Blockchain
Bitcoin Drops Below Five-Figure Range; Are Further Slips Imminent?
Well, it happened folks. Bitcoin – the world’s number one cryptocurrency by market cap – has sunk below its long awaited five-figure, $10,000 line. After more than a month of trading higher than it’s been in a year, the currency has sunk massively and is now trading for about $9,900 even. Bitcoin Sinks Below $10,000…
The post Bitcoin Drops Below Five-Figure Range; Are Further Slips Imminent? appeared first on Live Bitcoin News.


Well, it happened folks. Bitcoin – the world’s number one cryptocurrency by market cap – has sunk below its long awaited five-figure, $10,000 line. After more than a month of trading higher than it’s been in a year, the currency has sunk massively and is now trading for about $9,900 even.
Bitcoin Sinks Below $10,000
This is well over $2,000 less than where it was just a week ago. Back then, the currency was rising beyond the $12,000 line and it looked like maybe, just maybe the currency was going to retain this momentum. For once, it really looked as if the currency was going to sustain its present bullish sentiment and keep its strength in check.
Sadly, it was not meant to be. It seems like whenever bitcoin spikes heavily, it’s bound to fall again in the coming days or weeks. There’s something about these high numbers that bitcoin just doesn’t appear cut out for. It’s not fair, it’s not pleasant, but it does seem to be the case.
There is some sort of curse meandering about the bitcoin space as of late considering every single day, the asset drops more and more. Just yesterday, Live Bitcoin News was warning readers that analysts were concerned about the bitcoin price falling even further. They thought that if bitcoin were to drop below $10K in the coming weeks, things would really reverse themselves. The coin would potentially fall into a bearish trap that it would have a rather hard time getting out of.
Now that this dreaded number has occurred, what is next for the cryptocurrency? Will it sink even further into oblivion? Will the currency fall back towards $7,000 or lower like it did near this time in 2019? We’re witnessing a barrage of repeat behavior when compared with last year. The asset rose to $13,000 in the summer, though by the end of 2019, the currency had lost more than $6,000 in price and was trading at a rather lackluster price.
Still Hope for the End of the Year?
So, will 2020 conclude with the same results? Will we witness bitcoin trading for $7,000 or $6,000 again? Will it retreat to where it was at the beginning of the year? It’s always a shame to see the world’s primary cryptocurrency make so little progress over the span of several months. As we all remember, bitcoin was trading in the $7,000 range in January. By March, it had fallen into the $5,000 range due to the coronavirus spread, though three months later, the world saw BTC trading for $10,000.
It would be a real shame to see all these gains rapidly wiped away in the coming months. Perhaps there is still hope in that the U.S. presidential election is heating up, which as we saw in 2016, tends to send BTC into a bullish price whirlwind. Maybe there’s still hope.
Blockchain
Craig Wright Sues Bitcoin Developers Over Stolen BTC Worth $5 Billion


The self-proclaimed Satoshi Nakamoto, Craig Wright, has filed yet another lawsuit within the cryptocurrency industry. This time, he has targeted the developers of BTC, BCH, BSV, and BCH ABC requesting that they retrieve access to BTC stolen from his personal computer worth about $5 billion.
CSW Sues BTC Developers Because he was Hacked
Wright has publicly claimed that he is the person behind the Bitcoin network for years – Satoshi Nakamoto. This narrative, which lacks any conclusive evidence, has been highlighted once more by the latest law firm that will represent him in his most recent lawsuit against representatives of the cryptocurrency space.
Ontier, a UK-based litigation law firm, has published a press release asserting that it has informed the developers of Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), and Bitcoin Cash ABC (BCH ABC) of the lawsuit.
With these “ground-breaking legal proceedings,” the firm acts on behalf of Tulip Trading Limited (TTL) – a Seychelles-based company with a primary beneficial owner – Craig Wright. The nature of the lawsuit is somewhat controversial, to say the least.
“In February 2020, Dr. Wright’s personal computer was hacked by persons unknown and encrypted private keys to two addresses, which hold substantial quantities of Bitcoin belonging to TTL, were stolen. These assets were, and continue to be, owned by TTL. The theft is the subject of an ongoing investigation by the Cyber Crime division of the South East England Regional Organized Crime Unit.”
Consequently, the lawsuit has requested that the developers “enable TTL to regain access to and control of its Bitcoin on the grounds that they owe Bitcoin owners both tortious and fiduciary duties under English law as a result of the high level of power and control they hold over their respective blockchains.”
Per their estimation, the sizeable amount has a value of over £3.5 billion or about $5 billion.
More to Follow?
Paul Ferguson, a Partner at Ontier, commented that Wright, the supposed creator of BTC, has “always intended Bitcoin to operate within existing laws.” Moreover, he believes that the Bitcoin developers have the power and obligation to deploy code to “enable the rightful owner to regain control” of his assets.
Should Wright’s lawsuit succeed, others in a similar position could follow suit, added Ferguson.
Craig Wright is no stranger to initiating lawsuits against crypto industry representatives. In his previous one, his lawyers requested two Bitcoin-related websites to remove the BTC whitepaper, which received quite adverse reactions from the community.
Featured Image Courtesy of TheConversation
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Blockchain
All of the Federal Reserve’s wire and ACH systems are down


All of the services available through the Federal Reserve’s online portal have been down for more than an hour.
According to the Federal Reserve Bank Services’ website, the bank is experiencing a disruption in its account services, central bank, Check 21, check adjustments, FedACH, FedCash, FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, Fedwire Funds, Fedwire Securities, and National Settlement — all services typically available — which started at 6:18 PM UTC today. In addition, all the access solutions that the Fed offers, with the exception of FedMail, are also offline.
Washington Post reporter Rachel Leah Siegel reportedly received an alert from the Fed saying its staff were “currently investigating a disruption to multiple services” and would “continue to provide updates as soon as they are available.”
“A Federal Reserve operational error resulted in disruption of service in several business lines,” said Jim Strader from the Federal Reserve Bank of Richmond. “We are restoring services and are communicating with all Federal Reserve Financial Services customers about the status of operations.”
This story is developing and will be updated.
Source: https://cointelegraph.com/news/all-of-the-federal-reserve-s-wire-and-ach-systems-are-down
Blockchain
Why it’s critical to monitor Bitcoin miners’ position over the next 2 weeks

The narrative of a bear-led correction is always around, even during the headiest of bull runs. A similar situation is unraveling at the moment, with many still expecting Bitcoin’s performance to take a more calamitous turn.
At press time, while Bitcoin had recovered to climb north of $50,000, some key on-chain metrics seemed to suggest that selling pressure might not be done yet, especially on the miners’ side.
Bitcoin Miners’ Outflow Multiple, Volumes on the rise
According to Glassnode data, Bitcoin Miner Outflow Multiple climbed to touch a monthly high after BTC’s decline on the charts. The aforementioned metric relates to the period of time when the amount of Bitcoin flowing out of miners’ addresses is higher than the historical average.
Alongside the same, Outflow volumes of Bitcoin miners also climbed to a 1-month high with over $4.5 million on a 7-day average.
Now, while at first glance that may sound concerning over the short-term, the fact of the matter is that the long-term perspective is still in the green.
The Miners’ Position Index is a good example. When the market was correcting back in mid-January, the MPI had surged to a high of 12.65, underlining extremely high selling pressure from miners (An Index reading of over 2 suggests that a majority of miners are selling). On the contrary, the latest drop in Bitcoin’s price pushed the MPI only up to 3.50, with the same down to 2.56, at press time.
Further, additional data seemed to suggest that small miner outflows may have contributed to high outflow volumes since these entities need to balance out their cash reserves on a consistent basis.
Bitcoin hashrate and difficulty is still relatively high
The relative hashrate for Bitcoin has dropped over the course of February, but it is important to note that over the past 3 days, the relative change is very negligible. In fact, the current hashrate is still well above 2020’s highest rate, a finding that means that miners are still active and possibly profitable, despite corrections being the norm for most of the past 24-36 hours.
On the question of mining difficulty, the attached chart seemed to suggest that the difficulty was at an all-time high on 23 February with a hashrate of 21.724t. With a difficulty adjustment imminent on the charts, a minor correction would mean that bear-led corrections would not be dragged forward due to miners’ activity.
That being said, it remains critical to monitor miners’ position over the next couple of weeks.
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