$10K Bitcoin Stronger Than Ever But No One Seems to Care: Google Trends

Bitcoin (BTC) has hit a four-month low this week — as a search term on Google, with market fatigue and boredom spreading beyond traders.

“Bitcoin” least Googled since May

Data from Google Trends confirms that the term “Bitcoin” is less popular now than at any time since the end of April. 

Despite the largest cryptocurrency actually trading higher this week than then — at $10,200 versus $4,100 — it appears Bitcoin currently attracts little mainstream interest.

On a normalized scale of 1 to 100, “Bitcoin” currently charts at 38 worldwide, after briefly hitting 100 in late June. That performance coincided with BTC/USD hitting its 2019 high of $13,800. 

12-month worldwide Google search popularity for “Bitcoin.”

12-month worldwide Google search popularity for “Bitcoin.” Source: Google Trends

Interest follows price

As Cointelegraph has previously reported, mainstream attention tends to fluctuate in line with Bitcoin price volatility.

Overall searches have rocketed since the beginning of April when Bitcoin price began its rise from months of sideways trading around $3,500. 

Other episodes of parabolic moves have likewise increased Bitcoin’s stance, as mainstream media titles frequently choose to cover cryptocurrency price performance over any other event.

BTC/USD has remained similarly flat around the $10,000 since mid-August, while commentators continue to suggest that volatility is ripe to return during the rest of the year.

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20% of Affluent UK Millennials Have Invested in Bitcoin: New Survey

London-based law firm Michelmores LLP has surveyed affluent millennials in the United Kingdom and discovered that 20% have invested in Bitcoin (BTC) and other cryptocurrencies. 

The survey, reported by FXStreet on Sept. 17, revealed that among those born between 1981 and 1996 with investable assets of £25,000 ($31,000) or more, 20% had invested in the new asset class.

Almost 7 times the national average

As FXStreet notes, this 20% figure is markedly higher than the national average of 3% — indicating that well-off millennials in the U.K. are almost 7 times more likely to invest in cryptocurrencies than the general public.

Moreover, when it comes to millennials with over £75,000 ($93,000) worth of investable assets, the percentage of cryptocurrency investors jumps to 29%.

Notably, 70% of respondents indicated that their investable wealth derived from salary and wages, while 40% said it was through investment returns.

This interest in investment opportunities translates into a high level of fluency with online trading infrastructure: 35% of respondents said they invest using electronic trading platforms, while 27% said they consulted social trading platforms and browsed or participated in trader e-communities.

Generational divides

Michelmores’ survey bolsters research conducted earlier this year on the other side of the pond. The results of a United States-wide Bankrate survey this July indicated that cryptocurrencies are three times more popular among American millennials as a top-choice, long-term investment option than for Generation X.

Also in July, 26% of Generation Z in the U.S. — generally defined as those born after 1997 — said they would be somewhat, very or extremely likely to buy cryptocurrency in the next 6 months.

In April, an industry survey revealed that 11% of the American population owns Bitcoin, identifying Bitcoin ownership is a “demographic mega-trend” led by the younger generation in the 18-34 year age range. Nonetheless, 89% of U.S. citizens had heard of the cryptocurrency, regardless of their generation.

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Bitcoin Is the Fraud? JPMorgan Metals Desk Fixed Gold Prices for Years

The United States’ largest bank faced fresh ridicule from Bitcoin (BTC) circles this week after prosecutors said traders had conducted more market fraud.

As Bloomberg reported on Sept. 16, JPMorgan Chase is facing an inquiry over the behavior of at least a dozen precious metals traders. 

JPMorgan performed “thousands” of illegal moves

According to investigators, the employees willfully engaged in price-fixing of precious metals on thousands of occasions. Both market participants and JPMorgan’s own clients suffered losses as a result, they claim. 

“Based on the fact that it was conduct that was widespread on the desk, it was engaged in thousands of episodes over an eight-year period… We’re going to follow the facts wherever they lead, whether it’s across desks here or at any other bank or upwards into the financial institution,” Bloomberg quoted Assistant Attorney General Brian Benczkowski as saying. 

JPMorgan is well known as being one of the more vocal skeptics of cryptocurrencies. CEO Jamie Dimon became notorious for his soundbites, which began in 2017 when he labeled Bitcoin a fraud in itself. 

Dimon since appeared to have a change of heart, pledging not to discuss Bitcoin again in public, while denying he disliked it in private comments to Cointelegraph. 

Bitcoin, bankers and fraud

More recently, the bank released its own digital currency offering, JPM Coin, which gained similar criticism over its technical characteristics. 

The irony of the precious metals scandal was thus not lost of crypto commentators. 

“They were charged with wire fraud, bank fraud, and market manipulation. But I was told by the CEO that Bitcoin is the fraud,” Twitter analyst known as Rhythm summarized.

JPMorgan is not the only bank to issue warnings over cryptocurrency’s alleged fraudulent nature while being embroiled in legal turmoil. 

In 2018, Dutch institution Rabobank claimed Bitcoin contained money laundering compliance hazards. Subsequently, authorities fined it $369 million for money laundering.

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US Army Seeks Blockchain Experts Who Can Trace Bitcoin in Real-Time

The United States Army Contracting Command (ACC) of New Jersey has issued a pre-solicitation notice for cryptocurrency investigation service providers. 

As a pre-solicitation, posted on July 25, the notice and the ACC’s responses do not bind ACC to solicit or award a contract.

For use in criminal investigations

According to the ACC, the cryptocurrency analytics solution is being sought for use by the U.S. Army Criminal Investigation Command (USACIDC) for use in criminal investigations and other missions.

The notice outlines that the contractor must provide a cloud-based, online service — not reliant on hardware or software — that can assist law enforcement in identifying and pursuing actors using cryptocurrencies for illicit purposes such as fraud, extortion and money laundering.

The contractor should provide the source of the cryptocurrency transactions, with the capacity to offer multi-cryptocurrency analysis from Bitcoin (BTC) to other major cryptocurrencies. 

Other requirements include providing “real-time Bitcoin and other cryptocurrency transaction tracing,” including service attribution and identification, as well as being able to identify transaction patterns and interactions with other entities.

Government and army alike turn to blockchain

In fall 2018, a Diar report had revealed that  U.S. government agencies had tripled their investment in blockchain intelligence firms that year. 

The vast majority of 2018 blockchain intelligence government deals were reportedly contracted to New York-based blockchain analytics firm Chainalysis, which had — as of that date — signed deals with government agencies totaling $5.3 million.

This August, Cointelegraph reported that the U.S. Air Force had secured new contracts with smart contract startup Simba Chain and blockchain data management firm Constellation, with a focus on using the technology for supply chain and data management.

Meanwhile, in an interview earlier this month Grammy award-winning music artist and Bitcoin advocate Akon quipped that the value of fiat currencies such as the U.S. dollar is ultimately only sustained by military might.

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Bitcoin Is a Hedge Against Gov’t ‘Fiscal Irresponsibility’ — Analyst

Equities portfolio manager turned crypto fund executive Travis Kling has argued that Bitcoin (BTC) has come into its own as a unique hedge within the current macroeconomic climate.

In an interview with CNN on Sept. 15, Kling argued that the specific properties of Bitcoin make it an exceptional insurance policy against monetary and fiscal irresponsibility from central banks and governments globally.

“Crypto has been created for such a time as this”

Kling — a veteran of the multi-billion-dollar hedge fund Point72 —  outlined how his interest in cryptocurrencies had evolved over the course of Bitcoin’s decade-long history and how, as he garnered more knowledge, he had come to recognize the asset as being the “most significant investment opportunity of a generation.”

While developments within the crypto markets may formerly have been isolated from the traditional financial sector, Kling argued that the latest, compelling evolution in Bitcoin’s identity is its present interaction with legacy markets. He said:

“Now is an incredibly interesting time from a global macro perspective and […] it appears that crypto has been created for such a time as this. With what we have in terms of monetary and fiscal policies from central banks and governments, big tech overreach, government overreach, data privacy issues that are coming to the center of the collective consciousness.”

As a “non-sovereign, hard cap supply, global, immutable, decentralized digital store of value,” he said, Bitcoin should be considered separately from other crypto assets — for these very properties are what distinguishes it as a particularly robust and timely investment.

“The hardest money in human history”

Kling observed that the world needs Bitcoin as an insurance policy “more today than it did yesterday” and that it’s going to need it “more tomorrow more than it does today,” in light of what central bank and government policies:

“It’s apparent that central banks are all racing to devalue their currencies […] What are they devaluing against? They’re devaluing against assets that have provable scarcity […] Bitcoin has even more provable scarcity than gold, it’s the hardest money in human history.”

In the throes of an uncertain world economic picture, Kling’s perspective has been broadly — if not unanimously — shared by analysts of different stripes. 

In August, digital asset research firm Delphi Digital published a report arguing that the present macroeconomic landscape is creating the “perfect storm” to ignite Bitcoin price appreciation.

Also, this summer,  the head of global fundamental credit strategy at Deutsche Bank remarked that central banks’ dovish policies are positively impacting “alternative” currencies like Bitcoin. 

Anthony Pompliano, meanwhile, has echoed this in proposing that the European Central Bank’s dovish turn will be “rocket fuel” for Bitcoin’s price performance.

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Bitcoin Ban Means Massive Brain Drain for India, Crypto Industry Warns

India is seeing the first signs of an anticipated brain drain, as the government mulls stark legislation that would criminalize domestic cryptocurrency investments.

A Sept. 16 Economic Times report has taken the measure of industry sentiment on the ground, as a proposed blanket ban — currently still in the form of draft legislation — awaits its formal review process by lawmakers. 

“The first large democracy” to ban crypto

As the Economic Times notes, the draft Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 has proposed a 10-year prison sentence for anyone who “mines, generates, holds, sells, transfers, disposes of, issues or deals in cryptocurrencies.”

The severity of the proposed penalty and the extreme position reflected in the document — whether or not and in what form it eventually becomes national law — is already prompting local crypto businesses to take pre-emptive measures to protect themselves. 

Rahul Jain — an employee at formerly domestic exchange Bitbns — told the Economic Times:

“As a startup from India, we always wanted to serve from India, but this recent complication has made it difficult for domestic crypto exchanges to operate their businesses in India. So, we are now an Estonia-based company, and any Indian law to criminalize crypto will not impact us.”

Nischal Shetty, CEO and founder of well-known Indian exchange WazirX has meanwhile argued that the proposed bill is poised to erode the wealth of over 5 million Indians who own “crypto assets worth thousands of crores.” 

The executive said that the arbitrary decision to criminalize crypto-asset investment would destabilize existing businesses that have been operating legitimately and make the country an unfortunate pioneer in its role as “the first large democracy to ban an innovative technology such as crypto.”

Missing out on a $10 trillion industry

While local opinions differ as to whether or how the bill will evolve into a definitive statutory shape, the Economic Times’ sources were unanimous in viewing the summer’s developments as a retrograde move for the country. Shetty noted that:

“As a country largely reliant on the services sector, India will lose its edge as a technological power if the ban on crypto is enforced. Shunning this industry will mean massive job losses and a brain drain […] Crypto is predicted to be a $10 trillion industry in the next five years, and if we are to achieve our Prime Minister’s goal being a $5 trillion economy, then crypto is integral to that vision.”

As reported this August, Sidharth Sogani — CEO of crypto and blockchain research firm Crebaco Global Inc —- has forecast that India will lose around $12.9 billion worth of market if cryptocurrency is eventually banned in the country.

Source Cointelegraph

$250K Bitcoin Price Prediction Is Now ‘Conservative,’ Says Tim Draper

Major Bitcoin (BTC) bull Tim Draper now thinks that his own prediction that BTC price will hit $250,000 by 2022 may be understating the power of Bitcoin.

BTC price to grow with adoption

In an interview with crypto news network Blocktv on Sept. 13, the famous American venture capital investor has once again expressed his bullish stance to Bitcoin, forecasting the soon-to-come mass global adoption that will push the price of Bitcoin higher and higher.

Draper stated in the interview:

“$250,000 means that Bitcoin would then have about a 5% market share of the currency world and I think that maybe understating the power of Bitcoin.”

Bitcoin still too complex 

According to Draper, people are still preferring fiat money over Bitcoin so far because fiat money seems to be an easier option to pay for services. The VC billionaire argued that Bitcoin’s lack of ease of use is the main impediment of the cryptocurrency to the mass adoption to date, claiming that “engineers have not made it that easy enough for everyone to use Bitcoin.”

However, in the longer term, people will have Bitcoin as the currency of choice because fiat currencies are subject to political influence due to its centralized nature and they will depreciate in value due to a natural inflation rate, Draper said. 

He also reiterated his stance that Argentina will be a great market for Bitcoin as a number of local entrepreneurs tend to lose their fortune in local fiat currency due to currency manipulation and devaluation.

Still, even in countries such as the United States, people will generally want a currency that is trusted and decentralized over a currency controlled by entities like the Federal Reserve, which can be very political, Draper concluded.

Draper’s new claims follow his recent forecast that there might be a slight delay in Bitcoin’s path to a $250,000 price. 

On Aug. 9, the investor predicted that Bitcoin price will hit the threshold by Q1 2023. On Sept. 9, Draper joined the board of directors of EOS-based decentralized application (DApp) firm MakeSense Labs.

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Libra Does Not Threaten Sovereignty of Nations, Says Calibra CEO

CEO of Calibra, Facebook’s digital wallet for its proposed Libra stablecoin, has attempted to debunk the notion of Libra’s threat to the global financial system.

Not new money but a better payment network

Amid the ongoing meeting between Libra founders and 26 global central banks in Basel, Calibra CEO David Marcus has stepped up to protect the position of the Libra Association on Twitter on Sept. 16.

In a Twitter thread titled “About monetary sovereignty of Nations vs. Libra,” Marcus wrote:

“Recently there’s been a lot of talk about how Libra could threaten the sovereignty of Nations when it comes to money. I wanted to take the opportunity to debunk that notion.”

Calibra CEO urged that Libra cryptocurrency project does not intend to form a new currency but rather build a “better payment network and system running on top of existing currencies” to deliver meaningful value to users over the globe. He emphasized that there is no new money creation, which will “strictly remain the province of sovereign Nations.”

Libra wants strong regulatory oversight

Stating that Libra will be backed 1:1 by a basket of strong currencies, Marcus stressed that the Libra Association is willing to have a strong regulatory oversight to prevent the company from deviating from its full 1:1 backing commitment.

The executive concluded that Libra will continue to engage with central banks, regulators and policymakers to ensure that they address their concerns through Libra’s design and operations.

BIS chief says regulators should “coordinate” on cross-border cryptos 

Marcus’ statement comes amid a meeting that is supposed to be the first major encounter between Libra’s founders and global policymakers. 

On Sept. 16, the Bank for International Settlements (BIS) hosted a meeting with senior officials from global public authorities to discuss regulatory issues of stablecoin projects backed by financial institutions and tech firms, the BIS officially stated in a press release shared with Cointelegraph today.

The conference included presentations by the Libra Association as well as global investment bank JP Morgan and blockchain-powered digital cash system firm Fnality International.

Agustín Carstens, general manager of the BIS, pointed out the importance of global regulatory coordination to understand the details of the project. Carstens said:

“A key part of assessing new initiatives is to understand the details […] When such initiatives cross national borders, it’s important for regulators to coordinate and come to a common understanding.”

Meanwhile, the German government spoke out against projects like Libra on Sept. 13, claiming that it will not authorize the development of stablecoins, following France’s footsteps.

Source Cointelegraph

Could Crypto Be Compliant With Sharia Law? Experts Answer

The rise in popularity of Bitcoin (BTC) and other cryptocurrencies has led to the discussion among Islamic scholars about digital currency’s compliance with Islamic canonical law. 

Islamic law — known as Sharia — is based on the teachings of the Quran and includes regulations concerning financial activities, asserting them to be either “haram” (illegal) or “halal” (legal). The haram vs. halal crypto debate has been ongoing since Bitcoin’s initial surge in popularity. Google searches for the phrase “Bitcoin halal” peaked in December 2017, when the leading cryptocurrency’s price hit record highs of around $20,000 per coin, while “Bitcoin haram” was queried most in January 2018.

Related: Is Bitcoin Halal? How Cryptocurrency Conforms with Islam and Sharia

Back in April 2018, an Indonesian fintech startup, released a report titled “Is Bitcoin Halal or Haram: A Sharia Analysis,” written by the company’s internal Sharia advisor, concluding that Bitcoin is generally permissible under Sharia law. 

A similar idea could be found in “The Shariah Factor in Cryptocurrencies and Tokens,” issued by the Shariyah Review Bureau, licensed by the Central Bank of Bahrain, which stated that digital currencies can be Sharia-compliant “if structured correctly.”

Meanwhile, back in January 2018, Egypt’s Grand Mufti Shawki Allam — country’s top Muslim cleric — called for a ban on Bitcoin, saying the digital currency is forbidden by Islam. 

After 10 years of existence, the question of whether or not Bitcoin can in fact be compliant with Sharia law continues to be debated in the industry. To see where we’re at with the debate today, we asked a variety of experts in Sharia law and finance to revisit the question. It should be noted that a lot of experts declined to give comments on such a sensitive topic.

Is Bitcoin Halal or Haram?

Mohd Ma’Sum Billah, professor of finance and insurance at the Islamic Economics Institute, King Abdul Aziz University, Saudi Arabia, member of the Accounting and Auditing Organization for Islamic Financial Institutions Governance and Ethics Board (AGEB), Bahrain and the Audit Committee, Allied Cooperative Insurance Group, Saudi Arabia

In the wave of technological advancement, it is an emerging era of fintech in no exception of cryptocurrency as among the fastest growing and duly appreciated financial chapters, which vibrates the global economy significantly. Ever since 2013, numerous digital currencies have been floating in cyberspace, attracting the global market in maximizing the investment opportunity for all by a smart formula with less afford, minimum banking hassle and almost zero cost, where Bitcoin so far has secured its leading platform. Though not established yet, but a mix-perception haunts the global mind that cryptocurrency is a new dimension to boost the global economy either as an alternative currency or a lead currency or a complementary currency. Nonetheless, the common assumption is that the sustainability of cryptocurrency by its significant growth with utmost appreciation ought to remain irrefutable.

The appreciation of cryptocurrency among Muslims is nothing less — particularly among the youth, who are eagerly looking forward to being involved in cryptocurrency, either through investment or establishment opportunities, dreaming of becoming smart entrepreneurs, and with no worries of depending on the traditional job market.

Yet, there is confusion clouding the mind of whether existing cryptocurrencies are justifiable under the Sharia principles and/or within the divine ethical standard. There are mixed views among Muslims and Islamic scholars, with some rejecting the idea on the grounds of garar (uncertainty) or gash (misappropriation). Some appreciate it on the ground of darurah (necessity) or tahsiniyah (prosperity), while some remain silent and are looking forward to seeing one with Sharia approvals.

To my humble understanding, conceptually the cryptocurrency is not haram. Rather, one shall be adapted and duly appreciated as an avenue for all to prosper the common economy from micro to macro in the global reality by diminishing the dependency on a debt-based economy. However, in reality, the existing phenomena of cryptocurrencies may not be treated as halal unconditionally due to some of their technical issues, operational mechanisms and legal statuses, which are not compliant with Sharia principles and ethical concerns. Among the examples are: the element of garar involved in the receiver, the fund’s movement is with no regulatory standard, insecurity for the investors (users), monopoly by no regulatory standard and no risk plan. 

Therefore, to enjoy with a halal cryptocurrency, one shall be designed within the Maqasid al-Shari’ah (divine objectives) and that is: a standard Sharia-compliant regulatory standard, Sharia guidelines and policies, a Sharia supervisory body to oversee every activity within the Maqasid al-Shari’ah, avoiding any element of garar in any aspect of the establishment or operation, establishment of the receiver (company) by maintaining standard account, the operation shall be an asset-backing one with valuable existence, instruments and principles in facilitating the operation shall be justified by the Sharia (al-‘Aqd, al-Ujrah, al-Ju’alah, al-Wakalah, al-Wadiyah, al-Amanah, al-Hewalah, al-Zakat, al-Waqf and al-Tabarru’at) and social responsibility by Zakat (alms), Waqf (endowment) and Tabarru’at (charity) over the income. 

This view is also shared by many contemporary Sharia scholars and economists; among them are the views expressed in the recent conference on cryptocurrency held at the Fiqh Academy, Jeddah on Sept. 10, 2019 by Sheikh Mohammed Alabdulraheem (a brilliant Islamic economist, Saudi Arabia) and Abdul Qayom (a leading Sharia scholar at the Islamic University, Madinah). For further reference, there is my recent book, “Halal Cryptocurrency Management,” which provides several solutions for a halal cryptocurrency with industrial reality, and my forthcoming book on Islamic fintech, “Realization and Industrial Solutions,” which is to be published by Palgrave MacMillan & Springer, Switzerland in 2020.

The growing phenomena of cryptocurrency, and in no exception of its halal alternative, may be promising with significant results and the future of a halal cryptocurrency may thus be anticipated to be positioned as at least a complementary currency in maximizing the opportunity as a most convenient currency for all besides enjoying smart investment opportunity and creating sustainable entrepreneuring goals within Maqasid al-Shari’ah.


Farrukh Habib, researcher at International Shari’ah Research Academy for Islamic Finance (ISRA), Shari’ah Advisory Board Member of Salihin Shari’ah Advisory Sdn Bhd; co-editor of ISRA International Journal of Islamic Finance (IIJIF).

Regarding the question whether cryptocurrency is halal or not, I’d say that there are currently more than 2,800 active cryptocurrencies in the market. Each of them has different characteristics, so I can’t give a general or blanket ruling on the permissibility or impermissibility of all cryptocurrencies. Some of the Sharia scholars have indeed issued fatwas and Sharia opinions like that. For example, in some countries, religious authorities have issued fatwas on the impermissibility of cryptocurrencies, like Egypt, Palestine and Turkey, and institutions like Darul Uloom Deoband in India. Interestingly, some institutions and Shariah scholars have approved cryptocurrencies, like Jamiatur Rasheed in Pakistan and Daud Bakar in Malaysia. But I’ve generally observed that the approaches taken in this regard are not holistic and deep enough. Sharia scholars need to have a comprehensive understanding and an Islamic legal characterization of cryptocurrencies before issuing any fatwa or forming a Sharia opinion on that matter.

In light of the principles of Islamic jurisprudence, I’d say that first, the term cryptocurrency is a misnomer. They should be called crypto assets because not all crypto assets are currencies; most of them lack some basic features of a currency, such as a store of value, medium of exchange and a unit of account. Hence, a coin is not the only type of crypto assets, there are other types of tokens for other purposes as well. I’ve been promoting this approach for almost three years now at the global level, and I’m happy to see that now many Sharia scholars and religious institutions have started agreeing with me on this approach. 

Second, the Sharia compliance of a crypto asset depends on various factors: for example, the nature of the crypto asset itself, its issuance and distribution mechanisms, underlying projects or assets, its usage, etc. Other external factors are also very important in determining the permissibility or impermissibility of such assets. After doing research for a few years, I have created a comprehensive framework and criteria to check whether a crypto asset is Sharia compliant or not. Hence, each crypto asset merits a separate Islamic legal treatment and Sharia ruling.

As I mentioned before, many Sharia scholars have issued mixed fatwas and Sharia rulings based on misconceptions. It’s created confusion among Muslim participants of crypto world. That’s why the reception from this huge segment is not significant. Based on my “Sharia-screening” methodology/criteria, I have checked various crypto assets for their permissibility or otherwise — and facilitated many Muslims in actively participating in this tech revolution. Moving forward, I see that Muslim governments would be more interested in issuing their national currencies in the form of crypto assets. Iran, Saudi Arabia and the UAE are already working on these lines. And, a sound regulatory framework would also support this phenomenon in a positive direction. Eventually, this’ll also lead Sharia scholars toward aligning their fatwas in a better way.


Atif R. Khan, managing director, Ethica Institute of Islamic Finance

In Islamic finance, deference is given to scholarly consensus on new matters such as cryptocurrency. The closest thing we have for such consensus in Islamic finance is AAOIFI, or the Accounting and Auditing Organization for Islamic Financial Institutions, the leading standard-setting body in the industry. To date, we are not aware of an opinion from them regarding the permissibility of cryptocurrencies.

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Bitcoin Futures Platform ‘SAFU’ After Attack False Alarm

The CEO of cryptocurrency exchange Binance has dispelled fears a bad actor had attacked its newly-launched Bitcoin futures platform.

Technical error crashed Bitcoin price

In a series of tweets on Sept. 16, Changpeng Zhao, also known as CZ, initially warned that the exchange’s futures were under attack from one of its own market makers. 

The perpetrator allegedly crashed the BTC/USD order book from $10,324 to $10,024, in what Zhao said was the second such attempt at an attack. 

Binance launched its futures platform in invite-only mode following a user testing period earlier this month. Two platforms were originally available, with users voting for their preferred choice. 

As Cointelegraph reported, despite criticism of both options’ technical characteristics, uptake was brisk, with open interest reaching $150 million last week. 

CZ: Only “attacker” lost money

In the event, the attack turned out to be a false alarm, originating from a technical error on the market marker side. 

The entity remains unknown, Zhao only revealing it was also an operator of Bitcoin futures. Due to Binance’s own settings, meanwhile, the $300 dip did not liquidate other traders’ positions; only the accidental attacker lost funds.

“NO ONE was liquidated, as we use the index price (not futures prices) for liquidations (our innovation). Only the attacker lost a bunch of money, and that was that,” he confirmed.

Binance forms one of two major Bitcoin futures offerings to hit the market this month. The other, due on Sept. 23, comes from institutional trading platform Bakkt. 

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