Cryptopia Re-enables Trading After Hack Attack in January
Cryptopia has announced the reopening of its cryptocurrency exchange. Clients could not access their accounts since a hacker attack occurred in January 2019. Cryptopia published yesterday the supposed size of the damage that the hackers caused. Apparently, funds with a value of $16 million in Ethereum and various ERC-20 tokens are missing. In total, the hack affected around 76,000 wallets. For now, the exchange resumed trading for 40 cryptocurrency pairs.
Researcher Proposes “More Accurate” Method to Calculate Bitcoin Dominance
An independent researcher with the name John-Paul Thorbjornsen has criticized the current method of calculating the dominance of Bitcoin. Currently, the dominance of Bitcoin represents simply the percentage of Bitcoin’s market capitalization against all other capitalizations. Thorbjornsen concluded that this calculation is too simplistic. The capitalization of many projects is irrelevant as it includes the capitalization of dead or even fake crypto projects. The researcher presents another method that considers the daily volume of a cryptocurrency. Thorbjornsen derives the validity of his concept from the power law. A concept in statistics that describes many natural phenomena.
Read Thorbjornsen’s blog post.
Bitwise to SEC: “Volume on Many Exchanges Fake”
Bitwise told the SEC in a report that trading volumes on cryptocurrency exchanges are to a large degree false. The report of the asset management firm is part of an application for a Bitcoin ETF that would require a rule change and encompasses 227 pages. In its analysis, Bitwise states that the volume on many exchanges is made up of “fake and/or non-economic wash trading.” In the overall picture, however, the company argues that this concerns only some smaller exchanges with little effect on the overall market. The report tries to present that the volume of Bitcoin is big enough to not allow for manipulation. A major reason why the SEC declined ETF applications.
CBOE Is Canceling Bitcoin Futures, But It Is Good For Bitcoin
The Chicago Board Options Exchange (CBOE) is withdrawing Bitcoin futures that many experts deem to be ideal for Bitcoin adoption. However, this does not necessarily mean that Bitcoin adoption or price would be adversely affected. In fact, BTC is poised to be more bullish according to a CNBC Fast Money Panel and some Crypto community members. The CBOE is the largest and most prominent options exchange in the US that provides market options for 2,200 organizations.