 Hey guys, welcome to your Cointelegraph News Recap. I'm Mollye Jane. And I'm Giovanni. This time we're going to talk about finance offering compensation to the victims of the latest KYC information leak. Also, wallet provider blockchain.com integrates with payment system BitPay and regulatory issues make the future of Libra more and more uncertain. Also, we are going to talk with Eric Crown from Crown Crypto Cave about the latest market updates. Let's get into it. First of all, Eric, can you give us a short overview of the most relevant movements in Bitcoin's price and your outlook for the upcoming week? Yeah, absolutely. Let's get into the screen share right here. Yeah, so Bitcoin doing what it's been doing best for the past few months, just putting in some muddy territory right around this 99-9800-ish region right here. To me, that is indicative that we're going to be doing one of these nice little pumps to the upside likely. If Bitcoin can regain the $11,000 level right and over here, I would be a lot more optimistic on this formation in general. By the same token, the same error that we spoke about last week is still very much relevant, about $9800 to the downside. As long as we retain that, I do identify this as a symmetrical triangle. And the general outlook on something like this would be a continuation of former trend. But remember that this is still likely to take its time within this region. We still have an APEX coming in on this triangle in early October, so we likely don't break this whole range, this range being this whole formation right here, at least for another week or two, I'd imagine. So likely going to be some more ranging for this week. I would say that if Bitcoin can regain the $10,550-ish level on a daily closing basis, that would be pretty good and likely set us up for a move up into the lower $11,000, and we'll likely just fill out this region if we actually do get that move. This pump that we had yesterday night, there was an $800 or about $1,000 pump within the span of one minute, it felt like last night. And you'll notice that this pump, if we actually highlight the time, it literally happened, we had the same pump happen about one month ago, right here, same exact numbers actually, about an $800 to $1,000 pump, and then immediately got retraced back down to that $94,000-ish base. That is something to keep in mind. I thought that it was quite interesting because it literally happened at the same time, just one month apart. But other than that, the general levels still hold. And I'd say, again, as long as we're not closing below $9,850 on a daily closing basis, it's more or less just more sideways market with a slight bullish bias in the more long term. Thank you. And so what can you tell us about altcoins, if there are any altcoins showing this interesting performances? Yeah. So in general, altcoins, I wouldn't really be looking at too much right now. We said last week that they were going to have a little bit of a reprieve. We got that reprieve. This is the Bitcoin dominance chart coming down here. But since then, it's been re-accumulated. And I do believe that altcoins are actually going to be hurt a little bit more in general. There's always a few outliers here and there. I think an obvious one is Ethereum Classic pumping up pretty damn hard into last week. And holding this level, I'd say Ethereum Classic is probably the most interesting one to me because it's doing the most different from the general pack out of the top 10, right? And as long as we hold this 682 level, I do think that this one gets continuation up until that $8.5, $9 region in the weeks to come most likely. Thank you, Eric. So let's talk about Ethereum now. Chris Bruniski, a partner at the placeholder venture capital, said that Ethereum is enduring its first mainstream bear market, just as BTC did in 2014-2015. That period, he said, was the best in terms of risk-reward ratio to get Bitcoin exposure. So Bruniski suggests that now is the best time to get Ethereum exposure. Can you tell us what is a mainstream bear market, and whether you agree with Bruniski's analysis about Ethereum? Right, right. So a mainstream bear market is not a term that I think is defined anywhere, but I would imagine that what Chris means is he's talking about a similar bear market in the way that Bitcoin played it out in 2014-2015. At which point, I would kind of push back on that statement. We've seen Ethereum drop about 94 to 95% from its all-time high to that area. In 2014-2015, Bitcoin dropped about 84%. Doesn't sound like a huge difference when you look at it like that, but when we're talking about bigger numbers, it certainly doesn't count for something. Do I agree with that statement in general that it's a good time to be a buyer? I would say that longer-term investors obviously want to be getting it at lower prices, and relatively, we are certainly a lot lower than what we've been before, but at the end of the day, I would really kind of encompass a greater look on the crypto sphere as a whole and say, realistically, the trends that we've seen and the more tangible thing that we've seen is that, for the most part, everything in this market follows Bitcoin, and if everything follows Bitcoin, then it's probably just more worthwhile to look at what Bitcoin is doing as far as its greater trend and then to kind of apply that to Ethereum. So if Bitcoin reverses here, or sorry, if Bitcoin continues to be upside here, that would likely bode well for Ethereum. So guys, in case some of you were among the victims of the KYC information leak that hit Binance earlier this month, Binance has some good news for you. Binance will be offering lifelong VIP accounts to all the victims of the recent KYC information leak. So Molly, can you remind our viewers about the story behind the leak? What exactly happened? So it's a little bit more complicated than you might think. What happened is this January, it was actually reported in some crypto media publications that a third party had been compromised that was a KYC provider for a few exchanges and that users data was leaked. So more recently in August, someone made a telegram account and started leaking what he allegedly called to be KYC photos from Binance. At the same time, there were reports that this hacker was calling himself a white hat hacker and was telling Binance that he wouldn't publish any more photos if they gave him 300 Bitcoin. But that kind of sounds like extortion, right? Yeah, but so where does picture exactly overlapping with those of the customers? So most recently Binance said last week that some of the photos actually did have overlap with the KYC service provider they used in the end of 2018 up through February 2019, but at the same time they said that some of the photos were photoshopped and don't have any correlation with the photos in their database. As compensation, the exchange will offer victims a VIP account including preferential trading fees, support and more services. So Binance usually offers several VIP account levels depending on volume traded and the amount of Binance native token held by users. So it is still unclear which level will be offered to the hack victims. So what do you think guys? Is a VIP account enough compensation for having your KYC info compromised? Let us know what you think in the comments. There are some more possible steps being taken towards adoption this week. Major crypto wallet provider blockchain.com announced a partnership with BitPay among the largest crypto payment processors. That means blockchain.com wallet users will not be able to make seamless Bitcoin payments to any vendors that use BitPay. This is big news given that BitPay is among the largest cryptocurrency payment processors. Every year it processes $1 billion of transactions in Bitcoin and over $2.8 billion in other cryptocurrencies since 2011. As well, blockchain.com is one of the most popular crypto wallets with over 38 million wallets and $200 billion transacted so far. But do you have any vendors using BitPay actually accept Bitcoin? Well, not exactly. BitPay allows users to pay with Bitcoin and the vendor to settle the transaction in a fiat currency of their choice. So guys, do you make purchases of Bitcoin? And if so, what do you buy with it? Let us know in the comments. And now it's time for our most recurring topic, which is Libra, Facebook's cryptocurrency. Mark Carney, the governor of the Bank of England said that a global digital currency such as Libra could replace the US dollar as the global reserve currency. Carney pointed out that a global digital currency independent from central banks such as Facebook's Libra would be a better option than the monopoly of another fiat currency like the Chinese renminbi. However, China could be already some steps ahead in the process of creating its own global digital currency. Circle CEO Jeremy Allaire thinks that a China-backed digital currency will have the potential to bypass the Western banking system through direct settlements. And the West appears to be lagging behind. Facebook has centered their Libra Association in Switzerland, which meant that US regulators bundled off their last week for a meeting with local authorities about what's going on. However, the results of the meeting seem to be inconclusive for those US regulators whose doubts about the project still linger. These problems are putting the very idea of the project at risk, as some of the original 28 members of the Libra Association are reportedly considering leaving. We are closely following this story, so stay tuned for more updates on Libra. Guys, how do you see Ethereum's long-term perspectives? Are you as optimistic as Bernice Kiziaz? Let us know in the comments. This has been Giovanni. I'm Molly Jane. And as always, remember to like, subscribe, and hodl. Cointelegraph. Like, subscribe, and hodl.