TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Bitcoin Cash Development Fund reaches and then quickly exceeds its goal. Binance introduces bitcoin-pegged token on its DEX. Bitcoin bull run can be linked to institutions, according to JP Morgan analyst. Fear & Greed Index serves to illustrate market sentiment. Millions of Venmo transactions scraped by computer science student, and BTCTurk exchange phishing app copycat was available from Google Play.
Bitcoin Cash Development Fund Fulfills Goal
The Bitcoin Cash Development Fund, an initiative to fund developers who contribute to the BCH blockchain with different productive and interesting projects, reached its goal after getting some juicy donations from the community. The Bitcoin Cash Development Fund was aiming to collect 800 BCH (more than $300K), and the goal was surpassed quickly by 25% with more than 44 days to go. Exactly 996.85 BCH were donated in 940 transactions, a fact that shows the strength of the Bitcoin Cash community putting resources behind their developers.
Binance DEX Introduces Bitcoin Pegged Token
Binance seems determined to carry all sorts of functionality to their newly launched decentralized exchange, Binance DEX. To introduce Bitcoin liquidity into it, they are launching BTCB, a bitcoin pegged token on their native chain that will have its value mirror that of Bitcoin, acting as a pseudo-stablecoin. Binance states this token will be “100% backed by the native coin in reserve, which is Bitcoin (BTC) in BTCB’s case,” and that their reserves will always be visible via a blockchain explorer.
Bitcoin Bull Run Could be Linked to Institutional Action, JP Morgan Analyst States
The bull market has come to stay, at least for a while. But, as always, the causes of the movement carrying the market in a positive uptrend remains ambiguous. JP Morgan’s analyst Nikolaos Panigirtzoglou is speculating institutions could be in part responsible for the rise in prices. This would be confirmed by steep transaction volumes compared to last year. But even if these volumes are dismissed as not accurate and inflated, bitcoin futures markets have grown from $5.5 billion in April to $12 billion in May, suggesting “market structure has likely changed considerably… with a greater influence from institutional investors.”
Fear & Greed Index Illustrates Market Sentiment
The Fear & Greed Index, a multi-factorial based number that serves to identify the emotional levels a given market is experiencing, is now indicating extreme levels of greed for BTC, meaning a correction is quite near in the future. The index, now rated at 84, looks to simplify the task of understanding how the market stands just by looking at a number instead of a group of charts. It uses six weighted factors to calculate this measure: volatility, market momentum and volume, social media, surveys, dominance of market cap, and internet trends internet.
Venmo Transactions Scraped by a Computer Science Student
A computer science student proved how insecure Venmo payment records are by scraping (recovering by computer means) millions of payments with the company’s API, available for all users, authorized or not. “There’s truly no reason to have this API open to unauthenticated,” student Dan Salmon insisted. Private payments are off by default, and by taking advantage of this API, programmers can make bots to announce when a kind of payment is being done, even for drugs and illegal payments.
Cryptocurrency Exchange Copycat Phishing App Available From Google Play
Phishing malware that posed as the original app from a cryptocurrency exchange was hosted by Google Play and downloaded several times before being completely retired. The app in question was BTCTurk, with the same name of the BTCTurk exchange. The copycat was designed to phish for passwords, 2FA codes, and login information. More than 50 people installed the app, falling for its official look. There are no official reports of losses caused by the scheme, but it is just another reason to stay ever vigilant when hunting for official wallet and trading apps.
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