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Bitcoin Price Watch: Currency Still Unwavering, No Direction Set

At press time, the price of bitcoin is still refusing to budge, and remains solidly in the $6,500 range. The currency continues to move in a sideways motion, and there’s no telling when – or even if – bitcoin will do anything different in the coming weeks.

Bitcoin bull and creator of the cryptocurrency merchant bank Galaxy Digital Mike Novogratz has lessened his end-of-year price prediction for the father of crypto and recently reported that he doesn’t expect the currency to surpass $9,000 by the time 2019 is ready to roll in. This prediction is roughly four times less than his statements from last fall, when he claimed bitcoin was likely to end 2018 at roughly $40,000.

BTCUSD: BTCUSD: Lulls The Herd To Sleep. Break Out Coming?

Novogratz went on to say that he feels much of the downward pressure on bitcoin’s price this year stems from the fact that institutional investors are looking to sell their stashes “just to find the burn rate in the industry” and pay operational expenses.

Last September, Novogratz commented that the bitcoin price was bottoming out. This caused a short Twitter war between Novogratz and persistent bitcoin bear Tone Vays, who claimed that the ethics and accuracy of his claims were likely false or misleading. He also questioned the validity of Galaxy Digital’s holdings.

In the middle of bitcoin’s refusal to move, one source is desperately trying to determine the coin’s total value, which it says could be set as low as ten dollars. The author comments that the currency’s nature is very hard to pinpoint, which in turn, has caused mass adoption to remain sluggish and weak. As the value changes virtually every day, and bitcoin remains excessively volatile, it’s very difficult to use on a day-to-day basis for standard purchases.

In addition, it is widely believed that many of the coins in circulation are owned by a select few individuals, which means they could potentially manipulate the market if they really wanted. This could also prevent the currency from becoming an internationally accepted currency. However, the author does point out that a limited number of bitcoins will exist by the time they’re all fully mined. Thus, the currency is likely to possess a “terminal value” of sorts.

In the meantime, current resistance for bitcoin sits at $6,860, and another source comments that:

“Traders should be patient and wait for the triangle to make a confirmed breakout. We do not know the direction beforehand, and there is no benefit to guessing it. We will follow trend and take positions once we see the breakout. Whichever direction the breakout is, we will have lots of room to move. Upper target is 12K and the lower target is around $400-500.”

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iCloud Hacker Demanded $175,000 Ransom to be Paid in Bitcoin

A hacker who filmed himself accessing Apple iCloud accounts has appeared in a U.K. court. Kerem Albayrak had demanded around $175,000 in ransom be paid in Bitcoin and Apple iTunes vouchers for the non-disclosure of sensitive user data. Apple Hacker Charged in Connection with Bitcoin Blackmail An IT analyst from north London has been charged with one count of blackmail and two counts of unauthorised acts intending to hinder access to a computer. Albayrak appeared at Westminster Magistrates’ court where he was granted unconditional bail until his case is heard at Southwark Crown Court on November 14. According to a report in the U.K.’s Daily Mail, Albayrak had recorded himself hacking into iCloud accounts and posted the footage on YouTube. He then contacted Apple and demanded $170,000 to be paid in Bitcoin and iTunes vouchers. He warned the global tech giant that he would disclose the personal details taken from the 319 million users’ accounts he had gained access to if they did not meet his demands. During court proceedings today, it was revealed that Albayrak initially requested around $75,000 before upping his demands to double that figure. He finally settled on $174,000 in Bitcoin and around $1,000 worth of iTunes vouchers. The prosecution’s legal representative, Lorna Vincent, stated: “Mr Karem Albayrak is accused of sending emails to Apple making financial demands for downloading database iCloud accounts and factory resetting those iCloud accounts… He entered into the accounts of the alleged victims and posted a video of his hack onto YouTube.” Albayrak is far from the first to make such ransom demands on big companies. His efforts are reminiscent of last year’s WannaCry ransomware attack. Based on the same principle of blackmailing firms with threats of releasing sensitive data, the malware attack infected hundreds of thousands of computers across the globe. The hacker behind it was able to evade authorities for over a year, but was arrested last month. In a number of decidedly more analogue attacks, people replaced data as the cornerstone upon which to leverage Bitcoin blackmails. In July of this year, a businessman from Cape Town was kidnapped and a demand of 50 BTC was made for his safe return. Liyaqat Parker was returned to his family in September. It is unknown if the ransom was met. Likewise, in Ukraine last December, a crypto-analyst from the EXMO exchange platform was also kidnapped. Once again, those responsible demanded Bitcoin for his safe return. In this example, the demands were met and Pavel Lerner was returned just days later. Fortunately, authorities were able to track Albayrak down before any harm could be done with the data he reportedly managed to access. This is hardly surprising, given how amateurish the young hacker went about coordinating his attack. Featured image from Shutterstock. The post iCloud Hacker Demanded $175,000 Ransom to be Paid in Bitcoin appeared first on NewsBTC.

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