Ethereum Tied to Bitcoin? Libra’s Future at Risk, Crown’s Market Analysis | Cryptocurrency News

Hey, guys. Welcome to your Cointelegraph news recap. I’m Molly Jane. And I am Giovanni. This time we are going to talk about Binance offering
compensation to the victims of the latest KYC information leak. Also, wallet provider
integrated payment system BitPay and regulatory issues make the future of Libra more and more
uncertain. Also, we are going to talk with Eric Crown
from Krown’s Crypto Cave about the latest market updates. Let’s get into it. First of all, Eric, can you give us a short
overview of the most relevant movements in Bitcoin’s price and your outlook for the upcoming
week? Yeah, absolutely. Let’s get into the screen share right here. Yep. So Bitcoin doing what it’s been doing best
for the past few months. Just put it in some muddy territory right
around this ninety nine ninety eight hundred ish region right here. To me that is indicative that we’re going
to be doing one of these nice little pumps to the upside likely. If Bitcoin can regain
the 11000 level right over here I would be a lot more optimistic on this formation in
general. By the same token, the same error that we
spoke about last week is still very much relevant, about 98 ninety eight hundred bucks to the
downside. As long as we retain that I do identify this
as symmetrical triangle. And the general outlook on some like this
would be a continuation of former trend. But remember that this is still likely to
take its time within this region. We still have an apex coming in on this triangle
in early October. So we’d likely don’t break this whole range. This range being this whole formation
right here, at least for like another week or two, I’d imagine. So likely there’s gonna be some more ranging
for this week. I’d say that if Bitcoin can regain the ten
thousand five hundred fifty ish level on a daily closing basis, that’ll be pretty good
and likely set us up for a move up into the lower 11000 and we’ll likely just fill out
this region if we actually do get that move. This pump that we have yesterday night, there
was an 800 dollar or about a thousand dollar pump within the span of one minute. It felt like last night. And you’ll notice that this pump, if we actually
highlight the time it literally happened, we had the same pump happen about one month
ago right here, same exact numbers, actually about an eight hundred two thousand dollars
pump. And then immediately got retraced back down
to about ninety four ninety five hundred ish space. So that is something to keep in mind. I thought that was quite interesting because
it literally happened at the same time just one month apart. But other than that, you know, the general
levels still hold. And I’d say, you know, again, as long as we’re
not closing below 9850 on a daily closing basis, it’s more or less just more sideways
market with a slight bullish bias in the more long term. Thank you. And so what can you tell us about altcoins. If there are any other coins showing
interesting performances? Yeah. So in general, altcoins, I wouldn’t really
be looking at too much right now. We said last week that they were going to
have a little bit of a reprieve. We got that reprieve. This is the Bitcoin dominance chart coming
down here. But since then, it’s been reaccumulated. And I do believe that alts are going to be
hurt a little bit more in general. There’s always a few outliers here and there. I think an obvious one is Ethereum Classic,
pumping up pretty damn hard into last week and holding this level, I’d say Ethereum Classic
is the most interesting one to me because it’s doing the most different from
the general pack out of the top 10. Right. And as long we hold the six eighty two level,
I do think that this one gets continuation up until that eight and a half nine dollar
region in the weeks to come most likely. Thank you Eric. So let’s talk about Etheruem now. Chris Burniske, a partner at Place Holder
VC, said that Ethereum is enduring its first mainstream bear market, just as BTC did in
2014 – 2015. That period, he said, was the best in terms
of risk/reward ratio to get Bitcoin exposure. So Burniske suggests that now is the
best time to get Ethereum exposure. Can you tell us what is a mainstream bear
market and whether you agree with Burniske’s analysis about Ethereum? Right. Right. So a mainstream bear market is not a term
that I think is defined anywhere. But I would imagine that what Chris means
is he’s talking about a similar bear market in the way that Bitcoin played it out in 2014,
2015. At which point I would kind of push back on
that statement. We’ve seen Ethereum drop about ninety four
to ninety five percent from its all time high to that area. In 2014 2015 Bitcoin dropped about eighty
four percent. Doesn’t sound like a huge difference when
you look at it like that, but when we’re talking about bigger numbers, it certainly does account
for something. Do I agree with that statement in general
that it’s a good time to be a buyer? I would say that longer term investors obviously
want to be getting in at lower prices and relatively we are certainly a lot lower than
we were before. But at the end of the day, I would really
kind of encompass a greater look on the crypto sphere as a whole and say realistically, the
trends that we’ve seen and the more tangible thing that we’ve seen is that for the most
part, everything in this market follows Bitcoin. And if everything follows Bitcoin, then it’s
probably just more worthwhile to look at what Bitcoin is doing as far as its greater trend
and then kind of apply that to Ethereum. So if Bitcoin reverses here, if Bitcoin
continues the upside here, that would likely bode well for Etheruem. So, guys, in case some of you were among the
victims of the KYC information leak that had hit Binance earlier this month, Binance has
some good news for you. Binance will be offering lifelong VIP accounts
to all the victims of the recent KYC information information leak. So, Molly, can you remind our viewers about
the story behind the leak? What exactly happened? So it’s a little bit more complicated than
you might think. What happened is this January, it was actually
reported in some crypto media publications that a third party had been compromised. That was a KYC provider for a few exchanges. And that users’ data was leaked. So more
recently in August someone made a Telegram account and started
leaking what he allegedly called to be KYC photos from Binance. At the same time there were reports that this hacker was calling
himself a white hat hacker and was telling Binance that he wouldn’t publish anymore photos
if they gave him 300 bitcoin. But that kind of sounds like extortion, right? Yeah, but so were those picture exactly
overlapping with those of the customers? So most recently, Binance said last week
that some of the photos actually did have overlap with the KYC service provider they
used at the end of 2013 up through February 2019. But at the same time, they said that some
of the photos were photoshopped and don’t have any correlation with the photos
in their database. As compensation the exchange will offer victims a VIP account,
including preferential trading fees, support and more services. So Binance usually offers several VIP account
levels depending on volume traded and the amount of Binance native token held by users. So it is still unclear which level will be
offered to the hack victims. So what do you think, guys, is a VIP account enough compensation for having your KYC info
compromised? Let us know what you think in the comments. There are some more possible steps being taken
towards adoption this week. Major crypto wallet provider Blockchain.
com announced a partnership with BitPay, among the largest crypto payment processors. That means wallet users
will not be able to make seamless bitcoin payments to any vendors that use their pay. This is big news given that BitPay is among
the largest cryptocurrency payment processors. Every year it processes one billion dollar
transactions in Bitcoin and over two point eight billion dollars in other crypto currencies
since 2011. As well is one of the most popular
crypto wallets, with over 38 million wallets and 200 billion dollars transacted so far. But Giovanni the vendors using BitPay actually accept Bitcoin? Well, not exactly. BitPay allows user to pay with Bitcoin and
the vendor to settle the transaction in a fiat currency of their choice. So, guys, do you make purchases of bitcoin? And if so, what do you buy with it? Let us know in the comments. And now it’s time for our most recurring topic, which is the Libra, Facebook’s cryptocurrency. Mark Carney, the governor of the Bank of England,
said that a global digital currency such as Libra could replace the U.S. dollar
as the global reserve currency. Carney pointed out that a global digital currency
independent from central banks such as Facebook Libra would be a better option than the monopoly
of another fiat currency like the Chinese renminbi. However, China could be already some steps
ahead in the process of creating its own global digital currency. Circle CEO Jeremy Blair thinks that a China-backed
digital currency would have the potential to bypass the Western banking system through
direct settlements. And the West appears to be lagging behind. Facebook has centered the Libra Association
in Switzerland, which meant that U.S. regulators bundled off their last week for a meeting
with local authorities about what’s going on. However, the result of the meetings seemed
to be inconclusive for those U.S. regulators whose doubts about the project still linger. These problems are putting the very idea of
the project at risk as some of the original 28 members of the Libra Association are reportedly
considering leaving. We are closely following this story, so stay
tuned for more updates on Libra. Guys, how do you see Ethereum’s long term perspectives.
Are you as optimistic as Burniske is? Let us know in the comment. This has been Giovanni. I’m Molly Jane. And as always, remember to like, subscribe
and hodl. Cointelegraph, like, subscribe and hodl.

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