BTC Review: Billionaire quits stocks for Bitcoin, CZ vs Wright, China report blockchain

Here are the major events happening in the crypto-verse, the news you should be aware of: price action, China releases blockchain report, Tim Draper quits stocks for BTC, OKEx and Bitfinex attacked, and much more. Read on to find the latest and don't lose track of this ultra fast-moving industry.

Bitcoin, Ethereum price action

Crypto prices were a sea of red last week. Led by Bitcoin, cryptocurrencies tumbled down in a spectacular manner. Bitcoin started the week close to $10,000 and steadily depreciated to $8,500 ish. A whopping $1,500 lost! It’s the first time Bitcoin would end a February on a loss since February 2014.

Ethereum didn’t fare any better. It started the week around $270 and ended it around $220. February’s gains have been nullified. Call an ambulance.

Billionaire Tim Draper quits stocks for Bitcoin

Renowned venture capital investor Tim Draper revealed on CNBCthat he has been out of the stock market for the last 6 months. He admitted to moving a chunk of his holdings from stocks to crypto and Bitcoin.

He described the stock markets as “lofty” and said Bitcoin had become a safe haven amidst global market turmoil.

Crypto rumble: CZ vs Wright

Binance CEO, Changpeng Zhao and Craig Wright, the guy fighting Bitcoin and all its hard forks, exchanged blows during the week.

Apparently, Wright said Binance is about to pull an ‘Mt. Gox’ (the exchange had some issues last week) because they were ‘broke’ and CZ responded by calling him a scammer.

Binance officially delisted Wright’s BSV in April 2019.

Fcoin insolvency- bugs or exit scam?

Fcoin, a Chinese-based exchange recently fell insolvent, with customers losing up to $130 million. The exchange at the time said a technical error was the reason they are shutting down.

Now, researchers are poring over blockchain records and evidence suggests that Fcoin may not have been upfront with the truth as there’s been a systematic withdrawal of user funds from FCoin’s cold wallet to other exchanges.

Don’t leave your money on exchanges.

China releases report on blockchain

The People’s Bank of China (PBoC) has issued a 35-page document complaining about the security protocols of distributed ledgers and crypto-related technologies. According to the research, blockchain isn’t effectivefor large scale transactions.

China has ‘banned” cryptocurrencies and had been bullish about blockchain technology, until now. Does this suggest that the upcoming state-sponsored ‘crypto’ won’t be backed by blockchain?

OKEx and Bitfinex attacked

Two major crypto exchanges OKEx and Bitfinex were hit by DDoSattacks last week. OKEx was hit with 2 attacks and its CEO, Jay Hao, said the exchange was ‘largely unaffected.’ Apart from a brief interlude for a systems upgrade nothing suggests it was more severe.

Bitfinex was more affected and had to go offline for hours on Friday.

Stiff competition in the crypto mining industry

Bitmain and MicroBT are in a stiff raceto own the hardware mining market by having the most desirable mining machines.

Last week, Bitmain released the AntMiner S19 and S19 Pro models, which have a ceiling computing power of 110TH/s and an energy cost of 29.5 W/T.

MicroBT released its flagship M30 in December and has started taking pre-orders for the M30S (rated 86 TH/s, 38 W/T and is backed by 8-nanometer chips supplied by Samsung).

Bitcoin’s halving is less than 3 months away and the event will cause a hike in mining difficulty.

  • Issue by:Oke Emmanuel
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