Binance

On the morning of 7 May, we woke up to the news that one of the biggest cryptocurrency exchanges, Binance had suspended deposits and withdrawals. The message from CZ was that unscheduled maintenance would be required and that it would last no longer than a few hours. A snapshot of his tweet below.

(Source - here)

On the same day, CZ gave an update on Twitter which confirmed that Binance had been Hacked. In the tweet he also gave a link to a Binance blog post which explained that the hackers gained access to the Binance hot wallet through obtaining API keys and 2FA codes using a variety of techniques such as phishing, viruses and other attacks (full update here).

(Source - here)

The blog post confirmed the estimated time for the issue to be resolved would take about 1 week (seven days). Binance claims that a thorough security review is required and the message read as follows:

We must conduct a thorough security review. The security review will include all parts of our systems and data, which is large. We estimate this will take about ONE WEEK. We will post updates frequently as we progress.

The blog post was followed by an AMA and the link to this video can be found here

As things stand today (12 May 2019) Binance withdrawals are still suspended with 2 days left of the promised 7 days to fix the problem. The biggest frustration at this point is the fact that CZ tweeted that this would only last a "couple of hours" (refer to the first tweet). This was changed to 7 days in the blog post update which explained the security breach. It looks like anything can happen at this stage and the 7 days could be extended if needs be and it would not surprise me.

There is however a different side to the coin that is far more concerning than the Binance hack and that is the current pump in Bitcoin.

Bitcoin

The price of Bitcoin over the past 7 days has seen unnatural growth. In previous posts, the cycle of the btc price has been thoroughly investigated and some definite trends have been established (see my previous posts here)

For this post, I have refined the current downtrend equations (CPDT 1 & CPDT 2) to update the Current Predicted Down Trend (CPDT) for this cycle to give a better fit for what should be expected (refer to below Log-Log graph of price and time). The graph was analyzed with day zero being the day btc reached its highest price (for this cycle) and the trendline was determined:

• CPDT No 3 - y = 62253 (x) ^(-0.385)

If we draw this trendline on a Log graph you get a perfect representation of the downtrend that we have experienced as seen below and there are 2 phenomena that stand out as clear as daylight:

• First one is the massive dump between 350 & 500 days (see Ph 1 in the graph, some contribute it to the hash war); and
• Second the current pump which has blown past the trendline at about 530 days (see Ph 2 in the graph)

Another indicator we can use to point out the same two anomalies explained above is drawing cycle 2 and cycle 3 (current cycle) on top of each other as seen in the below graph (Ph 1 and Ph 2 stands out very clearly).

We are at minimum 1 year away from the next parabolic bull run which would most likely start to occur after the Bitcoin halvening event in May of 2020. The current pump in btc is screaming for a correction as seen in the below graph. UNder normal surcomstances, we would have been trading sideways for at least a couple more weeks before slowly starting to increase.

I suspect that the Binance news is coupled with plans from some mayor other players. The current and previous Binance hack is just too similar to be a coincidence and I have been lucky enough to get some of my funds stuck in Binance.

(Source - here)

In a conversation where Phil Potter (Founder of Tether & Bitfinex CSO Phil Potter) was involved, it was discussed that they want to "move the price up" - Link to the recording here

(Source - here)

Coming Happenings

In the coming days (expected to happen this week) the news you should be looking out for is the New York Supreme Court judge Joel M. Cohen's findings after he proposed that the two groups meet up and discuss. His words as follows (source - here):

“What I would suggest you both do is meet and talk about it, you seem like a reasonable group, in let’s say a week either with a single or proposed revision that accomplishes what we’re trying to accomplish here, and if you can’t, with individual proposals.”

How convenient that Binance suspended withdrawals for an entire week? After the previous Binance hack which is eerily similar to the current one the problem was fixed in 24 hours and during that time trading was suspended. During this hack, trading continues and Binance confirmed that withdrawals and deposits will be suspended for 7 days.

Also, check out Chico Crypto's explanation of the current irregularities.

Lets hope for the best

Some users on Reddit are a bit more pessimistic, saying that there will be a massive dump soon.

(Source - here)

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