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Cryptocurrency

Bank of England Open to Issuing Its Own Cryptocurrency

BITCOIN FUTURES

The Bank of England (BoE) is not opposed to issuing its own digital currency, a stance that is a reversal of the central bank’s commentary on the matter issued earlier this year.

BoE Governor Mark Carney said he was open-minded about the prospect of a central-bank-issued digital currency, but added such a thing was not imminent, and that cryptocurrencies currently don’t perform the role of money,” reports Bloomberg.

Previously, Carney said bitcoin, the largest digital currency by market capitalization, has failed as a legitimate currency and as a store of value.

It has pretty much failed thus far on … the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange,” Carney said earlier this year.

Reversing Course…Sort Of

While Carney’s new found open-minded nature to a BoE-issued digital currency may appear like a significant reversal of his previous views, it is not exactly an overt endorsement either.

He was quick to point out that a central-bank-issued digital currency was not yet on the horizon. He added that cryptocurrencies do not perform the role of money. While not exactly ringing endorsement, it is nonetheless a far cry from his previous dismissal of Bitcoin as a failed currency and store of value,” reports Bitcoinist.

Global central banks have differing views on digital currencies. Some believe the asset class is viable, assuming more regulations are implemented. Others have moved to outright ban cryptos in their countries. Others have expressed interest in issuing their own digital coins.

BoE recently published research on various models of possible central-bank-issued digital assets.

Electronic central bank money is not a new concept,” according to BoE. “It has existed for decades, most ubiquitously as balances (commonly referred to as ‘reserves’) that are held by commercial banks and other selected financial institutions at the central bank to facilitate electronic settlement in

Real Time Gross Settlement (RTGS) systems.”

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Bitcoin

Bitcoin Price Hits 8-Month High Close to $7K

There seems to be no stopping the bitcoin (BTC) freight train.

The leading cryptocurrency by market value jumped to $6,964 at 06:00 UTC today on Bitstamp, the highest level since Sept. 5, 2018, having found acceptance above the crucial 200-week moving average at $6,500 in early Asian trading hours.

Prices have set a new multi-month high for the fourth straight day and have rallied in excess of over 70 percent in the last 5.5-weeks.

Notably, with the sharp rally, the 100-day MA of bitcoin’s price has moved above the 200-day MA. That is the first bullish crossover between the two averages since July 2015.

The development further confirms the long-term bearish-to-bullish trend change signaled by several technical indicators, including a golden crossover, over the last few weeks.

The moving average studies, however, are lagging indicators and have limited predictive abilities, as they take old price history into account.

Even so, investors may take heart as a similar crossover in July 2015 was followed by a 2.5-year bull run.

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Binance

Binance got hacked for $40 Million Dollars in Bitcoin, is your money safe?

The short answer is Yes, your money is safe.
Fortunately, Binance was prepared and your money is safe in due to SAFU. Meaning the ‘Secure Asset Fund for Users’ will cover this completely. This is the very reason Binance is self-insured.

Technically speaking the Binance exchange itself was not hacked, it has officially been stated by Binance that a large number of API Keys, 2FA Codes, and other user info was acquired by said hackers utilizing techniques such as phishing, viruses and other types of digital attacks. This means that it was user accounts that were compromised by the users themselves and not Binance.

In an age where digital security is more important than ever, this is a stark reminder to keep your data safe and secure at all times.

TLDR About the Binance Hack:

• 7000 BTC was stolen
• The BTC was stolen from Binance’s Hot Wallet
• Binance’s Hot Wallet holds only 2% of their total holdings
• All funds are insured and do not affect users

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Bitcoin

Why Is Bitcoin Not Taking Off In 2019?

PEAK BITCOIN

As you are likely referring to the price, Bitcoin is quite frankly doing what it has always done, as in go through a cycle. Right now it appears to be in the accumulation phase before it starts to climb and then vault higher than it was before.

If you take a look at this Bitcoin chart and go back to what happened in the run up to late 2013, it extremely similar to 2017, and then what happened directly after in 2014, 2015 and 2018, 2019 is quite similar.

 

We can see from the chart that there was a prior accumulation phase happening throughout 2015 and 2016 after the drop in 2014 subsequent to the spike in 2013. But this is dwarfed by the spike that happened in late 2017.

The other point to note is that Bitcoin is not unique when it comes to this cycle, it has happened before in many different markets. It’s just that Bitcoin is a new technology phenomenon that is following a very similar path. Of course we can never be certain as to how long the current phase will last, but when it’s done I suspect a lot of people will look back once again and wish they had accumulated during this phase.

Finally, whether it still has further to drop or not won’t really have any substantive bearing on the ultimate long term trajectory in our honest opinion.

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