Bitcoin (BTC) Price Surges Past $7,000 Once Again

Omar Faridi

Bitcoin (BTC) has recently surged past the $7,000 mark, according to data from CryptoCompare. After an extended bear market, which has seen cryptocurrency prices decline sharply from their all-time highs in December of 2017, the digital currency market as a whole also seems to showing some signs of recovery.

minute_CryptoCompare_Index_BTC_USD_289_51535458852382.pngSource: CryptoCompare

While it might be too early to consider these positive price movements to be the start of a bull run, it’s worth noting that bitcoin’s price did drop below $6,000 around mid-August. The world’s most dominant cryptocurrency, however, is now currently trading at $7,012.11 at the time of writing.

Altcoins Also Surging 

As bitcoin’s price has started to rise, some altcoins are making even more substantial gains.

Notably, CryptoGlobe reported on August 26th that, NANO, which is referred to as “the new global currency”, saw its price surge by as much as 84% in the past week. This increase in the coin’s price may be due to the Nano foundation recently announcing that former vice president of Foreign Exchange at Citibank, Andy Woolmer, had joined NANO’s development team as their first official advisor.

Meanwhile, ICON (ICX), often referred to as the Ethereum of South Korea, also recorded massive gains yesterday.

The surge in the cryptocurrency’s price was largely due to its technology partner, ICONLOOP, being chosen to participate in a South Korean government program. Reacting to the news, ICX’s price shot up by over 20% within 24 hours following the announcement to around $0.96 (from previous lows below $.50).

Bitcoin (BTC) Stands Strong After ETF Rejections

In other Bitcoin news, Jordan Ross Belfort, a former US stock broker charged for orchestrating pump-and-dump scams that resulted in $200 million in losses for numerous investors, remarked that the same approach he used to scam people is “exactly what’s happening with bitcoin,” adding that:

The whole thing is so stupid, these kids have gotten themselves so brainwashed.

Despite Belfort’s lack of confidence in the cryptocurrency, there are several positive signs that can be drawn from bitcoin’s price movements.

First and foremost, despite the recent rejection of nine Bitcoin ETF proposals by the US Securities and Exchange Commission (SEC), bitcoin did not experience the kind of sell-off many analysts might have predicted.

Furthermore, as reported yesterday (August 27th), technical analysis indicators had shown that as bitcoin’s price approached $7,000 level, it was expected to break through it.   

Moreover, bitcoin’s price analysis suggests that now that it has surpassed the $7k mark, the chances of the coin going on to reach $7,500 and $8,000 are now substantially higher.

BTC Wallet Involved in Giveaway Was “Hacked” Using Brute Force

Michael LaVere
  • A bitcoin wallet being used in a puzzle-solving giveaway was "hacked" using brute force, according to the contest's creator Alistair Milne.
  • Milne had been releasing clues to the wallet's 12-word seed phrase in regular intervals before a user was finally able to crack the address. 

A bitcoin wallet containing 1 BTC that was being used in a community giveaway was hacked by brute force. 

According to Altana Digital Currency Fund chief investment officer (CIO) Alistair Milne, the 1 BTC he was holding in a wallet as part of an ongoing community giveaway was hacked on June 17. 

Milne had been running a puzzle-solving giveaway to obtain the 1 BTC since May, releasing a new clue for the 12-word mnemonic seed in regular intervals for community members to guess.

Milne intended to release the final three clues all at once, in order to prevent the use of a brute-force program to solve the seed phrase. 

However, Milne claims he woke Wednesday morning to find the bitcoin wallet empty. According to Milne, the wallet had been brute-forced, with the “hacker” likely renting additional computing power to complete the task.

While Milne had intended for the seed phrase to eventually be solved and the 1 BTC transferred, he was impressed by how quickly an attacker was able to force the final seed words. 

Milne claims it took the hacker just 44 hours to crack the wallet and that the user paid 0.01 BTC ($93) in mining fees to transfer the bitcoin before others could employ the same brute force attack.

Featured Image Credit: Photo via Pixabay.com