Bitcoin Sees “Golden Crossover” As Crypto Market Turns Red, ‘Blockchain Bandit”Steals Over 45,000 ETH, Bitcoin Transactions Reach 2017 Highs — The Crypto2Cash Chronicle
Your daily dose of crypto and blockchain news, summarized by the Crypto2Cash team
Bitcoin Sees “Golden Crossover” As Crypto market Turns Red
Yesterday, Bitcoin saw the first ever golden crossover since October 2015. A golden crossover is a bull cross of the 50- and 200 day moving average and is usually an indicator of a long-term upwards movement. The price took a small dip today and currently sits around $5,500. Nearly all top 20 currencies are down on the day, usually between 4 and 6 percent. After yesterday’s large gains, Binance Coin is down the most, losing almost 8 percent on the day and now trading at $22.14.
‘Blockchain Bandit”steals over 45,000 ETH
A report released by Independent Security Evaluators has found a “Blockchain Bandit”, that hacked into people’s Ethereum wallets by guessing their private keys. The hacker managed to gain access to 732 private keys and stole a total of 45,000 Ethereum, currently worth over $7 million. The reports did not specify how the hacker managed to guess the private keys but using brute force to crack the password is almost impossible and would take tens of years, even with the strongest computers. The most probable explanation is, that the hacker found faulty, random number generators, which many people use to generate their keys. Another theory is, that many people create their keys using passphrases with weak entries like “abc123” and using this starting phrase, keys are fairly simple to find out. The identity of the hacker is still unknown, however all stolen funds were sent to the same wallet, which could be used to track the person behind these attacks.
Bitcoin Transactions Reach 2017 Highs
The amount of confirmed Bitcoin transactions has been steadily rising since the start of the year. Transaction count has broken 400,000 on several occasions in April, levels not seen since the 2017/2018 bull run, when the Bitcoin price was still $19,000. In the past, prices usually spiked when transaction counts were high, so this is an indicator that the positive price movement could continue.
