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Inside Bitcoin

Inside Bitcoin (Aug 6th, 2019)

Market Watch: After hitting $12,000 Bitcoin has fallen back within the $11,000 mark territory during Tuesday trading. Litecoin has also been pushed out of fourth place down into fifth with Bitcoin Cash settling behind XRP.

  • Bitcoin: $11,708 (⬇️ 0.69%) // $209.1 billion market cap.
  • Ethereum: $229 (⬇️ 1.75%) // $24.5 billion market cap.
  • XRP: $0.315 (⬇️ 3.63%) // $13.5 billion market cap.
  • Bitcoin Cash: $339 (⬇️ 2.41%) // $6.09 billion market cap.
  • Top 100 Winner: DigiByte: $0.011 (⬆️ 11.39%) // $134 million market cap.
  • Top 100 Loser: Japan Content Token: $0.178 (⬇️ 32.35%) // $52 million market cap.

Prices are as of 12:30 p.m. EDT.

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1. Bitcoin jumped to $12,300 only to drop to $11,600 in a flash crash during Tuesday trading. The number one cryptocurrency continued its bullish rise following on from yesterday's increase over the $11,000 mark. Bitcoin bull Mike Novogratz suggested yesterday that the Bitcoin rally "could have real legs" amid instability in Hong Kong and trade tensions between the U.S. and China. However, he didn't say how far it would go. –COINTELEGRAPH

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2. A United Nations report has claimed that North Korea stole around $2 billion in fiat and cryptocurrency from banks and exchanges to fund its weapons of mass destruction program. Independent experts monitoring the situation state that North Korea employed "increasingly sophisticated attacks" to steal the money. At least 35 reported instances are being investigated involving attacks on financial institutions, crypto exchanges, and mining activity in 17 countries. According to the UN, targeting cryptocurrency platforms enabled North Korea to generate income that was harder to trace. –REUTERS

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3. Hackers who stole over 7,000 Bitcoin from Malta-based platform Binance are, reportedly, still trying to move funds in an attempt to launder the stolen coins. The data from analytics company Coinfirm shows that six exchanges were sent small amounts to see if they would be detected and frozen. These included BTC-Alpha, BitPay, BitX.co, CoinGate, Huobi, and Kraken. However, ChipMixer, a Bitcoin tumbler that combines hundreds of transactions to conceal their origin, received the biggest amount. Around 6.4634 BTC, worth roughly $76,000, was sent to mixer addresses. –CRYPTO SLATE

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4. Jaret Seiberg, a senior policy analyst at Cowen, an investment banking company, has said in a client note that a potential Walmart crypto coin could generate less political opposition compared to Facebook's proposed Libra stablecoin. According to Seiberg, the coin would be pegged to the U.S. dollar and would be similar to a rechargeable gift card that can be used at the store. However, while it may not have the "global intentions" of Libra, a coin from Walmart could still present a threat to banks and credit unions, according to the analyst. –BLOOMBERG

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5. The U.K.'s tax authority, HM Revenue & Customers (HMRC) is urging crypto platforms to work with it as it attempts to uncover those who have failed to pay their taxes. So far, three platforms operating in the U.K. have received letters requesting customers' names and transaction data in the last week: CEX.IO, Coinbase, and eToro. –COIN DESK

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6. An unnamed Bitcoin miner who has taken a seller to tribunal over an electricity bill has won his case. The man initially bought the miner to mine Bitcoin, but found the power costs were far greater. According to a complaint to Malta’s Consumer Claims Tribunal, the $2,900 miner was noisy and didn't produce a profit. The complaint wasn't contested and the tribunal granted the customer a $2,240 refund. –MALTA TODAY

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7. Trading software provider Trading Technologies has decided to close its crypto trading platform, TT Crypto, due to a lack of retail users. In an email to registered users, Mike Unetich, vice president of cryptocurrencies at TT, said the aim was to "attract a large retail-oriented customer base." It will shut its doors August 9 at 4:00 p.m. CDT. –THE BLOCK

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8. Cybersecurity firm Avast has found that crypto stealing malware, Clipsa, which has been blocked 360,000 times between August 2018 and July 2019, has bagged hackers nearly $37,000 in stolen funds. Described as a "multipurpose password stealer," Clipsa uses attack vectors to redirect funds away from their intended destination and toward hackers' wallets. –THE NEXT WEB

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9. Mastercard is to use a demo blockchain-based product to determine if it can tackle fake clothing with a tracking solution. Working with store Fred Segal Sunset and MADE, Mastercard will demonstrate its tracking platform Provenance in an upcoming show. It will be able to show customers how products make it to the store shelves from their source. –COIN DESK

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10. BlockFi, a crypto lending startup, has raised $18.3 million in a Series A funding round. According to the company, the money will go toward new additions to its product line up. It already offers yield-bearing Bitcoin deposits – which launched in March – and cryptocurrency-backed loans. –COIN DESK

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This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter.

Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

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