers can exploit SS7 to intercept text messages and calls by using a roaming feature and “updating the location of their device as if it registered to a different network.”

Despite first being developed in 1975, the SS7 protocol is currently in widespread use globally.

Pandora co-founder Tsashi Ganot warned that national governments must update their telecommunications infrastructure to protect against modern security threats.

He said the hackers had also impersonated their victims on Telegram in unsuccessful attempts to lure close acquaintances into making crypto trades:

“In some cases, the hackers posed as the victims in their [Telegram] accounts and wrote to some of their acquaintances, asking to exchange BTC for ETC and the like […] as far as we’re aware no one fell for the bait.” 

The SS7 attacks are reminiscent of SIM-swapping that reassigns the phone number associated with a victim’s SIM-card to a device under the hackers’ control. 

U.S.-based telecom providers have faced multiple lawsuits from crypto executive clients that have been targeted by SIM-swap attacks.

Source: https://cointelegraph.com/news/telecoms-protocol-from-1975-exploited-to-target-20-crypto-executives

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