Bitcoin price spikes 5% to $13.5K shortly after ECB stimulus announcement

The price of Bitcoin (BTC) increased from $12,920 to $13,600 in four hours, recording a 5% rally. The uptrend coincides with positive developments from the European Central Bank, or ECB, and optimistic job data from the United States.

BTC/USD 1-hour chart. Source: TradingView.com

Macro factors favor Bitcoin rally

Throughout the past week, BTC has continuously rallied despite negative macro factors. The U.S. stock market was in a steep decline, and the number of COVID-19 cases across the U.S. and Europe rose sharply.

The perception of Bitcoin as a safe-haven asset is noticeably strengthening due to the rise in institutional demand. But when risk-on assets, such as stocks, are declining, they could place indirect pressure on BTC.

As such, when stocks rally and risk-on assets thrive, the short-term outlook for the price of Bitcoin improves.

On Oct. 29, there were several events that caused risk-on assets to increase. First, the ECB said it might seek a new stimulus package in December. Second, U.S. job data reflected the lowest weekly claims since the start of the coronavirus pandemic.

A second stimulus package in Europe achieves two things. First, it would massively increase the appetite for risk-on assets in Europe. Simultaneously, it would place pressure on the U.S. to deliver a much-needed stimulus deal.

Since U.S. President Donald Trump has made his position clear that a stimulus package will come after the election, this sets the U.S. up for a December stimulus deal.

The ECB said it would consider all possibilities in ensuring the sustainability of the economy. This benefits Bitcoin, gold and stocks altogether, as evidenced by the price of BTC. The ECB said:

“The Governing Council will carefully assess the incoming information, including the dynamics of the pandemic, prospects for a rollout of vaccines and developments in the exchange rate.”

Christine Lagarde, the president of the ECB, also emphasized that the institution acted promptly when the first wave of COVID-19 hit. Hinting that a second stimulus deal could arrive, she said:

“We have done that in the past: We have responded very promptly, very appropriately, very heavily, some would say, to the first wave that hit the euro area economies. We have done it for the first wave; we will do it again for the second wave.”

BTC prevented a bigger move down to the $12,700 area

When the price of Bitcoin moved below $13,000, technical analysts said BTC is at risk of dropping to $12,700 and lower.

The $13,000 level has acted as a strong support area, backed by whale clusters and large by orders. BTC defending the area indicates buyer demand is overwhelming selling pressure, as seen in the futures market.

The funding rate of the Bitcoin futures market has remained negative throughout the past several days. It suggests that the majority of the derivatives market is seemingly betting against BTC.

Yet, the demand for Bitcoin from the spot market is offsetting the selling pressure and defending BTC against further downside.

News source CoinTelegraph.com

Up or down? These Bitcoin price levels hint at the next move from $13K

Bitcoin (BTC) price has had a tremendous month as the price rallied from $10,500 to $13,800. However, in recent days, momentum is slowing amid rising coronavirus fears. Bitcoin’s price dropped from $13,800 to $12,900 on Oct. 28, making the recent breakout a fakeout.

Alongside a correction on the cryptomarkets, the equity and commodity markets also showed weakness. As the S&P retraced 4% on Wednesday, Silver also corrected 6%. The only asset doing relatively well was the U.S. Dollar Currency Index (DXY). In other words, investors are flying towards the USD for safety once again.

The $13,500-14,000 area confirming resistance for Bitcoin

BTC/USD 2-day chart. Source: TradingView

The 2-day chart shows an apparent resistance at the $13,500-14,000 area as a rejection is seen in this area. The $13,500-14,000 area is the final big hurdle until a potential new all-time high can be hit. Many investors and traders are eying this area as crucial.

The chart also shows a clear support zone ready to be tested in the coming period. This zone is marked between $11,600-12,200. If that area holds for support, new range-bound construction can be established to start a healthy accumulation period.

DXY bouncing upwards, causing BTC price to drop

U.S. Dollar Currency Index 1-day chart. Source: TradingView

As the fear surrounding potential full lockdowns returning across Europe, the flight towards safety is also starting up.

The first wave was there in March 2020, when the flight toward the U.S. Dollar was seen as markets crashed. Through that, the U.S. Dollar Currency Index (DXY) found a bottom and bounced upward from the 92.50 points level. Currently, it’s close to 94 points, through which the recent bounce of the DXY index triggered weakness across the other markets.

Bitcoin retraced heavily in recent days, but even Silver showed a 6% correction in just a day.

U.S. Dollar Currency Index 1-day chart. Source: TradingView

As the data shows, the correlation between Bitcoin and the DXY index became inverse since the March crash. This is also similar to the movements of Gold.

But what can be derived from this data is that the likelihood of further corrections for Bitcoin are increasing amid the legacy markets’ weakness and social unrest surrounding the potential lockdowns.

A correction wouldn’t necessarily be unhealthy for the Bitcoin market at this point as that may lead to further accumulation.

The majority of the investors definitely want to see a straight line towards $200,000, but that’s simply not happening. At best, Bitcoin is at the start of a new cycle, through which the boring sideways part will keep recurring. Once all levels are tested, parabolic movements can occur in price discovery.

Bulls must reclaim $13.3K

BTC/USDT 2-hour chart. Source: TradingView

A familiar concept is a breakout above the previous resistance for liquidity. After this, an immediate drop back into the range occurs. This is called a fakeout and is often seen in the markets to take liquidity.

As the chart shows, a clear resistance zone is established at $13,250-13,400 and should be broken to sustain further upward momentum. If the resistance zone can’t be cleared, the downside becomes more likely.

The levels beneath the current prices are $12,700-12,850 and $11,600-11,800 as higher timeframe zones to watch for potential support.

The latter “hell’s candle” scenario is only expected if the support zone between $12,700-12,850 is lost. However, such a drop would warrant massive selloffs across all crypto markets with altcoins taking the biggest losses from such a correction on Bitcoin.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

News source CoinTelegraph.com

Tesla meets crypto as FTX launches fractionalized stock trading

Major cryptocurrency derivatives exchange FTX has launched trading in “fractional stocks offerings” — tokenized products representing the shares of global firms.

The products were launched on Oct. 29 in partnership with German-licensed investment Firm CM-Equity and tokenization firm Digital Assets AG.

More than one dozen equity and crypto pairings are available for trade on FTX, including fractionalized Tesla (TSLA), Apple (APPL), and Amazon (AMZN) derivatives.

Fractionalized ownership lets the derivatives be broken down into smaller sizes than whole units, allowing retail traders to speculate on expensive stocks like Tesla’s with less capital.

“These products demonstrate a powerful future, in which assets are digitized and traders have unlimited creative potential to express their beliefs about the markets,” said Sam Bankman-Fried, FTX’s chief executive.

“Both crypto trading and equities trading have been steadily attracting a wider audience with new market participants coming in. These fractional stock products reflect the reality that today’s traders are industry and sector spanning and want trading opportunities that fully match their interests and mindset.” 

Traders based in the United States and other jurisdictions restricted by FTX will not be eligible to access the exchange’s fractionalized equity products.

FTX bases its operations from Hong Kong, but is owned by its Antigua and Barbuda-based parent-company FTX Trading Limited.

News source CoinTelegraph.com

Circle CEO Jeremy Allaire seems to already be using PayPal to buy Bitcoin

There has been significant excitement in the industry since PayPal last week announced its intention to enter the cryptocurrency market. The rollout of its new crypto services — enabling both crypto payments and direct, in-app purchases of crypto — has been officially set for early 2021.

Yet on Oct. 28, the co-founder and CEO of crypto payments firm Circle, Jeremy Allaire, claimed to have used the PayPal app to buy $100 worth of Bitcoin (BTC), tweeting a screenshot of the apparent transaction.

Allaire did not clarify how he had accessed the service prior to its official rollout, nor specify whether he had a promotional arrangement with PayPal to use and advertise the forthcoming service. As of press time, PayPal has not responded to Cointelegraph’s request for comment.

As previously reported, PayPal’s crypto functionality will support Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), alongside Bitcoin. Transactions, while initiated in crypto, will be settled with the site’s affiliated merchants in their local fiat currency.

As of Q2 2020, PayPal had over 346 million active accounts and processed $222 billion in volume. Crypto payments will be supported by its estimated network of 26 million merchants around the globe as of 2021. 

News source CoinTelegraph.com

Australia’s first crypto-friendly IPO will accept Tether

Australia’s crypto-friendly capital-raising platform Stax has announced its client West Coast Aquaculture Group, or WCA, will be conducting the country’s first initial public offering that accepts virtual currency as payment.

Investors participating in WCA’s offering can purchase equity in the company using Tether (USDT) or Australian dollars. USDT was chosen over Bitcoin (BTC) and Ether (ETH) due to its price stability.

Speaking to Cointelegraph, Stax CEO Kenny Lee emphasized that stablecoins offer the benefits of cryptocurrency without the volatility of other digital assets:

“The acceptance of USDT in an IPO is a transformative move in Australia and a significant step forward for cryptocurrency adoption in general. It paves the way for the future of capital markets down under.”

Lee noted Stax is considering support for additional stablecoins in future.

WCA operates a large marine farm in Langkawi, Malaysia, where it primarily produces fresh Grouper fish for wholesale and retail customers in Singapore, Hong Kong and Malaysia. The capital raised will be used fund expansions including the purchase of new hatchery and nursery facilities.

WCA is offering between 10 million and 14 million shares at $0.50 each, representing between 8.78% and 11.87% of the total available. The minimum target is $5 million.

After the raise, WCA’s plans for its shares to float on the Sydney Stock Exchange, with the shares expected to commence trading near Nov. 19

SSX chief executive Michael Go applauded Stax for facilitating a capital raise supporting USDT, stating:

“This is a first, and historic development in the Australian market which will dictate the future of capital raising, particularly for growth companies.”

News source CoinTelegraph.com

Partisan dunks eclipse Section 230 in Senate hearing on social media giants

In a hearing before the Senate Commerce Committee on Friday, the CEOs of Facebook, Twitter and Google’s parent company, Alphabet, faced a veritable firing squad in what has become bipartisan hatred based on partisan reasons. But while Republicans and Democrats have different gripes with the platforms, all are clearly out for blood. 

Today’s hearing, theoretically, set out to focus on Section 230, a component of the Communications Decency Act that has historically served to protect online content hosts from the responsibilities that publishers take on. However, the actual questioning ended up being primarily political dunking.

Many members commented on the speed with which the hearing was set up, which was clearly in response to the fact that the national election is Tuesday. The three CEOs — Mark Zuckerberg, Jack Dorsey and Sundar Pichai — all appeared remotely, but it was after a threat of subpoena. Democrat Senator Richard Blumenthal chided the Republicans on the committee for trying to sway the election last-minute:

“I am appalled that my Republican colleagues are holding this hearing days before the election when they seem to want to bully and browbeat the platforms here to try to tilt them toward President Trump’s favor. The timing seems inexplicable except to game the ref, in effect.”

Senator Brian Schatz (D-HI) went further: “We have to call this hearing what it is: It’s a sham.”

Meanwhile, Republicans such as Ted Cruz, who lost to Donald Trump in the presidential primaries in 2016, portrayed Twitter’s removal of the New York Post’s story on alleged corruption by the son of Democratic presidential candidate Joe Biden as proof that they are censoring conservative narratives. Cruz said:

“The three witnesses we have before us today collectively pose, I believe, the single greatest threat to free speech in America and the greatest threat we have to free and fair elections.”

Since the 2016 elections, Facebook in particular has fallen far out of the favor of Democratic congresspeople. Many attribute Donald Trump’s victory to Russian misinformation on the platform, as well as the sale of user data to the Trump campaign. Given the continued circulation of conspiracy theories and far-right recruitment on the platform, Democrats have put new pressure on Facebook to do more content moderation.

Meanwhile, President Trump and the Department of Justice have attacked Section 230 as a means for these platforms to remain unaccountable for how they perform content moderation. Here is a rare area where everyone seemed to agree. These platforms don’t make any of the algorithms running their suggestions public and have very limited information available about their new content moderation practices.

“The moderation practices used to suppress or amplify content remain a black box to the public,” said Senator John Thune (R-SD). “Due to exceptional secrecy with which platforms protect their content moderation practices it’s been impossible to prove one way or another whether political bias actually exists.”

Thune is a co-sponsor alongside Schatz on a bill that aims to add accountability to social media content practices while operating within the boundaries of Section 230. Other bills are floating around with more aggressive provisions against partisan removal of content.

But at least one leader in blockchain-based social media noted that proprietary controls over the algorithms running searches and content suggestions have no accountability because nobody ever sees them. This, says Bill Ottman — CEO of Minds — is something you could actually change fundamentally with legislation:

“The algorithms have to be open source. If the algorithms are not open source, there’s no way for anyone to know if they’re playing favorites. So that’s the regulation that would actually be useful to everybody, because it’s not so much a question of if search is a part of the multi-headed monster that is Google, it’s more like, can we audit search?”

Cointelegraph has previously speculated on whether the continuing attacks on Big Tech could ultimately push the market toward decentralization. Ottman suggested that making algorithms open source would allow public accountability on an ongoing basis, similar to how crypto operates.

Underlying all of these complaints is the awareness of the power of these platforms. They have become more critical to public discourse than anyone could have predicted in the mid-90s, when Section 230 emerged. Facebook, Twitter and Google are leading sources of information for many U.S. voters, a status some allege they have used to feed into their own size. Zuckerberg, Pichai and Dorsey all appeared before the House Judiciary Committee for antitrust violations in July.

News source CoinTelegraph.com

Bitcoin price sees pullback, but bulls still marching toward $20K

The price of Bitcoin (BTC) has increased by 36% in the last 35 days, showing a strong rally. The market sentiment has been optimistic due to rising institutional demand and the perception of BTC as an inflation hedge. 

But after a large uptrend, the belief that BTC may pull back has begun to increase. While a minor correction could occur, like the 4% downward trip to just under $13,000 on Oct. 28, a sizable downtrend is becoming increasingly unlikely. Bitcoin was at $13,860 at the day’s peak, which marked the top of the July 2019 rally. After hitting such a resistance area, a minor pullback is expected. Following a drop to below $13,000, BTC has quickly recovered to $13,150, demonstrating resilience.

Throughout the past 11 years, Bitcoin price has moved in cycles. One of the most prominent narratives, among many others, is the block reward halving, where roughly every four years, the Bitcoin blockchain cuts in half the amount of BTC mined. The halving slows down the pace at which new BTC is created, causing its overall circulating supply to decrease over time. The year following every halving, BTC has rallied strongly, as seen in December 2017 when BTC hit $20,000, subsequent to the July 2016 halving.

If a similar pattern follows, the price of Bitcoin will likely hit $20,000 in March 2021, an analyst known as Ceteris Paribus said. “For $BTC to match last cycle’s time to regain all time high, it would need to hit $20k on March 11, 2021. Would be kind of poetic for it to happen a year after (arguably) the most infamous day in bitcoin’s history.”

As such, analysts anticipate the road to $20,000 in the medium term to be met with obstacles and minor corrections. But three reasons could prevent Bitcoin from seeing a big pullback in the near term.

Lower exchange inflows, staircase rally, and spot-led uptrend

During a bull cycle, the biggest threat to an uptrend is a potential sell-off from long-time hodlers and whales. Before the sell-off happens, some on-chain indicators could show an intent to sell. The most widely used indicator to gauge seller activity is exchange inflows.

When whales prepare to sell Bitcoin, they typically transfer their BTC holdings to exchanges. On some occasions, if a high-net-worth individual is dealing with extremely large BTC holdings, then they might engage in peer-to-peer trades on over-the-counter markets. But in most cases, whales use exchanges like Coinbase, Gemini and Binance. As such, when inflows to major exchanges increase, it often suggests the selling pressure on BTC might intensify.

In the past month, as Bitcoin has rallied, exchange inflows have not increased substantially. Ki Young Ju, CEO of analytics firm CryptoQuant, reaffirmed on Oct. 27 that Bitcoin exchange inflows are declining. On Oct. 22, whale inflows temporarily spiked, causing concerns of heightened selling pressure. Ju noted, “Still safe from short-term $BTC dumping as well.”

With no large selling pressure coming from whales on exchanges, derivatives traders have explained that the ongoing rally is spot-led, not futures-driven. This differentiation is critical because when a rally is primarily fueled by the futures market, it could raise the probability of a rapid pullback. The reason behind this tendency is the possibility of cascading liquidations.

On a Bitcoin futures exchange, cryptocurrency traders place short or long positions with leverage. But that also indicates that if BTC drops 10%, the position would get liquidated and the trader would lose the base capital of $10,000. When the futures market drives the rally and a small drop rattles traders, it could cause a cascade of long futures contracts, causing the market to drop.

The recent rally, however, has seen significant demand from spot and institutional markets. “Light,” a pseudonymous Bitcoin derivatives trader, said, “Market structure is distributed with no exchange monopolizing price discovery. spot is leading derivatives. make of that what you will.” The continuous increase in the trading volume of LMAX Digital, Coinbase, Bakkt and Binance demonstrates the dominance of the spot market in the recent uptrend.

Lastly, the staircase rally of Bitcoin supports the argument that a large price drop has become less likely. In December 2017, Bitcoin crashed after reaching $20,000 because the uptrend occurred in a short period, so there was not enough time to establish support and resistance levels. This time, BTC is climbing a staircase, consolidating after each rally. Such a technical pattern strengthens the uptrend and uplifts the overall momentum.

Potential reasons for a Bitcoin downtrend

Still, there are two key reasons why traders anticipate a short-term Bitcoin downtrend. First, the U.S. dollar index (DXY) has been rebounding. Since alternative stores of value, including gold and Bitcoin, are priced against the dollar, the recovery of the DXY could negatively affect BTC. Second, Bitcoin market sentiment is demonstrating FOMO-level excitement — the fear of missing out — which raises concerns of an overheated rally.

Bitcoin traders Michael van de Poppe and Nick Cote both emphasized that the rising DXY could be a problem for BTC in the near term. Van de Poppe, a full-time trader at the Amsterdam Stock Exchange and a Cointelegraph contributor, said that $12,700 remains a potential target if the DXY continues to climb:

“Retrace here on $BTC, as $DXY is pushing upwards given the surrounding coronavirus pandemic fears. To avoid deviation above the range high, $13,250-13,325 has to hold for support. If that breaks, $12,700 seems next.”

Researchers at Santiment also emphasized that the “social mood” of the Bitcoin market has been increasing quickly. Marking a positive factor in the long term, in the foreseeable future it raises the chances of an overheated rally. If so, the derivatives market could begin to get overcrowded and whales could ponder taking profit on their positions: “Overall social volume is also rising, indicating higher than normal FOMO levels.”

Possible variables

In the last three days, the hash rate of the Bitcoin blockchain network has dropped substantially. According to data from ByteTree, miners have been selling large amounts of BTC in the past week. Analysts attribute this trend to the end of the rainy season in China, which affects the cost of electricity of Bitcoin miners. During the rainy season, miners can gain access to cheaper electricity, which allows them to mine more BTC with lower costs.

There is a possibility that, as miners slow down their operations, they will sell BTC to take profit. As Cote, an on-chain analyst, said, the hashing power outflows out of China have been fast and could further accelerate in 2021. While this is a positive development for the decentralization of the hash rate, in the short term, it could affect the markets:

“The only thing faster than $BTC outflows from exchanges will be hash power outflows out of China in 2021. The energy goliaths are here and they are ready to supply all the good miners with cheap electricity to put a plug in their own bleeding.”

Atop the mass exodus of miners in China, the uncertainty around how the United States presidential election will affect the global equities market is causing both American and European stocks to slump. The Dow Jones Industrial Average has decreased by 5.10% in the past five days, rattling all risk-on and risk-off markets. The DXY aside, gold, Bitcoin and stocks have all fallen in tandem in the last 24 hours, demonstrating a high level of uncertainty in the market.

News source CoinTelegraph.com

Visa’s foray into fintech provokes DoJ antitrust investigation

The U.S. Department of Justice, or DoJ, recently publicized an investigation into Visa’s ongoing acquisition of fintech company Plaid.  

“Today, the Department of Justice filed a petition in the U.S. District Court for the District of Massachusetts to enforce Bain & Company’s compliance with the department’s Civil Investigative Demand (CID),” the DoJ said in a public statement on Tuesday. Essentially, U.S. authorities have taken legal action to obtain information from Boston-based consulting giant Bain & Company on Visa’s acquisition of Plaid. 

“On June 11, 2020, the division issued Bain a CID requiring the company to answer interrogatories and produce documentary material, including documents that discuss Visa’s pricing strategy and competition against other debit card networks that may be important to the division’s analysis of the proposed acquisition’s effects. The petition alleges that Bain has refused to produce these documents, claiming a seemingly blanket privilege over almost all of them.”

Payments behemoth and credit card provider Visa unveiled its $5.3 billion Plaid acquisition on Jan. 13. Citizens’ financial lives often require a number of apps or platforms, countless transactions, and siloed information. Plaid aimed to bridge the disconnect between those platforms and their involved information. 

“As alleged in the petition, Bain, a consulting firm, has withheld important documents demanded under the CID, asserting unsupported claims of privilege over the documents, thereby stymying the Antitrust Division’s investigation,” the DoJ statement says. 

Makan Delrahim, the Antitrust Division’s assistant attorney, noted the importance of such third parties giving pertinent information to authorities. “Too often, third parties seek to flout these requirements,” Delrahim said. The action stands as an accountability play, keeping Bain in line with regulatory expectations, while also seeking pressing details surrounding its investigation.

Earlier this year, following the acquisition’s announcement, Plaid faced at least two lawsuits. The first surfaced in June, alleging Plaid used customers’ information for its own gain. The second legal action came out in July, claiming a breach of privacy requirements. 

News source CoinTelegraph.com

3 reasons why Bitcoin price suddenly dropping below $13,000 isn’t bearish

The price of Bitcoin (BTC) fell below $13,000 on Oct. 28 shortly after hitting $13,850 at the day’s peak. Despite the 7% drop in 11 hours, however, the market sentiment remains positive for three key reasons.

First, Bitcoin is still at where it was on Oct. 27, merely 24 hours ago. Second, BTC rose to $13,850, right below a multiyear resistance area at $13,873. Third, a marketwide drop was expected due to declining stablecoin inflows into exchanges.

Bitcoin drops to where it was yesterday

In the last two days, the price of Bitcoin rallied 8.5% from $13,783 to $13,850 on Coinbase. The move came after a month-long uptrend during which BTC rose from around $10,200 to $13,850.

Now, on high time frame charts — like the daily chart, for example — BTC price is hovering above a key short-term moving average.

The recent pattern of Bitcoin following up each uptrend with a consolidation phase makes the ongoing rally sustainable.

The daily Bitcoin price chart with funding rates. Source: TradingView.com

The strength of the spot market over the derivatives market also indicates that the uptrend is strong and healthy. A pseudonymous trader known as “Byzantine General” said:

“A higher spot price & higher spot volume (relatively speaking) is considered bullish because it means that the rally is based on actual buying instead of degenerates gambling on derivatives.”

The $13,873 level is a multiyear resistance area

Bitcoin peaked at around $13,900 in July 2019 across major exchanges. As Cointelegraph reported, many traders pinpointed the $13,875 level as the pivotal resistance area in the short term, partially for this reason.

If BTC had continuously risen beyond $13,875 without any pullback, it would have caused the rally to become massively overheated. In the medium term, that would have raised the probability of deep pullback, or as some on-chain analysts call it, a “hell candle.”

BTC decline coincided with lack of stablecoin inflows

Prior to the short-term correction of Bitcoin, CryptoQuant CEO Ki-Young Ju warned that stablecoin inflows into exchanges were declining.

The inflow of stablecoins is an accurate metric to gauge buyer demand because stablecoins, like Tether (USDT), account for a large portion of the cryptocurrency market’s volume.

Stablecoin inflows into exchanges sharply drop. Source: CryptoQuant

According to CoinMarketCap, the daily volume of Tether exceeds $59 billion across major exchanges. Purely in terms of daily volume, Tether is the most traded cryptocurrency in the global market. A few hours before the BTC drop occurred, Ju tweeted:

“Fewer people are depositing #stablecoins to exchanges. BTC Buying power is weakening in the short-term(72h).”

The drop in stablecoin inflows might have triggered a sharp Bitcoin pullback because buyers and sellers were intensely battling over the past week. Some miners and whales were selling, while new inflows continuously offset the selling pressure.

News source CoinTelegraph.com

Crypto scammers deface Trump campaign website one week from elections

One of United States President Donald Trump’s re-election campaign websites was briefly defaced yesterday, according to an Oct. 28 article on TechCrunch.

Hackers managed to replace donaldjtrump.com’s usual campaign rhetoric and request for donations with a spoof of the FBI’s “This site has been seized” message.

The unknown attackers claimed to have obtained “strictly classified information” and encouraged people to essentially vote on whether they wanted the data released, using payments to two Monero wallets.

Screenshot of seized Trump campaign site. Source: TechCrunch

Among the insider information reportedly on offer was evidence discrediting Trump as president and connecting his government to “the origin of the coronavirus.” There is no evidence to suggest that the individuals involved possess any such information. 

The website contained no sensitive data, according to Trump’s campaign communications director, Tim Murtaugh, who confirmed the attack in a tweet.

Trump recently claimed that “nobody gets hacked,” just days before having his Twitter account hacked by a Dutch researcher who claimed he guessed the password as “maga2020” on his fifth attempt.

The cryptocurrency world is eagerly watching the U.S. presidential election race and wondering how the results could potentially affect the price of Bitcoin and other tokens.

News source CoinTelegraph.com