Hey, guys Welcome to your Cointelegraph news recap
I'm Molly Jane And I am Giovanni This time we are going to talk about Binance offering compensation to the victims of the latest KYC information leak Also, wallet provider Blockchaincom integrated payment system BitPay and regulatory issues make the future of Libra more and more uncertain
Also, we are going to talk with Eric Crown from Krown's Crypto Cave about the latest market updates Let's get into it First of all, Eric, can you give us a short overview of the most relevant movements in Bitcoin's price and your outlook for the upcoming week? Yeah, absolutely Let's get into the screen share right here Yep
So Bitcoin doing what it's been doing best for the past few months Just put it in some muddy territory right around this ninety nine ninety eight hundred ish region right here To me that is indicative that we're going to be doing one of these nice little pumps to the upside likely If Bitcoin can regain the 11000 level right over here I would be a lot more optimistic on this formation in general By the same token, the same error that we spoke about last week is still very much relevant, about 98 ninety eight hundred bucks to the downside
As long as we retain that I do identify this as symmetrical triangle And the general outlook on some like this would be a continuation of former trend But remember that this is still likely to take its time within this region We still have an apex coming in on this triangle in early October So we'd likely don't break this whole range
This range being this whole formation right here, at least for like another week or two, I'd imagine So likely there's gonna be some more ranging for this week I'd say that if Bitcoin can regain the ten thousand five hundred fifty ish level on a daily closing basis, that'll be pretty good and likely set us up for a move up into the lower 11000 and we'll likely just fill out this region if we actually do get that move This pump that we have yesterday night, there was an 800 dollar or about a thousand dollar pump within the span of one minute It felt like last night
And you'll notice that this pump, if we actually highlight the time it literally happened, we had the same pump happen about one month ago right here, same exact numbers, actually about an eight hundred two thousand dollars pump And then immediately got retraced back down to about ninety four ninety five hundred ish space So that is something to keep in mind I thought that was quite interesting because it literally happened at the same time just one month apart But other than that, you know, the general levels still hold
And I'd say, you know, again, as long as we're not closing below 9850 on a daily closing basis, it's more or less just more sideways market with a slight bullish bias in the more long term Thank you And so what can you tell us about altcoins If there are any other coins showing interesting performances? Yeah So in general, altcoins, I wouldn't really be looking at too much right now
We said last week that they were going to have a little bit of a reprieve We got that reprieve This is the Bitcoin dominance chart coming down here But since then, it's been reaccumulated And I do believe that alts are going to be hurt a little bit more in general
There's always a few outliers here and there I think an obvious one is Ethereum Classic, pumping up pretty damn hard into last week and holding this level, I'd say Ethereum Classic is the most interesting one to me because it's doing the most different from the general pack out of the top 10 Right And as long we hold the six eighty two level, I do think that this one gets continuation up until that eight and a half nine dollar region in the weeks to come most likely Thank you Eric
So let's talk about Etheruem now Chris Burniske, a partner at Place Holder VC, said that Ethereum is enduring its first mainstream bear market, just as BTC did in 2014 – 2015 That period, he said, was the best in terms of risk/reward ratio to get Bitcoin exposure So Burniske suggests that now is the best time to get Ethereum exposure Can you tell us what is a mainstream bear market and whether you agree with Burniske's analysis about Ethereum? Right
Right So a mainstream bear market is not a term that I think is defined anywhere But I would imagine that what Chris means is he's talking about a similar bear market in the way that Bitcoin played it out in 2014, 2015 At which point I would kind of push back on that statement We've seen Ethereum drop about ninety four to ninety five percent from its all time high to that area
In 2014 2015 Bitcoin dropped about eighty four percent Doesn't sound like a huge difference when you look at it like that, but when we're talking about bigger numbers, it certainly does account for something Do I agree with that statement in general that it's a good time to be a buyer? I would say that longer term investors obviously want to be getting in at lower prices and relatively we are certainly a lot lower than we were before But at the end of the day, I would really kind of encompass a greater look on the crypto sphere as a whole and say realistically, the trends that we've seen and the more tangible thing that we've seen is that for the most part, everything in this market follows Bitcoin And if everything follows Bitcoin, then it's probably just more worthwhile to look at what Bitcoin is doing as far as its greater trend and then kind of apply that to Ethereum
So if Bitcoin reverses here, if Bitcoin continues the upside here, that would likely bode well for Etheruem So, guys, in case some of you were among the victims of the KYC information leak that had hit Binance earlier this month, Binance has some good news for you Binance will be offering lifelong VIP accounts to all the victims of the recent KYC information information leak So, Molly, can you remind our viewers about the story behind the leak? What exactly happened? So it's a little bit more complicated than you might think What happened is this January, it was actually reported in some crypto media publications that a third party had been compromised
That was a KYC provider for a few exchanges And that users' data was leaked So more recently in August someone made a Telegram account and started leaking what he allegedly called to be KYC photos from Binance At the same time there were reports that this hacker was calling himself a white hat hacker and was telling Binance that he wouldn't publish anymore photos if they gave him 300 bitcoin But that kind of sounds like extortion, right? Yeah, but so were those picture exactly overlapping with those of the customers? So most recently, Binance said last week that some of the photos actually did have overlap with the KYC service provider they used at the end of 2013 up through February 2019
But at the same time, they said that some of the photos were photoshopped and don't have any correlation with the photos in their database As compensation the exchange will offer victims a VIP account, including preferential trading fees, support and more services So Binance usually offers several VIP account levels depending on volume traded and the amount of Binance native token held by users So it is still unclear which level will be offered to the hack victims So what do you think, guys, is a VIP account enough compensation for having your KYC info compromised? Let us know what you think in the comments
There are some more possible steps being taken towards adoption this week Major crypto wallet provider Blockchain com announced a partnership with BitPay, among the largest crypto payment processors That means Blockchaincom wallet users will not be able to make seamless bitcoin payments to any vendors that use their pay
This is big news given that BitPay is among the largest cryptocurrency payment processors Every year it processes one billion dollar transactions in Bitcoin and over two point eight billion dollars in other crypto currencies since 2011 As well Blockchaincom is one of the most popular crypto wallets, with over 38 million wallets and 200 billion dollars transacted so far But Giovanni the vendors using BitPay actually accept Bitcoin? Well, not exactly
BitPay allows user to pay with Bitcoin and the vendor to settle the transaction in a fiat currency of their choice So, guys, do you make purchases of bitcoin? And if so, what do you buy with it? Let us know in the comments And now it's time for our most recurring topic, which is the Libra, Facebook's cryptocurrency Mark Carney, the governor of the Bank of England, said that a global digital currency such as Libra could replace the US
dollar as the global reserve currency Carney pointed out that a global digital currency independent from central banks such as Facebook Libra would be a better option than the monopoly of another fiat currency like the Chinese renminbi However, China could be already some steps ahead in the process of creating its own global digital currency Circle CEO Jeremy Blair thinks that a China-backed digital currency would have the potential to bypass the Western banking system through direct settlements And the West appears to be lagging behind
Facebook has centered the Libra Association in Switzerland, which meant that US regulators bundled off their last week for a meeting with local authorities about what's going on However, the result of the meetings seemed to be inconclusive for those US
regulators whose doubts about the project still linger These problems are putting the very idea of the project at risk as some of the original 28 members of the Libra Association are reportedly considering leaving We are closely following this story, so stay tuned for more updates on Libra Guys, how do you see Ethereum's long term perspectives Are you as optimistic as Burniske is? Let us know in the comment
This has been Giovanni I'm Molly Jane And as always, remember to like, subscribe and hodl Cointelegraph, like, subscribe and hodl
