Carrie Lam's Statement, Quantum-Resistant Сryptocurrency of NSA
DAILY
September 05  |  3 min read

Ying Yang

BeQuant Analytics, a daily cryptocurrency market analysis contributor

Yesterday saw Hong Kong leader Carrie Lam state that the Chinese government "understands, respects and supports" the withdrawal of the city's controversial extradition bill. The bill would have allowed criminal suspects to be extradited to mainland China from Hong Kong. It was seen as evidence of China's tightening control over the territory and sparked months of protests. In addition to this, global sentiment for risk picked up on the back of hopes that Beijing will make cuts in the reserve requirement ratio to shore up the economy, while another round of talks set between China and the U.S. in October has also been seen as an encouraging development.

In turn, some of the flight to safety appeal that has benefited Bitcoin in recent trade has evaporated, although the political saga on both sides of the pond can easily turn south again and, as such, it may be too soon to call an end to macro tensions. Nevertheless, Bitcoin yet again failed to make a break through the $11k level, stalling at around $10.8k, with near term support now seen at the $ 10.4 to $10.3k area. With USDC rates creeping lower and contango contained in range, it suggests that market participants are looking for a new catalyst to push the price one way or another.

Elsewhere, Ethereum Classic continues to post strong performances, this comes ahead of the planned Atlantis hard fork, which is scheduled for September 17 or at block 8,772,000 on the blockchain. Atlantis, paired with a later upgrade called Agharta, is intended to boost chain interoperability between the Ethereum Classic (ETC) and Ethereum (ETH) networks.

In other news, The National Security Agency (NSA) is allegedly working to develop a quantum-resistant cryptocurrency. The claim was made in a tweet by Bloomberg Technology reporter William Turton on Sept. 4, who was in attendance at the Billington CyberSecurity 10th annual summit in Washington D.C. Further details from Neuberger’s presentation were provided in coverage by Microsoft News, in a report focusing on the agency’s battle with ransomware threats posed by a host of geopolitical adversaries — including North Korea, Iran, Russia and China.

Finally, Square and Twitter CEO Jack Dorsey has said Bitcoin (BTC) will continue to be adopted more widely, but it is still too early to consider it a currency. Specifically, he said that "it's not functional as a currency. The peaks and troughs are like an investment asset and are equivalent to gold. What we need to do is make it more usable and accessible as a currency, but it's not there yet."

Thank you for reading,

The BeQuant’s Analytics team