The bull is back for Bitcoin as price squeezed out of its stable range for a 20% increase in the month of July. The price move prints an 11-month high for Bitcoin.
Institutional demand for Bitcoin is a topic crypto enthusiasts use to highlight adoption.
New York-based company Grayscale, which allows accredited investors to buy bitcoin and other major cryptocurrencies, recorded a quarterly high of inflows at US$905.8 million. This is nearly double the previous quarterly high posted earlier this year.
Forbes reports that “institutional investors, primarily hedge funds, accounted for 84% of Grayscale bitcoin and cryptocurrency fund investment” for this quarter.
In Other News…
Stay Safe has been a prominent message throughout the COVID-19 pandemic and its message transfers across to cryptocurrencies.
In mid-July, the Twitter accounts of world’s most prominent people and companies were hacked. Elon Musk, Bill Gates, Jeff Bezos and Uber were only some of the many hacked accounts.
The hackers used the high-profile accounts to tweet they would match any amount that was sent to the address. A 30-minute window was even employed to coax people into the scam.
So remember to stay safe in the crypto community. Remain diligent and verify different layers of trust before sending any funds.
Ledger Data Breach
On the topic of safety, Ledger released a statement that outlined a data breach that took place in June.
Email addresses of around 1 million customers were exposed. Further, approximately 9,500 customer contact details were compromised including postal addresses, first and last names, ordered products or phone number.
Ledger advised that all affected users will receive an email update on the breach. They suggest its customers read through its advice on security and remain vigilant against phishing scams.
Remember, if you own a hardware wallet, no-one but you needs to know that 24-word passphrase.
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