This Week In Crypto is a weekly segment from the Live Coin Watch News team, providing readers with a fun, succinct, and pertinent summary of the most important Bitcoin-related events in the past seven days. 

What a week it has been for this newfangled industry. Over the past week, Bitcoin (BTC) has surged yet again, with the asset moving past $6,000 — one of 2019’s most important levels. This came as a slew of positive news graced the cryptocurrency and blockchain market.

Throughout the past seven days, Fidelity Investments was revealed to have plans to launch BTC trading “within weeks”, Binance was hacked for $40 million worth of cryptocurrency, and an array of news was unveiled about Ethereum and Bitcoin investment vehicles, which could spark newfound retail interest.

This Week In Crypto

  • U.S. Congressman Calls For A Widespread Ban On Bitcoin And Cryptocurrency: During Thursday’s Financial Services Committee hearing, U.S. Congressman Bradley Sherman, who represents the Democrats in California — the home of technological innovation of all places — suddenly brought up cryptocurrencies. During his rant-esque statement, which was recorded by industry non-profit Coin Center, Sherman remarked that Congress should outlaw cryptocurrencies for U.S. citizens. He claimed that Bitcoin undermines “foreign policy, tax collection enforcement, and traditional law enforcement.”
  • Binance Hacked For 7,074 BTC, Community Flies Into A Frenzy: What some thought was impossible happened. In a jaw-dropping blog post, world-renowned crypto asset exchange Binance divulged that it had suffered a “large scale security breach” on Tuesday. The post, penned by chief executive Changpeng “CZ” Zhao, noted that 7,000 Bitcoin (BTC), valued at a hefty $40 million, had been siphoned out of Binance’s hot wallet. According to the CZ-signed post, “hackers” managed to obtain the aforementioned cryptocurrency through obtaining an array of key user information, including API keys, used by trading bots and third-party portfolio managers; and two-factor authentication codes, which are, ironically enough, meant to improve the security of one’s account. It is important to note that Binance has asserted that “no user funds will be affected,” revealing that it intends to reimburse the 7,000 BTC lost, which was stolen from the exchange’s hot wallet, with its so-called “SAFU” fund. Deposit and withdrawals are currently paused.
  • Facebook Blockchain Team Enlists Hiring Spree As Digital Asset Launch Nears: In a Bloomberg report, one source familiar with the matter reveals Facebook’s blockchain branch is rapidly securing talent. This doesn’t seem to be baseless hearsay. As The Next Web’s “Hard Fork” column spotted just months ago, Facebook’s careers portal then had 22 blockchain-related roles open, including Product Managers, a Finance Analyst, a Threat Investigator, and a Director of Technical Account and Securities and Exchange Commission Reporting. This hiring spree, according to Bloomberg, pushes Facebook’s staffer count in this unit above 50, 20% of which reportedly previously worked at PayPal, signifying that digital payments are a priority. This news comes as the company is purportedly readying to launch “Project Libra”, a cryptocurrency payments ecosystem meant to curb fees.
  • Facebook (Partially) Reverses Crypto Ad Ban: In a similar strain of news, a recent TechCrunch report has revealed that Facebook will now allow the publishing of paid advertisements related to “blockchain technology, industry news, education or events related to cryptocurrency” without a pre-approval process. However, advertisements involving exchanges, certain crypto assets, and other facets of the industry involving monetary sums will need prior approval.
  • Startup Looks To Launch Bitcoin And Ethereum ETF, Seeks SEC Approval: In a U.S. Securities and Exchange Commission (SEC). filing published on May 9th, Crescent Crypto Index Services, an industry investment startup, revealed that it intends to launch an exchange-traded fund (ETF) for a cryptocurrency index. The vehicle, dubbed the USCF Crescent Crypto Index Fund, will consist of Bitcoin and Ethereum, with the exact composition depending on the two assets’ market capitalization. In a press release, Christopher Matta of Crescent remarked that his firm wishes intend to “make cryptocurrencies accessible to mainstream investors”. This news comes months after both Bitwise Asset Management and VanEck/SolidX (re)filed their Bitcoin-centric applications, which are still on the SEC’s chopping block.
  • CFTC Hints That Ethereum Futures May Be Inbound: Per an exclusive report from CoinDesk, which cites a “senior official” that has knowledge of the U.S. Commodity Futures Trading Commission (CFTC), the financial regulator is entirely amicable towards Ethereum. He/she explained that “we can get comfortable with an Ether derivative being under our jurisdiction,” confirming the hearsay that the CFTC’s cousin, the Securities and Exchange Commission (SEC), sees ETH as a non-security. This means that if an exchange like the CME or CFTC requests to launch Ethereum futures, the agency is likely to approve such a proposal.
  • Fidelity To Launch Bitcoin Trade Execution “Within Weeks”:New reports, namely one from Bloomberg posted Monday, divulge that the option to conduct Bitcoin purchases and sales will soon be available on Fidelity Investments’ in-house institutional cryptocurrency platform. Those familiar with the matter told the outlet that “within a few weeks,” the institutional clientele will have access to the aforementioned solution. It isn’t clear if Fidelity will be offering spot market trading or some darkpool/over-the-counter (OTC) solution to its clients. Yet, as explained by a company representative, the service will be “focused on Bitcoin.”

12 COMMENTS

  1. IQ option has really put me through a lot in a negative way but I’m thankful it’s all history now. The whole problem started when I invested $274,000 with them in 2018 and I was assured a very profitable income so I decided to join the trade by investing with such huge amount after a while I decided to make withdrawal to my bank but I just couldn’t and this got really made me restless and unsettled so I decided to contact a recovery expert and luckily for me I found a legit website where I got help with my recovery process cryptofundrecovery,com they are very reliable and legit, you can also send a direct WhatsApp message to the at +16317433959. I was able to get my money from the unreliable company and smile came to my face again…..

  2. I guess its safe to say i wasn’t the only one that suffered from the loss of bitcoins been stolen from bittrex account, over 23btc was stolen from my account, i was so weak and confused at the same time, I made different enquiries on what to do next to recover my btc, the police would not look into the matter, luckily for me a friend who had sent btc to the wrong wallet and was able to recover them through someone he hired .He referred me to the same person ( CREDITSOLUTION63 at GMAIL dot COM ), after contacting Michael veksler, he requested the informations i had on the stolen bitcoins and service fee, in less than 10hours he was able to track my bitcoins and recover them, after which he advised i get an hardware wallet, which i find quite safer. i recommend contacting CREDITSOLUTION63 if you need your bitcoins or ether recovered.
    Email: CREDITSOLUTION63
    WhatsApp: +1 9176634684
    You Can Also send them a Text OR Phone Call: +1 9176634684

  3. Beware of them, they locked me out of my account and stole everything I invested. You can write me if you’re also a victim of these binary options and cryptocurrency trading scams. I will share my experience and you will recover everything you lost
    Maggiealder12 {at} gmail, com

  4. I rarely share my story with people online and those I don’t know, not only because it put me at the lowest point ever but because it made me a person of ridicule among family and some of my friends. I put all I had into Binary Options ($490,000) after hearing great testimonies about this new investment strategy. I was made to believe my investment would be triple, it started good and I got returns (not up to what I had invested). Gathered more and involved a couple family members, but I didn’t know I was setting myself up for the kill, in less than no time all we had put ($620,000) was gone. It almost seem I had set them up, they came at me strong and hard. After searching and looking for how to make those scums pay back, I got introduced to Mr Chris a recovery agent who helped recover about 80% of my lost funds within a month and I was very happy so catch him up for your lost funds with Email address: Bitcoinretrieval2018{@ }gmail.com

  5. NO UPFRONT FEE

    I made deposit of $10,000 into this broker on 1st December, then I got a call from the account manager telling me about my account and the bonuses I could get if I put in more money. He was really good at convincing (maybe he brainwashed me ) I later put $86,000 in total.
    Then I sent all of my verification documents such as proof of address, ID and Bank card detail (I sent without CCV) and Declaration form . Also I received lots of emails from them about verification and activation and etc. During first 3 days which my account was funded and was ready to start; they called me many times to re-invest and increase my amount and I refused cos they got too pushy about it. I
    figured something was seeing wrong when I requested for a withdrawal and was told I had to reach a deposit target before I can make withdrawals.
    So I couldn’t trust them as they changed their word and I asked adviser I want to close my account as my account is verified and it’s ready. I already told him I can’t put more money and now I change my mind and I want to withdraw my money and close my account.
    I send lots of email, chat, request, text, call and etc and asked them to call me and explain but nobody answer and reply to me even through email (Used to be emailed straightaway) Now I want to withdraw all of my money but I can’t go through my account. THEY NEVER CAME BACK TO ME. TEL, ADDRESS AND COMPANY AND ALL ARE SCAM.
    Until I was introduced to a recovery company that helped me out FASTFUNDSRECOVERY AT PROTONMAIL
    SITE: FASTFUNDSRECOVERY.WORDPRESS.COM

  6. TRADING.CRYPTONEST.ORG offers a user-friendly trading platform, which is equipped with lots of helpful features and tools to assist traders make informed decisions. The platform is completely web-based; thus, you’ll not need to download any software for trading. To provide traders with the best experience in trading and investing in Cryptocurrency, the broker’s pricing and execution modules make use of the latest technologies. The platform has live and accurate data streams of the latest happenings in the financial industry, enabling traders make sound and profitable trade decisions

    CRYPTONEST EXCHANGE concentrate on liquidity, capital preservation and increment. They invest in safe short-term instruments, and returns depend on prevailing interest rates

    They balance growth and regular returns and are ideal for those who want passive income in the Crypto space. TRADE WITH TRADING.CRYPTONEST.ORG TODAY!

  7. Please beware there are many fake bitcoin mining/clouding out there, I got scammed twice before I met a genius hacker who helped retrieve my bitcoin. The whole plan was so smooth I could not doubt it. Bitcoin is actually a great investment option but one thing I discovered over time is that it is not possible to mine bitcoin so don’t be deceived. I invested $25000 on a particular website called eurekaminingblock, I monitored the profit yielding but got locked out of the account before I could withdraw. I went online and met this hacker MR BRUCE who helped me retrieve my bitcoins back in few hours. You saved my life and I will forever be grateful. I referred my friends whom we got scammed together right away and they got help too. You can contact ULTIMATEFUNDRECOVERY gmail com. Thank me later!
    WHATSAPP:+14079061584
    TEXT: +14079061584

  8. This might be a waste of my time but I must say that my experience with Fx Premium and Plus500 was really awful. After making a total deposit of about $200,000, I started trading and grew my account to over 60%. When it was time to withdraw my profit, my page “clients area” stopped responding. I was not able to get my funds from this scammers for weeks. I reached out to Adam and his team, a recovery agency that worked on a case I had with a cryptocurrency exchange. They worked efficiently and ruthlessly in my favor in resolving this high value transaction which had turned sour with FX Premium. With no further hazzle, I was able to recoup 95% of funds lost to the website. Thanks to “r e c o v e r y e m p i r e . c o m” and particularly (A d a m P n i e w s k i @ r e c o v e r y e m p i r e . c o m) who made sure everything was perfect on this time-sensitive project.

  9. I got a call from a trader for the first time in August 2018. Less than a year later, through a fabricated
    process of baiting me with unbelievable profits, and matching my losses, I was in over $185,000. The platform had assigned my personal broker to me, that called me from time to time to tell me about their new offers. And they said he was one of their top brokers, they further told me the broker had made a lot of people so rich.
    The broker told me there was an insurance that they get on them, every trade that we do that’s secured and we could never lose money, he will
    put in there that it’s an insured secure trade, and they buy the insurance for it.
    so i was assured, I won’t lose any money on if we lose. Okay? But the catch is, you have to bring in an additional $25,000 in order to get that secured trade status on your account. I stupidly did this.
    Once I hit a certain profit level, I tried to remove money from them. That’s when they denied me being able to take out my own money. They also told me to pay an additional fee to bring out my money.
    I was blocked out of my accounts and denied withdrawal even after i contacted them in various ways. Of course
    they never told me that up front. So when I heard that, then it was pretty obvious to me that they were running a scam.I was very sad and confused after investing a lot. Earlier this year i was able to use the services of FASTFUNDSRECOVERY@PROTONMAIL . They offer the best in monetary recovery if you are victim of crytocurrency fraud, binary options fraud, real estate Investment fraud and many more

  10. BITCOINOIE’s support would sound so warm, nice and welcoming which is all a strategy to get you to make a commitment to invest your hard earned money. Once you make the investment they stop reverting written correspondence and even when they manage to, they try to convince you to make yet another deposit whilst promising a higher ROI. I fell for this because I was desperate because of the economic hardship the COVID-19 pandemic has brought. These fraudsters clearly took advantage of my naivety which I found out later was pure greed on my part! Long story short, I began surfing the net and finally stumbled on an international wealth recovery company after sieving out a number of other recovery firm especially those using just a GMAIL and no actual website. Most of these companies are a scam because they ask for an upfront payment.  {GLOBALASSETRECOUP DOT COM} had mind blowing reviews and had a truckload of individuals singing the company’s praise haven helped repatriated monies lost to fraudsters. {J A M E S . K O R R @ G L O B A L A S S E T R E C O U P . C O M} was able to help recoup my entire investment and 45% of my expected payout totaling $146,000. Avoid most of these HYIP like the COVID-19 to avoid breaking down like I did. Sebastian Nath Khan

  11. It actually hurts and bring  tears to my eyes when I read comments of scammed victims ripped off by  BINARY OPTIONS AND FAKE HACKERS. I know actually know how it feels and hurts to lose money you have worked half of your life for to invest with the thoughts of getting returns when you are retired. It was all a scam in the end. STOP BEING SCAMMED BY THESE BINARY OPTIONS AND FAKE HACKERS. I’ve had enough of complains from clients over the months who has one way or the other being a victim of the BINARY OPTIONS OR RECOVERY SCAMS or any desired Hacking Services. I’m willing to put an end to these unbearable swindle scheme of Fake Hackers impersonating our organization I’m taking a step forward to render solution to those affected and help them get every penny they lost. Hack Ethics is an Experienced  Private Hacking and Certified Binary Recovery Expert Organization with a spare master key that no one has. Hire an Ethical Hacking Expert who’s professional and real. Specialized in any desired Hacking Services.  CONTACT EMAIL OR SKYPE –  HACKETHICS008 GMAIL COM

  12. It actually hurts and bring  tears to my eyes when I read comments of scammed victims ripped off by  BINARY OPTIONS AND FAKE HACKERS. I know actually know how it feels and hurts to lose money you have worked half of your life for to invest with the thoughts of getting returns when you are retired. It was all a scam in the end. STOP BEING SCAMMED BY THESE BINARY OPTIONS AND FAKE HACKERS. I’ve had enough of complains from clients over the months who has one way or the other being a victim of the BINARY OPTIONS OR RECOVERY SCAMS or any desired Hacking Services. I’m willing to put an end to these unbearable swindle scheme of Fake Hackers impersonating our organization I’m taking a step forward to render solution to those affected and help them get every penny they lost. Hack Ethics is an Experienced  Private Hacking and Certified Binary Recovery Expert Organization with a spare master key that no one has. Hire an Ethical Hacking Expert who’s professional and real. Specialized in any desired Hacking Services.  CONTACT EMAIL OR SKYPE –  HACKETHICS008@GMAIL.COM

LEAVE A REPLY

Please enter your comment!
Please enter your name here