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Bitcoin Grows, Kraken Develops, And People Lose

09/18/2020
|
  • bitcoin
  • Kraken
  • fail
News list

Analysts forecast new growth of Bitcoin. Kraken is pioneering new services - almost. Daydreamers, or how to mis-send your millions to nowhere.

Bitcoin Conquering New Heights

This week, the rate of the first cryptocurrency reached as high as 11 000 USD. What can we expect from Bitcoin in the future? Most analysts are optimistic in their forecasts. For instance, the NewsBTC analyst A. Jindal assumes that the worst-case scenario is that the main cryptocurrency turns as 'cheap' as 10 500 USD, but if it manages to break the level of 10 700 USD and can hold the place, then the next goal is 11 000 USD per Bitcoin.

It is worth noting that analysts claim there is a lot of room for growth for cryptocurrencies in general and for Bitcoin in particular due to the unstable geopolitical situation we are living in. The USA starts its printing press to help the economy get out of the coronacrisis. Which will surely have a negative effect on the USD rate. So there is no doubt that Bitcoin will be growing.

Some economists like the legendary Robert Kiyosaki claim that the US economy is soon to go bankrupt and recommend investing in Bitcoin and precious metals. And overall, analysts come to an agreement that the crypto industry is only starting to grow right now. The widespread decentralisation of financial assets, active development of new technologies and fast inflation of the US national currency – all of these factors add to the strength of Bitcoin. But it is worth remembering that sometimes markets can give us unwanted and unpleasant surprises, so let's just watch how things go on from here.

Bitcoin Conquering New Heights

Kraken to Launch the First American Cryptobank

The famous crypto exchange Kraken has announced receiving a banking license and is soon opening the first in the US crypto bank. At first, it will only work for the citizens of the USA, but they are planning to expand to other regions as well.

The new banking institution – Kraken Financial – will provide all kinds of services typical of financial organisations. Clients will be able to open accounts, use them to pay for products and services, receive their salary, invest, etc.etc. – all in crypto.

And even though Kraken Financial will be the first crypto bank in the USA, it will not win the world's race. Switzerland is famous worldwide for its elaborated banking sector, so no wonder it has a crypto bank SEBA working from 2019.

Kraken to Launch the First American Cryptobank

The Big Loss

We all remember this soon-to-be-textbook story about 5000-bitcoin-worth pizza, but even now users lose huge amounts of money with crypto for nothing. Let's talk about the biggest fails of September 2020.

Top fail award goes to a small error that cost one investor over a million USD. This user was trying to transfer 1 million Tether but made a mistake in the wallet address, so the money got lost in the smart contract, which makes all deposit and withdrawal impossible. Though Tether representative promised to help the user get their funds back. So it may well be that the unlucky investor will get away with a slight (or a huge) shock.

Just several days after that another user sent their 800 Binance tokens to the wrong place. And again, as the funds result in the smart-contract itself, it is impossible to get the money out. So double-check the address whenever you send crypto-assets, while we here in LH-Crypto will continue telling you about the news of the crypto world.

The Big Loss

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