Bitcoin Hovers Over $7,000, Hackers Withdraw 7,000 BTC in Binance Crypto Exchange Security Breach, & Other News

Top Five Stories from The Last Week


Bitcoin Hovers Over $7K, Tim Draper Envisages BTC at $250,000 by 2023 What happened? On Friday, May 10, BTC had surged above the $6,300 price mark and hit market dominance records from December 2017, and kept growing to touch $6,950 on Saturday — up over 8% on the day. Looking at its weekly chart, the coin is up nearly 22%, surging in price since the end of the week. Bitcoin is trading at $7,105 at press time. What is the prediction? Tim Draper, serial VC investor, believes that bitcoin at $250,000 will have a 5% market share of the entire world by 2023. Galaxy Digital CEO Michael Novogratz said that he expects bitcoin to reach new all-time highs within the next 18 months, while other cryptocurrencies "aren't going to go up nearly as quickly." Hackers Withdraw 7,000 Bitcoins in Binance Crypto Exchange Security Breach What happened? Binance, one of the largest cryptocurrency exchanges by daily trade volume, experienced a security breach this week, losing a little over 7,000 bitcoins. CEO Changpeng Zhao stated at the time that the bitcoins were withdrawn from its hot wallets, which contain only 2% of the exchange's total bitcoin holdings. In the interim, proceeds from the hack have been moved to seven addresses. How did CZ comment the situation? CZ devoted a live AMA on Twitter to address community concerns in the wake of the hack, also discussing the idea of a bitcoin chain reorganization. In response to criticism of using the term "reorg," CZ later apologized, but noted that "it is my strong view that our constant and transparent communication is what sets us apart from the 'old way of doing things.'" Read more here. Bloomberg Report: Fidelity Will Start Institutional Bitcoin Trading Within Weeks What is this all about? United States $7 trillion investment firm Fidelity will reportedly roll out bitcoin trading for institutional clients in the coming weeks, an unnamed source told Bloomberg. Did Fidelity confirm the information? Fidelity has not itself confirmed the time frame of the service offering, but did hint that its future direction would only involve more integration with the bitcoin space. Details here.   Mike Novogratz: Web 3.0 Will Change the World, Not Bitcoin What is this all about? The world's largest cryptocurrency, bitcoin, is just a store of value or acts as a "digital gold," while web 3.0 that "has the potential to change the world," Galaxy Digital CEO Michael Novogratz said at ConsenSys' Ethereal Summit. What is this based on? According to Novogratz, web 3.0 envisions a revolution in how networks function and data is treated, as it is "a decentralized platform to process information. It's separating data from the processing of it." The investor noted that public ecosystems such as Ethereum and "lots of competitors are all vying for this space." Read more here.           Starbucks Working With Microsoft for Blockchain-Based Coffee Tracking Platform What happened? United States-based coffee chain Starbucks will begin using  Microsoft's Azure Blockchain Service to track the production of its coffee. What is this for? The system, whose pilot program will be made open source by Starbucks, will allow customers to track the production of their coffee and will open up potential financial opportunities for coffee bean farmers on the back end. Details here.                                                                                   Prefer video instead of text? Check out our latest Hodler's Digest Want to change how you receive these emails? You can update your preferences or unsubscribe from this list. COINTELEGRAPH LIMITED · Shelton Street, Covent Garden · London