Bitcoin Ready to Hit 20K??? Tether Supply Indicates That!! – Crypto Daily News
For today’s video, I am going to discuss with you four very interesting pieces of news. So once again, let me give you a bit of a preview of what they are. First up, as posted on Cointelegraph, it looks like the current Tether supply strongly suggests that the Bitcoin Price is correcting to $20,000. Second up, it looks like PIVX, a private transactions cryptocurrency token and 200 other blockchains are currently vulnerable to a staking vulnerability. And third up, it looks like UK Crypto Regulation is changing – will cryptocurrencies be finally recognized in UK law? And finally the last piece of news for the day, it looks like the IOTA foundation has claimed on Twitter that their technology can be adopted by many different industries from smart energy to industrial IoT in many different ways.
Now, If you find these pieces of news interesting and want to know all about them, please make sure you stay with me until the very end. And this week once again it’s the $70 dollar Bitcoin Giveaway. So guys, please like, comment, and subscribe, and you will go into the draw to win.
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The Market Today
Now, let’s see how the crypto market is performing. It looks like most of the prominent coins are in reds guys. Bitcoin, with the largest market cap, is now dropping 4.57%, pulling it down to less than $11,000. Ethereum and XRP are also following the same trend with 1.12% and 0.53% declines.
Bitcoin Price can peak at $20,000
Now, let’s jump to our first news segment. According to a report by Cointelegraph, there seems to be a very strong correlation between Bitcoin and tether. From what we can see regarding Tether’s current supply, it looks like Bitcoin prices may be able to shoot up to the $20,000 mark. The analysis is from crypto and equities trader FilbFilb, who expressed incredibly bullish views on Bitcoin prices as we move closer to the 2020 halving. Given the issuance of 1 billion in USDT, one can infer the Bitcoin’s price could be correcting upwards from its current value of roughly $11,500. While Filb Filb is not completely comfortable with making a $20,000 prediction today, he is confident that
“there’s statistical evidence to suggest that there are enough Tethers in issuance to make a directional move towards it, should they get deployed in that way.”
In addition to this trend, it looks like there are also macro-economic factors that are supporting Bitcoin’s price growth, With Bitcoin’s growing correlation to gold, the Chinese Yuan’s devaluation and Brexit, these are just a few examples of factors around the world that are presenting itself as a challenge to traditional markets.
PIVX and 200 other blockchains are vulnerable to hackers
Moving on to the second news item for today. According to a report by Cointelegraph, PIVX, a private transaction cryptocurrency, together with other 200 blockchains, are accused of being vulnerable to hackers. Now, this information was published by Lunar Digital Assets, a cryptocurrency consulting firm, who pointed out that it is the staking vulnerability that makes them defenseless against the hackers. In more detail, the weakness allows hackers to obtain mathematically impossible staking rewards on vulnerable Proof of Stake (PoS) chains. They also added that:
“To put it bluntly, someone or some entity has figured out a way to game the PIVX PoS algorithm. This has crippled the rewards system of several chains, and BitGreen has notified all exchanges that it is listed on to halt all deposits and withdrawals until further notice.”
Additionally, the consulting firm also accused PIVX team of ignoring the bug. The author of the report claimed that when he contacted PIVX core developers, he was told there was no other solution and had to wait for an update which would be issued in the third quarter of this year.
UK Crypto Regulation is changing
And here we come to the third piece of news. It is really cool to see the UK updating its rules and regulations on cryptocurrencies, with a series of consultations on cryptocurrency regulation to begin towards the end of the year. CryptoUK, the self-regulatory trade association for the UK crypto-asset industry, has talked about the lack of regulatory clearance and also the suspicion of the authority towards cryptos; the belief that crypto industry isn’t big enough to warrant dedicated measures. All of them are the main reasons that are really putting a halt or pause to the UK cryptocurrency industry’s progress. CEX.io, a cryptocurrency exchange and former Bitcoin cloud mining provider, believes that more effort is needed when it comes to regulations and the cryptocurrency industry in the UK, especially since other countries like Japan and Switzerland have taken greater initiative. Without clear regulations, the cryptocurrency industry won’t be seeing too much growth in the UK.
IOTA’s technology can be adopted in many industries
For the last news item, according to a tweet by the IOTA official twitter page, it looks like IOTA has recently published a report that demonstrated its capabilities in many industries from smart energy to the internet of things. Let me give you a few examples of what they are. If we look at mobility, by 2025 it looks like self-driving cars can communicate with other machines or cars via the tangle, they can earn money by collecting road data, they can autonomously pay for parking, battery charging, tolls, and other services and can track vehicle usage and to enact pay per use and usage-based insurances. That’s just a really great example of how IOTA’s Tangle can play an integrating role when it comes to mobility.
Apart from Mobility, there’s also ehealth (so patient data and democratization of access), smart energy, industrial IoT (where you can have a tamper-proof audit trail), and can provide environmental, humanitarian impact (like tracking carbon credits, providing identities for refugees, and empowering local communities).
So what are your thoughts regarding all the news?
Do you think Bitcoin will surge up to and beyond the $20,000 mark?
What do you think about the PIVX core developers’ approach to the bugs?
Are you excited to see the UK step up their crypto regulation game?
And what are your thoughts on IOTA’s Tangle and their future possibilities?
Please leave a comment right below to let me know what you guys are thinking. And guys, please don’t forget to like and subscribe to go into the draw to win $70 worth of Bitcoin. It’s your girl Cindy with CryptoPig. I’ll see you guys tomorrow.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take individual information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.