Bitcoin Price Rise “Inevitable” Says Circle Director Claire Wells

Francisco Memoria
  • Circle's Director for Legal and Busines Affairs Claire Wells recently argued a bitcoin price rise is "inevitable"
  • Per Claire Wells' words,regulatory clarity may trigger a bull run.

Claire Wells, Director of Legal and Business Affairs at mobile payments company Circle, has recently stated that bitcoin’s price rise is “inevitable,” as the cryptocurrency ecosystem is set to recover from the current slump, thanks to regulatory clarity.

Speaking to tabloid newspaper Express, Wells argued that a lot of potential investors are waiting on the sidelines, waiting for regulatory certainty before putting their money on the line, after noting that “we are seeing slightly less volatility at the moment.”

Wells was quoted as saying:

Prices are down and trading is down but I think the price will increase again over the next few months and I think a lot of people are waiting to hear how regulation is thinking about it.

Claire Wells

Her company, Circle, is backed by Wall Street giant Goldman Sachs, Baidu and Bitmain, and acquired popular cryptocurrency exchange Poloniex earlier this year, for $400 million. It’s set to launch a new USD-backed cryptocurrency that’s set to reduce the high volatility cryptocurrencies endure.

Wells noted that a cryptocurrency price rise is “inevitable,” and added:

I wouldn’t necessarily want to put a price tag on or a currency frontrunner but I do think we will see an increase in value and, I mean, that’s inevitable.

Claire Wells

Bitcoin, the flagship cryptocurrency, is currently trading at $6,130 after falling 0.82 percent in the last 24-hour period, according to CryptoCompare data. Notably, the cryptocurrency has recently bounced back from a year-to-date low of $5,881.

Wells’ prediction seemingly matches that of bitcoin bull Tom Lee, which has been predicting the cryptocurrency will hit $25,000 by the end of this year, and $91,000 by March 2020. Per Lee institutional investors entering the space, presumably after its regulatory outlook is clearer, will help trigger a bull run.

Circle, which has recently revealed how it evaluates cryptocurrencies, has recently hired 100 employees in a bid to expand its recent acquisition Poloniex. The company has also recently started offering investors a product called “Buy the Market,” which allows them to test the market’s waters with a bundle that includes seven top cryptos.

$3.1 million: Crypto Exchange Cashaa Hacked for 336 BTC

London-based cryptocurrency exchange Cashaa revealed it lost 336 bitcoin, at press time worth $3.1 million, to hackers who managed to access one of its cryptocurrency wallets.

According to a tweet the exchange published on July 11, the attackers managed to access one of its Blockchain.com wallets, and quickly transferred the funds to an address they control. From the address they went to the BTC has been through a series of hops, suggesting the use of coin mixing software to limit traceability and throw off blockchain sleuths.

Cashaa believes that the attacker may have managed to infect one of its computers with malware, and then waited for an employee to access its machine. As soon as that happened, the funds were moved out of its wallet. Reacting to the security breach, the exchange halted withdrawals and deposits and “called the board meeting to decide whether the company will bear all the losses.”

The exchange suspects the hacker is from east Delhi, India, and filed a report with the Delhi police cybercrimes department.

Cashaa also reached out to other cryptocurrency exchanges and businesses informing them of the address, in a bid to stop the hacker from cashing out. In statements provided to industry media Kumar Gaurav, Cashaa’s CEO, seemingly lashed out at trading platforms that allow hackers to cash out.

Gaurav was quoted as saying:

As of today, hackers are very confident to hack crypto addresses and move it through exchanges that are facilitating such laundering through their systems. Exchanges like these must be shut down and owners of these exchanges should be charged with money laundering facilitation crime.

CryptoCompare’s Exchange Benchmark report, as recently reported, revealed that 38% of crypto exchanges interact with high-risk entities in 25% or more of their transactions. High-risk entities are those associated with darknet markets and vendors, criminals, gambling projects, malware operators, and others.

Featured image by Kevin Ku on Unsplash