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Content Following 2020s Bullish Rise In November And December, Bitcoins Price Still 90% Higher Than Last Year Arbitrary Blockchain Content What Is Bitcoin? Chinese authorities have ordered Beijing-based cryptocurrency exchanges to cease trading and immediately notify users of their closure, signaling a widening crackdown by authorities on the industry to contain financial risks. A phishing attack on the Electrum wallet network has possibly managed to steal around 245 bitcoins, worth over $880,000 at the time of the attack. The bad actor set up the attack by creating multiple fake servers on the Electrum wallet network. To celebrate Bitcoin’s 10 year anniversary, long-time Bitcoin advocate and successful investor Trace Mayer proposed that the community start an annual tradition of a crypto bank run on exchanges – to be known as Proof-of-Keys. The idea was to get as many cryptocurrency users and investors to withdraw all funds from wallets that they did not hold the private key to. The social network first began working on the cryptocurrency in May 2018, following one of the biggest management reshuffles in the company’s history. Previous rumours have suggested the so-called stablecoin, which would be pegged to other currencies to avoid price volatility, would roll out to users of the popular messaging app WhatsApp. China’s state planner wants to eliminate bitcoin mining in the country, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector. China is the world’s largest market for computer hardware designed to mine bitcoin and other cryptocurrencies, even though such activities previously fell under a regulatory grey area. The suggestion is that the power consumed by the industry contributes to pollution and wastes resources. A single bidder won every auction, indicating that his winning bid prices were far higher than the current market price. According to the regulations, digital currency companies that serve NY customers must apply for a “BitLicense” within 45 days or be considered in “breach of the law”. Regulators started to scrutinize China’s initial coin offerings as announced by a local outlet. Caixin reported that a notice, issued by a working committee that oversees risk in the country’s internet finance sector, said new projects raising cash or other virtual currencies through cryptocurrencies are banned. It added that authorities are cracking down on related fraudulent practices. The document defined initial coin offerings as an unauthorized fundraising tool that may involve financial scams, the Caixin report noted. The committee provided a list of 60 major ICO platforms for local financial regulatory bodies to inspect. The price of bitcoin has smashed through $5,000 to an all-time high. Hyperwave Theory was developed by Tyler Jenks and attempts to explain prices through investor emotions. The theory suggests that market sentiment repeatedly moves between pessimism and optimism. These feelings often lead to a Hyperwave where the price climbs over time before reversing into a bearish trend. Although Jenks theorizes the pattern arises from market sentiment, the graph only uses technical analysis with price data to draw its trend lines. According to the Hyperwave Theory, there are seven phases in each market cycle. Events like the Mt. Gox exchange hack of 2014 and the 2020 stock market crash can explain some short and mid-term price behavior. Following 2020s Bullish Rise In November And December, Bitcoins Price Still 90% Higher Than Last Year Bitcoins can also be exchanged in physical form such as the Denarium coins, but paying with a mobile phone usually remains more convenient. Bitcoin balances are stored in a large distributed network, and they cannot be fraudulently altered by anybody. In other words, Bitcoin users have exclusive control over their funds and bitcoins cannot vanish just because they are virtual. It also imposed a whole new bunch of requirements on crypto exchanges, including recordkeeping, annual reporting, and anti-money laundering compliance. Bitcoin reaches a closing price of $467.42, its highest since September 2014, after a few weeks of relatively steady overall price performance, despite volatility in daytime trading. Thoughts are that increased adoption of cryptocurrency tech in general could be behind the jump. There were a few different ideas about what exactly caused the May boost, but it was most probably a combination of a few different things. Rival currency Ethereum had entered the market a few months before and was drawing more attention to the digital currency ecosystem globally, as well as finally providing Bitcoin with some real competition. Anticipation was also growing for the upcoming halving, and the possibility of Brexit was creating some excitement for the UK market, with the possibility that a split from the EU could benefits the digital currency. The prediction from Nigel Green, the deVere Group CEO and founder, which has $12bn under advisement, comes as Bitcoin – already one of the best-performing assets this year – appears to be on the brink of a bullish breakout. This is going to cause a massive inflow of wealth into Bitcoin the likes of which we’ve never seen. You and I already know this, but the rest of the world has yet to figure it out. Read more about Introduction in Crypto Trading here. Bitcoin’s limited supply of 21 million combined with rising demand assures its price will continue to go up. The first block in the blockchain was nicknamed the Genesis block. Bitcoin has dramatically risen in value since its inception, but its history is filled with much volatility. It is also protected against possible counterfeits by means of blockchain and cryptographic keys. Bitcoin, meanwhile, has flipped between a bull and bear market 11 times over the same stretch. That means it has enjoyed six runs with 20%-plus gains but also suffered five losses of 20% or more. But along the way, Bitcoin has suffered some sizable stumbles — including a 36% plunge in June and July — that would scare even the most unflappable market pros and the biggest Bitcoin believers. Bitcoin vs. Altcoins vs. Stablecoins: What’s the Difference? – MakeUseOf Bitcoin