Market Update for October 4th

Friday, October 4th 2019

Recent Headlines

Bakkt is ‘Contributing Factor’ to Bitcoin’s Recent Fall

Binance Research, the popular exchange's analytics arm, has singled out the launch of Bakkt, which began offering its bitcoin futures on September 23, as the principal event which occurred just before Bitcoin's price slip last week, from $10,000 USD to $8,000 USD. On social media, Bakkt described the price decline as "price discovery unfolding before our eyes." Read more...

What Google’s ‘Quantum Supremacy’ Means for the Future of Cryptocurrency

According to a recent report by the Financial Times, Google has hit a milestone with their quantum computer, dubbed "Sycamore". In an experiment, the machine was able to sample randomly generated numbers produced in a specialized scenario involving quantum phenomena within a few minutes, which, on a traditional supercomputer, would take 10,000 years. It doesn't sound tremendously exciting, but it is another step closer toward making these powerful computers a reality. Since the advent of bitcoin, researchers have worried that this power can be leveraged to "break", relatively easily, even the most powerful cryptography we have today. This has implications for the security of all cryptocurrencies, and internet security at large. Still, the threat is not here yet, and so-called "quantum-resistant" technologies are being developed in anticipation. Read more...

State-Backed German Bank Says Bitcoin Will Leap to $90,000 in 2020

On October 1 the Munich-based, state-owned bank BayernLB published its latest research report that suggests the effect of bitcoin's 2020 reward halving is yet to be factored into its current price of about $8,300. The financial institution explained that gold had to earn its high stock-to-flow ratio “the hard way over the course of millennia.” Bitcoin on the other hand will most likely obtain a similar stock-to-flow ratio to that of gold in the coming year, the report predicts. Read more...

Kik Closes Messenger and Lays off Staff to Continue SEC Lawsuit Fight

Canadian company Kik Interactive has been embroiled in a lawsuit with the Securities Exchange Commission over the 2017 Initial Coin Offering of their kin token, which the commission has argued is a security and should have been registered with them before hand. The legal battle and ongoing negotiations has taken its toll on the company, costing Kik over $5 million, and now, to focus their efforts singularly on lawsuit, they are closing down their Kik app and reducing their staff by 90%. Read more...

BitPay to Add Support for XRP Later This Year

Blockchain payments provider BitPay will add support for XRP, the world’s third-largest cryptocurrency by market capitalization, by the end of this year. BitPay said it has partnered with Ripple’s Xpring unit to integrate XRP on its platform so that businesses and merchants can accept the cryptocurrency. Read more...

Zcash Bug Could Reveal Shielded Full Nodes’ IP Addresses

A bug has been disclosed that affects privacy coin Zcash and most of its forks that could leak metadata containing information about shielded IP addresses. The Zcash source code is the basis for a lot of other privacy focused coins, which adds to the concern. Everyone who has published their 'zaddr' or provided it to a third-party could be affected by the vulnerability. Read more...

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