Bitcoin News Summary – March 2, 2020

Distributed denial of service attacks were briefly able to take two major crypto exchanges offline late this week. Bitfinex was inaccessible for about an hour on Friday and OKEx was offline for multiple hours on Thursday. The decentralized exchange Deversifi was also hit. It’s unknown whether the attacks are linked.

Bitmain, still the biggest name in the Bitcoin mining industry, released its new ASIC miner. The S19 is available in two variants, with a maximum hashrate of 105 terahash per second, which is about twice the rate of its previous model. Bitmain has not yet revealed prices or shipping dates.

America’s SEC has once again denied an application for a Bitcoin Exchange Traded Fund, this time from Wilshire Phoenix. The Winkelvoss twins were the first to apply for such an ETF and numerous others have followed suit. There are currently no more applications sitting before the SEC.

Austrian and French agencies are working together on tools aimed at enforcing their laws regarding crypto. The Austrian Institute of Technology is working with NIGMA, a French blockchain security firm, to track coins and enforce KYC regulations. This is another sign of the growing cooperation between different governments regarding crypto rule enforcement.

Action movie star, Steven Seagal, was fined by the SEC for neglecting to disclose rewards he received for promoting an ICO. The project, known as “Bitcoiin” – that’s Bitcoin with two I’s – crashed in value in mid-2019 from nearly half a Dollar to its current price of 4 satoshis. 

Before we conclude, this week’s “Bitcoin quick question” is what is the Bitcoin death cross?

A death cross is a term used in price chart analysis that indicates the potential for a major selloff. The death cross appears on a chart when an asset’s short-term moving average crosses below its long-term moving average. 

The death cross indicator has proven to be a reliable predictor of some of the most severe bear markets of the past century: 1929, 1938, 1974, and 2008.  Investors who got out of the stock market at the start of these bear markets avoided large losses that were as high as 90% in the 1930s. The opposite of a death cross is known as a golden cross.

For more information about Bitcoin’s death cross visit the link in the description.

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That’s what’s happened this week in Bitcoin. See you next week.

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