On Sunday, Bitcoin hit the all-time high against the Turkish lira (TRY). It has to do with the recent Bitcoin rally and the declining Turkish fiat currency, which fell to a record low against the euro.Bitcoin’s Safe-Haven Capability Is Noticeable in TurkeyCryptocurrency bulls are waiting for Bitcoin to update its all-time high, but everyone is using the US dollar as a reference, given its status of a world reserve currency. However, what about other national currencies? In Turkey, the cryptocurrency is already the most expensive in history when traded against the lira.On Sunday, one Bitcoin bought over 83,670 liras, which is a record. Meanwhile, one US dollar bought 6.98 liras.At the end of 2017, when the cryptocurrency hit its ATH against the greenback, BTC traded at over 76,000 liras. As

Ethereum’s next target is $500, according to BitMEX co-founder and CEO Arthur Hayes. He expressed his amazement about ETH’s surge to $400, calling for the continuation of the rally.Ethereum Breaks Above $400 For First Time Since August 2018On Sunday, Ether hit the highest level in two years, breaking above $400 for the first time since August 2018. Ethereum has benefited from the general bullishness of the cryptocurrency market, but it’s not only that.The second-largest cryptocurrency is at the forefront of the DeFi (decentralized finance) frenzy, as most DeFi tokens that have experienced astronomical gains are ERC-20 tokens. Besides this, Ethereum leverages its own fundamentals – the Ethereum 2.0 Medalla testnet is expected to launch Tuesday.ETH has managed to increase in pair with

Both Bitcoin and gold have surged as the US Congress is debating over the further stimulus program to support the economy amid the pandemic. Nevertheless, a major investment bank is recommending the cryptocurrency over the metal.
Oppenheimer Analyst Says Now Is the Right Time to Invest in Bitcoin
On Tuesday, Bitcoin touched the highest level in about 11 months, which is a big deal considering that it has been moving sideways for the last two months or so.
Elsewhere, gold has broken above the nine-month peak and hit an all-time high. Investors are rushing to put their money into safe-havens as geopolitical tensions continue to worsen while fears of a second wave of pandemic persist. On top of that, most economists expect central bankers and governments to push for further stimulus measures

Bitcoin used to show a higher correlation to the stock markets, especially amid the lowest point of the pandemic. However, it has taken a different route during the last few days.Bitcoin-S&P 500 Correlation Departs from ATHTypically, Bitcoin is regarded as an independent asset that often acts as a safe haven. Its fundamentals are different from those driving the stock market. Nevertheless, the oldest cryptocurrency was caught following the American flagship index known as the S&P 500 more often this year.It all started with the COVID-19 pandemic that triggered a massive collapse in global stock markets. Bitcoin followed with a more than 40% decline within less than 24 hours. Since then, the cryptocurrency has mimicked the S&P 500 index here and there.Correlation between Bitcoin and the S&P

A US federal court ruled that Bitcoin is a form of “money” covered under the District of Columbia’s (D.C.) Money Transmitter Act. The conclusion is part of a criminal action involving the U.S. versus Larry Dean Harmon, who operated a Bitcoin mixing platform.U.S. Court Regards Bitcoin as Money in Charges Against Helix OperatorIn the U.S., financial regulators have used to debate over the status of Bitcoin as a commodity or security. A federal court set a precedent when it called Bitcoin “money” and said it was covered under Washington, D.C., Money Transmitters Act (MTA).This enabled it to decline the dismissal of criminal charges against Larry Dean Harmon, who ran a Bitcoin mixing service that helped clients launder money obtained illegally. Harmon is charged with operating an unlicensed

Anthony Ghosn, the son of former Nissan boss Carlos Ghosn, revealed to prosecutors that he paid about $500,000 in cryptocurrency to one of the two men who helped Carlos break free from Japan.Carlos Ghosn’s Son Transferred Half a Million in Cryptocurrency Through CoinbaseAccording to Reuters, US prosecutors said in a court filing that Carlos Ghosn’s son paid about half a million dollars to one of the Massachusetts men responsible for the escape of the former Nissan chairman.At the end of last year, Carlos Ghosn escaped from Japan, where he was arrested for allegations of financial misconduct in 2018. Japanese prosecutors charged the former Nissan CEO with misappropriating millions of company’s funds for his own use. He also allegedly misled shareholders about the size of his salary as a

Bitcoin peer-to-peer (P2P) trading volume in several countries, including India, Mexico, and Argentina, has hit all-time highs this week, according to data from LocalBitcoins and Paxful.Regular People in Developing Countries Are Actively Trading CryptocurrencyDuring the last two months or so, Bitcoin has been more stable than ever, fluctuating between $9,000 and $10,000. Binance CEO Changpeng Zhao jokingly compared the oldest cryptocurrency to a stablecoin. However, people across developing countries are buying Bitcoin en masse, at least according to the volume figures provided by P2P crypto exchanges LocalBitcoins and Paxful.Crypto researcher Kevin Rooke observed the surge in Bitcoin trading volume in countries like India ($3.4 million per week), Ghana ($1.7 million), Argentina ($1

Ethereum co-founder Vitalik Buterin admitted in a tweet that the higher transaction fee on the second-largest blockchain network is opening the door to security risks. However, he said that the fee market reform EIP 1559 will solve this.Higher Transactions Fees Vs. Block Reward Encourage Malicious MiningIn a recent tweet, Buterin said that the transaction fee revenue had got closer to 50% of the block reward revenue on Ethereum.Transaction fee revenue is now nearing half as high as block reward revenue. This actually risks making ethereum *less* secure because of https://t.co/Dase8SL30z. Fee market reform (ie. EIP 1559) fixes this; another reason why that EIP is important. pic.twitter.com/eqU3tAMh67— vitalik.eth (@VitalikButerin) July 21, 2020While this may not be a security issue today,

The UK’s HM Treasury, who acts as the ministry of economy and finance, said it might give the Financial Conduct Authority (FCA) a free hand to monitor advertisements issued by unauthorized firms, including those related to cryptocurrency.HM Treasury Proposes that FCA Supervise Cryptocurrency PromotionsAs of today, finance companies that are not under the supervision of the FCA must get approval from any authorized firm to promote a financial product through advertising. However, the government hinted that this approach might not efficiently filter out potential misleading claims or even scammers.The Treasury’s recent proposal will require authorized financial companies to get the FCA nod before they green-light an advert from unregulated firms. In this way, the British financial watchdog

The US government is still working on regulations on third-party reporting for cryptocurrency trades. The transactions will be reported by crypto exchanges in accordance with Section 6045 of the Internal Revenue Code (IRC), a Treasury attorney said.Cryptocurrency Exchanges Will Share Client Data as Stipulated in Section 6045Erika Nijenhuis, senior counsel at the US Treasury’s Office of the International Tax Counsel, said in a webinar that the government was still preparing rules on third-party reporting for crypto transactions, which will oblige companies like Coinbase to report under Section 6045. The release time has been delayed after the government failed to provide clear guidance by June 2020, as initially planned.The current version of IRC’s Section 6045 states that every broker

In an effort to find a temp solution to deal with yesterday’s attack, Twitter has apparently made it impossible for users to post Tweets containing strings of letters and numbers in order to avoid any scam “giveaway” from sharing their cryptocurrency wallet addresses.Something Went Wrong: Twitter Blocks Wallet AddressesIndeed, when I tried to share a string of random letters and numbers, Twitter didn’t let me share the post public and asked me to “give it another shot.”Pending Twitter post.The move is meant to discourage scammers of the kind of yesterday’s attack from inviting innocent victims to send their valuable crypto funds for fictional purposes, i.e., charity, crowdfunding, or rewards.Twitter’s CEO Jack Dorsey is going through one of its most devastating periods after an

David Rutter, CEO of blockchain firm R3, is independently working on a platform that leverages the distributed ledger technology (DLT) for bond trading.Digitizing the Corporate Bond Market with BlockchainThere is no doubt that the bond market is among the largest securities markets in the world, and yet trades are still handled over the phone. David Rutter, who founded R3, wants to modernize it by adopting blockchain technology. He started a corporate bond tech venture called LedgerEdge. The new platform will go live next year.At the moment, Rutter is forming his team for the venture. The top executives have already been named. Thus, David Nicol, who previously worked for IBM and R3, is the CEO. Bob Bose, who worked for NYSE Euronext, is in charge of technology. Ian Chicken, a former

The Bank of Thailand (BOT) is ready to deploy its central bank digital currency (CBDC) to local corporations as part of the third phase of the project’s development.BOT Launches Third Phase of its Digital Currency ProjectThailand’s central bank has stepped into the third phase of development of its digital currency, according to The Nation Thailand, which cited BOT assistant governor Vachira Arromdee.BOT has started to use the digital currency for financial transactions with some big companies, she said. In September, the central bank will use the CBDC for transactions with the Hong Kong Monetary Authority (HKMA). Vachira added:“The central bank is also thinking about expanding use of the cryptocurrency to the general public, but a comprehensive study must be completed before taking such

The US Department of Justice (DOJ) arrested a Houston resident for allegedly fraudulently accessing over $1.1 million of Paycheck Protection Program (PPP) loans and using it to buy cryptocurrency.The Suspect Took PPP Loans on Behalf of 2 CompaniesOn Tuesday, Times Record News reported that Joshua Thomas Argires, 29, was taken into custody by the DOJ for fraudulently obtaining and using $1.1 million of PPP loans for personal expenses and buying cryptocurrency.For those unfamiliar, the PPP is a loan meant to offer a direct incentive for small companies that seek to keep their staff on the payroll. This program was created specifically to help businesses survive the coronavirus crisis. The PPP, whose total value is $669 billion, was established by the 2020 US government Coronavirus Aid,

India saw a rapid increase in cryptocurrency trading amid the lockdown period, and after the Supreme Court overturned the Reserve Bank of India’s decision to ban crypto businesses, the Hindu reports.India’s Crypto Trading Volume May Be Up to $30M Per DayThe strict social distancing rules, which were adopted at the end of March, might have triggered a surge in cryptocurrency trading volumes, bringing many new participants. Local companies that deal with cryptocurrencies in one form or another said that they had noticed a lot more retail investors showing interest in Bitcoin and altcoins.Ajeet Khurana, former crypto executive at the Internet and Mobile Association of India (IAMAI) and former CEO of Zebpay, said:“Along with the lifting of the restrictions on trading, the lockdown has also

Elrond is by far the best performing token of the leading 100 cryptocurrencies by market cap over the past week, with more than 110% as of writing these lines. ERD has surged by over 50% in the last 24 hours alone. Here is what might explain the price surge.Elrond Mainnet Can Be Interconnected with Other Blockchain Via SwingbyDecentralized Finance (DeFi) is a big hit this summer, as many DeFi-oriented blockchain projects experience rapid gains in their tokens. This group of digital assets is now driving what many believe to be the altcoin season.Elrond is a relatively new project that was established in August last year. At the end of this month, it will launch its mainnet, and many investors are already pricing in this major milestone. Meanwhile, the project is announcing relevant

US privacy advocates are worried that the 4th amendment does not protect Bitcoin transactions after a court ruled that the FBI agents hadn’t violated the law when they accessed data of Coinbase clients.Bitcoin Transactions Reveal Deeply Personal InformationA week ago, CryptoPotato reported that a three-judge panel of the Court of Appeals for the Fifth Circuit ruled against the appeal of Richard Gratkowski. He claimed his fourth amendment rights were violated when the federal agents subpoenaed Coinbase and accessed the details of his transactions. Gratkowski is charged with accessing a child pornography website.The judges claimed that crypto users should not expect to have more privacy than account holders at regular banks do because cryptocurrency transactions don’t reveal sensitive

Binance Futures traders held more open positions in June compared to May, even though trading volumes declined month-on-month. Open interest on Binance Futures rose 180% in June compared to May, from 220 million USDT to 580 million USDT. Binance concluded that this might anticipate an increase in Bitcoin volatility.Traders Held More Open Positions in BTC Contracts Than in MayBinance released its monthly report discussing the activity on its futures trading platform. While trading volume declined compared to May, open interest almost tripled.Last month, trading volume on Binance Futures dropped 36% from May to $87.6 billion traded in perpetual contracts. The daily average volume was $2.9 billion, down 34% from May. Bitcoin’s low volatility might explain the decline in trading volume. The

Kraken Security Labs found some vulnerabilities in the hardware wallet Ledger Nano X. The wallet is regarded by many as one of the most secure storage devices.Attackers Can Tamper Wallet Devices to Steal Crypto FundsOn Wednesday, Kraken Security Labs – the exchange’s team that checks the security of crypto products – announced that it had detected two new potential attacks that could be executed against Ledger Nano X. If conducted successfully, Kraken claims that the attacks might put the wallet’s security at risk.The attacks might permit malicious actors to get control over the victims’ computers connected to the wallets and install malware capable of stealing crypto funds.Kraken Security Labs explained all the technical details of the two attacks, dubbed Bad Ledger and Blind Ledger.In

Kenya’s local cryptocurrencies are helping communities survive the coronavirus crisis. One example is the recently-launched Sarafu, which is used alongside the Kenyan Shilling to make payments locally.Crypto Industry is Not Only About SpeculationThe cryptocurrency market is normally discussed from the perspective of investment opportunities. However, many coins and tokens have a real utility that may change lives.The global financial crisis triggered by the COVID-19 pandemic has hit African countries like Kenya very hard. The World Bank approved a $1 billion support package for the country, but that doesn’t solve all problems.The good news is that so-called community inclusion currencies (CICs) are doing a great job of supporting the lower and middle class. The goal of CICs is to help

Authorities of Chinese city Bayan Nur issued a warning on Sunday after a reported case of bubonic plague. The city is located in the autonomous region Inner Mongolia – one of the world’s most attractive regions for Bitcoin miners.Germ Behind Bubonic Plague Killed a Third of Europe’s PopulationBayan Nur’s health committee issued a third-level alert, which is the second-lowest in a four-level system related to public health risks. The warning came after authorities confirmed one case of bubonic plague – a disease caused by Yersinia pestis. If it doesn’t tell you anything, Yersinia pestis is the same bacterium that caused the “Black Death” in Europe’s greatest outbreak in the 14th century, which killed an estimated 50 million people or a third of the continent’s population at the time.The

The US Federal Bureau of Investigations (FBI) said that the $15.3 million that a Nigerian scammer stole from two Chicago-based firms might not be recovered because the funds were converted to Bitcoin.Alleged Nigerian Scammer Arrested, But He Apparently Doesn’t Reveal Bitcoin KeysNigerian media reported that Olalekan Jacob Ponle, nicknamed Woodberry, organized large-scale business email compromise (BEC) schemes. He targeted employees of two Chicago-based firms and manipulated them to conduct unauthorized transfers to his accounts.BEC schemes represent phishing-like attacks that target employees by sending them spoof emails that fraudulently represent senior executives. Ponle made company workers believe the email messages came from their chief account officers.Ponle was arrested last week

An anonymous Bitcoin prediction initially published on 4chan made the headlines for being accurate with the first two out of six price targets. Even though it failed with the next two targets and disappointed believers, the crypto community is still electrified by bullish predictions for 2020.An Anonymous Prediction Almost Did ItTechnical analysis and fundamentals allow experienced traders and analysts to anticipate the subsequent price moves. However, even the most brilliant minds can’t guarantee that a price would follow certain levels, especially in the long run.At the beginning of last year, the crypto community screenshot the forecast made in an anonymous post on 4chan. That post turned into a meme after it managed to accurately predict the price in the first two instances. Even some

Kyber Network’s native token KNC has extended the aggressive rally that started to accelerate at the end of June. On Friday alone, the token has gained over 27% against the US dollar. The surge comes several days ahead of Kyber Network’s next protocol update planned for July 7.KNC Hits Highest Level in 2 YearsOn Friday, KNC has become the best performing cryptocurrency in CoinMarketCap’s top 100 list by a margin. It gained 27% and it’s trading at $1.89 at the time of this writing. The token has consolidated on the 33rd place in the list of largest cryptocurrencies by market cap. During the last seven days, KNC has gained over 62%.If you still haven’t heard about Kyber Network, it is an Ethereum-based blockchain project that offers a decentralized token swap protocol. In other words, users