BitPinas Crypto News Roundup (May 8, 2020)

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May 8, 2020. 11:00 am (PH Time). 3 Days and 22 Hours before the halving:

  • Bitcoin is $9,906 (+6.23%)
  • Ethereum is $212.67% (+3.01%)
  • XRP is $0.21 (+1.06%)

Here’s a roundup of cryptocurrency news today:

Bitcoin Breaches $10,000 for the First Time Since February

Amid high volumes, Bitcoin traded above $10,000 for the first time since February. Bitcoin buyers who purchased during the March 12, 2020 Flash Crash should have their token value increased by 107%.

Coindesk reported that larger-than-usual bitcoin volumes on spot exchanges like Coinbase pushed the price above $10,000. Many are looking at the upcoming Bitcoin Halving as the possible reason for this price increase.

[Bullish Signal?] Hedge Fund Pioneer Buys Bitcoin Futures

File Photo: Ted Conference

Legendary Macro Investor Paul Tudor Jones has instructed his fund to buy bitcoin futures. His Tudor BVI fund may hold around a single-digit percentage of its assets in Bitcoin Futures.

“I am not a hard-money nor a crypto nut. The most compelling argument for owning Bitcoin is the coming digitization of currency everywhere, accelerated by Covid-19,” he wrote.

Tudor also said Bitcoin reminds him of gold in the 1970s when he first got into the business.

Zoom Acquires Keybase

Video conferencing service Zoom acquired crypto key directory and secure messaging and file sharing platform Keybase. Zoom said this is one of their plans to help their service more secure. Privacy and security issues concerns have mounted against the popular service, like their supposed sharing of data with Facebook as well as falsely claiming all calls via Zoom are encrypted.

Encryption will prevent data like calls. videos, and messages from being read by anyone other than those participating in the call, in the message, or in the conferences.

The end-to-end encryption feature will only be available for paying customers.

Tether (USDT) Held on Exchanges Can Predict Bull Run?

According to crypto data firm Santiment, the percentage of USDT held on exchanges can often anticipate bull runs. He told Cointelegraph that when people are not using USDT, they most often put it in Bitcoin. This USDT percentage often fluctuates a few hours or days in advance of BTC’s price reacting to it.

Santiment’s social media director Brian Quinlivan told Cointelegraph that this correlation started once USDT gained traction. Since Tether is clearly to top stablecoin, he is confident this correlation will manifest itself in the future.

[Philippines] Php 20 Cashback When You Buy Bitcoin at PDAX

Philippine Digital Asset Exchange (PDAX) has an ongoing promotion with BitPinas wherein users who use the “bitpinas” referral code can receive Php 20 cashback after every cash-in to the PDAX platform. Find out all the details here.

[Philippines] Watch Out For Scams

Now that Bitcoin breaches past $10,000, expect a lot of cryptocurrency scams returning and enticing investors. Check out the list of scams flagged by the Philippines’ Securities and Exchange Commission on this page. You can also check all SEC advisories here.

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