Let’s take a quick look at daily crypto news on May 21st.
1. Bitcoin back about $8,500 but does rally have legs?
Bitcoin’s (BTC) has bounced back about $8,500, but the rally is not backed by decent trading volumes, according to Coindesk analysis. Over the weekend, bitcoin gained more than $500, rising back above resistance at the 50-day moving average. While last week’s bearish trend seems to have run out of steam, the weekend’s low-volume rally risks trapping the bulls on the wrong side of the market. Additionally, it is predicted that a failure to hold above $8,475 (inverse head-and-shoulders neckline) would revive the bearish view and allow a drop to Friday’s low of $7,925. On the higher side, only a high volume move above the 100-day moving average, currently seen at $8,857, would open the doors to $10,000.
2. New ‘snobbish’ cryptojacking malware infected 500k users in 3 days, report says
WinstarNssmMiner, a new piece of cryptojacking malware used half a million computers to mine 133 Monero (XMR) tokens (about $25,000) in three days, according to Finance Magnates reports. Commenting on the latest threat, cyber security firm 360 Total Security said it was “surprised” that in addition to mining Monero, the malware could also force a user’s PC to crash if it detected the presence of certain antivirus software or the attempt of user to delete the malware. The crash occurs because the malware sets the property of the svchost.exe process to a setting of “CriticalProcess,” hence Windows shuts down the PC when the malicious process is terminated.
3. Apple co-founder Steve Wozniak expects Ethereum to dominate the crypto market
Cryptocurrency industry gained another enthusiast in the form of Steve Wozniak as he talks about Ethereum becoming as influential as Apple. The co-founder has been extremely upbeat about ETH in long-term. Describing Ethereum as a platform that is “just like Apple’s”, he added: “Ethereum interests me because it can do things and because it’s a platform”. Additionally, unlike the popular and world’s number one cryptocurrency Bitcoin among other altcoins, Ethereum isn’t created primarily for payment. It is a decentralized platform that has endless opportunities. With the increasing interest of mainstream industry experts and companies into crypto space, we are in for good times ahead.
4. Crypto-mining company trolls Warren Buffett with billboards outside his office
The co-founder of a cryptocurrency mining company has bought ads on a pair of billboards near Warren Buffett’s office in order to troll the billionaire investor over his derogatory comments about bitcoin. Marco Krohn, co-founder of Genesis Mining, tweeted photos of the signs which he claims are visible from nearby Buffett’s Omaha, Nebraska office.The signs read, “Warren: you said you were wrong about Google and Amazon. Maybe you’re wrong about Bitcoin?” Buffett recently caused a stir in the crypto community when he told the Berkshire Hathaway shareholder’s meeting that bitcoin was “probably rat poison squared,” and urged investors to refrain from investing in the “non-productive” asset.
5. New device allows people to transfer Bitcoin without and Internet connection, using mesh networks
US-based goTenna is building dedicated RF hardware allowing for radio transactions of Bitcoin on a mesh network. The network only requires that one member actually have access to the Internet while other members route their transactions to the connected endpoint via radio. So far mesh networks have not been successful in gaining wide adoption as users prefer centralized and more efficient radio infrastructure, but mesh networks can be useful in cases of censorship or broken infrastructure, such as the Hong Kong Umbrella demonstrations against China or Hurricane Maria in Puerto Rico.
Collected by Remitano.