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Weekly Crypto News Digest: Bloomberg’s April Report Predicts Bitcoin Bull Rally, Etana Reports Security Breach, Demand for Bitcoin at an All-Time High in Argentina

By SwapSpace on The Capital

Argentinians turning to crypto with the Argentine Peso drowning under inflation, Bitcoin preparing for a bullish rally and other actualities in our weekly roundup.

Latest Bloomberg report suggests that Bitcoin is readying for enormous leap

Bloomberg’s latest take on the digital currency market suggests that Bitcoin is preparing for a bullish rally similar to the one seen in 2017. The report shows significant similarities between the last leap and the current circumstances.

With Bitcoin created as a result of the last recession, it could possibly thrive amidst current financial instability. The fallout from the coronavirus pandemic may also contribute to the increasing gap between BTC and other cryptos. The report also shows that BTC is growing more and more immune to the volatility of traditional markers, and has almost reached its closest 52-week correlation to gold since launch.

Etana Custody suffered from an extensive data security breach

The massive breach happened on April 18 and led to an unauthorized third party gaining access to Etana’s client user interface. The service reports that customer assets were not affected, but some sensitive user data may have been compromised.

According to the company’s memo, compromised data may have included client’s and trader’s names, emails, addresses, and phone numbers. Etana reports that the breach has since been neutralized.

Binance’s beta mining pool reports its first Bitcoin block

According to the Binance’s CEO Changpeng Zhao, the mining pool — still in its closed-beta version — has mined its first block of BTC transactions. The news amped up the competition: many other mining pools are predicted to begin offering lower fees and better withdrawals.

TON-SEC confrontation at a standstill

The clash between Telegram and the U.S. Securities and Exchange Commission (SEC) continues with the regulator filing another claim with the Southern District of New York. SEC alleges that the upcoming Gram tokens do not meet existing regulations for securities and that Telegram forced launch while fully aware that the tokens will be found illegitimate.

Interest in Bitcoin surges in Argentina as the country moves towards default

With Argentina facing a foreign debt of over $65 billion, the weekly acquisition of Bitcoin jumped 1028% since the beginning of last year. The jump is a response to the government inching closer to announcing its default on foreign debts and the Argentine Peso drowning under inflation. Argentina’s financial crisis was bad even before the COVID-19 pandemic, causing Argentinians to turn to crypto-assets as a reliable alternative to the struggling and volatile national currency.

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