HOLIDAY NOTICE: Blockchain Bites will publish next on Monday, Dec. 2. Happy Thanksgiving to our US readers. _____________________________________________
KEEP CALM AND HODL: Don't panic! That's the message from several bullish experts to anyone spooked by bitcoin's recent brutal sell-off. Taking a macro perspective, there are at least three plausible reasons to think the downturn may only be a hiccup for bitcoin, they say. Full story
EXCHANGE THEFT: South Korean crypto exchange Upbit suffered a theft of cryptocurrency worth $49 million. The firm’s CEO said Wednesday morning that an abnormal transaction from its wallets had resulted in the outflow of 342,000 ether (ETH), a loss the exchange will cover with its own assets. Full story
BITCOIN BLACK FRIDAY: The holiday shopping season is upon us, and bitcoin users now have more opportunities than ever to spend and earn crypto. Many crypto exchanges slash rates and trading fees over the Thanksgiving weekend in the U.S. It’s also a prime time to shop for hardware products. Check out how to shop like a bitcoiner here
IRS BLOW: A federal judge has denied a Washington state resident’s petition to stop the U.S. tax agency from gathering data about his bitcoin holdings from the Bitstamp exchange. In a ruling Monday, the judge instead ordered the IRS to narrow the scope of a summons it had issued to Bitstamp in a ruling that rejected the right to financial privacy. Full story
RETAIL FIRST: One of China’s first goals with its central bank digital currency is to facilitate retail payments, a former senior official said Monday. Former head of the People’s Bank of China Xiaochuan Zhou said the “other goal is cross-border payments for international financial institutions,” which may follow later. Full story |
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| CHANGING TIDE? Bitcoin is flashing green, despite the news of a major security breach at Korean exchange Upbit, and could rise above $7,400 in the next two days, according to the latest technical analysis. That would confirm a short-term bullish reversal signaled on the three-day chart and invite a stronger rally toward $8,000. On the downside, $6,500 is still the level to beat for the bears. Full story |
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