Ethereum’s Top Coin Mixer, Tornado Cash, Updates Contract to Become Fully Trustless

  • The cryptocurrency industry is becoming more anonymous with the rise of coin mixer companies like CoinJoin, enabling users to mask their transaction history on the blockchain.
  • Recently, Ethereum’s top mixer announced developments on its platform to create a “completely trustless and unstoppable” mixer.

Tornado Cash Completes its Biggest Trusted Setup Ceremony

Ethereum’s top coin mixer, Tornado Cash, announced the completion of its “trusted setup ceremony.” A cryptographic process in its latest version, and further modified its smart contract to create a perpetual self-executing code.

According to the official announcement on Medium, the ceremony, completed on May 10 represented the largest ceremony yet in attendance.

The published post reads:

“We are happy to announce that our trusted setup ceremony is now complete. With a record 1114 contributions, this was by far the largest Trusted Setup Ceremony to date.”

Previous all-time high attendance in the conference was around 200 participants, which shows the ballooning growth in privacy-focused platforms.

The platform will now employ a cryptographic method known as multi-party computation (MPC), enabling secure key management by sharing fragments of the key on multiple computers. This ensures that at no point is a single, vulnerable computer responsible for an actual key.

Despite Tornado Cash’s new version launching with MPC security functionalities and the self-executing code, some analysts remain wary on the platform offering total anonymity.

Privacy Concerns on Coin Mixers

One of the biggest challenges that coin mixers face in masking transactions is the lack of a deep “anonymity set”. The more cryptocurrency brought into its ecosystem – the better.

With a larger number of transactions coming into the platform, the more secure the mixer will be. Mixers rely on several transactions to better obfuscate those coming in and going out of the platform.

Crypto Data Company, Chainalysis’ Maddie Kennedy said there are concerns on the level of security these mixers provide as the company still finds loopholes to track users’ transactions. He said:

“While mixers, CoinJoins, and solutions like Tornado Cash can make tracing funds more difficult, Chainalysis can often still follow funds through them.”

Moreover, Gavin Andresen, Bitcoin Core’s early developer, argues that coin mixers are still leaving room for user transactions to be traced, given the complexity of using the platforms privately. He echoed Kennedy’s point adding:

“It is really hard for mere mortals to use something like Tornado (or CoinJoin or other similar technologies) in a way that doesn’t leak information about their wallet.”

The Regulation Dilemma

Finally, coin mixers face a regulation dilemma as countries focus on these platforms as money transmitters.

So, what is the issue with this? Well, money transmitters are regulated by the government and therefore have “obligations” set by the Bank Secrecy Act (BSA). This law requires strict adherence to KYC/AML, which beats the purpose of the mixers.

In a bid to be on the right side of regulation, Tornado Cash v2 will include a cryptographic note that will allow exchanges, authorities, and governments to trace the transaction history if the holder provides it.

However, regulation is not something that Tornado’s Storm and co-founder Roman Semenov fear as Storm explained that the self-executing code does not implicate the developers.

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Author: Lujan Odera

Bitcoin (BTC) Price Analysis (April 24)

Key Highlights       

  • Bitcoin’s price valuation has made an upward rise briefly past $7,600 distribution territory.
  • The bears are gradually getting weaker in BTC/USD trade operations.
  • BTC/USD Traders should be wary of a $7,600 mark.

Bitcoin (BTC) Price Analysis

• Major distribution territories: $8,000, $8,400, $8,800
• Major accumulation territories: $6,800, $6,400, $6,000

Bitcoin’s price valuation has made an upward rise briefly past $7,600 distribution territory during the yesterday’s trading sessions. The US dollar seems to be getting weaker as price now hovers around the price value earlier stated.

The bulls now appear in a higher buying spree, having broken northward through the last range upper point at $7,200. But, the market movements are presently converging heavily around the $7,600 value. As it is, the bears aren’t having it smoother to push against the crypto’s gradual appreciation moving mode.

Bitcoin Technical Indicators Reading

The Upper Bollinger Band has bit stretched northward. Short candlesticks are near its path. The 50-day SMA trading indicator and the Middle Bollinger Band are conjoint pointing to the north from underneath. Those indicate that the buyers are somewhat in control of the market. The Stochastic Oscillators have joined the hairs together around range 80. And, they now consolidate around it to signify an indecision trading condition of BTC/USD trade.

Conclusion

Though, there has now been a sign of seeing more ups in the market operations of BTC/USD. Also, the crypto-market may experience a line of corrections downward averaging a low mark at $7,200 before regaining the strength to further the journey to the north. A bearish pressure may occur at a $7,600 spot. And, it may not be ideal for a long position trading psyche.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Coinbase Signals A Positive DeFi and Stablecoin Outlook Amid COVID-19 Uncertainty

The crypto lending market has been on the rise despite the unprecedented uncertainty following the novel coronavirus (COVID-19) pandemic. This market has grown to a significant $13 billion in loans within the past few years presenting an opportunity for DeFi’s and stablecoins to gain more traction within the young market. According to Coinbase’s recent blog, innovations in this space are set to attract more lucrative interest rates given the growing demand in crypto based assets.

Ideally, these markets allow investors to borrow or stake collateral on the digital assets owned by the individuals or entities. Coinbase has since moved to capitalize on the current market opportunities as the crypto industry struggles to match the ongoing global downtrend in asset prices. Despite the bear markets, lending products within the crypto niche have become more expensive. Recent reports within the industry have attributed this valuation to the volatility of digital assets and the opportunities to make money off stablecoins.

DeFi Interest Rates on the Rise

The DeFi crypto market has emerged as a safe haven for some investors looking to leverage its volatile nature amid the COVID-19 pandemic. According to Coinbase recent blogs on the crypto market opportunities, this space presents an opportunity to make money off the current trends given its prevailing uncertain nature. The blog reads,

“More lending desks will accept crypto as collateral, stablecoins will grow in adoption, crypto to fiat bridges will be more efficient, and DeFi will become more mainstream and have better protections against smart contract risk.”

The blog further highlights that crypto market stakeholders are opting for stablecoins as the market stakeholders seek certainty. Based on this development, Coinbase wrote that the market rates might gradually increase as crypto adoption grows globally,

“Until then, we can enjoy higher APY on stablecoin lending rates on places like Compound, Dharma, and Dy/Dx.”

Stablecoin Prospects

These pegged digital assets have also been growing since the market plummeted in mid-March. Coinbase noted that’s these crypto coins have been attributed to more stability as market participants acquire less volatile instruments within the crypto assets. The blog particularly notes stablecoins’ can be used more actively compared to peer cryptocurrencies,

“It takes time to upload cash into crypto. Many borrow use-cases require immediate action, and thus restrict options to crypto-native solutions where stablecoins are ready to deploy. This increases demand for stablecoins.”

Coinbase added that they are optimistic of the market growth as more borrowers move to capitalize on the available arbitrage positions in crypto derivatives and the high APY rates on stablecoins. In addition, they noted an intention to make a killing off the prevailing market prices,

“Market sentiment specifies demand preference, but overall demand remains high in both bullish and bearish markets. Coinbase will look to expand borrow / lend services where possible with the goal of increasing borrow / lend liquidity and helping the crypto market mature.”

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Author: Edwin Munyui

Bitcoin Mining Costs Set To Skyrocket 80%-120% After Halving, Tradeblock Report

  • Bitcoin (BTC) mining costs set to rise over 80% after the May halving, a new report states.
  • Incorporating assumptions into its model, researchers from TradeBlock expect the price to skyrocket to $90,000 USD following the halving.

A new halving report from TradeBlock, a crypto data research company, the price of Bitcoin (BTC) is set to skyrocket past $90K after the halving, expected to occur in mid-May this year. However, the researchers warn that a number of miners will have to shut down if the prices of BTC do not rise pat the current $10,000 resistance level as mining cost are expected to double from current costs.

Mining Costs Set to Grow Over 80%

As Bitcoin’s supply rate is cut down in half from the current value of 12.5 BTC per block to 6.25 post-May halving, mining costs will also be on the up. The report take up a number of assumptions to rightly come up with the predictions on the cost of mining post-halving.

First, TradeBlock gave a rough estimate that the block reward halving will cause an 80% spike in mining costs to $12,525 USD. The research sets an assumption that new mining equipment will come into the market making it easier to mine BTC despite reduced rewards.

The research factors in that 30% of the current miners will adopt these new mining equipment, expected to launch in March 2020 following a delay due to coronavirus epidemic. Furthermore, the research assumes the average cost of 6 cents per Kilowatts according to average U.S estimates.

Is a Miner Capitulation on the Horizon?

With the assumptions factored in, the price to mine one BTC, with an increasing hash rate looks to set in at $15,062. Once the research adjusts for the assumption on hash rate, and assume hash rate stays nearly flat from current levels then the cost to mine one bitcoin would fall to $12,525. However, one thing remains clear, the price of BTC needs to kick up to prevent a miner’s capitulation.

Well according to TradeBlock’s director of digital currency research, John Todaro, miners are the biggest determinants of the cost they may operate on if the prices do not rise accordingly. He said,

“It’s very helpful to know what the miners are thinking, what the miners are doing. There might be some miners that are profitable at those levels, but not a lot of miners are going to be operating at a loss, and they might take their rigs offline.”

Latest Bitcoin Price News and Crypto Market Updates

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Author: Lujan Odera

Retail And Institutional Investors in Agreement Over Bitcoin’s $10,000 Price

  • The trading volume of CME Bitcoin futures contracts is now pushing to new highs
  • A strong rise in open interest as well, Bakkt’s reaching for ATH
  • Bitcoiners to make up 30-50% of the world’s financial elites

Bitcoin is holding strong in 2020. We are just over a month into the year and the crypto market has been flying.

BTC is up over 33% YTD while trading at $9,775. Volume on spot exchanges is maintaining its momentum and keeping above $1 billion.

Among the regulated crypto exchanges, trading volume for CME Bitcoin futures contracts is now pushing to new highs. The 7-day average volume went above $600 million last week, the highest since the bitcoin price topped last summer at $13,900. January recorded an increase of more than 250% in daily volume.

There has also been a strong rise in open interest for CME’s bitcoin futures contracts. Just like CME, Bakkt‘s BTC Futures Open Interest has also reached a new all-time high.

Retail, however, still dominates the derivatives market for bitcoin as crypto derivatives platform BitMEX manages a daily trading volume 10x the size of CME.

Bitcoin Already Trading Above $10,000

Bitcoin is looking ready to break the $10,000 barrier in the spot markets soon but the futures market, however, is already trading above this level.

In the futures market, for the first time in several months, retail and institutional investors are in agreement. While CME bitcoin futures trading above $10k, BitMEX’s June futures are trading above $10,150. The premium rates for March contracts also keep on rising.

Still Far From The Dot Com Bubble Equivalent

Another bullish figure can be seen in the Bitcoin being bought by institutional investors. Last year, over $400 million worth of BTC was bought from Grayscale’s Bitcoin Trust (GBTC). These GBTC shares also trade on a premium, currently at 11.7 for ownership of 0.00097 BTC. These coins also have a lock-up period of 1 year.

As of Feb. 7, a total of 283,192 BTC are in GBTC, holding close to 2% of all BTC supply minus the lost coins.

With the demand side strong and supply to take a shock with the upcoming halving, the sky’s the limit for Bitcoin.

As Hodlonaut notes, “The scarcity of Bitcoin has not even begun to be understood yet. It will deliver many hard lessons in the years to come.”

This also means, “The equivalent of the Dot Com bubble of 1999 hasn’t happened to Bitcoin yet. We’re still in 1992,” says analyst Misir Mahmudov.

Bitcoiners To Make Up 30-50% Of The World’s Financial Elites

For some this scope could be as high as $1 million. If Bitcoin does surge to that level, that would give 100k bitcoiners “Ultra High Net Worth Individual” status.

“With worldwide UHNWIs projected at only ~200k by 2022, this means the Bitcoin 1% could by then make up 30-50% of the world’s financial elites,” hypothesis Tuur Demeester.

Currently, Hong Kong, New York, and Singapore have the highest density of the ultra-high net worth individuals but with Bitcoin’s another parabolic rise this dynamic could take a drastic shift. Interestingly, Forbes’ 2019 rich list was dominated by the people from the technology industry.

With Bitcoin already being the best performing asset of the decade with a nine million percent increase in the 2010s, rise to the moon won’t be unprecedented for this asset class.

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Author: AnTy

NEXO Introduces 50% Interest Discount on Instant Crypto Credit Lines to Reduce Supply

  • NEXO’s utility features will now show a significant rise with the Discounted Interest of 50% on its Instant Crypto Credit Lines, using the Nexo Token.
  • The company is hard at work on the Utilities 2.0 Overhaul of their NEXO Token with a goal of bringing a host of new utility features.

NEXO will begin to execute a new improved policy of the 50% Interest Discount on its Instant Crypto Credit Lines, starting February 10th, announced the company on Wednesday. With the upgrade, the company says NEXO holders will see gains as “NEXO Token will experience a notable boost in its utility features.”

To collect the whole 50% discount, the company says customer’s wallets need to have sufficient Tokens to “cover the interest for the entire period from the moment of withdrawing funds from the credit line up to their desired moment of repayment.”

Customers that own staked NEXO Tokens for only a portion of the length of their loan, will collect on the discount that corresponds with the amount of days.

Customers that would like to benefit from the new Discount can also now use, NEXO, AUD, Stellar, USD, EOS, Bitcoin, as well as Bitcoin Cash, GBP, Ether, Litecoin, XRP, EUR and with all major stablecoins, with more assets coming soon for making repayments using all the assets accessible on the platform.

NEXO Token Holders Benefits

With the new changes, the company says it was designed to benefit the customers and owners of the tokens. Apart from providing the entire 50% Discount from the staking of their tokens, it allows holders to collect higher dividends.

Already, the company says it has allocated more in profits than all others in the blockchain ecosystem. Its dividend yield NEXO says has reached an “impressive 12.73%,” that surpasses “each of the highest dividend-paying stocks in the S&P 500.” Also, this “balances market volatility and results in a higher, more stable demand for NEXO Tokens.”

The company further says this upgrade will help in all long-term investors confidence by attracting customers to stake their NEXO Tokens over longer periods, which will lower the available market supply.

The 65th largest cryptocurrency currently has 560,000,011 NEXO tokens in circulating supply. At the time of writing, NEXO/USD has been trading at $0.139897 with 24 hours gains of 3.56%. If the supply of NEXO gets reduced while demand either stays the same or increases, the price is expected to take a jump.

Meanwhile, NEXO is planning further improvements and is working on revamping the NEXO Token Utilities 2.0, which can quickly usher in several utility features including higher Nexo card cashback, higher affiliate commissions, and better interest rates on both our ‘Instant Crypto Credit Lines’ and ’Earn Interest’ products.

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Author: AnTy

Bitcoin and Gold Feeling the Pressure while Stock Market Makes a Fresh Record

Today, the market has hit yet new highs.

The benchmark S&P 500 Index, up 22.7% so far this year, is on track to rise for a fifth week in a row while Nasdaq is eyeing its sixth straight week of gains. The Dow Jones Average that spiked 150 points yearly has its 2019 gains climbing to 18%.

These gains came on the back of the comments from senior officials in Beijing, suggesting that the US and China will cancel planned tariffs on each other’s billions worth of goods in stages, as part of the first trade pact between the world’s two biggest economies that is due to be signed in the next few weeks.

“In the past two weeks, the lead negotiators from both sides have had serious and constructive discussions on resolving various core concerns appropriately,”

Ministry of Commerce spokesman Gao Feng told reporters in Beijing.

“Both sides have agreed to cancel additional tariffs in different phases, as both sides make progress in their negotiations,”

added Gao.

However, strategists are concerned that the market is placing too much emphasis on the “Phase One’ of the trade deal coming to fruition.

Meanwhile, as global stocks extended multi-year and multi-month highs, US equity spiked on the comments as well.

The European market also rallied, with Stoxx 600 benchmark is hitting a four-year high. Global oil prices went up amidst the broad market rally.

While the stock market is surging gold is in the red hitting new daily lows.

Bitcoin has been outperforming gold for the past nine years but today the digital gold is falling the same as gold.

The leading cryptocurrency is trading at $9,199 with 24 hours loss of 1.13%, as per Coincodex while managing the daily trading volume of just about $200 million.

Bitcoin might not be seeing the greens currently but as we reported the market is giving the signs that we are getting ready for an “explosive” move. The low volume, tight range, CME gap being filled and BTC entering the overbought levels are pointing towards this move.

Another positive factor for BTC is the open interest on Bakkt that has doubled to $2 million, as reported by Skew Markets. As Bitcoin Exchange Guide shared, these increasing numbers suggest that new money might be coming into the market.

This current phase, according to prominent analyst Willy Woo is just a “prolonged consolidation inside a macro bull market.”

Many have already called out the bottom of the market and being in the “blow-off” phase, the question remains whether we are taking a detour around $8k first or going straight to a new 2019 high.

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Author: AnTy

Canadian Crypto Owner Duped Out Of $240,000 In An Employment Scam

Canadian Crypto Owner Duped Out Of $240,000 In An Employment Scam

Crypto scams again seem to be on the rise in 2019 as the currency its use cases and adaptability increases. There seems to be news of a new scam victim in Canada. Scammers stole over $240,000 from the residents of Edmonton.

748 people across Canada lost more than $17 million to online dating scams in 2016, up from $16.7 million in 2015. In Edmonton, city police investigated two high-profile cases in the past year. One of the local victims lost more than $50,000, the second more than $90,000.

Of all the frauds that use romance as a pawn, “catfishing” is the most common. In these cases, the con artist uses a fake identity to charm victims into an online relationship and soon after, begins asking for large sums of money. They use fake profiles and usually come up with elaborate excuses as to why they can never meet in person.

Linda Herczeg, an Edmonton police detective says:

“The use of the internet to do any type of frauds or scams is increasing exponentially because of the ease of it and because of the ability to social engineer.”

Cybercriminals thrive on the buzz. Bitcoin prices reaching new highs make the currency more tempting both for scammers and for their new potential victims. The scams tend to be fairly unsophisticated, either tricking users into installing malicious apps or promising free money in exchange for an initial payment. In the end Bitcoin, just like social media, depends on community-based trust. When certain members of these communities violate that trust, it can ruin a good thing for everyone.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Sritanshu Sinha

Bitcoin Price Prediction Today: Daily (BTC) Value Forecast – July 31

Bitcoin Hits 15-Months High, $10,000 BTC/USD Exchange Rate Value is Next Stop
  • On the upside, if the bulls break above the EMAs, the crypto’s price will rise and retest the $13,000 price level.
  • The BTC price is trading at $10,100 as at the time of writing.

BTC/USD Medium-term Trend: Ranging

  • Resistance Levels: $10,000, $10, 200 ¸ $10,400
  • Support levels: $9,000, $8,800, $8, 600

Yesterday, July 30, the BTC price was in a bullish trend as it broke the 12-day EMA and it is approaching the 26-day EMA. The support level of $9,000 was tested as the bulls made an upward move and broke the 12-day EMA.

The BTC price is trading at $10,100 as at the time of writing. On the upside, if the bulls break above the EMAs, the crypto’s price will rise and retest the $13,000 price level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.

BTC/USD Short-term Trend: Bullish

On the 1-hour chart, the BTC price is in a bullish trend. The crypto’s price is making a series of higher highs and higher lows. The BTC price is expected to rise because it is above the 12-day EMA and 26-day EMA.

Meanwhile, the MACD line and the signal line are below the zero line which indicates is a buy signal. The BTC price has risen and it is facing resistance at the $10,100 price level. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.

Bitcoin’s price is $10,051.90 BTC/USD exchange rate today. The real-time BTC market cap of $179.42 Billion currently ranks #1 with a chart dominance at 64.73%, daily trading volume of $5.64 Billion and live coin value change of BTC 4.87 in the last 24 hours.

Today’s Latest Bitcoin Price Analysis, Chart Forecasts and Industry News

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \ Investment Disclaimer

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Author: Azeez Mustapha

DASH Price Prediction Today: Daily (DASH) Value Forecast – July 26

DASH-Soars-by-32-4-as-Protocol-Update-Looms
  • On the upside, if the bulls break the EMAs, the crypto’s price will rise and retest the $180 resistance level.
  • On the downside, if the bearish pressure continues, the crypto’s price will fall either to the $90 or $100 price level.

DASH/USD Medium-term Trend: Bullish

  • Resistance Levels: $160, $170, $180
  • Support levels: $110, $100, $ 120

Yesterday, July 25, the price of DASH was in a range bound move below the 12-day EMA the 26-day EMA. Before this time, the DASH market had been on a downward correction after the resistance at the $180 price level. On July 16, the downtrend was corrected at the $100 price level. At the $100 support level, the bulls made an upward move to break above the EMAs but were resisted.

On the upside, if the bulls break the EMAs, the crypto’s price will rise and retest the $180 resistance level. On the downside, if the bearish pressure continues, the crypto’s price will fall either to the $90 or $100 price level. Meanwhile, the DASH market is at the oversold territory of the daily stochastic but above the 20% range. This means that price is in a bullish momentum and a buy signal.

DASH/USD Short-term Trend: Bullish

On the 1-hour chart, the DASH price is in a bullish trend. The 12-day EMA and the 26-day EMA are trending northward. The crypto’s price is above the EMAs indicating the price is likely to rise .The price of Dash is characterized by small body candlesticks which describe indecision between the buyers and the sellers at the current market price.

Nevertheless, the DASH market has reached the overbought region but above the 80% range of the daily stochastic indicator. This indicates that the DASH price is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha