U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has unveiled his plan to put the entire U.S. budget on a blockchain. “Every American can look at every budget item in the entire budget, anytime they want, 24 hours a day,” he explained, adding that if somebody is spending ,000 for a toilet seat, everybody […]
Bitcoin News
In Its Entire History, Bitcoin Has Only Spent 0.81% of Its Life Above the $60K Line
As of Sunday, March 3, 2024, bitcoin’s value persists in the ,000 per unit vicinity, signaling the fifth instance this year that its price has sustained above this level. Naturally, as bitcoin’s value escalates, its duration above such thresholds shortens when contrasted with past significant milestones such as ,000, ,000, and ,000. Bitcoin’s Price Discovery […]
Bitcoin News
Lesotho’s Entire Payment System Reportedly Goes Offline After Cyberattack
The Central Bank of Lesotho recently confirmed that its payment system was attacked by unknown cybercriminals. The bank also acknowledged that the resulting downtime is making it “impossible for all local banks to honor inter-bank transactions in the country.”
No Financial Loss Suffered
The Central Bank of Lesotho (CBL) has stated that the cyber security incident on December 11, which reportedly knocked out the country’s entire payments system, did not result in “any financial or other loss.” However, the bank has “suspended some of its systems to prevent further infiltration from the attackers.”
While the central bank has not shared details about the severity of the attack, one South African media outlet suggested that interbank and international payments routed through the country had gone offline. Another outlet suggested that the incident posed a threat to the stability of Lesotho’s financial system and the local currency’s exchange rate versus the South African rand.
In a statement issued a day after the attack, the Lesotho central bank said it has since initiated an investigation into the incident and is working to restore normalcy.
“Consequently, some payments may be delayed while the Bank works on getting the systems back to normalcy,” the CBL said.
Meanwhile, in another statement issued on Dec. 13, the CBL, together with the Lesotho Bankers Association, confirmed that the downtime is making it “impossible for all local banks to honor inter-bank transactions in the country.”
The two institutions have since agreed to undertake so-called business continuity processes and measures which are expected to help facilitate transactions between banks while work to restore normal service is underway.
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Former SEC Official Warns of the End of Binance — ‘It’s Only a Matter of Time Before Entire Binance Plea Deal Collapses’
The U.S. Securities and Exchange Commission’s former head of internet enforcement has warned that the newly unsealed Department of Justice (DOJ) filing should “signal the end of Binance.” Additionally, he noted that the SEC has heightened its legal action against the crypto exchange. “To me, it’s only a matter of time before the entire Binance plea deal collapses, resulting in additional charges for Binance, additional charges for CZ, and new charges against anyone else,” he stressed.
‘It’s Only a Matter of Time Before the Entire Binance Plea Deal Collapses’
Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark shared his predictions regarding crypto exchange Binance in a lengthy post on social media platform X Saturday. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years.
The ex-SEC official outlined two key developments in the Binance settlement with the U.S. Department of Justice (DOJ). Firstly, he explained that there has been “a flurry of newly released Binance-related filings” made by DOJ, which “have shined glaring sunlight upon the extensive, robust and vigorous oversight that DOJ now enjoys over Binance.” Asserting that the “newly unsealed U.S. DOJ filings could signal the end of Binance,” Stark opined:
The exhaustive list of Binance’s new compliance commitments reads like a consulting firm’s wish list – and will cost tens, if not hundreds, of millions of dollars to implement and execute.
“The monitorships and oversight installed going forward at Binance would be like installing bodycams on every member of a global criminal drug cartel, and making the cartel bear the cost for a large, experienced and well-credentialed team of former and current government agents to monitor the footage 24-7,” the former SEC official detailed.
“My take is that, just like a drug cartel, a secretive and opaque financial firm like Binance cannot suddenly transform itself into a traditional, law-abiding, open, transparent, obedient, submissive and government-friendly financial firm. Surviving an SEC audit would be tough enough for the beleaguered Binance infrastructure but facing a DOJ/FinCEN audit — well, that seems all but impossible,” Stark continued, elaborating:
To me, it’s only a matter of time before the entire Binance plea deal collapses, resulting in additional charges for Binance, additional charges for CZ and new charges against anyone else (partner, customer, joint-venturer, collaborator etc.) nefariously intertwined with the Binance criminal enterprise.
“The stark reality is that neither Binance nor any other mega-crypto firm (or any financial firm in the world for that matter) has ever been party to a DOJ/FinCEN plea agreement commanding governmental oversight as vigorous, forceful and all-inclusive as the one Binance has agreed to undertake (and pay for),” he stressed.
The second development Stark outlined is that the SEC has filed a “supplemental pleading against Binance,” which he believes strengthened the regulator’s lawsuit against the crypto firm “exponentially.”
The former SEC internet enforcement chief described: “In their pending Binance-related enforcement action, the U.S. Securities and Exchange Commission (SEC) has begun to incorporate facts from the DOJ plea agreement into the SEC’s pending enforcement action against Binance and Changpeng Zhao (CZ).” He emphasized:
These settlements all exponentially strengthen the pending SECs case against Binance and CZ.
What do you think about the statements by former SEC internet enforcement chief John Reed Stark? Let us know in the comments section below.
Ripple CEO Brad Garlinghouse: SEC ‘Weaponized the Lack of Regulatory Clarity,’ Threw ‘an Entire Industry Into Chaos’
Ripple CEO Brad Garlinghouse has criticized the role that the U.S. Securities and Exchange Commission (SEC) decided to assume against the cryptocurrency industry. After the release of the Hinman docs, which explain the internal discussions of the institution before the now famous Hinman speech, Garlinghouse stated that the SEC “weaponized the lack of regulatory clarity,” throwing an entire industry into chaos.
Ripple CEO Brad Garlinghouse Accuses SEC of Overreach
Ripple CEO Brad Garlinghouse has reacted to the recent release of a set of documents that show the internal debates of the U.S. Securities and Exchange Commission (SEC) previous to a 2018 speech from its Director of the Division of Corporation Finance William Hinman.
Commonly referred to as the Hinman docs, these show the internal differences and the confusion the agency had to deal with in qualifying some tokens and cryptocurrencies as securities. According to Ripple CLO Stuart Alderoty, Hinman ignored some of the offered advice and pushed a speech that “was divorced from the Howey factors, exposed regulatory gaps, and would create not just confusion, but ‘greater confusion’ in the market.”
Garlinghouse stated it was “unconscionable that a regulator – when presented with so much pushback on what he was about to say / how he compiled this fake ‘test’ in the first place – decided to move forward anyway, and throw an entire industry into chaos.”
Furthermore, Garlinghouse accused the SEC of weaponizing “the lack of regulatory clarity through enforcement actions” after this speech, qualifying the SEC lawsuit against Ripple and himself as a “deplorable, politically-motivated overreach.”
Garlinghouse has railed against the actions of the SEC before, stating that the institution was using the recent legal actions against Coinbase and Binance as a distraction “from the agency’s FTX debacle.”
Ripple’s Lawsuit
Ripple and the SEC have been battling in court since December 2020, when the institution slapped the company, Garlinghouse, and co-founder Christian Larsen with a .3 billion lawsuit on an unregistered digital asset securities offering.
Garlinghouse estimates that the company will have spent 0 million on its defense by the time the lawsuit is over. However, the executive claims this case is of “pivotal” importance for the whole crypto industry, as he believes that more enforcement actions will be carried out if the SEC position prevails.
What do you think about Brad Garlinghouse’s reaction to the Hinman docs release? Tell us in the comment section below.
Cosmos (ATOM) In Green While Entire Market Bleeds
A day after the much-anticipated Merge, many cryptocurrencies have lost more than they gained. The entire market is red, and even the top performers are not showing signs of price gains. Many investors predicted a downtrend reversal after Ethereum’s upgrade to a proof-of-stake mechanism.
But right now, the reverse is the case. For instance, the number one crypto has remained red in its 1 hour, 24 hours and 7 days price gains. Currently, the Bitcoin price is .659.95 representing a 2% loss in 24 hours.
Related Reading: Ethereum Faces Test Of Survival After Merge, Can ,400 Support Hold?
September 16 data shows that Bitcoin lost 0.61% in 1 hour, 1.88% in 24 hours and 6.26% in 7 days.
Apart from Bitcoin, Ethereum has lost more. ETH’s price is currently at ,451.49, showing a move away from the previous 00+. The Merge hasn’t resulted in the price push as many expected.
But while many cryptos are recording pullbacks in prices, Cosmos ATOM has continued its gains.
Cosmos ATOM Gains Amid Price Crash
Cosmos ATOM price currently stands at .16 after adding 11.49% in the last 24 hours. The coin ranks number 20 on the CoinMarketCap crypto ranking. ATOM has recorded some price growth in this period, even when others struggle.
Its price chart today, September 16, showed a continuous rise in green. There were some dips, but not to the red zone. For instance, ATOM’s price stopped at .65 on September 15. This morning, it rose to .73 and continued climbing until its current price of .16 at press time.
Analysts studying the price movement have noted that ATOM highs and lows remained within the ascending channel trendlines. Also, the price recorded a bull break outside the channel and tapped a 200-day moving average before correcting to the midline and 20-MA, confirming each support.
After testing the support, ATOM price continued its uptrend and is trading in the current range topside. Analysts believe it might retest the 200-day MA to flip its level to support.
ATOM’s price is currently trading at over .70. | Source: ATOMUSD price chart from TradingView.com
What Factors Are Pushing Cosmos Coin
Many factors could be linked to the growth of ATOM. One such event is the move of many protocols from Terra to Cosmos Hub SDK. In early September, Delphi Digital announced it would build new projects on the Cosmos network.
As more DeFi protocols and decentralized apps (DApps) flood the ecosystem and participate in its interchain security system, ATOM value skyrockets. The AMMs, DeFi, and DApps operating on the network boost staking and fees, thereby increasing stakers rewards.
Related Reading: Why Cardano (ADA) Could Be Registering Another Decline, Analyst Explains
Data reveals that ATOM offers 17.75% APY, and 66.75% of the coins in circulation are staked. Also, Cosmos is planning to launch a liquid staking feature that will increase buy pressure on ATOM when deployed in DeFi platforms across blockchains.
All these increased activities in the ecosystem are pushing ATOM prices upwards. Analysts expect to see more gains as the network grows.
Featured image from Pixabay and chart from TradingView.com
NewsBTC
U.S. Macro Pressure Responsible For Entire Bitcoin Downtrend
There have been multiple sell-off trends recorded in bitcoin since the crash in December 2021. These sell-offs have been responsible for the decline in prices recorded in the digital asset over the last couple of months. Naturally, sell-off trends can be recorded on their magnitude depending on when the trading hours of a particular region are open. This time around, it seems that macro pressure on the U.S. market has been the culprit.
U.S. Traders Drive Sell-Offs
The sell-offs of the past two months have been especially brutal and have dragged down the year-to-date values. However, it seems that most of the sell-offs have been taking place during the daytime trading hours in the United States. This is apparent by looking at the year-to-date values during the U.S. trading hours in comparison to that of the European year-to-date value. The stark contrast unveils where most sell-offs had happened.
Related Reading | Bullish: Bitcoin Marks First Green Weekly Close After Two Months In The Red
As it sits now, the year-to-date values during the U.S. trading hours have declined into the negative. It is sitting at -32.55% while its European counterpart is looking at positive year-to-date values of +16%. What this shows is that sell-offs for the past two months have mainly originated from American traders. This is even in comparison to the Asian trading hours which also show a more favorable year-to-date value compared to the U.S.
BTC sell-offs intensify during U.S. trading hours | Source: Arcane Research
Mostly, this is obvious due to the high correlation between bitcoin and the equities market for the past two months. It is also good to note that American traders are not the only ones using the macro markets to assess their risk in bitcoin. Since traders in other regions also use the equity markets such as the NASDAQ and the S&P500 as a way to assess their risk appetite, they may also be dumping bitcoin during the U.S. trading hours.
Bitcoin During Trading Hours
Recently, it has been obvious that there has been a lot of sell-offs happening once the U.S. markets open up for trading. This is evident in the fact that the price of the digital asset tends to recover during the early hours of the morning while the European and Asian markets are open. However, once the U.S. markets open for the day, the downtrends are usually apparent.
Related Reading | A Look Inside MicroStrategy’s .4 Billion Loan Used To Buy Bitcoin
This puts bitcoin’s current weak point during the times when the American traders are active. As such, these trading hours could present a buying opportunity for interested parties, and even a way to execute quick short-term plays for fast gains.
BTC recovers ahead of U.S. trading day | Source: BTCUSD on TradingView.com
However, it is important to note that the tide can change at any point. Sell-offs can often halt as dramatically as they begin. So, a change in the trend during the U.S. hours can affect short-term plays which cater to the trading hours sell-offs.
The price of the digital asset has recovered above ,000 in the early hours of Wednesday at the time of this writing. If the sell-off trends continue, then the price of bitcoin may drop below this level before the day is over.
Featured image from Bitcoinist, charts from Arcane Research and TradingView.com
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Orion Protocol Establishes the First and Only Decentralized Gateway to the Entire Crypto Market
The cryptocurrency ecosystem has grown significantly over the last few years. However, the use of digital assets is only limited to tech-savvy individuals, especially from countries where cryptocurrencies are gaining more mainstream attention and status.
For most of the world’s population, the concept of digital currencies seems a bit far-fetched, primarily due to the lack of awareness, region-specific regulations, and the complications of registering a trading account and entering the ecosystem.
Orion Protocol, built on the most advanced liquidity aggregator ever developed, aims to lower crypto’s entry barriers, empowering the global population to participate in the 21st-century financial revolution.
The Orion team has recently unveiled its fully decentralized automated market-maker (AMM) solution that aggregates the liquidity of centralized exchanges (CEXs), decentralized exchanges (DEXs), and swap pools in a unified platform titled Orion Pool.
Overcoming The Hurdles of CEXs And DEXs
Although centralized exchanges have played a critical role as the entryway to the expanding universe of cryptocurrencies, increased scrutiny from government and financial regulators has severely impacted its reach and potential footprint.
Due to this reality, almost every CEX has been forced to tighten onboarding processes, which has increased the registration complications for the average user. Between multiple KYC and AML verifications to weeks waiting for approval, users find it challenging to enter the crypto ecosystem.
Leading CEXs like Binance have come under the radar of financial regulators, primarily due to their more lax internal controls, which have drawn the ire of enforcement officials. A ruling by the Financial Conduct Authority (FCA), wherein Binance faced orders to stop operating in the UK, is one of the most recent examples of the ongoing regulatory crackdown.
And to add to the complications, signing up for an account on a centralized exchange has now become a painfully exhausting process. CEXs pose another inherent problem: users give up authority over their digital assets, which is critical for custody-oriented users who value sole control over their private keys.
Decentralized exchanges (DEXs) established themselves as a genuine solution, overcoming the problems presented by CEXs. These platforms allow users to keep complete control over their wallets and private keys. Compared to CEXs, DEXs don’t need users to undergo complex AML and KYC verifications, which is a relief for the majority of the new users. However, DEXs come with their own obstacles, including complicated user interfaces, no support for fiat currencies, and liquidity shortages.
As the first and only solution to these problems of CEXs and DEXs, Orion Protocol offers users global and decentralized access to every CEX, DEX, and swap pool in the crypto ecosystem, that too from a single user interface. Constructed on top of Binance Smart Chain and Ethereum, Orion Protocol, via its proprietary Orion Pool and Orion Terminal, surmounts the complications of region-specific regulations. Users from all corners of the globe can seamlessly access leading exchanges like Binance and KuCoin without geographical restrictions or regulatory limitations.
Powered by the ORN token and the Delegated Proof of Broker governance mechanism, Orion allows users to trade across both CEXs and DEXs, as well as swap pools, without the need to create several accounts. The platform has partnered with pre-verified traders and exchanges, who trade on behalf of the users, thus eliminating the need for users to undergo multiple verifications.
The platform addresses the considerable concerns hampering more widespread cryptocurrency adoption while lowering the risks and complications associated with using multiple exchanges, enabling the global population to begin their crypto trading journey.
A Practitioner in the Blockchain World: ViaBTC Continues to Lay out the Entire Ecosystem
The blockchain industry has never been short of topical issues. Within a few short years, hundreds of blockchain companies and projects have experienced their highs and lows in several rounds of bull and bear markets. Some projects rose to fame overnight and then disappeared in the blink of an eye. Countless entrepreneurs and companies keep throwing themselves into the endless stream of popular concepts, just like moths flying into the fire. Only very few can survive. Perseverance has, therefore, become the hardest thing in the most sought-after industry where the cycle of ups and downs continues forever.
Five years is not a long time in the history of mankind. However, in the blockchain industry that is considered only suitable for “making a fast buck”, it is truly remarkable for operating consistently for five years. Since the official launch of ViaBTC Pool in 2016, ViaBTC has traversed a long way, one step at a time. It now operates five major businesses in the blockchain industry—the mining pool, exchange, wallet, public chain, and capital. To date, ViaBTC has become one of the blockchain companies with the most extensive business presence.
ViaBTC: Starting from the mining pool to provide miners with the highest-quality service
Immediately after its official launch in May 2016, ViaBTC Pool impressed the entire industry with its solid technical foundation and tremendous operation stability. Relying on the self-developed Bitcoin client, the fledgling mining pool technically optimized the broadcasting and transmission solutions of the Bitcoin network. It allowed miners to find and broadcast new Bitcoin blocks more quickly and efficiently, thereby reducing the orphan block rate and guaranteeing stable income of miners.
Moreover, ViaBTC Pool has always proceeded from the perspective of miners. It produces data into visual charts and releases them to miners openly and transparently, with an aim to safeguard their interests. With the clock wound back to 2016, ViaBTC Pool managed to stand out from the cut-throat competition in the mining pool field and attracted many miners, owing to its robust technical strength and high-quality user experience. In less than five months since its launch, ViaBTC Pool jumped to fifth in the world by Bitcoin hashrate and it has long maintained its hashrate stability.
However, ViaBTC Pool has a grander ambition. In the following years of development, the mining pool pioneered the PPS+ income distribution model, the first one to provide diversified income settlement methods and maximize benefits for miners. In response to miners’ demands, ViaBTC Pool has creatively introduced traditional financial instruments to offer two innovative financial services, [Hedging] and [Staking], so that miners can make effective use of financial instruments for greater returns on their mining income.
With stable technical support and continuous product innovation, ViaBTC Pool has served more than 1 million users from over 130 countries and regions. It has long stayed in the second spot in the world by BTC, BCH, and LTC hashrates, as one of the top cryptocurrency mining pools of the globe.
CoinEx: a crypto exchange with a global perspective
In 2017 when ViaBTC Pool got technically stabilized, ViaBTC team started to run CoinEx business. A strong technical background in the field of traditional financial brokerage services made the founding team more comfortable with trading products. In May, CoinEx developed the world’s first 10,000 TPS matching engine. In August, it became the world’s first exchange to support BCH transactions. In July 2018, CoinEx topped the list of global exchanges by the trading volume.
The inherent peer-to-peer nature enables the cryptocurrency to become a universal product quickly. For any company to attain long-term development in the blockchain industry, the global operation is an indispensable step. CoinEx has always regarded the global operation as the most important strategy during its several years of development. Relying on the self-developed core transaction matching system and the extremely fast, smooth user experience, CoinEx has put users’ asset security in the first place and quickly gained the favor of numerous users around the world. At present, it posts a daily trading volume of over billion and has more than 2 million users from 100-plus countries/regions across the globe. CoinEx is committed to providing safe, professional and reliable trading services for crypto traders worldwide.
ViaWallet: A multi-crypto wallet to secure users’ assets
As an increasing number of crypto users hold an unprecedented amount of digital assets, the security of such assets has become an issue that many users cannot afford to neglect. Furthermore, wallet products available on the market are of mixed quality. Some centralized wallets even deceive users under the guise of decentralization. To better serve mining pools, exchanges, and more crypto holders, in 2019, ViaBTC Group launched ViaWallet, which supports more than 30 main-chain assets and includes over one million tokens. The wallet also provides users with multiple derivative functions such as on-chain staking, transaction acceleration, and DApp market, enabling safer and more convenient wallet services.
CSC: A public chain dedicated to building the high-efficiency underlying blockchain infrastructure
After providing users with three high-quality services—the mining pool, exchange, and wallet, ViaBTC has successfully extended its business to the entire industrial chain, including the generation, trading, and circulation of digital assets. However, the stagnant development of public chains has caused many sideliners to take a negative attitude towards it. The public chain ecosystem serves as the lowest-level infrastructure in the blockchain industry, and its performance directly determines how far the industry will go. ViaBTC, a blockchain company gathering a team of the world’s best technicians in the field, now casts its eyes on public chains, the most critical link in the blockchain technology world.
In November 2019, CoinEx launched the CoinEx Chain mainnet, the world’s first high-performance dedicated public chain, which can process 4,000-10,000 transactions per second. It can generate blocks in seconds and confirm transactions instantly. After the DeFi boom in 2020, the performance of Ethereum has obviously restricted the development of DeFi applications. Therefore, CoinEx upgraded CoinEx Chain to CoinEx Smart Chain (CSC) in May this year.
Having introduced smart contracts and achieved compatibility with EVM (Ethereum Virtual Machine), CSC also adopted the PoS consensus mechanism. It can not only help developers easily migrate applications from Ethereum to CSC, but also ensure the speed of efficient transfers. At the same time, the 101 validators further facilitate decentralization, making for a more convenient environment for developers and a better DeFi application ecosystem for users.
ViaBTC Capital: The arrival of capital aims to finance the development of the blockchain industry
After five years of development in its four core businesses of the mining pool, exchange, wallet, and public chain, ViaBTC has built a complete ecosystem covering cryptocurrency issuance, circulation, application, value discovery and the underlying technology of the blockchain. With the most extensive product layout in the world, ViaBTC has grown into a leader in the blockchain industry. Adhering to the vision of “making the world a better place through the blockchain”, ViaBTC aspires to contribute its share to the industry development while developing itself.
Resting on its industry resources and technical advantages, ViaBTC established ViaBTC Capital in August as a dedicated move to invest in Web 3.0, Layer 2, and DApp projects that combine DeFi, NFT or DAO. It aims to support excellent project developers and innovative teams with industry resources and channels for common growth.
Besides, bearing its responsibility for users in mind, ViaBTC Capital utilizes its industry resources accumulated for years to provide developers with post-investment services covering basic technology guidance and international marketing, so that developers can be wholly devoted to blockchain technology, application and the ecosystem construction of the whole industry.
The blockchain industry has been in its infancy over the past few years. Lured by the money-making legends around it, many impetuous entrepreneurs have flooded into the industry, most of whom end up leaving in anguish. By contrast, ViaBTC has always stayed true to its founding aspiration and aimed to become an infrastructure of the blockchain world. Down-to-earth, it is dedicated to introducing blockchain technology and cryptocurrency to more fields and seeks to grow with the entire industry ecosystem together.
On-Air Screw-Up: Fox Business Correspondent Claims Entire Bitcoin Supply Is Lost
Bitcoin is the talk of mainstream media, Wall Street, business, and more. No television segment on finance these days doesn’t include a mention of the top cryptocurrency.
But it has unfortunately led to some serious blunders, and misinformation being spread. A recent example is especially laughable and demonstrates how poorly researched news anchors or their writers can be, as one Fox Business correspondent is claiming the entire BTC supply has been lost or stranded in what he says could “be the premise for a great movie” – a movie that’s entirely fiction.
Fact Or Fiction: Don’t Beleive What You Read About Bitcoin In The Media
Bitcoin has been around for well over a decade now. By the time it took the world by storm in 2017, the majority of the mainstream public still hadn’t yet heard of the cryptocurrency
It is now three full years later and the cryptocurrency is back in the limelight, yet a clear lack of understanding remains in the media and in the general public.
Related Reading | Bitcoin Trend Strength Suggests No End In Sight, Second Most Powerful Historically
Not only is misinformation spread on purpose by those opposed to the asset class, such as Peter Schiff, Nouriel Roubini, and others, but even public figures do so inadvertently.
As was the case recently on Fox Business News, where a correspondent was covering a story related to the currently trending cryptocurrency. The screw-up showed just how little the journalist knew about Bitcoin and how little research had been done on the subject.
How far must Bitcoin climb for misinformation to stop? | Source: BTCUSD on TradingView.com
Fox Business Correspondent Claims Entire BTC Supply Is Lost In Misinformation Blunder
The news itself that was being covered isn’t new, and in fact, the victim lost his Bitcoin years ago. The story dates back as far as 2013 on NPR but was recently brought back to light in The New York Times because the surging asset is the hottest topic around.
An early crypto pioneer lost over 7000 BTC and only has two password attempts left before it is locked away forever. The Fox Business News correspondent or his team of writers mixed nearly every detail, and instead he claimed 18.5 million Bitcoins were lost or “stranded’ forever.
Related Reading | Bitcoin Daily MACD Flips Red For First Time Since K Was Taken
Worse yet, the correspondent claimed the 18.5 million BTC was worth 0 billion. The cryptocurrency’s market cap is currently around 6 billion, and the 700 BTC lost at current prices is worth around 0 million. Nearly no point of data cited was accurate, and no, the entire supply of BTC isn’t lost or stranded – but it is being held tightly.
While the offense was rather harmless, and only paints the correspondent themselves as uninformed, misinformation will continue to be a thorn in the side of Bitcoin for a long time to come.
Featured image from Deposit Photos, Charts from TradingView.com