- Crypto in law
- Safety first
- Altcoins season continued
- Bitcoin soars
- CEX.IO news
👨✈️Crypto in law
In the past few months, UK regulators have introduced increased scrutiny around the cryptocurrency industry. Besides the mandatory requirement to get licensed, digital asset businesses must be careful about how they advertise their services to consumers. At first glance, this growing pressure on service providers might seem bad news for the market. However, if we take a closer look, regulation protects investors and offers long-term benefits for the licensed service providers and maturing cryptocurrency sector, said Konstantin Anissimov.- How the UK’s regulations impact the digital asset market
- Opinion: The UK’s ‘crypto crackdown’ and why the industry should embrace it
🔐 Safety first
Poly Network confirmed that the hacker, who is called Mr. White Hat, had returned the $610 million in stolen money. $33 million in Tether remains frozen by the stablecoin’s parent company, which Poly Network said it was working to restore. Also, the hacker issued a message on the Ethereum blockchain explaining their rationale for delaying returning the stolen funds. The hack initially occurred on August 10, with about half of the money returned the following day. “Such big hacks as this (with white hackers or not) actually improve the overall security of all DeFi services. Other teams tend to learn from the mistakes and failures of others and make their projects more secure.”, said Dmytro Volkov. Poly Network hacker returns all stolen funds and says the goal of the theft was to ‘point out some crucial facts about this crazy DeFi world With trading bot scammers still on the prowl, many more traders will continue to lose money to this type of scam. This begs the question: Who should use a trading bot? How does one know if a purported trading bot is in fact a scam? Dmytro Volkov concedes that some trading strategies do require quick actions and calculations. He says since humans cannot perform such trading strategies this task is left to a trading bot. However, according to the CTO, the “most successful trading strategies still require constant supervision and guidance from experienced high-skilled human traders – quants.” The rise of fake crypto trading bots: steps users must take to avoid getting scammed🤘Altcoins season continued
Youtuber Matt Wallace noted the internationalization of the DOGE rally in August and the shifting of action to Binance, a major cryptocurrency exchange. Meanwhile, Cardano’s Alonzo upgrade that will usher in smart contracts would be launched on Sept. 12, as per Nigel Hemsley, head of delivery for the cryptocurrency project. Yuri Mazur, head of data analytics at CEX.IO said, “Cardano’s highly anticipated Alonzo upgrade is also a good reason for investors to stack up the coin,”. Dogecoin shoots up over 17%, Bitcoin, Ethereum continue to soar but roadblocks just ahead Cardano surged above $2 for the first time in almost three months after the blockchain’s lead developer revealed a September release date for the planned Alonzo update, which would provide smart-contract capabilities. Cardano’s smart-contract feature would let it integrate new applications, such as decentralized finance (DeFi) systems that automate bitcoin lending and trading. The enhancement may help the network challenge Ethereum, which is now the top among blockchains that support smart contracts. Yuri Mazur said, “Any rise in the price of cryptocurrencies is either directly triggered by favorable news pushing up sentiments among purchasers or a growth in line with the broader market trend.”- Cardano reacts to smart contracts arriving next month
- Cardano surges 25% in 2 days to become 3rd-largest cryptocurrency as new protocol upgrade looms
🚀 Bitcoin soars
The world’s largest cryptocurrency was up 6% on August 20 and has broken the $48,000 mark for the first time since May. The recent price rally is not indicative of a massive jump just yet, according to Konstantin Anissimov. However, he said that if more buyers dive in to push the price above the $50,000 level, a frenzy could be ushered in to steer the price toward a target of $55,000. Bitcoin breaks $48k for first time since May In the second half of August, Bitcoin has been trading in a range between $45,000 and $51,000. Every time it has seemed to pick up momentum and ready to break past this range, it has been rejected at critical levels and retraced. On August 16, it was rejected at $48,000 and retraced to $44,000. It again picked up the pace and after testing $50,400, it was once again rejected and lost over $3,700. These price turns, especially the drops, are not unexpected. However, according to Yuri Mazur, they can have a drastic effect. Exclusive: Data wizard talks what to expect this weekend for BTC as $50K resistance persists The 61.8% Fibonacci retracement of the April to June downtrend — at $51,000 — still looms as a potential obstacle to Bitcoin, along with the round-number $50,000 mark. “The next major resistance, for now, is at the $50,000 zone,” said Konstantin Anissimov. “Should more buyers dive in to push the price above the $50,000 level, a frenzy may be ushered in to steer the price toward a medium-term target of $55,000.”- Bitcoin knocks on door of $50,000 after rising above resistance
- Bitcoin price shoots past $50k amid buying frenzy
- Bitcoin headed for $75,000, analyst says