Devin’s Daily Crypto Tips

Market Overview

Daily Stats

Bithumb Hacked?

VK to launch a Crypto?

Bakkt hire renowned executive…

Hope you all had a great weekend.

Over the weekend we saw the price of Bitcoin hover just below the $4,100 level eventually breaking above early hours this morning. Bitcoin is currently sitting at 4,120, so it’s only slightly above the 4.1k level.

What I find interesting is that again we saw significant movement on a Sunday / Monday morning. The price of Bitcoin spiked down to 4,050 before very quickly bouncing not only back to 4.1K but above it.

Momentum seems positive, despite potential exchange hacking - which normally sends the market downwards… maybe this is a sign of exhausted bears?

Market Cap: $145,381,554,303 (Higher)

BTC Dominance: 50.1% (Lower)

Bitcoin Price: $4,134.63 (Higher)

3) Bithumb Hacked?

Bithumb posted on twitter that their exchange had temporarily frozen withdrawals / deposits. This is common practice during times of maintenance and if exchanges get hacked - to stop funds being withdrawn.

As there was no planned maintenance, the community have instantly thought the worst… a potential hacking.

Of course, like every exchange before, Bithumb has initially denied any security breach and have stated that “funds are safe”.

However, the crypto community on twitter (pretty much the FBI) did some digging and found that over 3M EOS as well as several other tokens had been transferred out of their exchange.

The value is roughly 19M USD in total.

Here’s a flow chart of where the funds were moved to… Several non KYC compliant exchanges that allow anonymous withdrawals as well as several well known exchanges such as Binance (to sell for other tokens).

Many critics are thinking that this was not a hack at all, and is more likely an inside job. Again, this is NOT the first time we have seen this type of activity. Exchanges are really struggling at the moment due to low liquidity and trading volume. In other words, they aren’t getting their fees, and are struggling to stay afloat.

This is pretty much breaking news, it happened on Friday but the investigation is ongoing.

4) VK to launch a Crypto?

Russian social media giant ‘VK’ are launching their own cryptocurrency according to Russian news source RNS. The cryptocurrency will be available to all users on the platform and is rumoured to integrate with the market place native to VK.

RNS also seem to think that VK might attempt to charge users for their time and activity on their platform through this token. I personally think this is extremely unlikely, and would make more sense if they rewarded users for their time and activity by giving them this token.

Imagine if Facebook started charging users to use it… users would disappear.

I suspect that this token - if true - will be used within their marketplace, used to purchase premium elements of the service and also an option for advertisers to use. However, this token will almost certainly be centralised and more than likely remain on a private blockchain (I.E not listed on any exchanges).

Will be interesting to see what happens…

5) Bakkt hire renowned executive…

While not major news, its great to see talent migrating into the crypto space, even with the market being down.

Tom Noonan, a former executive at both IBM and Cisco has joined the Bakkt team as Chairman of Board. Tom is a cyber security expert and fits well within the team.

Bakkt also announced that the CEO of ICE has also agreed to be a member of the Bakkt board, which gives them leverage when it comes to institutional connections.

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