Here is what you need to know on Thursday, 16, 2020
BTC/USD is trading at $9,138 after a decent drop towards $9,000 due to the recent Twitter hack involving several high-profile accounts like Elon Musk or Jeff Bezos.
ETH/USD also had a drop and got extremely close to a breakout below $230.
XRP/USD is bleeding the most losing the daily 12-EMA and the 26-EMA which are now looking for a bear cross.
The biggest winner today is Algorand with a 26% price surge despite the bearish sentiment of the market. Elrond hasn’t really dropped much and it’s still extremely overextended at $0.016. Ardor and Fetch.ai are both up 11% with decent trading volume.
Chart of the day: XVG/USD daily chart
Market
Of course, the biggest news today revolve around the notorious Twitter hack. The cryptocurrency scam that was posted from several high-profile Twitter accounts like Obama or Elon Musk managed to steal around $120,000 in Bitcoin. The list of hacked accounts is quite big ranging from crypto exchanges like Binance, Gemini, or Bitfinex to huge businessmen like Elon Musk or Jeff Bezos, currently the richest man alive.
It’s still unknown what exactly happened but everyone is speculating about a possible inside job. Justin Sun, founder of Tron and victim of the hack has offered $1 million to track down the hacker or hackers.
We are working closely with Twitter to resolve this issue immediately and return our accounts to normal. We are always vigilant in the handling of our accounts; operating safely and responsibly — taking the security of our accounts to the highest standards possible. This only further illuminates the urgent need for our society to adopt decentralized, trustless software, and services.
It’s true that the hacker or hackers managed to steal some Bitcoin, however, the exposure Bitcoin got might be better than what was stolen.
Industry
The Japanese government just confirmed the rumors about a digital currency coming soon. A special committee will be in charge of the so-called digital yen. Kozo Yamamoto, a Member of the House of Representatives and an ex-Ministry of Finance officer said that it’s needed for the Japanese government to do this stating:
If Japan doesn’t issue a digital currency and people in the world use other digital currencies, the Japanese yen will be forgotten and lose its sovereignty
Quote of the day
Bitcoin is Money Over Internet Protocol.
– Tony Gallippi
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