Blockchain
Cryptojacking Attempts Surge in Q2 2020 As Bitcoin Price Increases
As the prices of Bitcoin and Monero have increased since the start of the year, the number of cryptojacking attempts have correspondingly jumped as well.
The post Cryptojacking Attempts Surge in Q2 2020 As Bitcoin Price Increases appeared first on CryptoPotato.

A recent report indicated that as proof-of-work-based cryptocurrencies such as Bitcoin and Monero were increasing in value in 2020, the cryptojacking cases worldwide have surged after a year of continuous decline.
Cryptojacking On The Rise In 2020
The term cryptojacking refers to when an unauthorized person gains access to a computer for mining (or minting) digital assets. These attacks can sometimes be so precise and critical that the victim fails to comprehend what is draining his device’s power for an extended period.
The recent document compiled by the cybersecurity firm Symantec highlighted that these attacks had previously dramatically decreased since the shutdown of the browser-based mining script maker CoinHive in March 2019.
However, the situation has worsened with the start of this year. Another report by the Russian cybersecurity firm Kaspersky informed of a 300% surge in cryptojacking attempts in Q1 2020 alone.
With Q2, Symantec asserted that the browser-based cryptojacking events blocked by the company “saw an increase of 163% compared to the previous quarter.”

The company attributed the growth to the rising prices and interest in proof-of-work digital assets such as Bitcoin and Monero. BTC dumped to its yearly low of below $4,000 during the most intense days of the COVID-19 pandemic in March, while XMR bottomed at $32. With Bitcoin trading at over $11,000 and Monero spiking to above $90 at the time of this writing, both assets have pumped by approximately 180% since then.
Cryptojacking Is A Growing Threat
Reports highlighting examples of cryptojacking attempts often surface from around the world. A recent one pointed out that Mexico and some other Latin American countries have been targeted multiple times since the start of the year. Mexican companies employing cloud services have complained about being particularly vulnerable to such attacks.
The Slovak cybersecurity firm ESET also noted that it had identified and taken down at least a part of a Monero-mining botnet called VictoryGate. The company warned that VictoryGate has been active for over a year and a half and has infected more than 35,000 devices.
Consequently, it’s no surprise that IT professionals consider cryptojacking a severe concern. A recently conducted study outlined that nearly 90% of IT specialists believe such attacks could disrupt personal devices and more complex networks in company offices. However, they also claimed that very few organizations had initiated proper steps to protect themselves.
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Source: https://cryptopotato.com/cryptojacking-attempts-surge-in-q2-2020-as-bitcoin-price-increases/
Blockchain
Bitcoin Exchange Outflow Continues as On-Chain Support Settles at $47K


On-chain analytics provider, Glassnode, has revealed that there is solid support at the $47,000 level for Bitcoin. It came to this conclusion in its latest ‘Week on Chain’ report using analysis from chart guru Willy Woo and data scientist Rafael Schultze-Kraft (@n3ocortex).
It added that Woo noted a significant volume of BTC was transacted on-chain around $45,000, forming an on-chain support level late last week.
Schultze-Kraft highlighted that this support level has actually strengthened to rest above $46.6k, with 1.2 million BTC, or 6.5% of circulating supply, transacting in this zone.
#Bitcoin has held composure around $50k this week despite volatility in traditional markets.
This Week On-chain, we deep dive into how three key network participants managed this correction.
– Miners
– Long Term Holders
– Short Term HoldersSee More👇https://t.co/RdxqSjhc37
— glassnode (@glassnode) March 8, 2021
Is BTC Accumulation Increasing?
Glassnode pointed out that the patterns suggest an increase in accumulation interest at these levels:
“When a large volume of coins move on-chain and an on-chain support level holds, it suggests that there is significant accumulation interest and buyers see it as a ‘value’ entry point.”
However, it also noted that should price fall below this support level, it would become a level where overhead supply may form equally strong resistance.
Using the UTXO Realized Price Distribution metric, which shows which prices the current set of Bitcoin unspent transaction outputs were created, the on-chain support level at $47k is the largest since prices were $11k, it added.
“This range now represents one of the largest on-chain BTC accumulation levels in history, certainly the largest since the last cycle’s $20k ATH was breached.”
The balance of Bitcoin on exchanges also continues to decline which could indicate readying to sell or hodling in cold wallets. The report added that throughout February the rate of miner sales was declining, whereas today, it is almost net neutral meaning that miners could be accumulating also.
Bitcoin Price Update
At the time of press, Bitcoin was changing hands for $54,150 according to Tradingview which has reported a 24 hour gain of almost 7%.
It is the highest the asset has traded since Feb. 22 when it was falling back from the all-time high of $58,250 the previous day. Bitcoin is currently facing resistance here and needs to break above $55,900 to make a move towards a new ATH.
On the downside, support can be found in the $48,000 region however BTC is currently in the process of forming its fifth green candle in a row so the bulls are running the show at the moment.
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Source: https://cryptopotato.com/bitcoin-exchange-outflow-continues-as-on-chain-support-settles-at-47k/
Blockchain
Coinbase is Valued at $100 Billion Before Direct Listing on the Nasdaq


Coinbase has yet to go public, and the markets are already on fire in anticipation of the most awaited direct listing in the cryptocurrency world and the what will be the first major listing ever recorded on the Nasdaq.
An independent valuation based on the price of its shares in private markets determined that Coinbase has a potential valuation of between $90 billion and $100 billion before its direct listing.
During its Pre-Listing Days, Coinbase Went Up
According to activity in late February, this price would far exceed a previous valuation of $77 billion. At the time, confidential sources told Coindek that as the “big day” approached, speculators were bidding higher and higher on the stock.
“The third weekly transaction closed on Friday and the clearing price was $303 a share. The first week it was 200 bucks a share, the second week it was $301 a share, and the third week it was $303 a share. So you can kind of see price discovery happening.”
Bloomberg reported that, during the last day of private trading before the direct listing, investors traded Coinbase stocks at a range between $350 to $375, which would raise Coinbase’s valuation by as much as 33% in a matter of weeks, and over 300% higher than what analysts expected for its IPO (priced at just $28 million).
Before going public, credited investors could trade Coinbase shares on the Nasdaq Private Market, a restricted market with low volume and high volatility, where a limited number of participants can speculate on the price of some shares of companies that are not yet publicly traded.
The numbers, however, do add up to its expected performance. After registering a bad year during the bear period of the crypto markets back in 2018, Coinbase grew to become the colossus it is today.
Coinbase filed paperwork to list on NASDAQ exchange. The highlights from their S-1 document shows:
-CEO, Brian Armstrong’s 2020 earnings: $60 million
-2020 Revenue: $1.2 billion
-Assets Under Management: $90 billion
-Verified Users: 43 million#BTC #Cryptohttps://t.co/U80EZHbXZo— Kenneth Omoya (@KennethOmoya) March 1, 2021
A Small Step for a Crypto Exchange, a Giant Leap for the Crypto Industry
Due to its characteristics, the private market is not necessarily an accurate indicator to determine what will happen when Coinbase becomes publicly available; however, it is an excellent reference to see what the markets expect to happen… And the future looks promising.
And we’re not just talking about Coinbase, but almost the entire cryptocurrency ecosystem. Coinbase going public is one of the most significant supports for the crypto industry in recent times.
The United States is one of the countries with the highest volume of exchange trading, has one of the world’s largest GDPs, concentrates a significant number of cryptocurrency startups, and yet is known for having strict laws when it comes to digital assets.
A stock exchange listing could provide an additional layer of legitimacy in the eyes of potential new users, stimulating the growth of its customer base. This would simply accelerate a trend that has been growing over time, especially in the aftermath of the COVID-19 market crisis.
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Source: https://cryptopotato.com/coinbase-valuation-100-billion-usd-before-direct-listing-nasdaq/
Blockchain
Bitcoin price cracks major resistance as analyst eyes $70K ‘destiny’

Bitcoin (BTC) tackled pivotal $52,000 resistance overnight on March 9 to come within 6% of historical all-time highs.

BTC price hits 2-week highs
Data from Cointelegraph Markets and Tradingview showed BTC/USD hitting local highs of $54,500 on Tuesday.
The latest attempt to break out of its sideways trading corridor, the move was still consolidating at the time of writing. Amid heavy volatility, a retracement on the day targeted $53,500 — still above crucial resistance.
As Cointelegraph reported, analysts were eyeing $52,000 as a line in the sand for securing the next stage of the Bitcoin bull run.
While the weekend produced healthy upside, Bitcoin had still to cement even $50,000 as strong support as the week’s trading began.
On the back of 24-hour gains topping 8%, however, the picture on Tuesday was fast improving, after evidence showed that $47,000 had become conspicuously strong support.
“Bitcoin jumps >$54k aided by more signs of institutional interest in the largest cryptocurrency,” markets commentator and contributor to German news daily Die Welt, Holger Zschaepitz, summarized to Twitter followers.
“Institutional interest sets the latest bull run apart from 2017’s retail-driven surge, Goldman says. Much of the institutional demand has been driven by fears around asset devaluation.”
Zschaepitz was referencing findings from Goldman Sachs, which among other things also revealed that 40% of its own clients already have exposure to cryptocurrencies.
Analyst on $70,000 Bitcoin: “Destiny awaits”
The institutional picture became even more bullish on Monday after one of Norway’s richest people launched a Bitcoin-focused spin-off firm using BTC as its sole treasury asset.
“Bitcoin can be verified, divided, re-assembled, stored, and transported at virtually no cost. It’s the perfect scarce digital asset. By design,” Kjell Inge Røkke wrote in a widely-circulated shareholder letter.
“All that’s required to keep the network running, is allocating the cheapest electricity in the world. Electricity secures the network. No trusted parties or people with guns are needed. I call that progress.”
Elsewhere, hodlers were watching a bullish setup unfold in Bitcoin’s daily moving average convergence/ divergence (MACD) indicator, which on Monday was primed to repeat behavior which previously resulted in February’s march to $58,300 record highs.

“Destiny awaits,” Cointelegraph Markets analyst filbfilb added in an update to Telegram channel subscribers, highlighting a target area of $70,000 and higher using Fibonacci levels.
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Source: https://cointelegraph.com/news/bitcoin-price-cracks-major-resistance-as-analyst-eyes-70k-destiny
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