Bisq is a decentralized exchange (DEX) that provides its users with the ability to trade cryptos anonymously. Things took a wild turn on Tuesday night when the service halted its trading suddenly after finding a major vulnerability in its systems.
So far, there is no information available regarding the nature of the attack or the flaw that the hacker chose. The flaw is present in the software of the exchange as per the information that has come out so far and it is quite significant from what we are hearing. The trading remained closed subsequently and the first step that Bisq took against the attacker came about 18 hours after the trading halted.
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The coronavirus pandemic is wreaking havoc on the world’s economies right now. Every government is scrambling all possible resources to deal with the ever-increasing number of cases in their countries. All the financial decisions tied to providing relief to the people means economies are suffering badly. However, amid all that confusion, one particular currency is standing strong and that is Bitcoin (BTC). The recent drop in currency exchange rates has forced a lot of investors to liquidate their forex assets and purchase cryptocurrencies. Bitcoin has had an incredible boom in its value over the last three months with its value almost touching the $7000 mark a few days back.
However, with the world trying to get a grip on the situation, there has been some halt in continuous value climb too. At the time of writing this, the value of Bitcoin sits at $6,237 and this fall in value is mainly because of a hint of stability in the forex market. Of course, the coming days are still not going to be easy and more trading is expected in the coming weeks and months. It has led to people asking if there is a chance that Bitcoin will end up crossing its all-time high. To remind you, the highest value that Bitcoin ever gained was in December of 2017 when it reached $20,000. According to experts, the chances of such a thing happening are extremely low, 4% to be precise.
The fact is, as per the current data, it would be a huge thing for it to achieve even half that! The odds of achieving a price of even $10,000 seem to be significantly low with a probability of less than 20%. The data come from the famous analytics firm Skew that used the Black-Scholes formula to calculate the values. The formula takes into account factors like prices of call options, asset prices, rate of risk-free interest, and the time remaining for options to mature.
There is still a huge expectation for Bitcoin to soar to high values in the coming months. This is largely based on the economic downturn leading to widely bullish markets as central banks inject large amounts of cash into the markets. Digital Assets Data CEO Mike Alfred also said something similar, “The cryptocurrency can make a run toward all-time highs as the macro backdrop is quite bullish with trillions of dollars of liquidity scheduled to enter into the system.” A report by JP Morgan showed that the amount injected in the form of stimulus packages by 22 countries around the world is equal to 75% of the global GDP!
Up until now, it is very clear that cryptocurrency has not gained ground and is still fiat driven. So even though there has been a surge in Bitcoin value, the opposite has also happened, thereby maintaining its overall price. The fact that the day when the USA announced a $2 trillion package also saw no significant increase in its value shows the tied effect. According to the CoinSwitch.co CEO Ashish Singhal, “Cryptocurrency will continue to correlate to that of stock markets through the second quarter and the path to resurrection might only come by the early third quarter.” He is, however, confident that the downturn will be very short-lived due to Bitcoin and other cryptocurrencies being treated as hedges to the massive inflation that will result from the influx of money by governments.
With the halving event approaching in May, the expectation of a rally in Bitcoin value according to Skew is quite low. The halving event itself has always been a great boost in the value of Bitcoin but seeing any improvements in the unit value itself, especially to an all-time high, is highly unlikely. However, how the future will unfold is not at all predetermined. You must also consider the fact that it was less than two months ago that Bitcoin trading was sitting at $10,500.
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Storing Cryptocurrency Code for the Future
Norway is a beautiful country with some of the harshest landscapes in its northern region. Among them is Svalbard, an uninhabitable landscape that is home to very little life apart from polar bears. In those icy mountains lies an abandoned coal mine that will be home to the source code for Bitcoin and some other cryptocurrencies. The project is an initiative of Github which wants the code to stay secure for the next 1000 years. The code is for Bitcoin Core, the most popular Bitcoin implementation to date. In addition to that, there will also be other cryptocurrencies that have their code present on Github.
The purpose of this activity is to make the code accessible to future civilizations. However, people think that the code may not be very useful to people 1000 years from now. That too, if the code itself manages to survive for such a long time. People involved in the project believe that it could be a useful tool for historians to fill any holes that they may have in their recollection of the present time. However, it may be that the circumstances and resources around the development of this code will end up being of much bigger importance.
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The first quarter of 2020 brought us unprecedented events that combined market crash and coronavirus. With pandemic starting in China in February and quickly spreading out throughout the world, forcing global lock-down across Europe, US and Asia combined with the market crash that started with a massive drop of the oil price and major markets decline across the globe up to -40% in a matter of days. All the investment professionals have agreed that we have not seen anything like that in our lifetime and they are not sure when things will turn around.
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We are all very much aware of how the coronavirus is spreading around the world. The pandemic is resulting in a lot of economic changes as well and one of them is the governments around the world launching huge relief packages. With the US government alone releasing a $2 TRILLION budget to deal with the spread of coronavirus, people are looking to avoid losses in their asset values. There are two main sources that people are turning to in this time of difficult circumstances. One of them is gold, the “gold” standard when it comes to investment. The other one is cryptocurrency!
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Crypto has always been present in Hawaii and there was a lot of business happening there. However back in 2017, the Division of Financial Institutions (DFI) implemented a regulation that required crypto companies to hold the same amount of actual cash reserves with them as the digital currency that their customers held. While regulation is never a bad thing, this is something that turned out to be too much of a burden. This led to the withdrawal of the biggest crypto company present in Hawaii, Coinbase.
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Anytime you invest money, you do so knowing that the asset you invest in can go up or go down. There is a lot of risks involved and there are no guarantees to succeed. Thankfully, it is possible to manage these risks and invest in assets that match up with your comfort in risking. Most investments will only move a per cent or so every day at most (in most situations), but that isn’t the case with cryptocurrency. BTC price and prices of other cryptocurrencies can often increase (or decrease) by several percentage points each and every day.
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Monday saw a complete smashing of all previous records in terms of volume as Bitcoin’s price dropped. A lot of investors did some serious hedging on their positions as the selling went on during the day. The number came in as a total of the trading amount that went through five exchanges. These include Deribit, CME, LedgerX, OKEx, and Bakkt. The numbers were shared by Skew Market, a research firm working in crypto derivatives. The previous number that they shared was from February 11th which was $171.3 million!
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Sumit Gupta, the CEO of CoinDCX said earlier this year, “We witnessed a huge demand for futures trading among Indian crypto users”.
This came out while Unocoin, an Indian cryptocurrency exchange still finds itself tangled in a major court case regarding cryptocurrency regulation. The case started in 2018 when the police seized an ATM that Unocoin was running for cryptocurrency. The reason for the seizure was the fact that crypto is yet to be regulated by the Government of India. As long as a decision doesn’t come out, there is no saying whether or not cryptocurrency dealing will be openly allowed in India.
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In a speech titled “Money and Payments in the Digital Age” made by Timothy Lane, the Deputy Governor of the Bank of Canada, he has said that the bank does not have any plans at the moment to issue any form of digital currency. He shared a detailed opinion from the bank’s perspective regarding the current developing trend for digital currency. It seems that the bank sees cash as a perfectly fine and working instrument for financial transactions.
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Binance is one of the biggest exchanges for cryptocurrency that provides buyers and sellers with the ability to deal in cryptocurrencies like Bitcoin, Ethereum, BND, Litecoin, etc. The company published an announcement on their website that the services of the company were halted due to “unscheduled system maintenance”. According to the announcement, the platform suspended almost services that included “deposits, withdrawals, spot trading, margin trading, P2P trading, lending, redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets.” The only thing people could continue doing on the platform was future trading.
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