Cryptocurrency News Roundup for July 17, 2020

Experts at the internet security firm ESET have identified and categorized this threat as a malicious trojan that steals information from crypto wallets, browser cookies, and even screen captures. Meanwhile, Bitcoin remains occupied with its seemingly never-ending slumber in the low-$9,000s. The same can be said of Ethereum, the second-largest cryptocurrency by market cap, with no major sway in either direction over the past 24 hours. There are, however, convincing signs that both the ETH/USD and ETH/BTC pairs have broken down from important support levels. More on these and other big stories from the day in the Friday edition of BeInCrypto’s daily news roundup:

Legitimate-Looking Malware Targets Mac Crypto Traders

Security researchers have unearthed a new kind of malware attack where the perpetrators lure unsuspecting victims to download a malicious trojan application. The covert attack, which seems to specifically target crypto traders using Mac computers, relies on fake websites that disguise the bogus application as something legitimate. Researchers used fake honeypots to lure the fraudsters out in the hope of tracking them. Read the Full Article

The Bitcoin Dominance Rate (BTCD) Approaches Crucial Support [Analysis]

The Bitcoin Dominance (BTCD) rate has been on the decline since September 2019, following a descending resistance line. The line is also strengthened by the presence of the 200-week moving average (MA). At the time of writing, the rate was losing the support of the 100-week MA, which has been a very good predictor of the trend over the past two years. BTCD has mostly been bullish when trading above it, and vice versa.

• The Bitcoin dominance rate is nearing an important support area at 61%.
• The rate is following a descending resistance line which is strengthened by the 200-week MA.
• The relationship between the BTC price and BTCD has been negative.

Read the Full Analysis

More Delays Ahead? Ethereum 2.0 Economic Model Under Scrutiny

A recently published independent study by a pair of ConsenSys researchers underlines the various scenarios that could take place on the Ethereum ecosystem once the blockchain makes that big switch from mining to staking. The study focuses both on the strong and weak aspects that Ethereum 2.0 should bring as it evolves to the next level. Among other things, the transition is likely to be accompanied by some potential security loopholes, say the authors. Most notably, they point out that post-transition, the security of the Ethereum network will rely heavily on the price of Ether (ETH). Read the Full Article

Has Ethereum (ETH) Reached a Top?

The Ethereum price had been following an ascending support line since it reached a bottom on March 13. The price broke down from this line on June 25 and then proceeded to rally and validate it as resistance on July 8, before beginning the current slump. The last touch of the line also coincided with the $245 resistance area. In addition, the RSI has formed considerable bearish divergence, a sign that the price is likely to begin a downward trend. Read the Full Analysis

Compound Demonstrates Governance Success With Five New Proposals

Leading DeFi protocol, Compound Finance, has released five new proposals through its governance system this month according to a recent blog post. Two passed, two failed, and one was canceled. The democratized voting system arrived with the launch of the protocol’s COMP tokens on June 15. This enabled the token holders to participate in voting on governance issues. Read the Full Article

Joe Biden Leverages Twitter Hack to Plug Campaign Fundraising

Senator Joe Biden seems keen to bank on this week’s high-profile Twitter breach. The presidential hopeful tried to raise funds for his election once his account was restored. And as you would expect, his call for donations didn’t come without the usual snarky Bitcoin-related remarks. He asked his followers and critics of the current POTUS to contribute with financial help if they want to keep Donald Trump a one-term President. At the same time, Biden also irked many crypto advocates stating that he wouldn’t accept Bitcoin donations. Read the Full Article