TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Messari claims it is facing a Twitter shadowban. BTC might recover slowly, according to Fundstrat analyst. Former US state senator involved in an ICO scam. NBA star Spencer Dinwiddie to promote Cred. Silvergate Bank faces difficulties with wires transfers, and Coinbase states bitcoin is becoming a less correlated asset.
Messari Facing Twitter Shadowban
Messari, a cryptocurrency news and rating site, is claiming to be facing a social attack that included a Twitter shadowban of their accounts, according to their CEO, Ryan Selkis. In a post published in their news section, they state having “ZERO impressions coming from accounts beyond TBI twitter followers,” and they are asking for help to maintain the growth of the platform. While the origin of the Twitter shadowban is unknown, Selkis presumes it could be the result of their coverage of the coronavirus pandemic and its effects.
Bitcoin Might te Slow to Recover, According to Fundstrat Analyst
The recent selloff that propelled the price of BTC to $5,000 levels could be difficult to recover from, according to Fundstrat, the popular cryptocurrency market research firm. Rob Sluymer wrote the crisis caused by the coronavirus pandemic has trapped BTC in the dynamic of people getting out of markets and reverting to cash to secure their funds. Sluymer stated “lower highs and lower lows are in place for Bitcoin, leaving in a compromised, potentially vulnerable longer-term profile,” even with the recent recovery.
Former State Senator Involved in SEC Halted ICO
The SEC stopped operation and froze assets of an unregistered security called “Meta 1 Coin,” a token promoted by David Schmidt, a former Washington state senator. According to a note published by the SEC, “the defendants made numerous false and misleading statements to potential and actual investors, including claims that the Meta 1 Coin was backed by a $1 billion art collection or $2 billion of gold.” Furthermore, no tokens were distributed, and the $4.3 million raised were used to buy luxury cars.
Spencer Dinwiddie Nabbed by Cred to Promote Their Platform
Spencer Dinwiddie, the NBA player that tokenized his contract using blockchain, partnered with Cred, a lending platform, to promote cryptocurrency lending. Cred offers revenue for people lending their cryptocurrency, with interest of 6% on BTC and 8% on TUSD, a stablecoin, and also offers crypto loans with collateral. Dinwiddie stated “this partnership comes at a critical time, where I can educate my fans on the power of cryptocurrencies and blockchain while they earn interest on their digital assets.”
Silvergate Bank Faces Problems With Bank Wires
Silvergate Bank, the bank that lends services to many cryptocurrency exchanges, is facing problems with their banking wires, according to The Block. These problems are derived from an outage of Finastra, the service provider binding their transactions to Fedwire, the national wire system. They are now processing transactions manually. “While we are obviously extremely disappointed with our service provider, it is important for all existing Silvergate clients to know: Their funds are safe,” said Silvergate Bank CEO Alan Lane.
Coinbase States Bitcoin is Becoming a Less Uncorrelated Asset
A new article from Coinbase argues bitcoin is becoming a less correlated asset with global markets, losing the characteristic dependence it has shown over the years. The report, titled “Bitcoin’s Uncoupling from Uncorrelated,” states these new moves of bitcoin accompanying the global market selloff might indicate a new direction in the price of the asset. “If S&P 500 correlation sustains for an extended period hereafter… Bitcoin will enter uncharted territory.” This could indicate bitcoin is maturing as an asset class.
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