Cryptocurrency expert Tom Lee has said he believes that Bitcoin could be set to surpass its all-time high of just under $20,000.
After Facebook’s long-awaited announcement relating to its forthcoming cryptocurrency “Libra Coin”, prices surpassed the $9000 mark for the first time in a year. Lee said in a statement to CNBC that he thinks Bitcoin could be set to take out its all-time highs.
He also said he believes that Libra will help to provide much needed legitimisation to cryptocurrency, as well as widespread adoption due to its 2 billion active users. Lee added that he believes Bitcoin will become a “reserve currency in crypto” in the future and that Facebook’s announcement destroys the naysayers who say “I believe in blockchain, not Bitcoin”.
David Marcus at Facebook said that “Libra holds the potential to provide billions of people around the world with access to a more inclusive, more open financial ecosystem.”
Bitcoin is currently valued at $9,320 at the time of writing.
Coinbase fends of hacking attempt
According to reports, cryptocurrency exchange Coinbase was one of several crypto-companies that was able to block an attempt at hacking, earlier this week.
Hackers are reported to have tried to exploit a bug in Firefox to target employees of Coinbase, rather than users.
“If successful, a hacker could have gained access to the Coinbase backend network and used this access to steal funds from the exchange — a tactic that has been used numerous times in the past and has led to gigantic losses at many cryptocurrency exchanges before,” the report noted.
Phillip Martin, the Chief Security Officer of Coinbase commented on Twitter yesterday that they had “pulled apart” the malware used in the attack and were working with other stakeholders to bring down the infrastructure of the attackers.”
He added that there was no evidence that users had been targeted.
Italian banking sector embraces blockchain technology
As of March 2020, the Italian Banking Association will use blockchain technology to run reconciliations as a part of the Spunta Project, managed by ABI Lab.
The associations research, tech, and innovation arm will use distributed ledger technology to accelerate settlements whilst improving transparency and efficiency between banks. The organisation also hopes to start doing daily reconcilliations as opposed to monthly ones.
Tests have been ongoing with the latest round starting in February and including the participation of 18 banks who represent 78% of the Italian banking sector. The first trial round took place in October, lead by intesa Sanpaolo and 13 others. During the 10-month testing phase, the participating banks processed 1.2 million transactions.