After a quiet start post-halving, BTC has ramped up and broke through its immediate resistance, and is now sitting at around 9,600. While it hasn't broken through 10,000 quite yet, it does have some momentum and could look to rally once more in the coming days, with 10-day and 50-day MAs acting as trail supports. A sudden drop in mining hashrate - over a 30% decrease in the last few days - hasn't stopped the positive price action. Things can suddenly turn bearish however if price cannot consolidate at or above this current range, as this rally could turn out to be only be a lower high.
Global market cap is at $262B, while BTC's market cap is at $177B.
Michael Kapilkov
A report published by Stack Funds claims that negative interest rates may turn Bitcoin into an attractive alternative for institutional investors. The report showed the current situation of the Federal Funds Rate with effective federal funds rate now at 0.05 as of May 13, 2020 and stated that negative interest rates are a sign of a declining economy. If interest rates in the U.S. turn negative in the near future, market participants will be forced to look for alternatives to traditional assets and this is where BTC could potentially have the opportunity to gain institutional investors.
Alyssa Hertig
Binance stopped an attempted laundering of stolen funds by Upbit hackers by freezing funds in their Binance wallets. The attempted laundering was first noticed by bot Twitter account Whale Alert, and immediately warned Binance that roughly 137 ether (around ~$27,000) had moved from an address linked to the Upbit hacker group to its wallets. Binance was quick to take action as CEO Changpeng "CZ" Zhao responded with a tweet after the funds had been successfully frozen and that they would return the funds to Upbit shortly. The time it took from hackers transferring and the blocking of funds was around 1 hour.
Security measures are now more stringent as wallet addresses linked to suspected hackers are tagged, and exchanges usually freeze any funds moving from these wallets once it arrives on their servers.
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Visa has filed a patent application to create digital currency on a blockchain with the US Patent and Trademark Office. The patent, filed in November 2018 but published just this week, is for a digital currency recorded on a blockchain and controlled by a central entity computer, with Ethereum as a possible network. A centralized process to maintain the value of the stablecoin is described in the application, stating that "every time a dollar worth of digital fiat currency is generated, the central entity ensures that a corresponding physical dollar bill is removed from circulation, in order to regulate the value of the digital fiat currency."
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