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​​​​How long will this Bitcoin bull roar?

Did a deluge of positive media attention jumpstart the recent cryptocurrency market recovery? Here's why Bitcoin briefly smashed through the $10k barrier.

This week has been one of the most volatile in Bitcoin history, with Bitcoin initially slumping to as low as $7,400 before witnessing a remarkable recovery to touch as high as $10,350 on some platforms.
Understandably, traders, investors and long-term holders are questioning whether the recent pump is down to market manipulation, China's putative embrace, or if there is more substance behind Bitcoin's considerable gains.

Positive Attention Abounds
Bitcoin's major movements came shortly after Chinese President Xi Jinping announced that China is now looking to lead the upcoming blockchain revolution. In a speech made on Thursday (Oct 24), President Xi praised blockchain as a potential breakthrough technology, highlighting its multitude of potential applications.
Since the announcement, several top universities in China have reportedly begun offering courses on blockchain, while "Blockchain" was featured on the front page of one of China's most popular print newspapers, the People's Daily. And late today in China, the government there passed a new cryptography law, standardizing its approach to encryption and blockchain-related research.

In other (potentially good, Bitcoin-related) news, the CEO of fiat banking platform Crypto Capital was recently arrested on suspicion of money laundering, opening up the possibility that exchanges like Bitfinex might be able to retrieve any money that was locked up when Crypto Capital had its bank accounts seized.
Lastly, the recent addition of Bitcoin and Tron to the Opera cryptocurrency wallet and rollout of Brave rewards to users in 20 more countries, are almost universally seen as a boon for crypto adoption.
Taken together, this week's plethora of positive updates may have acted as a catalyst for the recent market recovery.

Unprecedented Market Movements
Although cryptocurrencies are notoriously volatile, their erratic price movements are typically restricted to a few percentage points in either direction. These recent price movements are different.
As it stands, Bitcoin is currently hovering between $9,000 and $9,500—up more than 20% in the last 24 hours. The cryptocurrency has also seen its market dominance recover considerably, climbing from 65.5% up to over 68% today.

According to Alex Krüger a well-known cryptocurrency market analyst, Bitcoin's recent surge is the fourth largest in its ten-year history and 15th largest two-day gain since November 2013.
It's not just Bitcoin that has benefited from the slurry of positive attention—practically every major cryptocurrency has witnessed a dramatic recovery, with Ethereum rising by over 10% to top $180, Bitcoin Cash posting a 18% rise to reach $258, and Litecoin up over 12%, reaching $56.

The announcement came one day after Chinese President Xi Jinping’s call on the country to seize opportunities in blockchain technology.
While China still bans cryptocurrency trading and its national digital currency is yet hatched, cryptography, as an integral underpinning of blockchain technology, could be key to the country’s push to be more competitive in the blockchain space.

​​Central Bank of the Bahamas (CBOB)’s Project Sand Dollar is Coming to the Country

Plans are underway from the Bahamas' Central Bank to unleash its digital coin. The announcement was made recently, and the bank said that this was in a bid to make the economy more resilient. Having their digital currency will ensure the economy remains stable even in times of natural disaster occurrences.

The governor of the central bank, John Rolle, made this announcement at Sandals Emerald Bay when he was delivering his speech at a Business Outlook for Counsellors Limited's Exuma. That was according to a local news publication that featured on Nassau Guardian on Oct. 25.

John believed that digital coins possess the ability to unlock the country from depending on cash. He added that the effect would even be more visible during times of a natural disaster.

Rolle explained:

“It would permit wireless restoration of payments connectively, avoiding the cash shipment and cash handling frustrations. It would permit electronic dispersing of aid and allow families to recapture personal dignity by restoring the flexibility to prioritize the elements of personal need that they prefer to satisfy post-disasters.”

https://t.me/CryptoMarketTime

​​California Man Loses $1.8 Million Worth of Crypto Because of SIM-Swapping, Sues AT&T

Seth Shapiro claims that he and his family had to endure 17 months of "horror" after losing their entire life savings

Seth Shapiro, a cryptocurrency investor from California, lost an eye-popping $1.8 mln worth of crypto because of a SIM-swapping attack, ABC news reports. 
Shapiro, who lost all of his life savings in a flash, claims that hackers were able to compromise his accounts on cryptocurrency exchanges by transferring his number to another device. Hence, he decided to take the leading US phone carrier to court after this black swan event. 

According to Shapiro, there was nothing he could do about his dire predicament when he found out that his SIM-card was suddenly disabled back in 2018. He tried to put his phone on the list that would prohibit this feature, but it turned out that AT&T never had such an option. 

 "I sat there and my entire life savings were stolen and there was nothing I could do about it, in the AT&T store," he told ABC News. 

He also added that the company's employees were reluctant to give him a helping hand. Hence, Shapiro and his family had to go through "anxiety, depression, and horror", adding that the hack "destroyed their lives."
However, AT&T claims that it does warn its customers about this sham, and there a separate guide not to become fall prey to such attacks.  

As reported by U.Today, the first person was convinced for sim-swapping back in February 2019. The hacker who drained more than $5 mln from his victims' crypto accounts got 10 years of jail time.     

​​📨 @CryptoMarketTime

🇨🇳 China’s President Xi Jinping wants the country to spearhead blockchain innovation.
via The Block

🦅 The New York Department of Financial Services (NYDFS) has extended the fund withdrawal window for Bittrex customers.
via CoinDesk

💵 Since 2009, a whopping USD 11 trillion has been transferred on the Bitcoin network.
via Cointelegraph

🇿🇦 Computer networks in the city of Johannesburg have been under a ransomware attack.
via ccn

🇮🇳 The State Bank of India (SBI) chief believes that crypto regulation is a must.
via Bitcoin.com

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