Bitcoin threatened again to go below USD 9,000 today but somehow has stayed up after a low of USD 9,033 (CoinDesk), barely in the safe zone. As of right now, with North America just entering the scene, price is hovering on a tricky zone at USD 9,167.
According to crypto analyst Omkar Godbole, Bitcoin’s ability to repeatedly defend the 200-day moving average (MA) support implies that the current pullback from above USD 10,000 could provide grounds for a 100-day MA touching at USD 9,601. He says:
“So far, however, the downside has been restricted around the 200-day moving average (MA), a widely-tracked barometer of the long-term market trend.”
One of the bigger items of news on a slow Friday has been comments made by Intercontinental Exchange (ICE) boss Jeffrey Sprecher. ICE is the firm behind subsidiary firm Bakkt, the much-hyped platform offering Bitcoin futures settled in actual bitcoins.
When it launched recently after over a year of delay and anticipation, coming after several aborted attempts, there was major disappointment from many circles when the response to Bakkt was poor, to say the least. The lack of demand for Bakkt was what was initially blamed for Bitcoin’s decline from USD 10,000 heights, to prices as low as USD 7,000 just last week, before the unexpected end of October recovery.
It was during a quarterly earnings call when Sprecher said that he saw transactional use as the requirement for Bitcoin to become a store of value in the long term. This week, it said that it was developing a consumer app that would let people use mobile phones to buy goods from merchants, starting with coffee franchise with Starbucks.
According to the ICE head, several Bakkt employees already saw Bitcoin as digital gold, and he personally believed that it was still too soon to say that. He explained:
“Because I’m old I think of [how] gold became a store of value because at one point it was a currency. We had gold coins, it was in circulation, and over time because of the nature of its ability to spend, … it became a store of value and today, you know, in a crisis we all accept gold as a form of payment.”
This isn’t to say that the man is a Bitcoin critic, though. He actually thinks that Bitcoin will one day adopt the same traits as gold, but insists that real use case must grow to a bigger level. He also thinks that this could be soon possible:
“It may well be that, rather than convert bitcoin to fiat currency and then use [that] fiat currency to buy goods and services, merchants and users will accept bitcoin directly.”
There is plenty of incentive to do that, of course, since direct Bitcoin transactions do not incure foreign exchange costs and preserves the actual coins without losing bits of it as miner fees. In fact, Bakkt is also looking to provide services in this market by creating a digital platform that would facilitate exactly such transactions.
Another giant of the industry was in the news today, as buzzing shares on Telegram and Twitter reveals that many BitMEX users had received a company update by email… with the email revealing all the addresses of all the recipients on the list. This potentially exposed a lot of emails and identities, although it is not clear exactly how many users from the database were exposed.
Early this morning, BitMEX put out social media alerts and a blog post explaining how the accident happened. Basically, emails were put in carbon copy (CC) instead of blind carbon copy (BCC), the latter which would have kept all the user emails hidden.
We are aware of an email privacy issue impacting our customers. We have identified the root cause and will be in touch with any users affected by the issue. See our blog for details: https://t.co/FNp2Fdyxdn
— BitMEX (@BitMEXdotcom) November 1, 2019
This means that users are potentially vulnerable now to phishing attacks, since emails are one way of accessing accounts by hackers. Data analytics firm Skew, says that the exchange enjoys about 22,000 daily users.
BitMEX blog said: “We are aware that some of our users have received a general user update email earlier today, which contained the email addresses of other users. Our team have acted immediately to contain the issue and we are taking steps to understand the extent of the impact.”
This year alone, several big profile companies have received fines for what was deemed negligence on their part in the data breach cases under General Data Protection Regulations (GDPR) that came into force last year. Depending on the how this case turns out, could BitMEX be the first crypto company to face GDPR fines?
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