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Bullish Crypto Indicator Puts Near-Term Target for Bitcoin to Hit $6,000

Bullish Crypto Indicator Puts Near-Term Target for Bitcoin to Hit $6,000

Bullish Crypto Indicator Puts Near-Term Target for Bitcoin to Hit $6,000Bitcoin price could have an upside of $6,000 in the near-term. | Source: Shutterstock Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here. Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here.By CCN.com: According to a cryptocurrency trader known as “Crypto Rand,” a technical indicator suggests the bitcoin price is en route to achieving $6,000 in the near-term.#Bitcoin looking solid here. Bullish pennant on the making. Target over the $6,000 region. pic.twitter.com/3WMFkuKzBN— Crypto Rand (@crypto_rand) April 22, 2019Throughout the past 30 days, the bitcoin price has recorded a significant surge in value from $3,975 to $5,311 by more than 33 percent in most major markets.Some analysts have become cautious on the prospect of the cryptocurrency market due to the sideways price movement of bitcoin, expecting the dominant cryptocurrency to remain stable while alternative cryptocurrencies weaken.What Can Push Bitcoin Upwards in the Near-Term?While there are no clear fundamental catalysts for the bitcoin price and the rest of the cryptocurrency market in the weeks to come, there are some events on the horizon that historically led the bitcoin price to increase by a large margin.In less than two weeks, it officially becomes a year before the next scheduled block reward halving for bitcoin in May 2020.In a block reward halving, the rate in which new bitcoin is mined by miners on the blockchain network is reduced, leading to a decline in the potential circulating supply of bitcoin.The build-up towards the block reward halving and the noticeable increase in the real volume of bitcoin calculated with the method presented by Bitwise Asset Management could contribute to the rally of bitcoin.A potential breakout of the $6,000 level, which former International Monetary Fund (IMF) economist pointed out is crucial for bitcoin to breach to eliminate the chances of diving back into a brutal bear market, could serve as a strong foundation for the entire cryptocurrency market.Still a beautiful chart. If bitcoin can’t bounce to at least 5k-6k soon, it’s a really bad sign for the cyberbulls. And if it breaks down thru the yellow line at any point, even the HODLers need to GTFO. $BTC $XBT pic.twitter.com/FqqyzE1mhb— Dow (@mark_dow) December 27, 2018Several traders, based on the performance of bitcoin and alternative cryptocurrencies in the past four months, have suggested that the bear market has already come to an end and that the market may be engaging in a new rally.The $crypto bull run has already started.Prices since last year:$RVN: +387%$ENJ: +382%$BNB: +303%$HOT: +188%$BAT: +173%$LTC: +157%$IOST: +122%$ONT: +111%$BCH: +87%$ADA: +82%$NANO: +81%$LINK: +72%$VET: +71%$ICX: +57%$BTC: +37%$NEO: +36%$TRX: +32%$ETH: +24%— The Rhythm Trader (@Rhythmtrader) April 21, 2019However, from their all-time highs, most cryptocurrencies remain down about 70 to 98 percent, which makes it difficult to call the start of a bull market for now.Previously, Multicoin Capital general partner Vinny Lingham stated that if bitcoin does surpass the $6,200 level in the short-term, it would signal the start of a new major bull run.He said:That said, if we can break $6200 for BTC, it will likely mark the start of another major bull run and could run hot and high, but if it’s pure speculation and other assets benefit disproportionately to value created, it’s likely not going to end well again!But, Lingham also said that until cryptocurrencies show independent price movements, it would be challenging to conclusively state that the recent upside momentum of cryptocurrencies is sustainable.“Many people believe that the crypto winter is over. Here are some of my unfiltered thoughts on this topic. Charts & technicals aside, I don’t believe this rally is sustainable for one reason: The market has not yet decoupled the various crypto assets from Bitcoin,” Lingham said.In the past month, cryptocurrencies like Binance Coin and Enjin Coin have shown movements uncorrelated with bitcoin, which could be considered as a sign of recovery for the cryptocurrency market.It Won’t be a Smooth Road AheadRetail investors who drove the 2017 bull market may be compelled by the low valuations of crypto assets but are unlikely to commit to the market so quickly after the market experienced an 85 percent correction.As such, a bumpy road towards recovery is expected for the cryptocurrency market and a potential move to $6,000 could smoothen the process. About The AuthorJoseph YoungHong Kong-Based Finance and Cryptocurrency Analyst. Contributing regularly to CCN and Hacked. Providing unique insights into the crypto and fintech space since 2012.
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Moonday Mornings: Binance to resume deposits and withdrawals after $40M Bitcoin hack

It’s time for Moonday Mornings, Hard Fork’s wrap-up of the weekend’s top cryptocurrency and blockchain headlines. Here’s what happened. 1. Binance says it will resume deposits and withdrawals on its platform on Tuesday. The cryptocurrency exchange had suspended the functions following an attack in which hackers stole over $40 million worth of Bitcoin. 2. The…

Moonday Mornings: Binance to resume deposits and withdrawals after $40M Bitcoin hack

It’s time for Moonday Mornings, Hard Fork’s wrap-up of the weekend’s top cryptocurrency and blockchain headlines.

Here’s what happened.

1. Binance says it will resume deposits and withdrawals on its platform on Tuesday. The cryptocurrency exchange had suspended the functions following an attack in which hackers stole over $40 million worth of Bitcoin.

2. The figureheads of the fake cryptocurrency scheme, OneCoin, are being sued. Brother and sister duo, Konstantin Ignatov and Ruja Ignatova are facing a class action law suit for their involvement in the scam which was “based completely on lies and deceit,” ZDNet reports.

3. A Bitcoin BTC fueled ransomware attack hit the Baltimore City government last week. Despite being cleaned of the ransomware, hackers are allegedly still accessing the infected computers, ZeroHedge reports. The Federal Bureau of Investigation is now investigating the attack.

4. The creator of the Bitcoin treasure hunt Satoshi’s Treasure is claiming nearly 60,000 people are following the global challenge, CoinDesk reports. One player has already claimed the first prize, and didn’t even have to go anywhere to claim it.

And finally.

5. William Shatner is putting William Shatners on the blockchain. The former Star Trek actor is joining Mattereum, a legaltech firm, to document the authenticity of science collectibles and memorabilia from a range of franchises on the blockchain.

That’s another weekend’s headlines for you. Live long and prosper.

Published May 13, 2019 — 07:58 UTC

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Amazon granted patent for Bitcoin-style system to fight DDoS attacks

Cryptocurrency rumor mongers are likely to be dancing today as Amazon has successfully filed a patent for a Bitcoin-styled Proof-of-Work system. But don’t get ahead of yourself, it doesn’t look like the Seattle-based ecommerce giant will be accepting Bitcoin for payments. Despite first being filed in December 2016, Amazon’s patent application was granted earlier this…

Amazon granted patent for Bitcoin-style system to fight DDoS attacks

Cryptocurrency rumor mongers are likely to be dancing today as Amazon has successfully filed a patent for a Bitcoin-styled Proof-of-Work system. But don’t get ahead of yourself, it doesn’t look like the Seattle-based ecommerce giant will be accepting Bitcoin for payments.

Despite first being filed in December 2016, Amazon’s patent application was granted earlier this week and appears to outline a system that uses Proof-of-Work to prevent distributed denial-of-service (DDoS) attacks.

“One way to mitigate against such attacks is to configure a service such that requests to the service incur some sort of expense, thereby providing a disincentive to participating in the attack,” the application reads.

Planting a Merkle Tree

Amazon proposes to use Merkle Trees to present a Proof-of-Work challenge and make it too costly for a series of computers to perform a DDoS attack.

But what’s a Merkle Tree? In short, Merkle Trees are cryptographic tools where blocks of data are manipulated to give them a unique identifier also known as a hash.

These hashes are then manipulated again to create a parent hash. Parent hashes are always a combination of two or more child hashes. It’s layers on layers of hashed data.

Since computing power is required to build a Merkle Tree, performing such hashes could get very costly in terms of time, electricity, and resources. In turn, this makes DDoS attacks economically unfeasible.

In the case of Amazon’s patent, imagine having to construct a Merkle Tree before you’re allowed to access a website hosted on one of its servers. To an individual the cost might be insignificant, but to an organization trying to carry out a DDoS attack – which might involve many hundreds of computers – it could become prohibitively expensive.

Amazon’s Merkle Tree

Merkle Trees are also used in Proof-of-Work blockchains like Bitcoin as part of its consensus mechanism. But for now that’s as close as Amazon will get to Bitcoin.

Indeed, with this news it seems Amazon is still of the “blockchain, not Bitcoin” mantra. Earlier this month, the web giant said that AT&T, Accenture, and Nestlé are all using its cloud-based blockchain tools.

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South African voters fear mobile political campaigns will steal their personal info

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