Bitcoin Sees a Correction After Ending October with the Highest Monthly Close Ever

Bitcoin started November around $13,760, and although in the red currently, the price of the digital asset remains hovering around $13,400 on the back of $1.79 billion volume.

The month began on a red note, but it has just started, and more exciting has been the monster monthly candle we got in October.

Interestingly and bullishly, Bitcoin had its second-highest monthly close in history in October.

While, on Bitstamp, the longest-standing bitcoin exchange, Bitcoin had its second-highest monthly close, losing to the first by just an inch, on other exchanges, the flagship cryptocurrency actually made history.

On Bitfinex, Binance, and HitBTC, Bitcoin had the highest monthly close ever.

Additionally, it was the highest quarterly close for BTC price in history as well.

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As for why does it matter, “month-end asset valuation is how institutional participants appraise their holdings & investments,” stated one trader.

Now, after recording more than 27% gains in October and up 91% YTD, Bitcoin is down -2.18% in November, experiencing a correction.

However, it is not much different from last week when BTC’s price dipping under $13,000. It’s to be seen how low we will go this time.

“Another strong weekly close on high time frame. With that said, let the “dips” come. It shouldn’t surprise anyone who’s been in this market when it happens. Bitcoin had 9+ pullbacks of at least 30% last bull market. But in the long run, we know where this is going (up),” noted trader Josh Rager.

Pullback after the October rally is to be expected, and during the last bull cycle of 2017, Bitcoin had several such corrections, which were as much as 30% to 40%. Moreover, with the US Presidential elections tomorrow, a bit of volatility is expected across the markets.

Stock markets have been experiencing a downturn since mid-October. Meanwhile, today, gold is making its way up above $1,880, the same as the US Dollar index is doing above 94.

“I don’t have much a bearish thesis etc. Just seems like a nice spot for de-risking. High time frame resistance, elections coming up, not seeing evidence of fuel for a short squeeze,” said trader CryptoGainz. “Low time frame technicals are bullish, just sorta hoping for a bull trap tbh.”

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Author: AnTy

Tron Network Suffers A ‘Large Scale Attack’ Now Back Online After Two Hours Of No Blocks

“TRON network gets back to normal. Enjoy sending money on TRON!” said Justin Sun, founder of Tron and CEO of BitTorrent.

The tweet has been regarding the Tron blockchain halting block generation early on November 2nd at block height 24653194. It hasn’t been until just over two hours later that it resumed.

Due to maintenance, several cryptocurrency exchanges Huobi, BitMAX, and Hufu then announced the suspension of deposit and withdrawal of Tron and TRC20 tokens, as per a Chinese media outlet.

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After the network was back online again, Sun took to Twitter to share the reason behind the downtime.

“During the 4.1 version upgrade period, the TRON Mainnet was attacked by a malicious contract on 2020.11.02 at 06:14 (HKT),” said Sun.

The attacker was able to initiate malicious transactions and cause Super representatives to suspend block production by using the authority granted to the contract developer.

“As the busiest blockchain network in the industry, the attacker hopes to get profit from the suspension of block production.”

But the Tron community acted immediately and fixed the problem. At 08:29, the main Tron network gradually resumed block production, and at 9:40, it returned to normal.

Sun further ensured that the data on the 15th largest blockchain remains intact, and the assets of the users are also “absolutely safe.”

“Withstand this large-scale attack, once again proving that the TRON network is the decentralized network with the most resilience and attack defense capabilities in the industry,” said Sun.

The price of the token TRX remained unaffected by the reports of an attempted malicious attack. At the time of writing, TRX was trading at $0.0248, down 4% along with the rest of the crypto market, which is recording losses across the board in tandem with the fall in BTC price to under $13,350.

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Author: AnTy

Ethereum Developers Set to Release ETH 1.x “Berlin” Hard Fork in January After Delays

The Berlin fork stands as a hard fork of the current ETH 1.x proof-of-work (PoW) blockchain. This system-wide upgrade includes low-level changes to improve the original mainchain while ETH 2.0 is still under development. At first, the planned launch was to be in July but pushed back to summer thanks to a perceived need for higher client diversity, alongside clients and employees experiencing burnout.

Geth Ruling The ETH Nodes

In particular, devs highlighted Geth, which stands as one of 11 client specifications. Even so, 79% of all Ethereum nodes operate on it, having gained 5% since December last year. As such, developers have a serious concern that some critical bugs could develop thanks to the rolling updates to ETH 1.x, which itself is gearing towards a complete transition to a Proof-of-Work (PoW) consensus algorithm.

Péter Szilágyi stands as the team leader for Geth and gave a statement last Friday about the matter. He highlighted that it’s critically important that this update is done right, seeing as Geth is the majority of the network. Szilágyi stated that the ETH team couldn’t afford to not be correct about this matter.

Rushing Could Lead To Disaster

As a result, the update needed to be delayed to ensure that the entire thing will operate smoothly. With the five languages listed by the Ethereum foundation, 11 clients in total, a small niche or nuance for the one client can quickly turn into a catastrophic bug if not appropriately investigated.

Ever since, the process of including various Ethereum Improvement Proposals (EIPs) and determining which one will end up in the hard fork, has seen a significant shift.

Changing Of EIP Lineups

At the original launch plan in June, Berlin was scheduled to add three EIPs. The first was EIP-2315, which held simple subroutines for the EVM. The second was EIP-2537, which would add BLS12-381 curve operations. Lastly, EIP-2929 would see gas cost increases when it comes to state access opcodes.

Now, however, things have changed. EIP-2537 will now not be included within the Berlin update. EIP-2537 will make it possible for the ETH 1.x and the ETH 2.0 blockchains to speak with each other, thanks to similar cryptographic setups.

The remaining EIPs will see a new life, as it will now be included within the YOLO v3 short-run testnet, which is set to release within the next few weeks.

It should be noted that EIP-1559 and other important EIPs that would restructure the transaction model of Ethereum will now no longer be included within the Berlin update.

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Author: Ali Raza

NYDFS Directing Banks & Crypto Companies to Address Risks of Climate Change

The New York Department of Financial Services (NYDFS) sent out a letter to banks, firms, and cryptocurrency businesses to pay attention to the financial risks associated with climate change, incorporate them into their business strategies, and develop ways to disclose and mitigate those risks.

This letter followed the same guidelines issued by the agency for the state’s insurance providers last month.

NYDFS is the only US member of the Network for Greening the Financial System, an international group of central banks and regulatory agencies that is focused on climate-related financial risks.

The letter noted that the US gross domestic product (GDP) sees damage of 1.2% with each rise of one-degree Celsius in global temperatures. As such, those communities that are hit harder by climate change can then lead to an increase in default rates, reduced lending activity, devaluations of assets, and losses.

As for the cryptocurrency businesses, it pointed out how studies suggest the environmental impact of mining digital currencies like Bitcoin can be substantial — annual consumption of energy is equivalent to Venezuela’s electricity usage, and carbon footprint is to that of New Zealand’s.

“The energy cost for mining virtual currencies is sizable compared to the value of the virtual currencies,” said Linda Lacewell, NYDFS Superintendent, in the letter.

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The agency wants digital currency firms to consider being more transparent about the location and equipment they use in Bitcoin mining, which is energy-intensive.

“DFS is developing a strategy for integrating climate-related risks into its supervisory mandate,” the letter concluded.

Ripple CEO Brad Garlinghouse called this step from NYDFS “pivotal” and said instead of exacerbating the problem; Bitcoin needs to use more energy-efficient assets as it gains the attention and support of big and mainstream companies.

“XRP was built specifically to use negligible amts of energy,” chimed in Ripple CTO David Schwartz.

“The less it costs to start and run a node, the less decentralized a system will be if you think people being able to use it trustlessly going forward is important to decentralization,” added Schwartz on XRP being hard to audit “because it’s too expensive and nobody cares.”

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Author: AnTy

Coinbase Expands its Regulatory Compliance Team with Two New Hires

San Francisco-based cryptocurrency exchange Coinbase has made two new additions to its growing legal and compliance team. The company hired Milana McCullagh as Vice President, Deputy General Counsel for Product and Commercial, and Katherine Minarik as Vice President, Deputy General Counsel for Litigation.

Both the new hires will help drive Coinbase’s momentum to ensure its internal and external operations remain regulatory compliant.

While Milana spent over a decade at Google supporting the tech giant’s some of the most notable products, Katherine previously has been with Dyson, Cleverbridge, and over a decade at Bartlit Beck Herman Palenchar & Scott law firm. Paul Grewal, Coinbase’s Chief Legal Officer, wrote,

“One of our key priorities at Coinbase is to be trusted as we create an open financial system for the world.”

A Hiring Spree

Coinbase is currently hiring for many roles, 182 to be exact, across different departments, including security & privacy, legal & compliance, international expansion, data, and engineering. The exchange is also hiring a Director for the position of Belonging Inclusion & Diversity. The job description reads,

“This individual will be responsible for owning, executing, and advancing our newly refreshed BID Strategy, which rests on the vision that every employee feels they belong and can succeed.”

This remote job for the USA follows its CEO Brian Armstrong’s apolitical mission statement, for which, while he received support, he also got a public backlash.

This led 5%, about 60 of its employees, to accept a company’s severance package to employees that aren’t comfortable with Armstrong’s position.

The previous head of belonging, inclusion, and employee experience, Tariq Meyers, left over the summer for unclear reasons. Meyers was one of Coinbase’s senior Black employees. Before Armstrong made his political mission public, there have been reportedly a walkout of an employee because of an internal Ask-me-Anything session about Black Lives Matter.

Now, for the new head of BID, the person is required to take a data-driven approach to get “an understanding of BID’s impact on culture and the Coinbase experience” and then “leverage” all the new and existing data to attract and select talent & further grow and retain it.

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Author: AnTy