It has been reported that in Nigeria, the accounts of the people have been monitored for engagement in cryptocurrency trading. This action has been officially dealt with, and the government itself is known to be involved in the procedures taking a closer look at the following accounts. This is known to be in response to the statement issued by the CBN or the Central bank of Nigeria, which demanded all private banks close, freeze, or loom at the accounts with crypto trading, which are belongings of any two individuals. The local publication in Nigeria also confirmed the statement. They said that an internal memo has been issued to all the banks seeking the vital and core information of the account and seizing them according to the volumes.

They issued the order to check for the amount of transaction and the number used to defernite between the trading with the cryptocurrencies. They also added that the owners of the account should cooperate with the ban. They stated that if the holders do not cooperate with the findings and the questions being asked, they might get penalized for their act. They also said that the bank should take care that the regulation of the statement is made under the set guidelines to ensure that there are no loopholes while finding and monitoring different accounts. Accounts that have a more significant number of transactions or heavy transactions very often may get significantly noticed, and the holders may be questioned.

They should also check the payment license and should prove the statements of the transactions to the bank. The red-flagged would be those large companies with a heavy flow of cash and money and those small companies that possess more transaction money or any digital assets than usual.

Mike Novogratz, the CEO of Galaxy Digital made a few geopolitical observations regarding the sector as Bitcoin (BTC) has kept going its trade sideways after falling below the $33,000. These observations have been valued by various investors in this sector seriously and hence they have responded accordingly.

Novogratz, in a question and answer session with signalscv.com, said that the Price of bitcoin is now trying to consolidate from $30,000 to $35,000, indicating that the crypto communities in the United States are now leading the industry in an unprepared ended Asian trend.

Novogratz also indicated that some shareholders may be downloading some of their shareholdings of Cryptocurrency within different portfolios. He stated “, It only takes a little while for you all to establish a more diversified financial base but if you’re a hedge fund and are whacked by your rate situation and your stock placement and your petroleum position. You are likely also to sell a few of your cryptography”.

US – Asia Crypto Market: What Makes the Difference?

Globally, Crypto is abundant. Cryptocurrencies have gone globally in just more than 10 years, with 154 trying to develop and developing countries integrating automation and technology for their countries.

In addition to crypto asset capital expenditure, Asian countries are going to apply cryptographically and blockchain apps, with exhilarating opportunities for growth. Asia is a hot spot for cryptographic techniques. On the other hand, a few in the Western world who know Bitcoin only are amazed that 31 percent, or 77 percent more than those in Europe, of cryptocurrency transactions in East Asia between mid-2019 and mid-2020, amounted to Dollar 107 billion. There are also broader investments in a series of cryptographic investments than in the West. Moreover, Asia is indeed a crypto-mining hub with more than half the hash rate of the world.

Drop in the Crypto Industry –

Bitcoin dropped successively in the last several months, largely driven by suspected environmental concerns about Bitcoin mining and the main blockchain and mining clampdown by Chinese officials. It hit another all high of over $64,000 in the middle of April. In the context of multiple actions by international financial regulatory agencies against Binance – the country’s leading crypto-exchange – the general feeling on bitcoin markets has further deteriorated to an extraordinary level of fear.

But some significant stakeholders in the US have decided to pursue their attempts to nourish the company in the country, even after rising concern. On Thursday, Gryphon Digital Mining, a major U.S. mining company, bought the main batch of crypto-mining plants from Chinese mining gigantic Bitmain that had to stop its local sales because of China’s crypto-mining attacks. Miami Mayor Francis Suarez decided to invite foreign crypto mining firms to try to set up miner capitulation data centers in China in June.

Conclusion –

After vast differences in the crypto market of Asia and the US, there are certain similarities as well. The US blockchain is somehow overtaking that of Asia, despite Asia being the global crypto hub.

According to the latest news, MoneyGram has announced on Wednesday that it is going to allow the customer to buy and sell bitcoins and that too for cash which is at the value of 12000 retail locations with being partnered with the CoinMe platform. This cash transfer company is planning to introduce their bitcoin trade in almost 2000 stores, which are spread in 32 states by the Q3, according to the CEO of the CoinMe platform, who is Neil Bergquist. His cryptocurrency firm is already facilitating the cash for the bitcoins, which are swapping for around the 6000 supermarket stands.

The MoneyGram and the CoinMe both will take 4% of the transactions which the customers make and an additional $2.75 in the fees. The MoneyGram is a Walmart-based company, and its locations will charge $2 more from the customers. This rollout has been expanded vastly for the investors’ access to the crypto touchpoints of the brick and mortar. You will be amazed to know that according to the Coin ATM Radar, less than 3000 crypto booths and the tellers are allowing the users to sell their bitcoin and that too in person through the 17000 locations, which are facilitating the buys. MoneyGram has also provided a hint that the service was at work.

According to the CEO Alex Holmes, this opportunity of providing the service to the customer in which they can walk into the MoneyGram location and then can easily load or unload their bitcoin wallet is pretty amusing. MoneyGram has also received a ton of dollars in order to use the XRP token for making cross-border transactions. This relationship with the ripple labs and the money gram ended in march when the US securities and the exchange commission filed a grant against the ripple labs in the previous year. Holmes also reflects on this thing and has said that it is very unfortunate which has happened with the ripple labs, and it was a great thing for us and has helped in moving us toward blockchain technology.

He also cited that the challenges which they are facing currently with the SEC and the regulation of the government are continuing to be a big topic in the cryptocurrency world. He also said that it is quite difficult to operate chiefly in the United States, but they will see where the roads will eat them. He also stated that his company has some under development for supporting the digital currencies which they are going to add, so they will have a future press release for the MoneyGram to run in the future.

The largest altcoin could seven times increase its value, according to a recent Bloomberg report cited by Fundstrat Global Advisors LLC. Fundstrat analysts regard the rise in ETH this week as a sign that it could even jump to the five-digit level. Strategists David Grider claims that one of the main reasons why the Ethereum blockchain is popular in decentralised financing applications is possible for increased ETH pricing.

Predictions also indicate that Ethereum has made some progress in upgrading the network so that it can process a transaction number near that of Mastercard Inc. and Visa Inc. That is – the transition of Ethereum 2.0.

The best risk-reward investment game in cryptography Grider described digital actives, he added. The future of cloud technology may depend upon blockchain computing. However, certain risks include setbacks for the upgrade of ETH 2.0 networks or a possible market for crypto bears.

The analysts have also pointed out the convenience of decentralised finance (DeFi), which allows users to loan and borrow money without, for example, traditional banks as intermediaries. Many DeFi applications run through the Ethereum blockchain in this line.

ETH began with a price tag of around €740 at the beginning of 2021. After some ups and downs, the asset managed to reach the ATH. There are different reasons for the latest surge. Nevertheless, the recent rise in decentralised finance may be one of the most important. The total value of the protocols has been increasing by approximately 4,500 percent, reaching up to $25 billion, since April 2020.

As for strategists from the independent consulting platform Fondstrat Global Advisors, ETH will raise its worth by 7x to $10,500. According to strategists from Fundstrat global advisors, the second-largest cryptocurrency could enter even higher summits. By forecasting a five-digit price tag, they envisage a promising future for Ethereum.

The forecast of strategist David Grider is focused in part on the success in so-called decentralised finance applications of the linked Ethereum blockchain. Ethereum has also made strides in updating its network to enable a range of transactions close to those handled by Mastercard Inc. and Visa Inc. Grider writes in a note on Tuesday that the Ether is the most risk/reward investment play in crypto.

ETH was both strong and lower because of the current volatility in the cryptocurrency sector. However, the commodity continued to enter at all times an elusive territory of over $1,430. As CryptoPotato reports, an impressive 30 percent weekly rise occurred over the last few days.

With time, the ideal legal tender which is provided by the government to the currency is being revolutionized. Gone are the days wherein only coins and notes should be a part of currency. This system has undergone changes to a larger extent. This has been due to the reason that the people are in the position to ensure that the country can make growth with the development of the technology. Therefore, cryptocurrency is the new form of currency which is existing in the present world. These currencies are traded across the networks which are commonly referred to as Blockchains. These networks play a vital role in regulating the trading of bitcoins which are the most common of the trading activities.

Blockchain has been successfully established as a market of digital platform wherein multiple activities are carried digitally, that are otherwise carried physically. There is a further need to ensure that the people are in the best possible position to truly become digital in every manner. The globalization has further added to the process of a cross border exchange of digital currency. This has been able to regulate the functioning of the system in the best manner. There are a number of reasons due to which this currency has been able to make for a great global presence. It is easy to get and trade. One can also keep it safe in his wallet which is again secured digitally. These reasons have been summarised as follows:

The increased amount of Globalization:

With the level of globalization increasing with every passing day, the connection between the countries has been increasing to a great extent. In such a situation, the level of transactions is becoming more complicated and at the same time, the gravity of the operations is also increasing. The level of International trading has been one of the pivotal reasons for the greater level of transparency. Bitcoin has become one of the most common reasons as to why the level of digitalization has increased.

Foreign trading:

Another important reason for causing a greater global presence of these bitcoins has been the ever-increasing portion of foreign trading. It is because of this increased rate that the value of the bitcoin has been able to touch the sky. The forex is acting as a stimulant in the growth and development of the entire activities.

Increased GDRs:

The Global Depository Receipts have become an important reason as to why the valuation of the cryptocurrency has been consistently increasing. Due to the same more people are interested in dealing this currency.

Conclusion 

The entire gamut of the reasons has been the responsible for ensuring the bigger pushes towards the global market. These factors have helped the cryptocurrency in having a global presence. Mining is a distributed consensus mechanism used in the blockchain to validate pending operations. It imposes a chronological series on the block chain, preserves the network neutrality, and helps multiple computers to agree on the system’s status. It also offers increased safety to the users.

Crypto payments network has consented to another arrangement that will permit its 4.1 million clients to lease workers for 25 games.

Electroneum says blockchain can change the gaming business, particularly with regards to the resources exchanged between players. That is because this innovation can guarantee that in-game things can’t be repeated or manufactured. It highlighted exchanging cards, for instance, as gamers will have the option to autonomously check the number of existing cards and investigate each card’s verifiable record.

The organization has gone into an association with Host Havoc, which has been positioned as one of the best five gaming worker suppliers worldwide. The Canadian brand was dispatched by tech specialists who are energetic about gaming, infusing their specialized skill and energy to convey 99.9% uptime and steady worker execution.

Electroneum’s cooperation comes not long after the famous title Splinterlands reported that it also would acknowledge ETN as a payments strategy in its game.

Richard Ells, the organization’s CEO, said: “Electroneum is a task that from commencement has spoken about gaming, so to see ETN as a payments choice on Splinterlands and now on Host Havoc is energizing for us and our locale. As our locale keeps on developing in large numbers week after week, we will see additional gaming ventures receiving ETN.”

Host Havoc’s CEO and author, Clay Berndt, added: “We anticipate working with Electroneum, a crypto venture that has a huge number of clients and one that keeps on developing day by day. We accept we can both benefit from our association.”

The facilitating stage works out of 11 areas around the globe over the United States, Canada, Australia, France, Germany, and the United Kingdom. Presently, it gives workers a progression of notable games, incorporating Minecraft, Counter-Strike: Go, and Arma3.

What’s the Game on!

As per Electroneum, the points of interest stretch out a long ways past guaranteeing that the in-game resources bought by players are exceptional. The crypto-centered organization says advanced resources can make exchanges quicker and ETN implies that even the individuals who are unbanked would now be able to lease gaming workers and appreciate blockchain games.

Electroneum will likely guarantee that ETN has, however, many use cases as would be prudent. Past gaming, this cryptographic money would already be able to be utilized to buy cell phone top-ups and add credit to power meters in a select number of nations. A huge area of the stage’s clients has well informed younger ages who love gaming in their extra time.

Prior to this year, the organization likewise disclosed a crypto-centered outsourcing stage known as AnyTask, which permits skilled and dedicated people to finish tasks in return for ETN. It’s trusted that the organizations with Host Havoc and Splinterlands will likewise give AnyTask’s huge number of specialists a shiny new source where they can treat themselves, spending their income on some much-merited relaxation time.

In any case, for what reason would a gamer select to utilize ETN rather than another setup payment techniques, for example, credit and charge cards, or eCommerce stages, for example, PayPal? Indeed, Electroneum says its framework offers individuals the chance to get a good deal on rebuffing charges.

There are significant vulnerabilities in most crypto exchange designs, and the CEO of Bybit is not at all surprised by the fact. Hacking crypto exchanges is not something astonishing anymore. The security of cryptocurrency is on the news once again after KuCoin got exposure to hackers. However, the CEO of Bybit Ben Zhou says that this is nothing surprising anymore.

What’s the Main Issue?

Ben Zhou said that exchanges behave as a “single point of failure”. Crypto exchanges are vulnerable to similar security problems, just like every other platform as a centralized web app. Exchange security turns to be holding more importance as traders and inverters are positively taking exchanges to task for protecting funds.

A maximum number of crypto exchange storage networks and servers use hot wallets to store digital currencies, says Ben Zhou. He also added that hot wallets should be protected appropriately to keep them safe from the hands of scammers and hackers.

He also thinks that a cold wallet facility is thus way safer than hot wallets as the latter is connected with the Internet making it more exposed to frauds. On the other hand, cold wallets aren’t connected to any network. The only drawback it comes with is that you will not be able to withdraw a large amount from an exchange immediately.

Security Should be the First Priority

On the basis of the Bybit CEO, for an exchange platform investing for its security should be the biggest and the essential task. It becomes even more important if the platform is working online, which is actually the fact for numerous crypto exchange platforms. In order to make the platform more guarded from possible hacking, crypto exchange platforms should improve address vulnerable points and for penetration testing, apply several security layers.

Zhou’s Suggestion on Exchange Platform Security

It is mandatory for any security system to protect data across each and every point of interaction. This signifies securing user info from account registration, trading, login, and any data exchange with the exchange platform.

Ben Zhou again added that this could be only fulfilled with the application of best practices for “application lifecycle management”, engaging well known and knowledgeable security consultants for carrying out bounty programs and penetration testing within the “white hat community” to recognize any possible vulnerabilities.

Bybit’s Intelligent Security

He also suggests crypto exchanges to collaborate with well-known security companies to perform security audits, apply strict management procedures, and spend in zero-trust architecture. What zero-trust architecture needs are the verification for anyone acquiring any service to prevent any possible internal as well as external hacking.

Zhou revealed that Bybit actually invested in strengthening its security protocols and using cold wallets to store digital currencies as it is safer.

Exchange Vulnerabilities Should Stop

What’s important is making the security stronger to prevent any sort of security breaches. KuCoin becoming a victim to hackers is another example of how vulnerable these platforms have become.

Famous day trader and founder of Barstool Sports Dave Portnoy has disclosed that in an interview with crypto-podcaster Anthony Pompliano. He purchased Bitcoin worth $1.25 million, while his just one major Ponzi scheme. The view of Portnoy on the crypto trade was summarised as:

You get in and be the one who leads and not the one who holds the bag.

Among the celebrity of pop-culture and sport, the day-trading exploits of whom have become highly popular in the field of the crypt in the coronavirus pandemic. After a meeting with Winklevoss’ billionaire twins in August, he entered the Bitcoin market (BTC).

In 15 minutes, Portnoy said, he understood that he wanted to get into crypt because “these are sort of like my friends” in his Twitter posts about Bitcoin.

Portnoy said, at some point, that he owned BTC for $1.25 million. Just eight days after the experience of cryptography, his investment on Chainlink took a sharp hit, and Portnoy declared, ‘I’m out of cryptography because coins don’t always come up.’

Portnoy seems to have been retiring after his departure, saying that his “heart is the crypt,” and he’s moving back.

However, the experience tends to shake Portnoy. The volatility of his $1 million crypto portfolio is too irrational, and he thinks it’s too much money to manage because he doesn’t know what’s happening. “Nothing takes it up, I don’t know whether it’s up or down,” he explained,

Even though he has dropped out, he also plans to return ultimately to Bitcoin. “I’m trying to get in Bitcoin again. “I don’t even need a lot of liquid — it’s all invested,” he said.

Pompliano recommended Portnoy to keep Bitcoin until the end of next year instead of trading:

If it looks like a bubble and has no real efficiency seen structurally, people call stuff Ponzis, said Bitcoin and cryptocurrency analyst Willy Woo. Early start-ups fell into this camp of ever-growing valuations. It sounds like a Ponzi before the modern standard and shifts the world taking over.

Portnoy has found tremendous success in purchasing discount shares, which have flourished in US unparalleled market activities at the post-coronavirus crash stock rally this year. Federal Reserve follows an army of the highest number of day traders: stocks are still increasing.

Portnoy leaped throughout the summer throughout the realm of Blockchain and Blockchain, bowing to his fans’ demands to retire from capital and equity. Portnoy’s cryptocurrencies’ vortex buys around $1.25,000,000 Bitcoin and Chainlink until a slump forced Portnoy to sell his assets.

In August, Portnoy asked the owners of cryptocurrency exchange Cameron and Tyler Winklevoss to demonstrate to him, following a Twitter announcement that it wished to “buy all bitcoins” – which they had effectively achieved later in the month.

You can consider it a gamble when one reaches the extreme; it comes back with a steep fall. You need to understand the fall and rise process, and then only you can earn a big amount. It needs patience, and it is also not possible that every time the coin you invested in will give you the expected results.

Jack Daniels, a well-known name in the wine industry was just hit by a ransomware attack. The parent company of Jack Daniels, Brown-Forman Corp is claiming otherwise. But according to the ransomware gang REvil or Sodinokibi, the ransomware attack has been successful.

A cybersecurity service provider, AppGate put the incident into the limelight. It said, the manufacturer of Jack Daniels did fall victim to ransomware attack but it refused to pay the ransom amount to the hackers. After which the hackers claimed that it is selling the data on the darknet.

The famous whiskey manufacturer claims that it has successfully prevented the ransomware attack but REvil’s claims cannot be denied. The hackers have stolen sensitive data of the company and possibly stole it to the darknet.

Other Hacks By REvil

A security researcher at AppGate, Felipe Duarte pointed out that the hacker of whiskey manufacturer has revealed the screenshots of the stolen data. Duarte also confirmed that REvil has also attacked several other renowned companies.

Its main target has been from the oil, gas, insurance, and consulting industries. For example, quest-worldwide.com of Australia, eurecat.com in France, as well as the National Western Life of America.

The group of hackers has made a lot of money by selling the confidential data of some renowned companies. The data is sold to the highest bidder on the darknet or it can also be made public. If the ransom amount is paid to hackers by every other company, then these hackers will soon be able to attack many other companies.

An additional attack on a law firm known as GSMLaw was also done by REvil. These hackers have stolen almost gigabytes of legal documents containing information from many international celebrities.

This data was put on sale for $1.5 million on the “wall-of-shame” on the darknet blog. Duarte has also clarified that there’s no confirmation of the data stolen. It can be just a threat by REvil or an actual breach of data.

The Latest Popular Ransom Cryptocurrency Is Monero

Duarte has confirmed that Monero (XMR) is the latest favorite of hackers instead of Bitcoin (BTC). Recently REvil has migrated from Bitcoin to Monero to receive ransom payments. The only reason Monero is such popular among hackers is its ability to not be tracked.

Apart from many other attacks by REvil, the recent attack was on a Spanish state-owned railway infrastructure manager ADIF. After the railway infrastructure was attacked, hackers stole over 800 GB of data from ADIF.

Bitcoin price has already claimed 30% higher in the months of July. The volume has also increased to $334 billion in July among many top tired cryptocurrency exchanges. There are several factors which is effecting the price increase of Bitcoin. Let’s check what are the main three factors that are resulting more BTC price upside.

Factor 1- The spot-market is stagnant whereas derivatives-market is growing

The derivatives market spiked by 13.2% in July which shows a faster growth rate, while the spot-volume declined. The derivatives increased to $443 billion and the spot-volume declined 0.5% from its place. The dedicated is now representing 41% of the market-share of July. This trend is actually a presentation of the current cryptocurrency future which clearly says it’s bright.

This particular data can have two contradictory analyses. One of them is definitely, the growth and demand of bitcoin, overall. The demand is from the marketers and traders are reaching an overheated territory sometimes. When the bitcoin market will become the catalyst for the future market, it will definitely increase the chance of volatility.

The spot-market is not really complementing the futures volumes because the futures-contracts are leveraged, and as we can already see top-tiers are providing 100x leverage already, the chances of long-squeeze could increase resulting in a non-complementary spot-market.

Although many types of research by the end of July is showing that, spot volumes have picked up again amid the market bull run. The resistance still remains uncertain even though the spot volume and mainstream awareness are very much high to catalyze the bitcoin price breakout.

Factor 2- Bitcoin popularity

Tesla was the most viewed asset in America as reported on Aug 14, but another amazing news would be, bitcoin being on the second position. This popularity gain is 60% if shown in percentage since January. The futures volume and the drastic popularity of bitcoin are increasing very fast while the spot-volume is still lagging behind.

Factor 3- High hash rate

The all-time high rate of bitcoin blockchain hit on August 16. It was $129.07 million ‘tera’ hash/sec. This rise is good news for the mining industry and they are genuinely expecting higher bitcoin prices in the future. All these little yet noticeable factors in the bitcoin market is a potential factor for the rising value of the cryptocurrency market and the prices of bitcoin.