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It’s Not Just Crypto: 2,000 Robinhood Accounts Compromised

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  • Hackers had a field run a couple of days ago, targeting the popular retail-oriented trading application Robinhood.
  • Almost 2,000 Robinhood Markets accounts were compromised in a spree that saw customers’ funds siphoned off, according to a Bloomberg report.
  • Robinhood disclosed that a “limited number” of their customers had been struck by hackers who managed to gain access through breaches of personal email accounts outside of the application.
  • “The security of Robinhood customer accounts is a top priority and something we take very seriously.” – The company said in a statement.
  • The trading application reportedly has over 13 million customer accounts and is considering whether to add a phone number in combination with other tools, a person familiar with the matter told Bloomberg.
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  • A few of the victims said that they failed to find any signs of criminals compromising their emails. On the other hand, however, some said that their brokerage accounts were compromised despite the two-factor authentication.
  • In late 2019, a massive email breach took place at one of the most popular Bitcoin margin trading exchanges, BitMEX. The company clarified that nothing beyond email addresses was leaked, though this raised serious concerns with respect to the security measures put in place.
  • The latest events show that it’s not just the cryptocurrency field that hackers are targeting but also traditional market trading applications and services, highlighting the importance of turnkey security solutions.
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Source: https://cryptopotato.com/its-not-just-crypto-2000-robinhood-accounts-compromised/

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HODLers: Most Crypto Investors Hold Majority In Bitcoin Over Altcoins, Survey Finds

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As Bitcoin price recorded a new yearly high, most of the participants in a recent survey shared that they hold the majority of their holdings in Bitcoin rather than altcoins.

Bitcoin traders are basking in profit as October turns out to be a good month for BTC.

46% Of People Allocate More Than 50% To BTC

Crypto commentator and analyst Josh Rager took to Twitter to ask crypto users how much of their portfolio is allocated to Bitcoin. Voters had to choose from one of four options that best describe their portfolio.

The result of the poll was quite interesting. As much as 35% of traders revealed they dedicated less than 10% of their portfolio to the most valuable cryptocurrency. This category is bullish on altcoins and had the highest number of votes in the poll.josh_rager_poll

A total of 23.2% maintained that Bitcoin holds a significant percentage in their portfolio. According to the results, these people dedicate between 51% to 89% of their portfolio to Bitcoin.

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The third-highest category consists of Bitcoin maximalists who are very bullish on Bitcoin. These voters, which made up 22% of the poll result, said that 90 to 100% of their portfolio is allocated to the king coin.

Lastly, the fourth category, consisting of 18% of voters, said they allocate between 11 to 50% to BTC.

In other words, almost 46% of the respondents shared that they hold over half of their portfolio in Bitcoin rather than altcoins.

Bitcoins Hits $13,200, Altcoins Suffer

Elsewhere, altcoins have been experiencing terrible nightmares since last month. An earlier report suggested that Bitcoin’s fresh surge is crushing both altcoins’ prices and market dominance.

At the time of writing, Bitcoin has blasted through important resistance levels, reaching a fresh 2020 high of $13,217 on Binance. The cryptocurrency now holds a market dominance of about 61%.

Although the speculation around is the current surge is caused by money flowing from altcoins into Bitcoin, a fresh analysis debunked has debunked that. As CryptoPotato reported, Bitcoin’s rising value is likely caused by new money entering the crypto market.

Moreover, the latest surge seemed to be primed largely by the news that PayPal, the world’s largest online payment processor, will start allowing users to buy, sell, and hold Bitcoin and other cryptocurrencies.

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Source: https://cryptopotato.com/hodlers-most-crypto-investors-hold-majority-in-bitcoin-over-altcoins-survey-finds/

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BTC Price Analysis: After Breaking 2020 High, Is Bitcoin Eyeing $14K?

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Bitcoin price has managed to avoid all 3 unfilled CME gaps this week and go on to break the $13,235 level for the first time since July 10, 2019 – 469 days ago.

The catalyst for the 11% surge was the breaking news from PayPal yesterday that the payments giant will soon facilitate BTC and other crypto-asset payments.

According to data from Datamish, the Paypal rally caused a $70.8M short squeeze on BitMEX as an eye-popping $31 billion returned to the crypto market during yesterday’s frenzy. This will have undoubtedly helped catapult prices beyond the milestone $12K and $13K levels as short traders buy back into BTC to cover losses.

Price Levels to Watch in the Short-Term

On the weekly BTC/USD chart, we can see that prices fell just shy of the 0.618 Fibonacci resistance at $13,360. Between this price point and the $13,890 level above, we have a major resistance zone (red shaded area) that has not been closed above since January 15, 2018 – during the huge crash from Bitcoin’s all-time high of $20,000.

This will be a massive psychological barrier for bullish traders to overcome, and will need considerable momentum to break it successfully.

Just above this area, we also have the upper resistance line of a broadening wedge pattern that bitcoin price has been tracking inside of since April 27, 2020, on the weekly chart (yellow lines). This currently sits around the $14,000 level. It’s possible that we could see a reaction at this trend line if prices managed to break through the aforementioned red zone.

From there, the most obvious daily resistances above this are the $14,600, $15,400, and $15,800 levels, before we get to the 0.786 Fibonacci level at $16,150.

Looking at potential supports, we have a key S/R zone (green shaded area) between $11,950 and $12,300, which should create some buying pressure to push back against a bearish decline.

Underneath that, we have the 0.5 Fibonacci level at $11,400, the daily 50 EMA (blue) at approx $11,170, and the support line of the broadening wedge pattern at around the $10,900 area.

With Bitcoin now dangerously close to breaking into the overbought region on the weekly RSI for the first time since July 2019, it’s possible that we could see a sharp decline as trading bots are triggered by the indicator before a new leg of the uptrend begins.

Total market capital: $395 billion
Bitcoin market capital: $ 237 billion
Bitcoin dominance: 60.1%

*Data by Coingecko.

Bitstamp BTC/USD Weekly Chart

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BTC/USD chart via Tradingview
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/btc-price-analysis-after-breaking-2020-high-is-bitcoin-eyeing-14k/

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“Massive” Wave Of OTC Buying Could Be Behind Bitcoin Bull Impulse

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Yesterday, Bitcoin experienced a major breakout through $12,000 and in a flash was trading above $13,000. Buying on exchanges is picking up, which is, in turn, driving up prices.

However, a “massive” wave of OTC buying suddenly could also be contributing to the bullish impulse. Here’s how.

Bulls Push BTC To New 2020 High, Is The Post-Halving Bull Run Here?

The first-ever cryptocurrency is trading just below $13,000 after a strong bullish impulse and $1,000 candle took the cryptocurrency charging higher.

News that PayPal would introduce cryptocurrencies to its customers starting immediately and roll out full payment support for merchants in 2021, caused buyers to step in with strength.

Related Reading | Warning: “Watch Out” For Bitcoin “Bulldozer” When Volume Expands

Sellers attempting to short Bitcoin as it rocketed higher only served as fuel for a short squeeze that ultimately took the cryptocurrency to a new 2020 peak.

bitcoin btcusd otc buying

Is "Massive" OTC buying contributing to the Bitcoin bullish impulse? | Source: BTCUSD on TradingView.com

Signs point to a new bull run beginning, but volume has yet to arrive that will support a full push to retest $20,000. The reason for the lack of volume, while Bitcoin price increase steadily, could be due to another factor going on behind the scenes and off crypto exchanges.

How OTC Bitcoin Buying Could Be Contributing To Price Increase

According to Bitcoin’s Exchange Fund Flow Ratio 30-day moving average, OTC buying of Bitcoin has kicked into high gear, and it could be sucking the already scarce supply out of the market.

With less supply available, both due to OTC buyers absorbing what’s available in BTC and retail investors moving BTC off exchanges to hold in cold storage, there’s not enough Bitcoin for buyers on exchanges to buy big without driving up prices.

bitcoin cryptoquant

"Massive" OTC buying going on according to Exchange Fund Flow Ratio 3-Day Moving Average | Source: CryptoQuant

And that’s exactly what happened yesterday. What buying in Bitcoin took place as a result of the breaking PayPal news, helped the cryptocurrency skyrocket higher due to the surging demand.

OTC buying happens behind the scenes or “over-the-counter.” The medical-sounding term lets big buyers access large BTC supply without causing market slippage on exchange.

Related Reading | Crushing Bitcoin Dominance Could Decimate Altcoins Through Q1 2021

Buyers do this to avoid driving up prices, much like what took place yesterday. But although OTC buyers don’t directly impact price fluctuations, taking large sums of the BTC supply out of the marketplace will still ultimately contribute to supply and demand dynamics.

These dynamics are been tipping the scales in favor of price increase, and it shows. If the trend keeps going, Bitcoin’s bull run could already be here, and the cryptocurrency might never look back from the levels it just left.

Featured image from Deposit Photos, Chart from CryptoQuant, TradingView.com

Source: https://www.newsbtc.com/analysis/btc/massive-wave-of-otc-buying-could-be-behind-bitcoin-bull-impulse/

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