Welcome to On Your Radar! This week we’re looking at Bitcoin’s stock-to-flow (S2F) model and the blunders of Upbit and IDAX.
Bitcoin’s stock-to-flow (S2F) model is a measure of the amount of Bitcoin that enters the market relative to the existing stock. The model predicts that as the stock of Bitcoin increases, the price should also increase, due to the scarcity of the asset.
The model has been gaining traction recently, with some analysts predicting that it could lead to Bitcoin reaching a price of $100,000 or more.
Meanwhile, the cryptocurrency exchange Upbit made a blunder recently when it inadvertently credited users with an extra $20 million worth of Ethereum. The exchange quickly rectified the mistake, but not before some users had taken advantage of the situation.
Another exchange, IDAX, found itself in hot water after it failed to protect the funds of its users. The exchange was hacked, resulting in the loss of $5 million worth of cryptocurrencies.
That’s all for this week’s On Your Radar. Tune in next week for more news from the world of cryptocurrency.
