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Ethereum Classic Users to Access Ethereum with WETC

Ethereum Classic Labs (ECL) announced the launch of Wrapped ETC (WETC), a token that connects Ethereum Classic (ETC) users to Ethereum. The company stated that WETC uses a bridging mechanism that effectively makes ETC interoperable on Ethereum. ECL made the move to give ETC users access to the large DeFi pool in Ethereum. The launch … Continued

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Ethereum Classic Labs (ECL) announced the launch of Wrapped ETC (WETC), a token that connects Ethereum Classic (ETC) users to Ethereum. The company stated that WETC uses a bridging mechanism that effectively makes ETC interoperable on Ethereum. ECL made the move to give ETC users access to the large DeFi pool in Ethereum.

The launch of WETC follows the recent launch of the DAI-ETC bridge. This bridge gave ETC users access to the Ethereum-based stablecoin DAI. It also follows the same cross-chain bridging template developed by ChainSafe Systems.

ETC-ETH Bridging Template for WETC

According to ETC Labs, the cross-chain solution uses ChainBridge, a decentralised application developed by ChainSafe Systems. ChainBridge is a smart contract interface across the ETC and ETH blockchains. It mints and burns WETC tokens on the Ethereum blockchain to equal the ETC transferred into or withdrawn from the smart contract.

WETC tokens are compatible with all wallets that use the ERC-20 standard. Like other ERC-20 tokens, WETC works with all Ethereum DeFi-based exchanges, lending platforms, betting platforms and gaming platforms.

Explaining the necessity behind giving ETC users access to Ethereum DeFi protocols, ETC Labs founder and chairman James Wo said:

The realities of a global pandemic and economic crisis are cementing DeFi as an integral piece of the rapidly-expanding digital economy. Especially where access to financial services like trading, savings, lending, and borrowing are inaccessible due to distance or inability to set up a bank account, DeFi will be an increasingly important force for positive change.

ETC on ETH Blockchain – A Growing Phenomenon

Theoretically, Ethereum is a fork of Ethereum Classic following the DAO hack in Mar 2016. This should make the blockchains rivals. However, in October, ETC Labs announced the launch of the DAI-ETC bridge. This bridge enables ETC users to use their tokens on the Ethereum-based MakerDAO protocol. Like WETC, the ETC-DAI Bridge uses the ChainBridge smart contract interface to make the blockchains interoperable.

Some believe that the moves are effectively a concession to Ethereum’s place in the battle for DeFi supremacy. ETC Labs itself admits that there is a need to make the Ethereum ecosystem accessible to ETC. This is because Ethereum currently hosts the vast majority of DeFi protocols. A quote from the company reads:

Decentralized Finance (DeFi) has grown to over half a million users, with over $13 billion USD locked into DeFi protocols. Given the vast majority of DeFi protocols are based on Ethereum, WETC will provide ETC users an easy way to access DeFi on the Ethereum blockchain.

According to the company, efforts are currently underway to get WETC listed on exchanges.

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Source: https://beincrypto.com/ethereum-classic-users-to-access-ethereum-with-wetc/

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The Curious Case of a Conflicted Bitcoin Bearish Wedge

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Bitcoin is stuck below $20,000.

The flagship cryptocurrency has attempted to break above the psychological resistance level multiple times in the last two weeks. In one of the instances, it reached as far as $19,915 only to face a bearish assault at the new record high that pushed its price lower by $2,000. It is evident that traders’ profit-taking behavior goes wild when Bitcoin closes towards $20,000.

Bitcoin Wedge

But looking from a wider perspective, the entire range between $19,500 and $20,000 prompts traders to exit their bullish positions for a short-term profit. In late November, the BTC/USD exchange rate made two back-to-back attempts to break above $19,500, but it succumbed to higher selling sentiment near the level, falling to as low as $16,200 later.

A pullback ensued, and the price again faced the same bearish bias near 19,700 — a development from $19,500, nonetheless. And now, the $19,900-area is giving the same vibes, having been crashed the price to $18,109 upon its latest test.

The price behavior has left Bitcoin in a sequence of modestly increasing higher highs and lower highs. Envisioning them together makes it look like that they are forming a Rising Wedge.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Rising Wedge pattern in development. Source: BTCUSD on TradingView.com

In retrospect, traders see Rising Wedge as a bullish-to-bearish reversal pattern. So it typically happens the price ascends inside the Wedge range but breaks below its support trendline eventually. If accompanied by higher volumes, the negative breakout crashed the price by as much as the maximum distance between the Wedge’s upper and lower trendline.

Bitcoin’s current Rising Wedge pattern’s height is $3,249. Depending on where it breaks lower from, its price would likely fall by roughly $3,000. That would mean a plunge towards $17,000 — at least.

But There Is A Catch

The Wedge’s upper trendline is almost flat, with the difference between higher high levels close to $200. Some traders can also assume that it is a horizontal resistance level. If true, it would throw the entire bearish reversal theory, as discussed above, into a bin.

A horizontal line makes the entire Bitcoin structure looks like an Ascending Triangle. It is a continuation pattern wherein the asset in concern typically continues in its previous trend’s direction with a breakout above the upper trendline. An ideal bull target is as much as the height of the Triangle.

That means Bitcoin price — again — expects a move worth $3,000-3,249 but to the upside. It puts the cryptocurrency’s bull target at around $23,000.

So far, fundamentals favor Bitcoin.

The inflation narrative sticks because of the Federal Reserve’s likelihood of buying short-dated bonds and corporate debts amid a low-interest environment. On the one hand, excessive US dollar liquidity prompts investors to dump the greenback. On the other, the prospects of earning lower yields divert their attention to riskier assets like Bitcoin.

That explains why the cryptocurrency’s Rising Wedge pattern appears less threatening.

Source: https://bitcoinist.com/the-curious-case-of-a-conflicted-bitcoin-bearish-wedge/?utm_source=rss&utm_medium=rss&utm_campaign=the-curious-case-of-a-conflicted-bitcoin-bearish-wedge

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Hackers Demand 200 Bitcoin Ransomware After Compromising Leading Israeli Insurance Company’s Sensitive Data

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A notorious hackers’ group called The Black Shadow has compromised one of the largest insurance companies in Israel – Shirbit. The attackers have already released sensitive client documents and have demanded a ransom in bitcoin, which could rise to $4 million by the end of the week.

Israeli Insurance Company Hacked

According to a local media outlet, the first confirmation of the hack came on Monday evening. Representatives of The Black Shadow group posted an initial batch of compromised documents on a Telegram channel.

Shirbit had contacted the National Cyber Directorate and Capital Market Authority to open an investigation. Shortly after, the organizations confirmed the breach and indicated that the hackers have also leaked numerous insurance details, alongside the initial documents.

According to the report, Shirbit has many high-profile customers, including government employees. Company CEO Zvi Leibushor said that the safety of its clients is Shirbit’s top priority.

“Shirbit has invested millions of shekels in securing databases and protecting against cyber-attacks and meets all the stringent regulatory requirements in this area.” He added that the firm has invested “all resources and efforts needed for an effective safe and rapid solution to this cyber-attack, whose real goal is to try to harm the Israeli economy.”

Demand Requested In Bitcoin

After releasing a small part of the compromised documents, The Black Shadow reps have contacted the victims to request 50 bitcoins (about $960,000 with today’s prices).

However, in case Shirbit failed to pay the attackers within the first 24 hours, the demand would double to 100 bitcoins. The procedure will repeat and double to 200 bitcoins if another 24 hours pass without payment.

Furthermore, the hackers threatened the insurance company that if it fails to transfer the funds by the end of this week, they will sell all compromised data to other bidders.

It’s worth noting that numerous other Israeli companies and high-profile individuals have recently become victims of similar hacks and demands.

CryptoPotato recently reported that 20 Israeli crypto executives, all clients of the local telecommunications giant Partner, were hacked by stealing their SMS messages.

Another coverage informed that a new type of ransomware attacked called Pay2Key has been executed against several Israeli companies in the second part of 2020. The perpetrators had requested the demand in bitcoins, similarly to the Shirbit hack.

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Source: https://cryptopotato.com/hackers-demand-200-bitcoin-ransomware-after-compromising-leading-israeli-insurance-companys-sensitive-data/

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Bitcoin Price to Hit $36,000 in 2021: Kraken Crypto Sentiment Survey

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From what happened in the last couple of weeks, it appears that the crypto bull market is upon us. Bitcoin has been consistent with its volatility-induced rallies, and this is infusing confidence in investors.

So much, so that VIP clients in Kraken’s latest Crypto Sentiment Survey say that BTC will skyrocket to about $36,000 in 2021. They also feel that ETH could revisit its previous highs of $1500.

Bitcoin And ETH To Trade At Average Prices Of $15K and $549 By 2020 End

The latest Kraken Crypto Sentiment Survey covers investor sentiment for the second half of 2020. The exchange had already conducted a similar survey back in March this year. But then investors were way more optimistic about BTC and ETH price growth by December.

Now, the same respondents have retracted their bullish calls for bitcoin and ether (ETH) this year. According to the latest numbers,

The average bitcoin price target among 309 responses fell -35% surveyover-survey to $14,866, well below February’s average of $22,866. The median price target also retraced -28% from $19,424 to $14,000, and the most commonly cited price target was $15,000, down -25% from $20,000.

With respect to ether (ETH), the average price target among 289 responses was $549, off -32% from the previous survey’s average of $810. The median price target was unchanged at $500 and the most frequently cited price target was $500, up +66% from $300.

At 72 percent, traders and investors (down from 81 percent when the survey was conducted in March) comprised a majority of the survey responses. 18 percent of responses came from Institutions (broker, custodian, family office, hedge fund, lender, market maker, private equity firm, proprietary trading firm, or venture capitalist).

And the rest 4 percent – from crypto service providers (ATM, exchange, lender, payment processor) and miners. As compared to March, the researchers at Kraken anticipated a lower price growth optimism from the said respondents since the year is so close to its end.

The Outlook For 2021 Remains Super Bullish

When asked about how they see bitcoin and ether prices in the next year, respondents didn’t shy away from expressing their mega bullish calls. Survey participants called for an average bitcoin price target of $36,602 in 2021. Some put the median bitcoin price target at $25,000, but a lot of folks (approximately 61 percent) felt if not anything else, BTC will at least hit $20,000.

A small section of respondents reported hopium-induced ultra bullish calls.

Approximately, 8% of respondents provided a price target greater-than-or-equal-to $100,000, roughly 20% of respondents reported a price target greater-than-or-equal-to $50,000…

Survey participants were very optimistic about ETH’s outlook as well in the next year. This sentiment came from the discussions around Ethereum’s network upgrade and the growing popularity of the DeFi ecosystem. Respondents think ETH will trade at an average price of $1454 in 2021. Also, at the same time:

Close to 59% believe that ether will, at least, hit $800. Additionally, 22% of respondents see ether surpassing its previous all-time high of $1,595 set in early-January 2018 and just under 92% see ether, at the very least, trading higher than current price in 2021.

What becomes evident from the aforementioned numbers is that participants in a price prediction survey tend to project bullish figures for a longer-term.

Will Bitcoin(BTC) and ether (ETH) hit the above price targets in 2021? That still remains to be seen.

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Source: https://cryptopotato.com/bitcoin-price-to-hit-36000-in-2021-kraken-crypto-sentiment-survey/

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