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Current State of The Crypto Market (May 5th, 2019)

Hackers:   A hacker has reportedly been breaking into GitHub accounts to wipe code repositories, to then demand a ransom in bitcoin from its owners. The attacker threatens to make the code public, or to use it for his own ends.  According to sources, the attack has hit at least 392 different GitHub repositories, and defaced them with a ransom note asking for 0.1 BTC and an email proving the payment has been made.  The attack is reportedly also hitting code repositories in services similar to GitHub, including Bitbucket and GitLab. The attacker is said to have been managing to delete the code on these repos by accessing accounts using weak passwords, or credentials leaked over separate services.  In a statement, GitHub stated:  “At this time, it appears that account credentials of some of our users have been compromised as a result of unknown third-party exposures. We are working with the affected users to secure and restore their accounts.”

 

Bullish Key Players:   Despite the troubling development in the iFinex-Bitfinex case, the price of bitcoin has increased from $5,135 to over $5,735 in the past week.  Crypto Rand, a widely recognized cryptocurrency trader and technical analyst, said that the upside movement of bitcoin and the rest of the market may have been simply technical.  According to the analyst, throughout the past two weeks, technical indicators were pointing toward a bullish momentum for bitcoin. As the market recovered fairly quickly from the Tether scandal, it likely boosted the confidence of existing investors in the market.

Several prominent investors in the crypto space such as Vinny Lingham from Multicoin Capital have said that bitcoin surpassing the $6,200 to $6,400 range would officially signal the beginning of a new bull market. Lingham said:  “The key indicator for the start of a sustainable bull run is likely a decoupling of asset values from Bitcoin.  That said, if we can break $6,200 for BTC, it will likely mark the start of another major bull run and could run hot and high.”

 

Banks & Institutions:  Ripple’s global head of banking Marjan Delattine says 10 financial institutions are now using XRP to power cross-border payments.  At the Paris Blockchain Week Summit, Delattine talked about the adoption of the digital asset, and why smaller financial firms are more likely to be early adopters of crypto.  A total of 13 companies have publicly revealed they are using or plan to adopt xRapid in the future. The latest addition is Euro Exim Bank, which says it plans to use the technology to move money across 80 countries.

 

Adoption: The Nasdaq has shown a growing affinity for bitcoin. That relationship has just gone to the next level with knowledge that CNBC Africa’s Crypto Trader will begin broadcasting from the Nasdaq studio. Ran NeuNer, the host of the show, tweeted that the next season will launch from Times Square on May 9. The Nasdaq studio is in the middle of all the action and could be visible to the tons of people passing by on their way to and from work, not to mention tourists. It thrusts crypto into the heart of Manhattan at a pivotal time for the industry and is sure to turn some heads.

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