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Nokia Threat Intelligence Report warns of rising cyberattacks on internet-connected devices – GlobeNewswire

Press Release

Nokia Threat Intelligence Report warns of rising cyberattacks on internet-connected devices

Report also highlights role of numerous COVID-19-themed cybercriminal campaigns aimed at exploiting user data 22 October 2020

Espoo Finland - Cyberattacks on internet-connected devices continue to rise at an alarming rate due to poor security protections and cybercriminals use of automated tools to exploit these vulnerabilities, according to the latest Nokia Threat Intelligence Report.

The report found that Internet-connected, or IoT, devices now make up roughly 33% of infected devices, up from about 16% in 2019. The reports findings are based on data aggregated from monitoring network traffic on more than 150 million devices globally where Nokia's NetGuard Endpoint Security product is deployed.

Adoption of IoT devices, from smart home security monitoring systems to drones and medical devices, is expected to continue growing as consumers and enterprises move to take advantage of the high bandwidth, ultra-low latency, and fundamentally new networking capabilities that 5G mobile networks enable, according to the report.

The rate of success in infecting IoT devices depends on the visibility of the devices to the internet, according to the report. In networks where devices are routinely assigned public facing internet IP addresses, a high infection rate is seen. In networks where carrier-grade Network Address Translation is used, the infection rate is considerably reduced because the vulnerable devices are not visible to network scanning.

The Threat Intelligence Report also reveals there is no let up in cybercriminals using the COVID-19 pandemic to try to steal personal data through a variety of types of malware. One in particular is disguised as a Coronavirus Map application mimicking the legitimate and authoritative Coronavirus Map issued by Johns Hopkins University to take advantage of the publics demand for accurate information about COVID-19 infections, deaths and transmissions.

But the bogus application is used to plant malware on victims computers to exploit personal data. Cybercriminals are playing on peoples fears and are seeing this situation as an opportunity to promote their agendas, the report says. The report urges the public to install applications only from trusted app stores, like Google and Apple.

Bhaskar Gorti, Nokia Software President and Chief Digital Officer, said: The sweeping changes that are taking place in the 5G ecosystem, with even more 5G networks being deployed around the world as we move to 2021, open ample opportunities for malicious actors to take advantage of vulnerabilities in IoT devices. This report reinforces not only the critical need for consumers and enterprises to step up their own cyber protection practices, but for IoT device producers to do the same.

Additional Resources

Webpage: Nokia Threat Intelligence reportVideo: Vulnerability in IoT devicesVideo: 5G can help secure devices

About Nokia

We create the technology to connect the world. Only Nokia offers a comprehensive portfolio of network equipment, software, services and licensing opportunities across the globe. With our commitment to innovation, driven by the award-winning Nokia Bell Labs, we are a leader in the development and deployment of 5G networks.

Our communications service provider customers support more than 6.4 billion subscriptions with our radio networks, and our enterprise customers have deployed over 1,300 industrial networks worldwide. Adhering to the highest ethical standards, we transform how people live, work and communicate. For our latest updates, please visit us onlinewww.nokia.comand follow us on Twitter @nokia.

Media Inquiries

CommunicationsPhone:+358 (0) 10 448 4900E-mail:press.services@nokia.com

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Cybersecurity and a potential Biden White House: Past tech priorities resurrected – SC Magazine

Democratic presidential nominee, Joe Biden, speaks in Durham, North Carolina. (Adam Schultz/Biden for President)

Even among those who have worked with him, Joe Biden is not known as a tech policy wonk.

So, its not surprising that today, during a pandemic, cybersecurity doesnt come near to the top of the list of topics Bidens campaign is prioritizing for the sake of the election.Russias election meddling may get a mention, but nothing tied to any substantive cybersecurity policy.

That said, any presidents potential influence on cybersecurity policies are manifold, with legislation, trade philosophy, and even military actions all playing a role. And as the cybersecurity community assesses a potential Biden White House, privacy regulations, global internet surveillance practices, and supply chain security are all at play.

Those topics matter to practitioners like Michael Daly, chief technology officer for cybersecurity, special missions, training and services at Raytheon Technologies. But what he says matters most is whether the government prioritizes cybersecurity in the first place.

Its just a question of how much focus it gets how much energy anything can get in the time of COVID-19, he said. There isnt a lot of oxygen left. But Im hoping that cybersecurity will see a resurgence in importance.

SC Media spoke to numerous sources, many who worked with the former vice president or his running mate Kamala Harris, about how cybersecurity might enter the conversation in the White House.

What new leadership can and cant change

Much of the government cyber posture is handled by agencies, including the departments of Homeland Security and Justice. And while there are often brash changes to leadership, the cybersecurity priorities remain very similar and long-term plans remain in effect.

I dont think whos in office changes many of the goals, but theres a change in focus and energy, said Daly.

Former DoJ employees note that many of the prosecutions of Chinese hackers for economic espionage that we see today, for example, are the result of strategies and investigations put in place in prior administrations, sharpened by Chinese actions and new lessons learned. The same is true for much of DHSs work through the Cybersecurity and infrastructure Security Agency, or CISA. And just as strategies need time to develop, successes and failures can often be attributed to career officials, not changes at the top.

For day-to-day work, several former government employees say, agencies adapt more to changing threats than changes in leadership.

The Obama administration built on some really great work that was done during the Bush Administration, which built on some good work that was done during the Clinton administration, Obama-era Federal Chief Information Security Officer Greg Touhill and current president at AppGate Federal told SC Media. And Grant [Schneider, Touhills successor appointed by Trump] went from being my deputy to carrying the same message into President Trumps executive order as well as the national cybersecurity strategy.

But leadership changes have a more profound effect on how information gets to the president and how the president weighs the different priorities of different agencies and of industry partners. A potential Biden pivot back towards a more traditional, full collection of White House advisers, including restoring dedicated cybersecurity staff, could ensure that the issue doesnt get lost during a presidential term dominated by recovery from a COVID-19 shattered economy and several national disasters.

Any administration will tell you one of the single most precious commodities that it has is time, said Michael Daniel, former Obama cybersecurity coordinator and current chief executive of the Cyber Threat Alliance. To the extent that you can count on people whose job it is to continue making progress on policy issues, even in the midst of other stuff going on is very important; to say, hey, if we want to avoid the next crisis over here, lets take five minutes to talk about this.

During the tenure of John Bolton as national security advisor in the Trump Administration, the National Security Council dramatically reduced staff in the hopes of streamlining decisions. Many government officials of both parties see value in a president reintroducing and utilizing something akin to the cybersecurity coordinator position that was eliminated that is, someone to make sure all agencies are rowing in the same direction and to coordinate with the private sector.Biden may be inclined to do that, considering a cybersecurity coordinator existed under the Obama administration.

One thing I learned in the military as a cadet, is the best way to get a bunch of people from over here to over there is to have somebody call cadence, said Touhill, who served to the rank of brigadier general. You need to have that coordinator whos making sure that we are in sync, for example, with offense and defense. If Ive got Cyber Command firing cyber shots down range, you know what? Theyre going to shoot back. Agencies and businesses need to be prepared when that happens.

That could also serve well what many expect to be a more deliberative and measured approach to government that would come from Biden, much like Obama. That approach relies heavily on both public and private sector stakeholder input. It means, for example, that someone from the Department of Transportation may be aware of U.S. action that could lead to a counterattack on airports. More thorough legal review could ensure better outcomes in court cases.

But it all comes at the cost of expediency. And cybersecurity decisions aimed at any one sector including government often have broad impacts on other sectors.

Its frustrating and its sometimes slower than you would like, but I firmly believe you end up making better policy, said Daniel. They can stand the test of time that way for both government and the businesses community.

Privacy policy

Privacy policy in America is a patchwork of several legislative efforts siloed by industry. Its a key issue where the government, and not an industry group, creates the standards that industries have to abide by.

The biggest and most obvious focus is in compliance, especially around privacy, said Raytheons Daly.

Harris has a more robust tech policy lineage than Biden, particularly around privacy policy. In 2012, as attorney general of California, Harris set up the Privacy Enforcement and Protection Unit, helping thestate become a national leader in regulating consumer privacy.

Her potential vice presidency comes at a time when corporations and civil liberties groups alike are asking for a national privacy policy on the scale of the General Data Protection Regulation (GDPR) the regulation governing data protection and privacy in the European Union. For businesses, the alternative is 50 different and potentially contradictory state laws for chief information security officers to juggle.

In the words of Daly, its far cheaper to have one set of rules.

Harris would also bring some experience to the delicate negotiations with tech companies.

During a time when mega breaches impacted consumers at a very personal level, her office took the lead on several of those investigations, said Kathleen McGee, an attorney for Lowenstein Sandler who handles cybersecurity and tech issues. She formerly worked with Harriss California attorney general office as chief of the Bureau of Internet & Technology for the New York State Attorney Generals Office.

Along with several other states, California entered into what were groundbreaking agreements with companies that paved the way for a greater level of expectation from customers, she said.

Privacy policies affect what data companies can save about consumers, how it must be stored, when consumers must be explicitly notified about a data incident and how data can be sold on a lucrative secondary market.

Democrats have traditionally been the party most in support of bringing U.S. positions on privacy in line with those around the globe. The EU, for example, views personal data as personal property even when its stored on a commercial site. That dramatically impacts the data economy that keeps sites like Google and Facebook in business. As emerging technologies like biometrics work their way into storefronts, like Amazons cashierless store concept, those concerns can heighten.

Harris comes from California and has represented Silicon Valley in the Senate, McGee noted. It may give Harris a unique credibility for both sides of the debate. And credibility might be a key, missing factor in getting a privacy bill passed. National privacy policy was at times a priority of both the Obama and Trump administrations, but got little traction.

Larry Clinton, president and CEO of the Internet Security Alliance, which lobbies for cybersecurity policy on behalf of a broad swath of companies, expects federal agencies to take back regulatory power the Trump administration abandoned in a new administration. And, he said, that might not be a bad thing.

Industry is more risk tolerant than the government. Why does 10 percent of product walk out the door? Because cameras and security guards cost 11 percent, he said. But commercial insecurity creates a national security threat.

International considerations

The Obama-Biden administration and, most politicians before Trump typically approached multilateral global agreements so as to benefit all parties. Should Biden win, attempts will likely be made early on to repair some of the relationships fractured during four years of an America First philosophy.

But why might that matter? While global relations may seem more a matter of diplomacy, they can often influence cyber activity for both the government and the business community.

When I advise companies, I say dont just read the science and technology pages, said Michael Bahar, an attorney for Eversheds Sutherland with a focus on cybersecurity and technology policy. Read the front page, because often when geopolitical tensions rise your work is going to be hard and vice versa.

By promoting the idea of sovereignty over international cooperation, the United States has lost some of its influence to combat global shifts in internet governance. There has been a slide toward the Russian and Chinese ideal of a nationally siloed internet: less open, more surveillance and fewer global cloud offerings. All of those policies are less attractive to global businesses that depend upon the availability of such services to support operations.

I would hope to see the U.S. regain some of its standing as a leader internationally in developing good cybersecurity policies, said Daniel. Biden would move against some of the balkanization that China and Russia have made in the past few past four years.

A coalition of allies could influence the world away from the Russian and Chinese version of Walled Gardens, he continued, where the government gets to decide who sees what, who gets what, what kind of information moves. That would swing the pendulum back to a more comfortable position for businesses, which must track global data and surveillance policies that could impact supply chains.

Notably, Chinas international dominance of supply chains with equipment embedded in everything from computers to the telecommunications equipment to emerging social media platforms like TikTok creates massive uncertainties in the business community. It also introduces an array of security concerns.

Daniel offers that a unified crackdown among allies on China might mean, in part, offering alternatives to Chinese products, and may mean building a domestic 5G equipment industry to counter Huawei.

The Internet Security Associations Clinton believes China has pushed the U.S. to an inflection point, which will force cybersecurity and general technology policy to be reconsidered. The White House will be compelled toward collaboration with companies, and toward funding of domestic research into fields like machine learning and quantum technologies those areas where he feels the next Huawei skirmishes will happen.

It matters who the leader is, he said. The perception of the threats will be the same. But if Biden won, we would likely see a broader approach to cybersecurity.

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Virgin Media has an important new feature, but switching it on will cost you – Express

Virgin Media is now offering customers unlimited security across their devices for a small extra fee each month. According to research conducted by the Internet Service Provider (ISP), Britons cough-up an average of 50 a month to rectify problems that couldve been avoided if they had protected their gadgets and devices. With the arrival of its new comprehensive security package, Virgin Media wants to save its customers from paying anything close to that.

The new add-on for broadband, mobile phone and telly customers is powered by security firm F-Secure. Known as Virgin Media Internet Security, the new software bundle includes a truckload of different protections. Virgin Media is including parental controls to keep children safe online, as well as automatic virus, malware, ransomware and spyware protection. Theres also safety features to protect users while online banking, shopping or surfing the internet, Virgin Media claims.

Once youre all set-up, Virgin Media says the Internet Security package will continue to run in the background.

To get the extra protection, Virgin Media customers will need to spend an extra 3 a month, or 30 a year. Virgin Media Internet Security is available across all Android, iOS, Windows (PC) and Mac devices, with the option to sign up for a free 3 month trial before committing to an annual plan.

So, there arent a lot of gadgets in your home that wont benefit from the extra layer of security provided by the teams at F-Secure.

READ MORE: Your next Virgin Media bill could be a shock, but not in the way you might expect

If youre interested, Virgin Media customers need to request the service and install Virgin Media Internet Security on all of their devices for full protection. According to the fibre firm, customers also have the flexibility to choose the devices they want to protect, so if they change or lose their device they can simply move or re-install Virgin Media Internet Security onto another one. In other words, if you switch from an iPhone to an Android device, youll be able to switch one of your named devices to ensure your new smartphone is protected.

Executive Director of Product at Virgin Media, Annie Brooks said: Life is busy and its easy to overlook the importance of device security until its too late, which is why we want to make it easier for our customers to keep all of their devices safe and secure. For the same price as a cup of coffee, Virgin Media customers can go about their day with the extra peace of mind that all of their devices, as well as those belonging to their family, are safe and protected.

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Internet Of Things Iot Security Market Economic Perspective And Forecast To 2027 – PRnews Leader

The Global Internet Of Things Iot Security Market report 2020 gives data to advertise players, partners, financial specialists, and business tacticians to accomplish a main situation in the market. It keeps up the record of Unusual development techniques received by different organizations that are making new guidelines for rivalry in the worldwide Internet Of Things Iot Security Market. Organizations around the globe are targeting expanding their net revenue and building up a fortress in the worldwide market. The effect of the predominant administrative situation on both provincial and overall Internet Of Things Iot Security Market is given in detail in the report.

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WISeKey and OpSec Security Partnership Establishes Trust Between Brands and their Customers through Improved Customer Engagement – GlobeNewswire

WISeKey and OpSec Security Partnership Establishes Trust Between Brands and their Customers through Improved Customer Engagement

WISeKey and OpSec have entered into a partnership to offer secure and digitally enabled products to better protect brands product and services from counterfeiting and empower authentic customer engagement

Geneva, Switzerland / Lancaster, PA, USA October 22, 2020: WISeKey International Holding Ltd. (WISeKey) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity and IoT company and OpSec Security (OpSec), a leading global provider of anti-counterfeiting and brand protection solutions and platforms, today announced that they have joined forces to deliver a seamless solution for product authentication and trusted customer engagements.

Current market conditions have created the need for a rapid transformation to online and digital customer engagement strategies. The combination of secure NFC technology from WISeKey integrated with the OpSec InSight product journey tracking platform enables brands to directly connect their products with their customers while providing an authentic and personalized experience.

A brand protection program employing WISeKeys NanoSeal & VaultIC secure NFC technology will further establish trust and customer confidence by ensuring product engagements actually happened via a true and secure NFC tap of the product. Using SKU-level information dynamically referenced from the OpSec InSight platform, brand owners empower customers to authenticate their products and engage with the brand for an authentic and personalized product and brand experience. Brands are also then empowered with meaningful data for additional messaging and marketing.

WISeKeys Chief Revenue Officer, Ben Stump, commented, We are excited to expand our relationship with OpSec to deliver this vital next-generation solution to brands who want to be able to not only digitally protect their products but also digitally engage with their consumers. We believe that engaged customers are more informed. A more secure and sophisticated way to engage with customers before and after the sale will lead to increased customer affinity for these brands.

OpSecs Digital Operations Director, Adam Cusumano stated, By integrating WISeKeys secure NFC tag technology with our OpSec InSight platform we have created a solution that empowers brands to seamlessly achieve their product authentication and secure NFC-enabled consumer engagement initiatives.

To learn more about WISeKeys and OpSecs solutions, visit WISeKey.com and opsecsecurity.com.

About WISeKey

WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey microprocessors secure the pervasive computing shaping todays Internet of Everything. WISeKey IoT has an install base of over 1.5 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.

Our technology is Trusted by the OISTE/WISeKeys Swiss based cryptographic Root of Trust (RoT) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visitwww.wisekey.com.

Press and investor contacts:

About OpSec:OpSec Security is the market leader in fighting counterfeits for brands, transaction cards and government documents and currency. OpSec delivers a comprehensive suite of end-to-end solutions, including advanced physical security technologies, supply chain track and trace services, and online and e-commerce monitoring and analysis for thousands of companies across industry sectors and 50 governments worldwide. OpSec Security, Inc. operates manufacturing and software development facilities and laboratories in the USA, the UK, and Germany and has sales operations in the Americas, Europe, and Asia. For more information, please visit http://www.opsecsecurity.com. Follow OpSec on LinkedIn, Twitter, and Facebook.

Disclaimer:This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

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WISeKey and OpSec Security Partnership Establishes Trust Between Brands and their Customers through Improved Customer Engagement - GlobeNewswire

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Why cybercriminals have ‘Gone Vishing’ during the COVID-19 Pandemic – Bdaily

Member Article

As new coronavirus restrictions look set to confine much of the UK population to their homes this winter, cybersecurity specialists Panda Security are warning consumers to be on guard for an explosion in Vishing attempts by cybercriminals.

Vishing, or voice phishing, is a social engineering technique used by fraudsters posing as someone from an IT helpdesk or support services, in order to obtain personal information from a victim. They will then look to use this information to hack into secure systems and defraud victims.

Vishing has increased as hackers are taking advantage of employees working remotely. Since August last year, HM Revenue and Customs (HMRC) has received reports from the public of more than 215,000 vishing attempts. These scams often offer fake tax refunds or help with claiming Covid-19 related financial support.

The hacker can be very convincing and will often have done a lot of research into the company and the person they are contacting, to make what they are asking you for sound plausible. At times they even spoof phone numbers, so it looks like the caller ID is authentic and the same number as the real business.

European Cybersecurity Month: Keeping the Vishers at bay

During European Cybersecurity Month, Panda Security is raising awareness of the dangers of vishing and is calling on consumers and businesses alike to take some simple measures in order to protect their data.

Herv Lambert, Global Consumer Operations Manager at Panda Security, gives his top tips to avoid being a victim of a vishing attempt this winter.

Never give out your personal details: You should never give anyone your personal details such as bank details or passwords verbally over the phone or via email. Hackers will often find data about you on the internet and through social media networks and use this to convince you they are legitimate

Be suspicious: It is right to be apprehensive of unknown callers, particularly if you are not expecting the phone call. Ask the caller questions or give deliberately false statements, and if you do not feel comfortable with their answers, hang up and phone the company or person back directly

Dont always trust caller ID: Hackers can often spoof legitimate phone numbers and make you believe that the phone call is coming from a credible source. Remember that legitimate businesses will never ask for your personal details unsolicited over the phone

Install security measures: While internet security will not completely protect you from fraud, installing measures such as antivirus software will help protect your digital identity and make the job of the hackers much more challenging

Keep calm: Often the hacker will try to panic you into reacting very quickly and scare you into providing them with your information. Take a moment to breathe and slow the conversation down

Commenting on the raise in vishing attempts, Herv Lambert, Global Consumer Operations Manager at Panda Security says: Vishing is not a particularly new or sophisticated technique, and yet the new normal of working from home has been a boon for cybercriminals looking to exploit vulnerable people in this way. Hackers will scour the Internet and social media networks for any information they can glean about a potential victim before making a call. Once they have secured the victims trust they are then in a position of power to defraud them.

Lambert continues: It is essential that consumers take preventative measures to protect their digital identity, while remaining vigilant and question anything that seems unusual. Our key piece of advice remains: never give out your personal details over the phone.

This was posted in Bdaily's Members' News section by Panda Security .

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Bitcoin now has a 7% chance of beating $20K highs in the next 2 months – Cointelegraph

Bitcoin (BTC) has a 7% probability of beating its $20,000 all-time highs by the end of this year, data shows.

According to data from on-chain analytics resource Skew, as of Oct. 22, Bitcoin options were moving in favor of higher prices continuing in 2020.

At press time, the likelihood of BTC/USD being $20,000 or higher by Dec. 31, 2020 was 7%, with 11% for $18,000.

By March 2021, more bets said that Bitcoin would have reclaimed $20,000 (14%), while the figure for June 2021 was 18%.

On social media, Skew said that the probability data was repricing quickly in the aftermath of Bitcoin hitting $13,200.

Bitcoin options price probability chart. Source: Skew

As Cointelegraph reported, the mood among institutional investors remains skewed to the upside despite the higher price levels. The latest commitments of traders (COT) report from CME Group, for example, showed that institutions were overwhelmingly long rather than short BTC.

On Wednesday, statistician Willy Woo noted that huge amounts of liquidity had been removed from speculative arenas by investors keen to store coins for the long term. Woo described the event, which involved 250,000 BTC ($3.24 billion), as the mother of all scoop-ups.

Where did the supply come from? 250k coins ($2b+ USD) have been scooped off the speculative stock on spot exchanges into HODL, he tweeted.

The organic nature of the behavior which led to the price rise has not gone unnoticed. For Charles Edwards, founder of digital asset manager Capriole, this was a unique phenomenon in Bitcoins twelve-year lifespan.

This pump is organically spot driven. There is almost no order book resistance, he tweeted on Thursday.

Nevertheless, Bitcoin futures trading volume has also nearly tripled in the past two days compared to levels seen earlier this month as the price of Bitcoin overcame $12,000.

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For the first time since 2018 Bitcoin balances on exchanges fell below 2.5M – Cointelegraph

On October 20, 2020, the amount of Bitcoin (BTC) held at major exchanges fell below 2.5 million BTC for the first time in two years.

Nexo co-founder Antoni Trenchev opined to Cointelegraph that this trend is driven by the world finally realizing that only Bitcoin offers sound monetary policy:

He also noted that the community is resorting more to self-custody solutions, including platforms like Nexo, where they can tax-efficiently borrow against their assets rather than selling them." Cointelegraph noted yesterday thatthe Bitcoin supply is currently diffused more than ever.

Alex Mashinsky, co-founder of the Celsius crypto lending platform, told Cointelegraph that the exodus will likely continue unless exchanges begin offering better terms to their customers:

From the chart above, we can see that this swing has not impacted all exchanges equally. While balances at BitMEX and Bitfinex were decimated, decreasing by more than half, Binance has continued to accumulate additional funds. Coinbases coffers have remained mostly unchanged as well.

The growth of DeFi may have also contributed to this trend. The amount of Bitcoin locked on Ethereum through wBTC and renBTC presently exceeds 130,000. Just a few months ago, these numbers were negligible. Another likely culprit is institutional adoption. Aside from the continuous growth of Grayscales Bitcoin Trust Fund, publicly-traded companies like MicroStrategy and Square began adding crypto assets to their treasuries.

It seems that there is either a general trend towards users withdrawing Bitcoin from custodial exchanges, or perhaps a few major exchanges are simply losing the trust of their customers. The latter may be a reasonable conclusion, as a mere three platforms (BitMEX, Huobi, and Bitfinex) were responsible for the bulk of the trend their balances decreased by 390,000 BTC, making them accountable for almost 80% of the total decline.

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For the first time since 2018 Bitcoin balances on exchanges fell below 2.5M - Cointelegraph

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Bitcoin top signal from 2017 reappears, but heres why it may not matter this time – Cointelegraph

In 2017, the price of Bitcoin (BTC) reached as high as $20,000 before crashing rapidly. Now, the same on-chain top signal has reemerged, according to researchers at Glassnode. But besides much stronger fundamentals this time around, the ongoing rally feels significantly different for other reasons.

Bitcoin typically pulls back when whales take profit, causing a ripple effect throughout the cryptocurrency market. As such, when the overwhelming majority of the market is in profit, the chances of correction rises.

Since the March 2020 crash, when the price of Bitcoin dropped below $3,600 on BitMEX, BTC has rallied 260%. After such a large rally, a consolidation phase or a pullback could cause a healthier rally in the medium term.

Glassnode researchers found that the last time 98% of all Bitcoin UTXOs were profitable was in December 2017. After Bitcoin peaked at $19,798 on Dec. 16, 2017, it dropped 45% within six days to $10,961.

At the time, many whales and retail investors took profit, causing massive volatility. Glassnode said:

However, there are various fundamental and technical differences between the ongoing rally and the 2017 top.

First, the current rally of Bitcoin has been far more stable than the parabolic 2017 upsurge, which happened so suddenly that no clear resistance and support levels were established.

This time, Bitcoin has been climbing steadily, confirming $10,500, $11,300, $12,000 and $12,500 as key support levels.

Second, the overall institutional and spot demand is high, relative to the volume coming from the derivatives market.

Following Square, MicroStrategy and Stone Ridges high-profile allocations into Bitcoin, the volume of institution-focused platforms surged. LMAX Digital, CME and Bakkt specifically saw trading activity surge significantly since August.

When miners, whales and high-net-worth individuals buy and sell Bitcoin, they usually rely on the over-the-counter market.

The OTC market allows large trades to be matched with minimum slippage, which otherwise could trigger massive price fluctuations on exchanges.

The consistent increase in over-the-counter deals suggests that the appetite for BTC from large investors and institutions is likely rising. Analysts at on-chain data provider CryptoQuantsaid:

The confluence of high volume, a stable uptrend and growing OTC volumes makes new inflows into the Bitcoin market more likely. If the trend is sustained, it may offset potential profit-taking pullbacks in the cryptocurrency market.

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Bitcoin top signal from 2017 reappears, but heres why it may not matter this time - Cointelegraph

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First Mover: PayPal Rushes In and Bitcoin Breaches $12K, While USDC Gains on Tether – CoinDesk – CoinDesk

Bitcoin blew past $12,000 to its highest price in two months, bringing into view the prospect of a fresh 2020 high.

The largest cryptocurrency was changing hands Wednesday around $12,200, within striking distance of the years high around $12,500. And that was even before the news emerged that electronic consumer payments giant PayPal had been granted aconditional New York state licensefor a partnership to buy and sell cryptocurrencies.

Coupled with a seemingly constant flow of reports of traditional funds and companies investing or allocating some of their balance sheet toBitcoin, we were due for a move up, Matt Blom, head of sales and trading for the publicly traded digital-asset firm Diginex, told subscribers in his daily newsletter.

Intraditional markets, European equity indexes were lower, U.S. stock futures fluctuated and 10-year Treasury yields rose on renewed speculation that lawmakers in Washington might still be moving toward a stimulus package. Gold rose 0.6% to $1,919 an ounce.

Market moves

While tether (USDT), with a market cap surpassing $16 billion, continues to hold the lions share of stablecoins in circulation, two smaller rivals are trouncing it in cryptos hottest market this year,decentralized finance(DeFi).

Measured by the total value locked in six of the most popular DeFi protocols Compound, Maker, Uniswap, Curve, Aave and Balancer USD coin (USDC) is in the lead among stablecoins followed by dai(DAI), the native stablecoin to MakerDAO. Thats according to data compiled by Flipside Crypto as of Oct. 19.

USDC and DAI have market caps of $2.74 billion and $608 million, respectively. Yet, unlike on centralized exchanges, where tether is the go-to stablecoin in dollar-based crypto trades, USDC and DAI seem to have found their niche as the preferred stablecoins in decentralized trades.

In an interview with CoinDesk, Jeremy Allaire, peer-to-peer payments company Circles co-founder, attributed USDCs success in DeFi to his companys early efforts in building relationships with the DeFi communities. The fact the two companies that co-founded USDCs governing Centre consortium, Circle and crypto exchange Coinbase, are both registered financial entities in the United States may also have something to do with USDCs recent upturn. According to Allaire, USDC is preferred by institutional investors for being safe, trusted and regulated.

Authorities around the globe are giving more direction on how cryptocurrencies should be used and regulated.In late September, for instance, the U.S. Office of the Comptroller of the Currency (OCC) published its first regulatory guidance for stablecoins, clarifying that national banks can provide services to stablecoin issuers in the U.S.

Having guidelines creates more certainty, which makes mainstream market participants ready and willing to engage in it, Allaire told CoinDesk.

Total value locked by day aggregated across Compound, Maker, Uniswap, Curve, Aave and Balancer for DAI, PAX, USDC and USDT.

Bitcoin watch

Bitcoin daily price chart.

Bitcoins price has jumped to two-month highs, and data from the options market shows traders are positioning for a continued rally.

The top cryptocurrency by market value rose to $12,303 early today the highest level since Aug. 18 and was last seen trading near $12,250, representing a 2% gain on the day.

The market sentiment has turned quite bullish, with firms like Square, Microstrategy and Stone Ridge disclosing their bitcoin holdings and bolstering the digital assets popularity as a store of value.

The momentum is certainly picking up with support from large corporations buying into the market, Wayne Chen, CEO, and director of Interlapse Technologies, told CoinDesk in a LinkedIn chat.

The move above $12,000 has exposed the August high of $12,476, above which significant resistance is seen directly at $13,880 (June 2019 high).

Options market data shows investors are expecting a continued price rally. Bitcoin is breaking out, and the options market is preparing for a bigger rally, Skews CEO Emmanuel Goh told CoinDesk in a Telegram chat.

The bullish mood is evident from the negative one-, three-, and six-month put-call skews, which measure the cost of puts relative to calls.

In other words, calls or bullish bets are drawing higher prices than puts or bearish bets a sign of investors positioning for a price rally.

Token watch

Ether (ETH):Validators of Ethereum blockchainsdrop off of test networkas more developers say theyre ready for first phase of 2.0 upgrade.

Compound (COMP):DeFi lenders governance token falls below $100 in sign thatsector might be cooling.

Bitcoin (BTC):In a case of the new economics, largestcryptocurrencys demand should increase as price goes up, while supply stays fixed,Bloomberg Intelligence analyst Mike McGlone writes:

Bitcoin's price and supply curve, charted versus total assets on central bank balance sheets.

What's hot

PayPal granted New Yorks first conditional BitLicense to offer crypto services. (CoinDesk)

Bahamas officially launches sand dollar central bank digital currency, first of its kind in the world to have been fully deployed. (CoinDesk)

BitMEX exchange accelerates mandatory ID verification after charges of lax anti-money-laundering controls. (CoinDesk)

Funding rates for bitcoin perpetual futures have stayed flat or turned negative as spot prices shot past $12K, suggesting futures traders arent as bullish in latest rally. (CoinDesk)

U.S. demurral on digital dollar deprives officials of crucial ability to rapidly and precisely disseminate stimulus funds directly to citizens during a recurring pandemic or lingering depression, attorneys argue. (CoinDesk)

Digital assets could become the next realm of shadow banking. (Roll Call)

In Q3, Binances spot trading hit an all time high a sign retail traders are prefering the exchange to its competitors. (The Block)

MicroStrategy CEO Michael Saylor says bitcoinmarkets data are garbage and that liquidity is far more limited than reported, based on his own experience; he says its tough to buy more than $35M of bitcoin without people knowing. (CoinDesk)

Mode Global, a London Stock Exchange-listed fintech company, plans to convert 10% of cash reserves into bitcoin to protect investors assets from currency debasement. (CoinDesk)

Crypto-friendly Signature Bank raked In $4B in deposits in Q3 2020. (CoinDesk)

Peer-to-peer bitcoin trading in North America now exceeds volumes during bull run of 2017. (Arcane Research)

North American weekly peer-to-peer trading volumes in bitcoin.

Analogs

The latest on the economy and traditional finance

As European Central Bank floods zone with stimulus, yields on 10-year government bonds from Greece, Italy are now under 1%, just like Germanys. (WSJ)

Commodities traders increasing bets that U.S. dollar will weaken versus euro. (WSJ)

China initial stock offerings booming as economy recovers, markets surge. (WSJ)

Global trade recovered somewhat in third quarter but remains about 4.5% lower than a year earlier, United Nations report shows. (Reuters)

Japanese equities rise on U.S. stimulus deal being reached before Presidential elections. (Reuters)

U.S. economy has lost 3.9M jobs since President Donald Trump took office. (Yahoo Finance)

Chart comparing U.S. presidents on jobs growth.

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First Mover: PayPal Rushes In and Bitcoin Breaches $12K, While USDC Gains on Tether - CoinDesk - CoinDesk

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