Antonopoulos Writes to Judge that Supports Lawsuit against Bitfinex for Bitcoin Manipulation

Alexander Salazar
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Antonopoulos Writes to Judge that Supports Lawsuit against Bitfinex for Bitcoin Manipulation

This big name in the cryptocurrency space has joined an ongoing discussion about who will lead the lawsuit against Bitfinex.  The digital asset trading platform and its affiliates are accused of the alleged market manipulation that led to Bitcoin’s bull rally in 2017.

Amid a flood of requests to lead the lawsuit, Andreas Antonopoulos supported Liebowitz’s legal team, filing a sworn statement on January 27th, endorsing the experience of the team, which the Greek-British Bitcoin advocate has seen in action in the Kleiman vs. Wright case.

Liebowitz’s representation includes a list of attorneys from three different law firms, but Antonopoulos specifically commended Kyle Roche from Roche Cyrulnik Freedman as the reason why the firm should conduct the legal proceedings.

Before describing the firm as “exceptionally qualified to represent the members of the lawsuit,” Antonopoulos wrote about Roche. She stated that the litigating attorney has repeatedly shown a deep understanding of the technical and functional properties of Bitcoin, cryptocurrencies, blockchain technology and their underlying cryptographic principles.

Struggle to Lead the Lawsuit

Antonopoulos’s opinion on the matter is only one of many submissions in recent weeks since three separate firms seek to lead the lawsuit, that is, to conduct the legal proceedings.

In recent months, Bitfinex and its parent firm Tether and iFinex have seen how four different lawsuits were filed against them. All of them claimed market manipulation and identified people in the United States of America that might have conducted transactions in Bitcoin since mid-2017, or possibly before, which is potentially a huge demographic.

The first of the four plaintiffs was Liebowitz in October, who was followed by Young in November and Ebanks and Faubus in early January. On January 28th, the president of the court ordered that these four cases be consolidated; however, the issue of leadership has remained.

Karen Lerner, senior attorney for Young, advocated the leadership of law firms Radice, and Kirby McInerny, saying that her complaint was highlighted by the significant investment of resources that resulted from rigorous market analysis.

In turn, Kyle Roche stated that his company brings unprecedented experience and knowledge to cryptocurrency litigation. He took the opportunity to promote the lawsuit filed by Roche Cyrulnik Freedman on behalf of Liebowitz as the most solid and best investigated from the legal point of view.

Regarding the issues at stake in the case, Lerner explained that it is sought to return the money to those that have bought Bitcoin in recent years. He stated that this class action lawsuit seeks to compensate investors in Bitcoin and Bitcoin futures for damages resulting from the payment of an artificial price, compared to what they should have paid if the price had not been manipulated by the defendants.

The firms will have until February 7th to file oppositions to the motions of each other, according to an order issued on January 28th by the presiding judge, Failla. Probably, this is aimed at allowing companies that filed their initial complaints only in January to respond to the wave of filings in recent days.

By Alexander Salazar

There Are No Positive Effects of Coronavirus on Bitcoin

Alexander Salazar
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There Are No Positive Effects of Coronavirus on Bitcoin

Although the cryptocurrency market recovered when the news on the outbreak of the coronavirus in China worsened, it is absurd to say that it is good for Bitcoin. However, this is exactly what has been said in some “respected” mass media.

Since the last weekend of January, USD 20 billion have reached the cryptocurrency market. Bitcoin came to exceed USD 9,000, just as gold had done during the week.

In the mass media, there is a tendency to have clickbait (sensationalistic and direct) headlines with articles about news regarding Bitcoin and cryptocurrencies, with the sole objective of obtaining clicks. Traditional mass media have detected that there is an interest from readers in Bitcoin, which has led some media such as The Financial Times, which is generally recognized as being very rigorous, to publish an article with the headline “Coronavirus is good for Bitcoin.”

Open Attacks against Cryptocurrencies

The Financial Times began that article by cynically attacking Bitcoin: “Don’t let moral anguish over the deaths of potentially thousands of people get in the way of an opportunity to shill some crypto and pump up the price of Bitcoin.”

It should be noted that the article looks more like a personal vendetta against cryptocurrencies than an informative article. It uses several tweets from pro XRP users that try to blame “dirty fiat” bills as a reason for the spread of the coronavirus.

The truth is that Bitcoin could not benefit from such tragic news as the outbreak of such a serious virus. It should be remembered that Bitcoin is simply a decentralized and autonomous system that has no consciousness of its own and is not governed by a human mind.

Castle Island Ventures’ partner, Nic Carter, expressed his discomfort by saying that those “lunatics” had given Craig Wright an audience. The executive believes that their deep pathological hatred of the main cryptocurrency led them to praise “the worst scammers in the industry,” which he considers to be madness.

Crypto industry analyst @ Josh_Rager said that Bitcoin is doing the same as usual. In this regard, he noted that the coronavirus is almost becoming bait for creators of content on cryptocurrencies. He added that the short $BTC answer has not given rise to any abnormal changes in price during the recent waves of panic, although the stock in China has been significantly affected.

Correlation with Gold

Regarding the alleged correlation of Bitcoin with gold, it can be added that there have been only two incidents this year in which this correlation can be evidenced.

It was observed that geopolitical tensions in the Middle East caused both Bitcoin and gold to have a great bullish rally. During this crisis created by the coronavirus, it seems that both assets have also risen in price.

Of course, saying that Coronavirus is “good for Bitcoin” is absurd. The increase in the price of Bitcoin in the long term and the fact that it begins to look like digital gold or a refuge value only means that the asset has matured and cemented its quality to the public.

By Alexander Salazar

After 24 Hours, Bitcoin’s Price Increases by 4% Thus Exceeding USD 9,000

Alexander Salazar
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After 24 Hours, Bitcoin’s Price Increases by 4% Thus Exceeding USD 9,000

The percentage increase in the price of Bitcoin has been 4.36% between January 27th and 28th. Some analysts have linked the changes in the price to the coronavirus epidemic in China.

On January 28th, the cryptocurrency market was back in the green as the price of Bitcoin, the main crypto asset in the market, increased by 3.82% to go from USD 8,712 to USD 9,040, within just 24 hours.

At the best time of that period, the price of Bitcoin exceeded USD 9,100, according to data from CoinMarketCap. By mid-January, the value of the pioneering cryptocurrency in the market had reached these levels. However, in recent days it even fell below USD 8,400.

According to their market capitalization, the rest of the main cryptocurrencies have accompanied the bullish movement. The most prominent on that list is Cardano (ADA), with an increase that is around 13% between January 27th and 28th, with its current price USD 0.051.

On the other hand, the considerable increase that Ethereum Classic (ETC) has experienced places it among the first in the ranking. In a period of 24 hours, the value of ETC came to exceed almost 8%, going from USD 9.86 to USD 10.71. Until the time of writing this article, its maximum has been USD 10.98. Other cryptocurrencies whose prices increased by more than 4% during those 24 hours have been Tron (TRX), Bitcoin SV (BSV), EOS and Litecoin (LTC).

It should be noted that only three cryptocurrencies on that top-20 list are currently in the red. The value of DASH has fallen by about 2%, whilst Bitcoin Cash (BCH) and Unus Sed Leo (LEO) have dropped by 0.19% and 0.2%, respectively, in the same time.

Expectations about Bitcoin’s Price

Without a doubt, an event that keeps expectations high among the participants of the cryptocurrency ecosystem is the halving, a mechanism by which the issuance of bitcoins per block is reduced by half.

The background of the main cryptocurrency of the market leads many to think that there will be large increases in the price of Bitcoin shortly before and, above all, after the halving event. For this reason, the predictions about the possible movements of Bitcoin this year are countless.

Despite the bullish view present in most positions, there is also one of uncertainty. Many analysts agree that there are not enough data to accurately predict the effect that the halving will have on the price of Bitcoin.

Until January 28th, the price of Bitcoin had increased by more than 26%. While the value of the pioneering cryptocurrency was close to USD 7,200, it now exceeds USD 9,000.

Meanwhile, various global mass media have linked recent movements in the price of Bitcoin to the expectation caused by the coronavirus epidemic that erupted in China. Initially, it was mentioned that this was a possible reason for the drop in the price in recent days. However, many members of the ecosystem now associate it with the increase, according to economist Alex Krüger.

By Alexander Salazar

For fear of Coronavirus, Stock Market Reports Record Losses and Bitcoin Falters

Alexander Salazar
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For fear of Coronavirus, Stock Market Reports Record Losses and Bitcoin Falters

In recent days, China’s stock plummeted to its biggest loss in three decades. Investors are hoping that this is not a sign of a deep problem.

As a consequence of the effects of the coronavirus in China, panic has been seriously affecting the world’s second largest stock-market lately.

It was reported that the Shanghai Composite Index decreased by 2.8 percent in recent days, thus being the worst end to the Lunar Year known until now.

Chinese Stock Falters

According to financial news media, about 90% of the 4,000 public shares of the Asian continent fell with a trading volume increased by 20% overall. Foreign investors also sold a record USD 1.7 billion in shares and the yuan slightly plummeted, falling by -0.4%.

Nobody had expected the events that occurred, but they have been largely linked to the hysteria around the Wuhan coronavirus. Two Chinese cities have already been quarantined until now as the country struggles to contain the outbreak, which is now spreading to the rest of the planet. However, there are also indications of the existence of other financial issues at stake, besides the hysteria over the disease.

However, it should be noted that the issue is strange since the Chinese New Year is usually a time of a population rebound. Although it is a time of increased consumer expenditure in China, actions associated with basic needs were the most affected as a result of the panic created by the virus. Therefore, it could eventually be one of the most serious tests for President Xi’s government in recent memory.

Bitcoin Falters

Whilst China collapses, the world economy remains on the brink, since the market has shown relatively weak trading in recent days. Bitcoin, which could not be an exception, fell by about -2.5 percent and is currently being traded at around USD 8,450.

Although Bitcoin is often described as being a hedge against global chaos, this has not been supported by historical trends. It has been repeatedly determined that the price of the main cryptocurrency tends to follow the S&P 500. In other words, a healthy stock market means that Bitcoin will see healthy growth in prices.

This is the reason why the panic in the Chinese stock market is so worrisome since it could cause a domino effect that could severely impact worldwide markets. The consequences would be destructive not only to the S&P 500 but also to Bitcoin (BTC).

The eyes of the world are now in China as it seems that it will recover from the losses that it has recently suffered. However, the panic is not likely to subside completely until the Wuhan coronavirus is completely under control.

Throughout its history, different types of events have seriously affected Bitcoin’s prices and hash rate levels. However, the main cryptocurrency has always managed to overcome such negative situations by even reaching all-time highs. Consequently, Bitcoin is still the best investment for those wanting to venture into the world of crypto assets.

By Alexander Salazar

Increase of Nearly 600% in Volume of Cryptocurrency Market Operations in 2019

Alexander Salazar
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Increase of Nearly 600% in Volume of Cryptocurrency Market Operations in 2019

The CoinGecko annual report covers the main technological and economic developments of 2019, as well as provides analysts and experts’ market view. One of the most surprising statistics is that the volume of Bitcoin operations increased by 600% last year.

CoinGecko, a cryptocurrency data platform that provides data on market capitalization, the volume of operations and code development, published its annual cryptocurrency report. The document shows details about the developments in technology, the market economy, and the psychology of 2019, all of which also reveal what connoisseurs and market leaders predict for the year 2020.

The report describes how the cryptocurrency market has consistently gained in terms of market capitalization and volume of operations, as well as provides several other signs of optimism.

The fact that total market capitalization increased by 44.1% led the cryptocurrency market to earn USD 60,000 million throughout 2019 and close the year at USD 180,000 million. According to the report, it was a much better year for the volume of operations, which grew almost 600%, with more than USD 50,000 million traded on average at the end of the year.

It is no surprise that Bitcoin was the best-performing asset in 2019, gaining 95% during the year despite showing volatility with a range of between USD 3,500 and USD 13,500. In contrast, gold, S&P 500 and silver earned 19%, 29%, and 15.6%, respectively.

Regarding the most important currencies, a prominent statistic in a fall by 45% of XRP during the year. Ether (ETH) experienced a small decrease in its value by 2%, while Bitcoin Cash (BCH) and Litecoin (LTC) gained 38% and 37% respectively, not to mention other cryptocurrency statistics.

Prominence of DeFi in the Report

CoinGecko also describes the current impact of decentralized financing (DeFi) on the market. It is worth mentioning that there have been previous developments in DeFi involving the exponential growth of investment and the dominance of Ethereum-based DApps.

DeFi is increasingly considered a cornerstone of the market as it plays an important role in the banking of the unbanked and in making the money market more efficient. The report highlights the growth of USD 160 million in the sector and the predominance of loan platforms such as Maker.

The term is broadly used to categorize several financial services that include decentralized exchanges and loan services that work with stablecoins and derivatives. The platform Maker, which is comprised of the governance crypto token MKR and the stablecoin DAI, is DeFi’s largest entity, with approximately USD 440 million locked.

Multiple Cryptocurrency Developments

Connoisseurs and experts of the industry have reserved optimism for the year 2020, and many claims that it is a year of multiple developments on several fronts. Concerning the common prediction about the growth of DeFi, CoinFLEX CEO Mark Lamb says that derivatives markets are likely to grow.

The executive believes that ​​trading and investment opportunities will increase as the volume of derivatives increases in an order of magnitude. He says that the bases will remain extremely volatile and the community will experience 2 periods of extreme expansion, which will bring fresh capital to derivatives markets.

By Alexander Salazar

Workshops on Blockchain Technology Are Organized by Telefónica and Association of Science and Technology Parks of Spain

Alexander Salazar
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Workshops on Blockchain Technology Are Organized by Telefónica and Association of Science and Technology Parks of Spain

The free workshops, which started on January 23rd, consist of four work sessions. Training on the operation of a new blockchain-based platform will be provided.

Three months after announcing the development of a blockchain-based network together with the company Telefónica, the Association of Science and Technology Parks of Spain (APTE) announced an agenda of free workshops to explain its operation. There will be a total of four training sessions, which began last January 23rd in Madrid and will run until February.

The platform, called Blockpct, is a private and independent network that serves Spanish science and technology parks. It can be accessed by more than 8,000 companies and entities that make life in one of the 52 member parks of the association.

In the same vein, the other three workshops were scheduled as follows: in the Technological Park of Boecillo, Valladolid, on February 29th; in The Green Ray building, Málaga, on February 6th; and in the scientific park of the Technological Institute of Bizkaia, in Bilbao, on February 17th.

Those participants interested in learning about the features of Blockpct online can have access to a webinar created by APTE. The information that is available on that website will serve to complement what will be said during the training sessions.

APTE explained that the new network is built under Telefónica’s technology, called TrustOS, whose nodes are controlled by science and technology parks. The association also said that companies and entities can easily test the specific activities of their work for which they can use TrustOS Application Programming Interfaces (APIs) every day, describing up to four available APIs.

Business Development

TrustOS is middleware class software, which places it between an operating system and the applications that run on it, allowing communication with other applications, programs or operating systems. The definition of Red Hat lists it as a software system that offers common services and functions for applications. It helps developers design applications more efficiently, as well as acting as a guiding thread between applications, data, and users.

In the case of Blockpct, the enabled APIs are Track, for the traceability of digital assets in blockchain; Token, which serves to create and manage transferable value; Trust, which enables copies of the information from the private blockchain network to the public and Settle, which facilitates operations such as the financial reconciliation of various entities.

It is worth mentioning that the network sponsored by Telefónica already has two use cases in technology parks. The first is the possibility that APTE will generate digital certificates for companies. The second is related to the processes of animation and creation of communities through systems of gamification and tokenization of the activity done by the workers of the companies.

The three months that have elapsed, after its announcement, served to conduct technical tests and define aspects related to the potential projects to be developed. It was reported last October 28th that APTE and the multinational telecommunications company had established an agreement to form a new blockchain consortium.

By Alexander Salazar

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