The big news for the week in cryptocurrency is the great Twitter Bitcoin hack. The past week showed some movement in the wrong direction for a lot of the digital coins. Bitcoin list 3% of its value over the past seven days. Ethereum lost more than 5% of its value. Bitcoin cash dropped by 8%.
A reason for the drops could be the relationship between digital coins and publicly traded stocks. Analysts explained that Bitcoin has a 95% correlation with the S&P500 stock exchange. The Fear & Greed Index indicates that greed is moving into the stocks, and fear has a grip on cryptocurrency.
The past week shows movement in a variety of ways. Tesla's stock is up. Bitcoin's volatility has dropped. The Binance coin went up by 17%. A cryptocurrency winter could be on the way. Analysts predict this because of fast buying of digital coins and people holding onto their Bitcoin but trading their Ether.
Investors should keep their Bitcoin if they use Twitter. A huge hack over the past week put up scams on Elon Musk's, Kanya West's, Bill Gates', Joe Biden's and other poplar accounts. The scam asked for donations of Bitcoin for a 2:1 return. Analysts suggested that $118,000 of Bitcoin was delivered to the hackers' address in the posted links.
One group of transactions had a hidden message. It suggested that the con artists used Monero instead of Bitcoin. The hackers seem to be associated with the cryptoforhealth.com website, but there are no identities yet. Justin Sun was hacked, and he's offering a $1 million bounty for their identification and arrest. One person who shouldn't get that reward is Joshua Thomas Argires. He falsified applications for $1.1 million for the COVID-19 Paycheck Protection Program and bought cryptocurrency.
In other news, two OneCoin promoters were found dead in suitcases in Mexico. They had been kidnapped and suffocated to death. Meanwhile, Ron Paul's political director is building a blockchain company. China's central bank may allow Meituan Dianping to accept digital yuan. Japan's Mitsubishi UFJ Financial Group plans to release a digital coin later in 2020.