This is a compilation of the latest bitcoin online news headlines from around the world for today, May 8th, 2019.
Top Bitcoin News Online Headlines Today
The entire crypto community of traders, analysts, and investors alike are all watching Bitcoin closely, as the digital asset reaches an important inflexion point in its life as a financial instrument.
As traders seek to predict not only the direction of Bitcoin price but the price target itself, oftentimes a chart will be turned upside-down to gain an unbiased and unfiltered look at support and resistance levels, as well as any patterns that may be playing out.
One particular analyst has flipped a high-timeframe Bitcoin price chart on its head, hoping to glean additional insight from it.
According to the “support” levels, which are actually resistance levels, the trader says Bitcoin “is heading to at least $6,130.”
Bitcoin is close to putting the final nail in the bear market coffin, and is potentially entering either an accumulation phase or the beginning stages of a new bull trend.
With fear and panic still felt throughout the market, crypto investors are in disbelief.
The gain more confidence, traders take to charts in order to help to determine and predict price movements.
Occasionally, more advanced chartists will turn a price chart upside-down to try and remove any existing bias from the new perspective.
Prominent crypto analyst Josh Rager has shared such an inverse chart via Twitter, and on it clearly demonstrates powerful “support” at roughly $6,137.
The trader claims that from the looks of it, Bitcoin price is headed to “at least $6,130,” and that it would be hard to convince him otherwise.
$BTC – Inverted Chart to $6k+
On high time-frame, looks like Bitcoin is heading to at least $6130 and hard to convince me otherwise
From there, a pullback to $4100 would set up some nice opportunities pic.twitter.com/THxyYAPbLG
— Josh Rager 📈 (@Josh_Rager) May 6, 2019
The developers behind the cryptocurrency project Grin have reportedly received an anonymous donation of 50 BTC – worth an estimated $300,000.
The news, shared during a weekly meeting of developers, is notable, as Grin came to market touting what it called a “fair launch,” meaning project leaders did not raise any funds via an initial coin offering (ICO) or a private sale of the tokens that would power the technology.
This means development of the Grin protocol has been entirely reliant on voluntary donations and crowd-funding.
A relatively new cryptocurrency launched back in January, Grin leverages novel technology to obfuscate transaction information.
One developer, Daniel Lehnberg, said about the large monetary gift:
“A really big and heartfelt thanks. We’ll ensure [we] put that to good use.”
Users can donate funds at any point in time to five different public addresses accepting Grin, bitcoin, ethereum and zcash.
The most recent donation of 50 BTC was placed in the Grin bitcoin SegWit address and mined on the bitcoin blockchain Sunday.
Still, the donation is also a sign that Grin’s funding model may be working.
According to a recently released financial report, funding for the project has increased almost two-fold over the past four months from an estimated $65,237.35 to $123,423.73.
Now, with the additional 50 BTC donation, the project holds roughly six times the amount of funds it started out with at the top of 2019.
Going forward, funds are expected to be put towards project needs including building and deploying key infrastructure, website design and marketing development, mining hardware design and more.
Binance said the hackers ran off with over 7,000 bitcoin and used a variety of attack methods to carry out the “large scale security breach” which occurred on Tuesday.
They also managed to get some user information such as two-factor authentication codes, which are required to log in to a Binance account.
The cryptocurrency exchange was able to trace the stolen bitcoin to a single wallet, it said.
“The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time,” Binance said in a statement.
“The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that.”
Binance said the theft occurred from the company’s so-called “hot wallet,” which accounts for about 2% of its total bitcoin holdings.
A wallet is a digital means of storing cryptocurrency. A “hot wallet” is one that is connected to the internet as opposed to a “cold” one which stores digital coins offline.
Deposits and withdrawals on Binance’s platform will remain suspended but trading will be allowed.
Binance also warned that “hackers may still control certain user accounts and may use those to influence prices.”
However, the company said that it will cover the incident “in full” and no users’ funds will be affected.
The hack comes after a recent rally in bitcoin. The price of the digital coin is about 9% higher over the past week.
Online financial services firm PayPal believes it is too early to pronounce Bitcoin as the future of payments. Nevertheless, the $128 billion financial services firm is pursuing blockchain and cryptocurrency projects, Yahoo Finance reports.
According to John Rainey, PayPal’s chief financial officer, cryptocurrencies and blockchain technology could be disruptive and the financial services firm doesn’t want to miss out:
We have teams clearly working on blockchain and cryptocurrency as well, and we want to take part in that in whatever form that takes in the future — I just think it’s a little early on right now [on bitcoin].
PayPal’s CFO is not alone in the company’s top management ranks with regards to Bitcoin scepticism.
The firm’s CEO, Dan Schulman, earlier this year took a swipe at bitcoin saying ‘we’re not seeing many retailers at all accept any of the cryptocurrencies’.
However, he acknowledged that the underlying technology of bitcoin is ‘interesting’. Last year Schulman had noted that the reason retailers were averse to accepting bitcoin was because of its volatility.