Top Five Stories from The Last Week
Bitcoin falls by $1,400 after crash of major crypto exchange Coinbase
What happened?
After surpassing the $12,000 and $13,000 marks in a matter of hours, Bitcoin's parabolic run was plunged into peril when the Coinbase crypto exchange crashed on June 26.
Why did this happen?
Prices began to tumble shortly before the trading platform confirmed there was a problem — and there was a 51-minute gap between its investigation starting and services returning to normal. The correction now suggests that $13,800 is an important barrier to further gains, as BTC has never achieved a monthly close above this level. Despite the setback, it wasn't all doom and gloom this week, with data from CoinMarketCap suggesting BTC has achieved market dominance above 60% for the first time since April 2017.
Read more here.
25 Bitcoin transactions worth $6 billion included in one block
What happened?
Bitcoin Block Bot, a Twitter account dedicated to reporting significant Bitcoin transactions, reported that 25 Bitcoin transactions worth $6 billion were included in block 583,139 on June 30.
How did this happen?
Cryptocurrency news outlet AmbCrypto reported that all the transactions formed a bigger, linear transaction. Wallet 1 initiated the transaction by sending 24,392.93062596 BTC to wallet 2 and 300 BTC to wallet 3. This last address received a total of 5,800 BTC and was the receiving wallet in all 25 transactions. Read more here.
Steve Forbes tells Zuckerberg: Use gold to back Libra, call it the "Mark"
What is this all about?
Steve Forbes, chairman and editor-in-chief of Forbes Media, published an open letter to Mark Zuckerberg, advising to back Facebook's cryptocurrency Libra with gold, and strongly encouraged the company's crypto initiative, emphasizing Libra's potential to become one of the greatest inventions in the world.
What did he base this on?
The major American publishing exec explained that yellow metal would fit this function best in Libra's mission to provide a "truly stable cryptocurrency," since it can be used for day-to-day transactions, as well as for long-term investing.
Read more here.
Singaporean exchange Bitrue gets hacked, losing $5 million in XRP and ADA
What happened?
Singapore-based crypto exchange Bitrue has suffered a major hack, losing 9.3 million XRP and 2.5 million ADA from its hot wallet.
How did this happen?
The exchange states that a purportedly single hacker first "exploited a vulnerability in our Risk Control team's 2nd review process to access the personal funds of about 90 Bitrue users," subsequently using this first experience to access the exchange's hot wallet and steal the cryptocurrency. According to Bitrue, the attack was swiftly detected and the hacker's activity suspended by the exchange.
Read more here.
Trader who called current Bitcoin rally warns of altcoin "dot-com bubble"
What is this all about?
Bitcoin will continue to grow, but altcoins will not feel the benefits, veteran trader and author Peter Brandt predicted in a new market forecast.
What did he base this on?
Brandt made the comments as BTC/USD bounced off its recent lows of $10,380 to challenge $12,000 once again. Having reached $13,800 this week, the subsequent correction spelled misery for altcoin traders, with many tokens losing far more than Bitcoin while subsequently failing to recover their losses.
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