Bitcoin and Ethereum Futures Volume Way Up, High Confidence in Longs

Bitcoin derivative futures contracts have reached their highest trading volumes of the year on many exchanges, according to data from Skew, a cryptoasset derivatives analytics website.

The huge trading volumes come amid two consecutive days of market rallies, with all leading cryptoassets painting large gains on the board, and Bitcoin lingering around the $4,000 price mark - up about 10% in two days. Today’s rallies mark the second broad leg up of February, with initial gains on the 8th setting the uptrend in motion.

Data from Skew also show that all Bitcoin perpetual swap funding on tracked futures exchanges - BitMEX, Deribit, OKEx, and Cryptofacilies - having positive funding rates. This means that confidence in longs is high and they must therefore pay a premium, whereas short sellers are paid for funding.

Despite this, data from Tradingview.com show that Bitcoin long contracts on the Bitfinex exchange have fallen precipitously since yesterday - more than 25% - presumably as traders take profit on their successful trades.

bfxlongs.png(source: TradingView.com)

Bullish Ethereum?

Things look similarly rosy for Ethereum (ETH) derivatives. Skew data show that Ether futures are also in positive funding, likewise indicating long confidence.

ethfuture18feb.png(source: Sk3w.co)

Furthermore, according to crypto (and general financial) analyst Alex Krüger, Ethereum’s coming (rescheduled) Constantinople update could be cause for confidence; and so could its falling inflation rate.

Krüger noted that Ethereum futures trading on BitMEX had reached all time highs two consecutive days in a row, since the contracts began trading last August.

ethvol19feb.png(source: TradingView.com)

CryptoGlobe reported recentyl however, abou tconcerns surrounding a feature in the Constantinople update, that would allow interactions with “addresses that do not exist yet on-chain but can be relied on to only possibly eventually contain code.”

Rng Security Camera Hackers Start Demanding Bitcoin Payments From Victims

The owners of a Ring doorbell security camera in Texas have been targeted by a bitcoin extortion attempt, which they managed to thwart simply by removing the device’s batteries to shut it off. The case, nevertheless, shows Ring security camera hackers are now demanding cryptocurrency payments.

According to a report published by WFAA, spotted by Gizmodo, 28-year-old Tania Amador revealed her Ring security system was hacked by hackers looking to cash in on their access to the device, by demanding a ransom of 50 bitcoin, equivalent to around $360,000.

Speaking to WFAA Amador stated:

I was asleep and our Ring alarm was going off like an intruder had entered our home. Then we heard a voice coming from our camera.

The voice initially started claiming to be from Ring’s support team, notifying the homeowner her account had been terminated by a hacker. It soon added that if the didn’t pay the 50 bitcoin ransom, she would be terminated as well.

The situation appeared to turn worse for Amador and her partners, as the hackers managed to make it look like they were just outside her door after compromising the security camera, adding to the pressure of the situation. Their response was to reach the device and remove its batteries.

Without their batteries, the hijacked cameras simply went off and the bitcoin extortion attempt ended. Ring has notably been at the center of a controversy after various reports pf its doorbell cameras being hacked started emerging. A report by Motherboard showed that on hacking forums, software used to hack these devices is being sold for as little as $6.

This type of software is often sold on the dark web, where vendors even list Black Friday deals to appeal to their customers. Speaking to WFAA, a home security firm claimed that these security breaches were a result of third-party data breaches that include Ring account details, and not a security flaw within Ring’s security system itself.

Featured image via Unsplash.