The past week has been full of news, and our digest will tell you about the most interesting events in the crypto space. And this is not counting the increasing cost of Bitcoin.
BTC and understanding the future scenario
Bitcoin is trading solidly above $ 16,000, helped by the brisk bull rally and rising volumes. IntoTheBlock reports that the coin is likely to face minimal resistance on its way to the $ 18,750 mark. Then there will be the historic $ 20,000 that will bring back memories of 2017.
It is assumed that the $ 15,170 area is starting to act as a healthy support level on the daily charts. About 465,000 Bitcoins were purchased in the $ 15,170 price range for more than 860,000 BTC addresses. Thus, the level will serve as a foundation for the next rally higher.
At the moment, bulls have everything under control. Bitcoin’s bullish momentum is now too strong to warrant a deep pullback. Moreover, the “fear of missing out” will further boost this rally, and new traders and investors are discovering the growing strength of BTC. A ladder rally could witness a rise at higher levels, perhaps first around $17K and then again to $18K to support the optimistic bitcoin price forecast.
But, the BTC fear and greed index is currently 89%, which means that the market has turned into extreme greed. This trend is not encouraging, as it suggests that the price of cryptocurrencies may fall, probably due to increased sales.
All PayPal users in the US now have access to cryptos
An important step forward for Bitcoin with PayPal came last week when the company announced that all its users in the United States can now make transactions with cryptocurrencies on its payment platform.
Before that, only 10% of users could do this via PayPal, so the payment giant integrated the service in the US.
As stated in the statement: “We are pleased to announce that all PayPal account holders in the United States now have access to crypto transactions using our payment system. Download the app, or log in to your account to learn more”.
The giant will now compete with cryptocurrency exchanges and trading platforms such as Binance, Kraken or Coinbase.
Thanks to the strength of its network and its world-famous brand, PayPal can play a role as an accelerator in the adoption of Bitcoin and cryptocurrencies.
The next step will be the BTC and crypto payments for 26 million merchants of the PayPal network.
For other countries around the world, PayPal indicates that it will need to wait until 2021 so that users can also buy or sell cryptocurrencies on their accounts.
The United States and its millions of customers should already serve as a testing platform to see how users respond to crypto integration and whether there is demand.
Strong demand for Bitcoin BTC, Ethereum ETH, or Litecoin LTC may lead to an increase in the price of BTC and other altcoins available on Paypal.
Central Bank of England: it is not our job to protect banks from cryptocurrencies
The Deputy Governor of the Central Bank of England, John Cunliffe, said it was not his responsibility to protect banks from the impact of future digital currencies, which could dramatically reduce users ‘ desire to hold money in traditional Bank accounts.
“Our job is not to protect banking business models,” Cunliffe said at an online seminar.
“Banks will have to adapt. Our goal is to ensure that if the banking business models change, we can deal with the financial and macroeconomic consequences of this.”
The world’s largest Central banks, including England, are considering how their own digital currencies can play a role in facilitating domestic and international payments.
Central Bank digital currencies (CBDC) will allow holders to make payments over the Internet and possibly even offline, competing with existing electronic payment tools such as digital wallets, online banks, or cryptocurrencies.
Some Central banks warn that widespread use of CBDCs could devastate commercial banks by depriving them of a cheap and stable source of funding, such as individual deposits.
Cunliffe said the political world needs to strengthen its assessment of the impact of any future CBDC.
“They need to get on the hot-button agenda pretty quickly before the other side (the crypto industry) discovers that there are changes in the private sector that don’t actually match banking policies,” he said.
Fake UniSwap mobile app found in Google Play Store
Cybercriminals are very smart and can even fake apps for decentralized exchanges like UniSwap in the Google Play store.
A Reddit post warns of a fake UniSwap app in the Google Play Store, which has already been downloaded by users more than 5,000 times.
The fake mobile app is displayed with a logo similar to the official website.
Uniswap does not have an official mobile app, only some crypto wallets, such as Metamask Mobile, allow you to access the resource via a mobile phone or smartphone.
While this has certainly been reported to the Google Play Store team, we will have to wait for them to take a close look to determine the fraudulent nature of this app, which is masquerading as an official one.
When the market for decentralized DeFi financing surged, the UniSwap crypto exchange benefited greatly from this success, attracting a significant number of users. Therefore, hackers and other cybercriminals use this reputation to impersonate them and steal the cryptocurrency of people who download these fake software on their mobile phones.
They even posted a 4.4 rating on the Google Play Store …
So be careful when downloading apps from the Google Play Store, make sure they are authentic, as hackers can easily impersonate well-known companies. It is best to download apps from official websites of companies.
In anticipation of the Bitcoin Cash fork, more than $ 300 million in BCH was transferred to crypto exchanges
On November 15, 2020, the Bitcoin Cash blockchain underwent a hard fork, which resulted in the creation of a new token.
In anticipation of this event, there was a significant transfer of BCH tokens to crypto exchanges worth more than $ 300 million, as noted by Chainalsysis chief economist Philip Gradwell.
This hard fork or blockchain update is controversial and will likely lead to the creation of two post-fork chains between the Bitcoin Cash Node and Bitcoin Cash ABC protocols.
According to a newsletter sent by the Kraken exchange, more than 70% of blocks support the Bitcoin Cash node, and less than 1% support the Bitcoin Cash ABC node, so the Bitcoin Cash node appears to be the dominant chain.
There are two factions that have different ambitions for Bitcoin Cash. The first clan is Bitcoin ABC, which currently produces the most widely used node software.
It has been the dominant node software for two years, Bitcoin ABC is run by French developer Amory Sechet, and has received some support in the Chinese mining community.
The second faction consists of two different node projects: Bitcoin Cash Node (BCHN) and Bitcoin Unlimited. This faction has received the support of many mining pools and members of the crypto community.
The two factions are divided on a controversial point:
Bitcoin ABC intends to present an infrastructure financing plan (IFP) that will collect 8% of rewards from miners and redistribute these funds to the development of Bitcoin Cash.
BCHN opposes this fundraising plan, which is seen as a tax, because of its impact on miners ‘ profits.
Roger Ver, the symbolic character of Bitcoin Cash, opposes this funding plan, which was considered worthy of the Soviet era.
“Taking part of the reward for a Bitcoin Cash block to pay for the work of a single development team is a dream come true for a Soviet centralized planner”.
Several major cryptocurrency pool operators have decided to support BCHN and oppose IFP, including Binance, OKEx, Btc. top, Huobi, F2Pool, and Bitcoin.com.
Crypto exchange Coinbase and crypto wallet maker Trezor have said they will only support the dominant token, most likely BCHN.
For security reasons, Ledger will suspend its Bitcoin Cash (BCH) service at 07:00 UTC on November 12, 2020, which means that you will not be able to make transactions using BCH after this time. This is done to prevent users from losing funds as a result of repeated attacks.
Kraken stated that it will support the Bitcoin Cash node regardless of the result of the fork.
Thus, the fork of Bitcoin Cash will certainly lead to the appearance of two new tokens: BCHN and BCHA.
The previous fork of Bitcoin Cash already created the BSV token for Bitcoin Satoshi Vision, initiated by Craig Wright, who claims to be Satoshi Nakamoto, the Creator of Bitcoin BTC.
After splitting the chain, BCH owners will receive both BCHA and BCHN.
Crypto scams related to PayPal have appeared
After the announcement of Paypal, which will integrate BTC and other cryptocurrencies such as Ethereum or Litecoin, fraud was expected to appear.
English police have issued a warning about fake emails issued by Paypal that aim to lead victims to a phishing site and steal the information and passwords of platform users. .
Fake company emails are being distributed on the Internet, in which scammers offer to confirm a crypt exchange payment that was allegedly made through the victim’s account.
When users click on the link, they are taken to a phishing PayPal web page that attempts to steal their credentials and credit card information.
Phishing scams are very common, whether they are fake emails passed off as a Bank, insurance company, supermarkets, Internet service providers, or, of course, Paypal. Therefore, you should be careful about messages received by email and check whether they come from the mentioned companies.
Recently, fake emails masquerading as Ledger led to the loss of funds in the cryptocurrency of people who visited phishing sites, believing that they were on the official Ledger site.
Therefore, with the advent of crypto assets on Paypal, we should expect an increase in the number of crypto scammers who will impersonate the company.
346 million users are a lot of potential victims who can be deceived, and cybercriminals will certainly use sophisticated tricks to do this.