Here are the major events happening in the crypto-verse, the news you should be aware of: price action, BTC trades on the rise in India, BCH halving ushers in problems, $250k stolen on Bisq, and much more.Read on to find the latest and don’t lose track of this ultra fast-moving industry
BTC, ETH price action
After spending most of the week in a tight band between $7,100 and $7,410, Bitcoin suddenly dropped into the $6,900s on Friday.It has since risen back above $7,000.
Ethereum started the week at the $140s, saw a steady rise early in the week and since then has been trading horizontally around the $160s.
BCH halving ushers in problems
The BCH blockchain has been running into all sorts of problems after its halving took place during the week.
Mining profitability has greatly reduced (block rewards is now 6.25 BCH, down from 12.5 BCH) and as a result there has been a miner exodus from the network.Furthermore, block times have been wildly irregular and BCH’s price has been depreciating.
Binance addresses embezzlement accusation
Binance refuted allegations that it embezzled the $1m worth of coins in a user’s account that was frozen in November 2018.
In a statement released during the week, Binance explained that the funds were frozen at the request of South Korean law enforcement agencies because the account holder allegedly received 3,995 ETH through a listing fee scam.
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BTC trades on rise in India
There’s been an increased volume of BTC trades after the government lifted a ban on crypto exchanges on March 4.
Yes Bank, India’s fourth-largest lender then folded up and damaged belief in the system.And recently, the government announced a restriction of movement and large gatherings to arrest the coronavirus pandemic.
Cashaa India, an exchange, noted a 800% spike in trades 48 hours later.CoinDCX has witnessed a 78.36% rise in INR/BTC trades and WazirX has seen a 60% rise in daily trading volume.
More Indians are buying more BTC .
Corona: BTC donation saving lives in Italy
An Italian Red Cross medical facility was able to save countless lives from the jaws of the Corona pandemic thanks to BTC donations from members of the Bitcoin community.
An Advanced Medical Post was purchased using bitcoin donations that were part of a fundraising campaign focused on the COVID-19 emergency.
About €29,350 (around US$31,828) was raised in Bitcoin.
Roger Ver admits layoffs
Roger Ver during the week admitted that some 10% of the Bitcoin.com workforce were let go as a result of the economic crisis and the dwindling value of BCH.Rumors had said 50% of the staff were sacked.
Roger purchased the Bitcoin.com domain name when he was a staunch supporter of BTC.
He switched allegiance to BCH after the 2017 hard fork and has been severely criticized for wrongly using Bitcoin.com to promote Bitcoin Cash.
BTC miner Canaan reports $149m loss
Bitcoin miner manufacturer, Canaan, has r eported a loss of $149 million for the financial year 2019.The loss from operations in Q4 2019 was as much as $115.1 million, compared to $10.6 million the previous year.
However, Canaan sold more computing power during the period- 7.2 million TH/s in 2018, and 10.5 million TH/s in 2019, a 47.1% increase.The major reason for the loss is because the firm’s stock price is at an all-time low.It debuted on Nasdaq in November 2019 and was later sued for allegedly misleading investors in its IPO.
$250k worth of BTC, Monero stolen on Bisq
Decentralized exchange Bisq halted operations during the week after discovering a theft of $250k on its platform.
A hacker exploited a vulnerability in its protocol and made away with approximately 3 BTC and 4,000 XMR.
The attacker was able to set other users’ default fallback address – where crypto is sent to if a trade fails – to their own.Posing as a seller, they would then initiate a trade with a buyer and wait for the time limit to run out.The coins, instead of going to the legitimate owner, went to the attacker, along with the buyer’s payment and security deposit too.News From.