It is almost common knowledge that the Blockchain and Cryptocurrency markets are in a bullish period. Though not as turbulent as that of the 2017 bull market, it has had its moments. The events of the last weekend of October – and the build up to it – were positively part of 2019 most memorable moments.
From Bakkt, to the president Xi pump, to the cryptocurrency friendly military junta of Thailand, and the City of Johannesburg cyber attack, the last stretch of this month has been exciting. So in case you missed it, in no particular order, here’s what happened over the weekend.
Bitcoin’s Unexpected Rally
At the beginning of the weekend, Bitcoin – the leading cryptocurrency by spot price and market-cap – was said to be in the grips of a bearish trend signified by what charting experts refer to as the “Death Cross”. However, the number one digital asset reminded investors and spectators of just how volatile it can be.
Initially, on the 25th , the cryptocurrency touted as a digital replacement for gold was holding at a confidence diminishing price range below the $ 7500 USD mark. However, as reported by CoinDesk, the spot price of BTC started to gain traction and started it’s forward march in the early hours of the morning in U.S time. The leading crypto asset maintained its stride to clock in highs just above $10 000 USD within 24 hours of initiating the rally.
Chinese Congress Goes Pro Cryptography
A day after Chinese president, Xi Jinping, hinted toward his government’s interest in the adoption of Cryptography related innovations, reports of a pro-cryptography law set to take effect on 1st January 2020 came in tow.
According to reports, the purpose of the law is to iron out the regulatory landscape in order to streamline the adoption of Cryptography for commercial use. Interestingly, the ban on the trading cryptocurrencies still stands.
Thailand SEC Approves ICO Launch Pad
Thailand, a country which has been under military rule since 2014, approved the use of ICO crowd funding model in a regulated environment. By allowing SE Digital, a subsidiary of Seamico Securities, to operate an ICO launch pad, Thailand has become one of only a few countries in the Asia region to legally acknowledge and regulate ICOs.
Thailand had already passed regulations that were aimed at helping promoting Blockchain and Cryptocurrency in the past. So it is safe to assume that this was already in the pipeline, and shouldn’t come as a surprise.
Bakkt Hits New Highs
Following the launch of Physically-Delivered BTC Futures on the 23rd , Bakkt announced an update to their futures trading volumes on the 25th. This time, the ICE’s (Inter-Continental Exchange) BTC Futures trading desk reached a new high of 770 BTC. This volume spike seems to have coincided with BTC’s latest rally.
South African Government Gets Hacked
Last but not least, a group of hackers named, Shadow Kill Hackers, seized control of the City of Johannesburg’s servers and data on Thursday the 24th . The group responsible for the data breach have since then demanded a ransom of 4.0 BTC, which is to be paid by 17:00 CAT on Monday the 28th. Failure, by the South African government, to comply with the hackers demands will result in their information being leaked.
“All your servers and data have been hacked. We have dozens of back doors inside your city. We have control of everything in your city. We also compromised all passwords and sensitive data such as finance and personal population information,”
A part of the hacker’s ransom note supposedly reads.
All in all, the past week has not been a quiet one. If the recent happenings are anything to go by, the cryptocurrency market might get a little more lively in time to come.
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