Day: April 8, 2021

Bitcoin Price Prediction: Why Bitcoin Could Rocket To $400,000 In 2021

by Forbes

Bitcoin has soared so far this year, climbing to a price of around $60,000 and helping the broader cryptocurrency market hit an eye-watering $2 trillion.

The bitcoin price has soared by around 400% since its latest bull run began as long-awaited institutional adoption started to materialize and Tesla billionaire Elon Musk whipped the crypto market into a frenzy.

Now, with many bitcoin and crypto analysts trying to call where the market top will be, a Bloomberg analyst has predicted the bitcoin price could hit $400,000 this year—even as Musk seems more interested in “joke” bitcoin rival dogecoin.

MORE FROM FORBESBillionaire Mark Cuban Reveals Why He Thinks Ethereum Will ‘Dwarf’ Bitcoin As Crypto Market Price Hits $2 TrillionBy Billy Bambrough

“The technical outlook for Bitcoin in 2021 remains strongly upward, if past patterns repeat,” Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, wrote in his April market report, arguing bitcoin is “on similar ground as the roughly 55x gain in 2013 and 15x in 2017.”

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“To reach price extremes akin to those years in 2021, the crypto would approach $400,000, based on the regression since the 2011 high. In September, 180-day volatility on the crypto about matched the all-time low from October 2015. From that month’s average price, bitcoin increased a little over 50x to the peak in 2017.”

The bitcoin price has already doubled in the first three months of 2021, climbing from just under $30,000. Bitcoin’s blistering rally has made it a $1 trillion asset and catapulted it toward mainstream adoption.

According to McGlone, 2021 could “rhyme” with 2017 and 2013 because they all follow years that bitcoin’s supply was reduced by a so-called halving, when the reward received by that those that secure the bitcoin network was halved.

“The year after a supply cut (halving) is what 2021 has in common with 2017 and 2013, along with subdued volatility. Initial support is around the 2021 average price of $44,000 to March 25.”

MORE FROM FORBESAfter 500% Bitcoin Boom, Data Reveals Why April Could Be Even Bigger For The Bitcoin PriceBy Billy Bambrough

Meanwhile, Tesla’s recent $1.5 billion bitcoin buy could be an “inflection point” for bitcoin, triggering a shift to “risk-off.”

“Rising equity riches partially diversifying into bitcoin is logical, in our view,” wrote McGlone.

This is backed up by a survey out this week that found institutional investors and wealth managers expect to see an increase in companies adding bitcoin to their treasury reserves.

Over the next two years, 81% of the investors and managers surveyed expect to see an increase in corporations using bitcoin for their treasury reserves, the survey commissioned by Nickel Digital Asset Management found.

“A growing number of corporations, including car manufacturer Tesla, business intelligence firm MicroStrategy, and mobile payments processor Square have recently made non-trivial, multi-billion allocations to bitcoin as part of their treasury reserve strategies,” said Nickel Digital Asset Management chief executive Anatoly Crachilov said in a statement alongside the research.

“This, coupled with announced structural allocations to crypto assets by the leading global asset managers, including Paul Tudor Jones, Bill Miller, Ruffer, and Guggenheim Partners is a huge endorsement for the bitcoin emerging store of value functionality.”

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Monero Leader Accuses MobileCoin of Borrowing Code

by Cryptobriefing

Key Takeaways

  • Riccardo Spagni of Monero has accused MobileCoin of using the former coin’s code without acknowledging its origins.

  • Others have criticized MobileCoin for being overly centralized.

  • The coin became more notable this week when Signal decided to adopt it as a means of payment.




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MobileCoin is facing criticism around the origin of its features, following accusations from a lead developer behind Monero.

Did MobileCoin Borrow from Monero?

MobileCoin combines Ring Confidential Transactions (RingCT) for privacy and Stellar consensus for fast block times. Josh Goldbard, the CEO of Mobile, claims that it is the “only [coin] ever built that is both privacy-protecting and fast.”

However, those claims are now under fire. At the time of launch, MobileCoin claimed it implemented CryptoNote, a ring signature-based protocol that achieves transaction privacy.

This is now being challenged by Riccardo Spagni, a leading Monero contributor, who accused the project of copying Monero’s technology without giving any credit. “MobileCoin claims to be based on CryptoNote, but it’s not. It’s based on Monero…not sure why there’s no credit where credit is due?”

To justify his accusation, Spagni noted that MobileCoin includes features first seen in Monero such as RingCT, subaddresses, bulletproofs, and “any development at all since Jan 2016.”


In response, MobileCoin founding engineer Alex Graveley denied the claims and said the team didn’t use any Monero code. Graveley even called Monero “the worst codebase” in a now-deleted tweet.

Centralization Also Under Fire

It is not just plagiarism that has attracted critics. Peter Todd of the blockchain security firm Coinkite has expressed concern over MobileCoin’s centralization. He argues that MobileCoin’s consensus protocol relies on centralized technologies including Intel SGX, Stellar Consensus Protocol, and Amazon S3.

He added that this makes a fork impossible. “Putting the consensus in Intel SGX makes it impossible for a second dev team to even exist: unless you run the official binaries, you aren’t on MobileCoin.” Todd noted that the coin’s creator is “hostile to forks, so [it is] no surprise [that] he’s doing this with his coin.”

The Monero community has made similar criticisms toward the coin. “MobileCoin uses the Monero protocol to provide strong privacy for users, but sadly relies on Intel hardware guarantees and centralization,” wrote Monero contributor Seth Simmons.

MobileCoin has defended its use of Intel SGX, which it says will help in making crypto payments for mobile users by eliminating the need to download and sync the entire ledger.


MobileCoin and Signal

MobileCoin attracted positive attention this week when the messaging app Signal announced that it will launch a payments option using the coin. Signal creator Moxie Marlinspike previously provided technical guidance to the project, meaning that the coin has a close relationship with Signal.

Signal’s messaging app reported a 4200% increase in downloads after launching the payments feature. This integration could help Mobilecoin gain adoption from Signal’s 20 million users.

The recent surge of criticism could also be detrimental to the cryptocurrency to some extent. However, it is not clear that this will discourage Signal fans from using the coin.

Disclaimer: The author did not hold the cryptocurrency mentioned in this article at the time of press.

This news was brought to you by Phemex, our preferred Derivatives Partner.

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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This Under-the-Radar Altcoin Could Be the Next Big Smart Contract Blockchain, According to Coin Bureau

by Dailyhodl

The pseudonymous host of Coin Bureau says that an altcoin that surged by 700% in February could be the next best smart contract platform.

The crypto analyst, who goes by the name Guy, tells his 640,000 YouTube subscribers that the blockchain network Elrond (EGLD) combines the unique attributes of Bitcoin, Ethereum, and next-generation decentralized platforms to create a one-of-kind cryptocurrency network. 

“It has managed to combine the best features of many leading cryptocurrencies in the space and even improve them. Elrond’s adaptive state sharding is like the sharding we will see in Ethereum 2.0, but better. Elrond’s secured proof of stake is like Harmony’s (ONE) effective proof of stake, but better. Elrond’s Arwen virtual machine is like Cosmos’ CosmWasm virtual machine, but better.

When you combine these three features, you get a blockchain that is theoretically capable of handling more transactions per second than every other smart contract blockchain combined.”

The blockchain’s native token, Elrond eGold (EGLD) is trading around $170 after a massive rally from around $30 this January. However, Guy is optimistic that the cryptocurrency is poised to erupt further.

“Elrond’s growth has been exponential since its mainnet launch last summer. From where I’m standing, this growth has been well deserved and there is much more on the horizon. Besides the expansion of staking participation and rewards with phases 3 and 4, Elrond’s decentralized finance (DeFi) ecosystem will likely drive some serious demand for EGLD.”

Guy adds that top crypto exchange Coinbase may soon roll out support for the asset, giving its native token an even greater boost.

“It would not surprise me if this buzz would push Coinbase to list EGLD later this year and the new and improved tokenomics of EGLD should accelerate any moves to the upside. This is assuming that none of those EGLD whales start to sell and, unfortunately, I think some selling is almost guaranteed.”

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Ledger and Shopify Face Class Action Over Data Breach

by Cryptobriefing

Key Takeaways

  • A lawsuit has been filed against hardware wallet provider Ledger and its e-commerce partner Shopify over a data breach.

  • In 2020, rogue employees at Shopify exploited a database vulnerability in order to gain access to Ledger’s client list.

  • The lawsuit alleges that Ledger failed to notify customers or admit to the full scope of the breach in a timely manner.




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Hardware wallet firm Ledger and its e-commerce partner Shopify have been hit by a class-action lawsuit over a 2020 data breach that leaked the personal data of 270,000 customers.

Plaintiffs Lost Funds In Phishing Attacks

The legal complaint has been brought to a North California court by former Ledger customers John Chu and Edward Baton, who are seeking damages over the massive data breach.

The plaintiffs do not claim that the breach affected Ledger’s hardware wallets. Rather, they claim several users lost their crypto in phishing attacks between April and June 2020. During that time, rogue employees at Shopify exploited a database vulnerability that allowed them to gain illegitimate access to Ledger clients’ personal data.

The data was reportedly sold on the dark web and used for phishing campaigns against Ledger customers. Later, on Dec. 21, 2020, a hacker posted the data on a website called RaidForums for anyone to freely access. Personal information that was leaked included full names, email, phone numbers, and shipping addresses.


Due to the phishing attacks, Chu lost about 4.2 BTC and 11 ETH, worth about $267,000 at the time of the complaint. Baton, meanwhile, lost about 150,000 XLM.

Did Ledger Notify Clients In Time?

The lawsuit alleges that Ledger failed to notify affected customers and admit to the full scope of the breach in time. The plaintiffs now seek damages for their lost funds.

“Ledger’s efforts to cover up and downplay the actual and potential scale of the breach in the months leading up to its widespread public disclosure caused disastrous harm to its customers,” the legal document reads. “During that time, many crypto-asset investors lost massive sums of money.”

“Had Ledger acted responsibly during this period, much of that loss could have been avoided,” the document continues.



It is not yet proven whether Ledger knew about the hack’s scope and willfully chose not to inform its users. Ledger released information about the breach initially in July 2020, which revealed that about 9500 users were affected.

In a January 2021 blog post from Ledger, the company admitted to underestimating the breach. If Ledger’s account is correct, it was not until hackers published all 270,000 entries that the company understood the true extent of the breach was larger than it believed.

Disclaimer: The author did not hold anu cryptocurrency mentioned in this article at the time of press.

This news was brought to you by Phemex, our preferred Derivatives Partner.

Phemex


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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.



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Christie’s to Auction Off Nine CryptoPunks NFTs

by Decrypt

In brief

  • Christie’s is auctioning off nine CryptoPunks—the NFTs tied to tiny, pixelated portraits.

  • The auction house has been involved with NFTs since last fall.

  • It was responsible for the $69 million sale of Beeple’s ‘Everydays’ NFT.

From from its $69 million sale of a Beeple NFT, auction house giant Christie’s is planning to sell nine CryptoPunks—the notoriously pricey NFTs tied to tiny digital portraits.

CryptoPunks is a series of 10,000 unique images from the development studio Larva Labs, each of which is tied to an NFT, or non-fungible token.

NFTs are cryptographically secured collectibles that can be attached to a file and sold as proof of ownership. Christie’s sold its first NFT (along with an associated physical artwork) back in October of last year. The Beeple auction last month holds the record for the most expensive NFT ever sold, though CryptoPunks collectively have generated more money in sales.

Some CryptoPunks have already gone for upwards of $7 million.

NFTs are a polarizing new development in the art world: some think they’re a progressive force, with the power to put secondary market revenue back in the hands of artists. Others think they’re just a gimmick—an ecological nightmare, and a medium for cloying, sensationalist images.

According to promotional materials, nine CryptoPunks are being auctioned together in a single lot at the 21st Century Evening Sale on May 13.

And if you’re not quite ready to put up millions of dollars at auction, you can check out other CryptoPunks on Miami billboards in the near future, as part of a public art project called Pixelated.

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Exchange tokens rally ahead of next week’s long-awaited Coinbase IPO

by Cointelegraph

Centralized cryptocurrency exchanges (CEX) have received increased attention over the past couple of months as excitement builds over Coinbase’s April 14 NASDAQ listing and the exchange’s recent announcement that it pulled in $1.8 billion in revenue during the first quarter of 2021. 

Even as decentralized finance (DeFi) and popular decentralized exchanges (DEX) like Uniswap (UNI) and PancakeSwap (CAKE) attracted investors, high transaction costs and low liquidity on separate blockchain networks means that many crypto traders stick with CEXs for lower trading costs and the sense of security they offer. 

While Bitcoin, DeFi tokens and a selection of altcoins have garnered most of the media’s attention, exchange tokens have quietly amassed impressive gains over the past few months.

KCS/USDT vs. BNB/USDT vs. WRX/USDT 1-day chart. Source: TradingView

Four exchange tokens that have seen significant gains of late are Binance Coin (BNB), KuCoin Token (KCS), FTX Token (FTT) and WazirX (WRX).

BNB/USDT

Binance continues to be the most dominant cryptocurrency exchange in the sector and that strength has been reflected in the growth of its native BNB token which has climbed 875% since Feb. 1 due in part to the rise of the Binance Smart Chain (BSC).

BNB/USDT 4-hour chart. Source: TradingView

As the Ethereum (ETH) network continues to struggle with congestion and high transaction costs, BSC emerged to capitalize on the situation by offering low-cost fixed transactions that are paid with BNB.

This added layer of functionality for BNB has significantly increased demand for the token as it powers the Binance DeFi ecosystem and PancakeSwap DEX which is now the fourth-largest DeFi platform by total value locked according to data from Defi Llama.

Total value locked on PancakeSwap. Source: Defi Llama

With signs that trading volumes across the cryptocurrency are on the rise, there is a strong possibility that BNB will see further upside as the Binance ecosystem continues to expand and the Etheruem network continues to face difficulties with scalability and high fees.

KCS/USDT

KuCoin exchange was established in 2017 and operates out of the Seychelles. Similar to BNB, volumes for KuCoin Token (KCS) began to pick up in early February as the bull market began to gather steam.

KCS/USDT 4-hour chart. Source: TradingView

Since Feb. 1, the price of KCS has increased nearly 1,000% from a low of $1.17 to a high of $12.96 on April 8, its highest price since January 2018.

The exchange has capitalized on the growth of DeFi by quickly listing popular and newly released tokens that would otherwise only be available on Uniswap and SushiSwap.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for KCS on April 3, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. KCS price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for KCS began to climb on April 2 and reached a high of 79 on April 3, roughly 34 hours before the price began to rise 90% over the next three days.

FTT/USDT

FTT is the native token for the FTX derivatives exchange which was launched in May 2019 by Sam Bankman-Fried and Gary Wang. 

The token has received increased attention in 2021 partly due to its association with the Serum (SRM) decentralized exchange.

Since trading at a low of $5.68 on Jan. 2, the price of FTT has skyrocketed 750% to a new all-time high of $48.62 on April 8. FTT received an added boost on April 7 when FTX announced an official partnership with the National Basketball Association’s Miami Heat.

FTT/USDT 4-hour chart. Source: TradingView

As the FTX ecosystem grows by combining derivatives, centralized and decentralized finance offerings, FTT token could see further appreciation. The token’s utility and integration to FTX is quite similar to that of BNB, leading some analysts to suggest that FTT is undervalued. 

WRX/USDT

WazirX is a cryptocurrency exchange based in India that claims to be the fastest-growing crypto exchange in the country. The project is part of the Binance ecosystem, which helped start the exchange throughthe launch of a $50 million ‘Blockchain for India’ fund in March 2020.

Compared to other exchange tokens, WRX has been a slower mover in 2021 and price action for the token didn’t really get moving until early April when the platform revealed that it would launch a decentralized NFT marketplace.

Trading volume and token price for WRX began to pick up on March 29 when WRX traded around $0.50 and the subsequent announcement of the NFT marketplace on April 4 led to a surge in activity that lifted WRX price more than 1,200% to an all-time high of $6.65 on April 5.

WRX/USDT 4-hour chart. Source: TradingView

As activity across the cryptocurrency sector increases and billions of dollars worth in stablecoins are minted and deposited on exchanges, CEX tokens are well-positioned to see further growth.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.