October 10, 2018
QUOTE OF THE DAY
Too many people spend money they earned..to buy things they don't want..to impress people that they don't like.
- Will Rogers
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| COIN | PRICE | 24H |
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| BTC | $6,578.11 | -0.59% |
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| ETH | $226.68 | -0.09% |
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| XRP | $0.469383 $ | -1.22% |
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| BCH | $512.84 | -0.39% |
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| EOS | $5.90 | +0.70% |
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*Information as of 9:30 AM EST
Implosion or Explosion: A Tale of Two Sentiments
Bitcoin's volatility is hitting new lows for the year and analysts are starting to talk about whether this narrowing price range will break soon.
Many experts agree that the market is already overdue for a large swing, But the question is: Will the markets implode or explode?
Preparing for the worst
Yesterday, Bloomberg reported findings from Juniper Research that suggests the market could be on the brink of implosion.
According to the research, Bitcoin daily transaction volume has fallen from 360,000 in late 2017 to just 230,000 this September. More alarming though is the finding that, in the same period, daily transaction value has fallen from over $3.7 billion to less than $670 million.
To Juniper Research, the sharp decline in transaction volume and value is a tell-tale sign of a weakening market.
On top of that, Juniper Research concluded that the cryptocurrency market failed to rally amidst troubles in traditional financial markets including the strained China-U.S. trade relations and Brexit-related issues in Europe - a fact Juniper believes cuts through the theory that the crypto market is a good alternative to markets experiencing turmoil.
However, while Juniper is preparing for the worst, some experts see nothing but green days ahead.
Upward pressure is building
One such analyst, Ran Neuner of CNBC's Cryptotrader show, is claiming that the price of Bitcoin is "about to explode."
To defend his argument, Neuner reasons that if Bitcoin can run from $6,691 to $20,000 in just five weeks last year "on the back of the expectation and launch" of Bitcoin futures, an impending Bitcoin exchange-traded-fund (ETF) decision will provide far stronger gains since ETFs "require actual purchase of Bitcoin."
Neuner is so confident in the move that he tweeted "I just bought Bitcoin for my parents" alongside his prediction.
Regardless of direction, decision day is close
Though eToro senior market analyst Mati Greenspan is also bullish on Bitcoin, he explained that Bitcoin is heading into a "classic breakout pattern" and that the current level of volatility is a tell-tale sign that a breakout is imminent, regardless of direction.
Sentiment Check: What's your outlook on the crypto market?
Bullish
Bearish
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'Bitcoin Rat' Placed in Front of New York Federal Reserve Building
What is a 'Bitcoin rat'?
Nicknamed "The Warhol of Wall Street", former hedge fund manager and artist Nelson Saiers has now created a Bitcoin-themed inflatable rat that is covered in math equations, code, and other references to Bitcoin and its protocol.
Saiers placed the rat out front of the New York Federal Reserve Building and will display it for a few days as a method of protesting the state of the economy and the role of the Nation's Central Bank.
It is meant to be a reminder to powerful bankers that the people have begun to take power of the world's monetary policy and that Bitcoin can snatch their power from them.
Saiers made a clever comment about the use of the rat as imagery:
"Warren Buffett called bitcoin 'rat poison squared' but if the Fed's a rat, then maybe rat poison is a good thing."
SpankChain Loses $40,000 Due to Smart Contract Bug
SpankChain got...spanked
On Saturday, a hacker made off with almost $40,000 worth of Ethereum (ETH) after SpankChain, a cryptocurrency focused on the adult entertainment industry, fell victim to a smart contract bug that sucked 165.38 ETH into a malicious wallet.
According to SpankChain's offical blog post, a hacker exploited a "reentrancy" bug similar to the bug that exploited The DAO in 2016 when a smart contract leaked over 3.6 million ETH.
Allegedly, the exploit came after the cryptocurrency had skipped a security audit for the smart contract because the associated costs were too high.
Sweeping up
While majority of the stolen funds actually belonged to the project, over $9,300 were user funds.
Doing the right thing, SpankChain told its community that it would cover the cost of lost user funds by directly sending refunds to the affected customers' SpankPay accounts.
In addition, SpankChain is completing an "in-depth investigation of the attack" while it plans to launch a new secure smart contract.
But wait, there's more...
- Bitcoin (BTC) and Bitcoin Cash (BCH) services firm Bitcoin.com is planning to buy or set up its own crypto exchange.
- International business media outlet Forbes has partnered with blockchain-based platform Civil to publish its content on a decentralized network.
- Banco Santander announced the expansion of its Ripple (XRP)-powered OnePay FX Platform to other European countries.
Monero (XMR)
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