What’s Driving Bitcoin Price These Days?

The surging Bitcoin price has got the cryptocurrency community members astonished. The price trend has exceeded both expectations and earlier expert speculations. The changing scenario has encouraged the CEO of DoubleLine Capital, Jeffrey Gundlach to form a theory on the latest price surge.

Gundlach’s theory was covered by a leading mainstream business news outlet, which connects the cryptocurrency’s performance with certain underperforming Chinese markets and increased demand for the cryptocurrency in few Asian countries. A comparison between the performance of China’s Shanghai Composite and Bitcoin during the past two months shows that the value of Bitcoin has increased 2X as the former dropped by 10%. Shanghai Composite is the only outlier when compared to other major indices, which have all fared well during the same period.

The negative correlation between Shanghai Composite and Bitcoin price is not lost on Gundlach and he calls it more than just a coincidence. The theory revives the all too familiar argument about the extent of Chinese cryptomarket’s influence on global Bitcoin price. The publication goes a step further by seeking an opinion from other notable names in the investment business.

Brian Kelly, CEO of BKCM was quoted agreeing with Gundlach’s theory. However, Kelly believes that the recent price trend goes beyond just Chinese influence.

“I think it is part of the equation but not the entire reason for the move in bitcoin.”

Kelly states that the recent rise in Bitcoin price to record levels is also influenced by increasing trade volumes involving BTC/USD and BTC/JPY trading pairs. Since April, Japan has emerged as a cryptocurrency powerhouse following Bitcoin’s legalization. The official status has reduced apprehensions among the Japanese, who are now more openly trading the digital currency than before.

With other countries considering similar actions, the demand for cryptocurrency may further increase in the coming days. Russia has already made its intentions to assign Bitcoin a legal status public. The Indian government has also asked for a public feedback regarding Bitcoin as the country contemplates about cryptocurrency regulations.

Ref: CNBC | Image: NewsBTC

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A unified operating system for various business activities on blockchain is something every company would like to have. If it can be quickly deployed like conventional Software as a Service (SaaS) solutions currently available in the market, then such a solution will reduce the barrier to adoption of distributed ledger technology in organizations, both big and small. BitCAD is one such platform which is on its way to make it a reality.

BitCAD calls itself a multipurpose smart platform that can be seamlessly integrated into existing business and information technology infrastructure. Based on Ethereum blockchain, the platform makes it possible for companies to automate their business processes while eliminating the need for financial and legal intermediaries. By doing so, BitCAD not only saves a considerable amount of time and resources which would otherwise go wasted on repetitive labor intensive processes.

The smart contracts implemented on BitCAD ensures compliance with existing regulatory frameworks and builds a decentralized trust network that creates a much more reliable working relationship between counterparties. The distributed nature of the BitCAD network ensures data integrity, strict binding contractual relationships between the parties involved that can’t be broken without considerable consequences. In addition, the platform also includes dispute resolution solutions with full electronic arbitration, external intermediaries, and story based arbitration in cases where there is a conflict between the parties.

In order to facilitate easy integration, the team behind BitCAD have been working on a twin-project called Tectum. The project is designed to promote a global integration of the blockchain platform through APIs. It can be used for a range of industry segments including electronic governance, banking systems, insurance, trade platforms and exchanges, CRM systems, taxation, etc.

As the company works on completing the platform with lots of feature addition, BitCAD is currently in the process of raising funds while giving an opportunity for the cryptocurrency community members and investors to be part of a revolutionary platform. BitCAD recently announced an ICO, which will go on for another 29 days. The platform has already raised more than a million dollars in under an hour of the ICO going live. Investors participating in the ICO can choose to contribute either in Bitcoin or Ethereum. Funds raised through the ICO will be utilized for further development and marketing. Those interested in being part of the crowdsale can do so by visiting the platform’s website.

ICO Link

Telegram Link

Bitcoin Talk Link

The security of the netizens stands at risk today in the face of invasive surveillance tactics as employed by the large corporates which are increasingly acting as the self- proclaimed gatekeepers of the web. The internet today is neither open nor private, and these ‘gatekeepers’ are causing it to operate as a centralized service. There are also big benefits that are reaped from selling user browsing data.

Mysterium is taking steps to tackle this problem by developing the first fully decentralized and distributed VPN in an effort to safeguard online privacy. With their vision for a blockchain-based virtual private network (VPN), the platform looks to put the user privacy first.

Mysterium has recently released its whitepaper which outlines a protocol that is designed to ‘dissolve’ user’s data through a process of shredding, encrypting and sending it deep into the Network. The whitepaper outlines their vision for a global peer to peer network that combats the risk of cybercrime.

The Mysterium platform is designed to provide this security layer on demand, whether browsing at home or in a public WiFi hotspot. Mysterium can also be used to protect sensitive data against cybercrime for example, in healthcare, BFSI and telecommunications industries.

So how does it work?

The computing power is pooled by Mysterium as a means to create a distributed network of nodes. These nodes are then made available to those needing secure VPN connections on demand. The users can even earn MYST tokens in reward by sharing their excess bandwidth to the network.

MYST is the native token of the Mysterium network operating as an access and permissions token. An inbuilt trading platform called CORE will manage the give and take of services on the network through a proof of contribution protocol.

The global VPN market is expected to reach $106 billion by the end of 2022 with cybersecurity as a ‘major driving factor’, as per the report form MarketResearchFuture. And Mysterium believes that it will be a key platform to powering this future with the highest levels of transparency, resiliency and security.

With its mission to provide privacy to all Internet users, Mysterium is bringing cybersecurity into the focus, as it believes in a future where users are protected from being subjects of corporate and government interests.

And that is things pretty much done for our Thursday efforts in the bitcoin price out of Europe, meaning it’s time now to look forward to the US afternoon session and – beyond – into the Asian session early morning tomorrow. In this morning’s analysis, we set up against the market in anticipation of a run to the upside and said that we would enter on a break of our predefined resistance if we saw such a run. We also noted that we were expecting a near-term correction, and made sure that – on the back of these expectations – we didn’t overstretch our upside target. Action has now matured throughout the day, and our strategy was pretty much spot on. Smart Trading. This doesn’t happen all the time and is why we always have stop losses in place, but when it does, it’s pretty satisfying.

Price broke through our predefined resistance and we entered long on a candlestick close above that level. We saw a run almost immediately through to our upside target, and then – subsequent to our target being taken out – a correction towards where price currently trades in and around the 2700 mark.

As we move forward into this evening’s session, then, let’s get some levels outlined with which we can go at price in an attempt to replicate today’s success. As ever, take a quick look at the chart below to get an idea of what is on before we get started.

As the chart shows, the range we are using this evening is defined by support to the downside at 2683 and resistance to the upside at 2760. This is a far wider range than we would normally use, but with the volatility that we have seen, and taking the recent correction into consideration, it is necessary at this stage to adapt a little.

So, a close above resistance will get us in towards an immediate upside target of 2790. Conversely, a close below support will present short towards 2655. Stops at 2750 and 2690 respectively define risk well.

Charts courtesy of Trading View

Creditbit sees another positive news coming its way. The crypto is now listed on  Jaxx wallet. In a recent news update, the developers of the decentralized blockchain wallet announced that it will add Monero, Creditbit and a dozen other coins to its wallet, which is definitely a good news for all the altcoin holders including the Bitcoin community.

Further, the Creditbit dev team in a recent post on crypto discussion forum, Bitcoin Talk, has updated the community regarding the increased media coverage the Creditbit project has been commanding.

Media coverage for the project has been wide and positive, as demonstrated by some of the articles listed on VidME, NewsBitcoin, LiveBitcoinNews, FinTechist, and many other crypto-media houses.

The update also informed the community about the gradually stabilizing Creditbit price and the increased trade volume being seen on the exchanges.

The Creditbit community has also been expanding as the crypto is gaining new adopters. The dev team believes that the community will witness an increased excitement and development following the imminent deployment of CreditDAO. The reason being that the launch of CreditDAO will enable all the active members to claim their rightful place as CreditDAO members.

There is also the plan of holding an online meetup by the dev team in May end. The event will last for four hours, for the duration of which, the dev team will be available for comments and answers on questions posited by the community. The meet up will also include the discussion on a development timeline and milestones.

The dev team will present their ideas and views on the future of CreditBit in this online meetup. Everyone will be invited to comment, post a question or (constructively) criticize. The aim behind the move is to get feedback, get a sense of public opinion on some development and promotional ideas, collect suggestions and push CreditBit to a new level.

Cryptocurrencies and their underlying blockchain technology are not limited to a closed community anymore. The endless potential of blockchain and its benefits has got many industry segments looking for ways to implement it into their operations. The increasing interest has also resulted in the creation of numerous cryptocurrency platforms that can cater to the needs of industry. But most of these solutions are very similar to each other and requires active community involvement for mining operations, which are generally processing power intensive, requiring lots of energy.

Minereum, a relatively new cryptocurrency platform stands apart from its counterparts, thanks to the innovative technology which is wrapped in an easy-to-use package for wider reach. According to the creators of Minereum, it is the first self-mining smart contract that is based on a mathematical formula which allows certain “Genesis Addresses” to continuously generate new tokens.

Minereum tokens (MNE) started trading recently, and in less than a month it has gained significant traction within the cryptocurrency community. Currently available for trade on Livecoin exchange platform, MNE’s value is poised at $3.12 per token with a market capitalization of over $1 million. It can be traded against two major cryptocurrencies, Bitcoin and Ethereum (MNE/BTC and MNE/ETH).

In order to initiate the creation of new MNE tokens, Minereum recently introduced 4268 Genesis Addresses. These addresses were assigned 32,000 coins each, setting the total number of tokens on the platform to 136,576,000 MNE. The self-mining contract associated with the Minereum ensures that the Genesis Addresses create 0.00032 MNE for each Ethereum block generated. This way, it will take a good 47 years before the cryptocurrency reaches its maximum cap.

As the new cryptocurrency gains traction, the platform has announced its plans to implement a new service that allows the creation of ERC20-based tokens. The upcoming Ethereum Token Creation Service will allow people to create their own create Ethereum based tokens that can be used for organizing ICOs, trading or private use. In order to create new tokens over Minereum’s Ethereum Token Creation Service, users will have to just enter basic details like token name, symbol, etc., and in no time, they will have the tokens ready.

Through its services, Minereum is working on reducing the barrier to entry for individuals and businesses interested in using cryptocurrencies. Over time, startups and companies stand to gain a lot from Minereum.

Bitcoin has been exhibiting a very strong price trend since the beginning of this year. The popular cryptocurrency’s price is currently hovering around its all-time high, allowing early investors and cryptocurrency companies to rake in huge gains. Renowned cybersecurity expert John McAfee, and his MGT Capital Investments stand to benefit from the developments in cryptocurrency markets as well.

According to McAfee, the company is expecting its balance sheet to move from “red” to “black” after the price of Bitcoin increased by 200 percent since March 2017. MGT Capital Investments, a gaming company turned cybersecurity firm with interests in cryptocurrency mining has McAfee as the CEO, and he was quoted by one of the leading business magazines saying,

“We will definitely be profitable before the end of the year. From bitcoin mining, we will get the experience and expertise to apply the blockchain to our security products.”

The company, with its Bitcoin mining infrastructure set up in Washington State, had reported a net loss of $5.89 million in its recent filing. The mining operation, run by MGT Capital Investments is claimed to be capable of generating over 225 bitcoins a month. With the cryptocurrency price hovering over $2500, the monthly revenues generated by MGT Capital’s mining operations will stand at a good $562500, which over time can recover the losses.

The positive development will also help the company further increase its focus on cybersecurity tools — its core area of business. Going by the company’s roadmap, as explained by McAfee, the use of blockchain technology for cybersecurity applications will fit perfectly into the changing requirements of today’s cybersecurity scenario. Many companies are exploring the use of blockchain technology to thwart instances of DDoS attacks and hacking attempts.

The rise in Bitcoin price has left the cryptocurrency community in a state of confusion, thanks to the difference of opinions and forecasts from different sections of the community. Some believe that it is a bubble waiting to burst soon and there are others who swear that it is a natural growth progression, which will continue into the future.

Ref: Bloomberg Markets | Image: NewsBTC

Avalon Life, a cryptocurrency mining company, has managed to put land ownership on blockchain by announcing the launch of an innovative GREEN EARTH ZERO service, backed by the namesake Green Earth Zero token. Green Earth Zero which is created using the NEM blockchain, makes buying less than one square meter of land possible in Costa Rica.

The Green Earth Zero tokens can be directly bought on the blockchain platform in a quick and secure way by a simple three step process for the users to sign up and buy, as incorporated by Avalon Life. A customized blockchain wallet based on NEM technology has also been developed by Avalon Life to release this service.

Tom Koller, the CEO of Avalon Life explains the choice of NEM over other technologies by stating that the company uses NEM because of its customizable features, assets, and security measures. He adds further that it is the only platform advanced enough to launch Green Earth Zero that has proven over time to be secure and reliable.

The Green Earth Zero project participants can try out the platform’s cryptocurrency wallet at www.greenearthwallet.com. The wallet can be accessed for free and simply needs to be signed up on before the participants can manage their tokens and cryptocurrencies at any time.

The project is being considered as a breakthrough in the financial technology. The reason behind this is that for the first time in history, a blockchain technology has rolled out a real-world service where ownership of a piece of land is managed on the blockchain with a token.  

A promising future lies ahead of Avalon Life as more and more people realize that owning land on the blockchain means security and decentralized registry of land ownership.

We are now closing in on the end of the week, and yet again, we have had an incredibly interesting period in the bitcoin price. Things started to pick up at the beginning of May after a period of short-term correction and it looked as though we might be in for a continued run of strength. However, with corrections always potentially on the cards, it’s generally difficult to figure out just how far any run might go, and what it might mean for the eventual correction that comes around. As yet, what we have seen is a relatively traditional appreciation-type move. That is, traditional in terms of what we might expect from more established financial assets. Higher highs, higher lows, and the odd corrective consolidation phase while markets rebalance.

Overnight last night, we saw much of this same sort of action.

Price broke through our predefined resistance level relatively early on in the evening and ran straight through our upside target. We then got a bit of a correction, and some small-scale consolidation, but nothing dramatic, and it looks as though we are set to see further upside strength in the bitcoin price as action matures throughout the session on Thursday.

So, with this in mind, let’s try and outline some key levels with which we can approach our bitcoin price trading strategy today. As ever, take a quick look at the chart below to get an idea of what we are focusing on. It is a five-minute candlestick chart and it has our key range overlaid in green.

As the chart shows, the range we are looking at is defined by support to the downside at 2639 and resistance to the upside at 2674. If we see a break above resistance, a close above that level will have us in long towards a target of 2700. Conversely, a close below support will get us in short towards a target of 2600.

Charts courtesy of Trading View

It seems that Mirai, the notorious malware that is responsible for the botnet which hit a series of major websites a few months ago, is back with a vengeance – and with the ability to mine bitcoin, to boot. Mirai first came to wider attention in September 2016, when it carried out a distributed denial of service attacks (DDoS) in a groundbreaking way – using Internet of Things (IoT) devices which it turned into bots.

How Does Mirai Work?

Mirai’s first documented attack was on prominent security journalist Brian Krebs’ website, using traffic from zombie Internet of Things devices – hitting a record 620 Gbps, as reported by Krebs On Security. It then went on to make much of the internet unavailable for millions of users by overwhelming Dyn, a company that serves as the backbone for a wide array of websites such as Netflix, Twitter and LinkedIn.  Overall, attacks affected prominent sites like Amazon, Twitter, Netflix and PayPal, as reported by Wired as well as major newspapers and TV stations.

Mirai operates by searching the internet for vulnerable IoT devices that use factory default usernames and passwords. Using a list of about 60 such usernames and passwords, it logs into the devices and infects them with malware that forces them to report to a central control server, thus “recruiting” them into an army of malign bots which can be controlled remotely. Then, this IoT “army” can be used to launch DDoS attacks based on instructions received from a remote C&C (command and control), in which the target’s servers are deliberately flooded with malicious junk traffic, overwhelming them and disrupting service. Infected devices will continue to function normally and in many cases will be wiped clean of the malware by a simple reboot (depending on the device, this may simply mean turning the device off and on again after a short wait), but unless the log in credentials are changed immediately too, then they can be re-infected within minutes.

Probably in an effort to cover the original hacker’s tracks, Mirai’s source code was publicly released on the English-language hacking community Hackforums just a few days after its first attack. A user going by the screen name Anna-senpai shared the code – as well as the fact that the malware was named after the 2011 TV anime series Mirai Nikki. According to analysis by Incapsula, IP addresses of Mirai-infected devices have been traced to 164 different countries, including remote locations such as Tajikistan and Somalia. Since then, worries have been expressed about the potential vulnerability of a wide spectrum of IoT devices, including Sony IPELA Engine IP Cameras.

Mirai Recruiting Mining Slaves?

New research suggests that there is a new Mirai version at loose, with increased capabilities – including the potential to mine bitcoins. The new variant of the ELF Linux/Mirai malware also comes with new extended attack capabilities: it can execute brute force attacks, as well as the SQL injection — a common attack vector. An SQL injection uses malicious SQL statements to access and edit information not intended for display, including sensitive company data, user lists or private customer details.

The new Mirai code also has the ability to deliver a bitcoin-mining module to its infected hosts which turns them into mining slaves for the C&C server. Since it is dubious whether IoT devices –which are usually low-capacity– would be able to mine significant quantities individually, it seems that the new variant will attempt to bundle devices together in order to be able to produce meaningful amounts of bitcoin.

The best way to be protected is, first and foremost, to get informed – about the newest attack methods as well as about ways to increase cyber-security. Take precautions such as changing default passwords, use a Web Application Firewall, and make sure you’re running up-to-date software, including on your home routers and other devices. Mirai’s modus operandi is surprisingly simple, but the results – especially with these increased capabilities – could be devastating.

Source Image: Internet of Things via Facebook