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Recently, Bitcoin price has been struggling to break the $6,460-6,480 . BTC/USD pair is facing two major lines with resistance near $6,460. BTC/USD could resume its decline if it fails to move above the $6,460 and $6,480 resistances. Buyers pushed the price above the 23.6% Fib retracement level of the last downside leg from the $6,614 high to $6,354 low. However, the upside move was protected by the $6,460-6,480 area, which was a support earlier and now it is acting as a hurdle for buyers. Furthermore, the price got rejected around the 100 plus the 50% Fib retracement level of the last downside leg from the $6,614 high to $6,354 low. (Source: https://coingape.com/bitcoin-price-analy...)
The International Monetary Fund (IMF), a global financial organization run by 189 countries, is against the proposal of the Marshall Islands to launch a sovereign digital currency by adopting crypto. As early as September 10, the IMF criticized the finalized plans of the Marshall Islands of creating a national cryptocurrency, citing potential money laundering, financial integrity, and macroeconomic risks. The Marshall Islands initially disclosed its plans to eliminate its dependence on the US dollar and switch to a national cryptocurrency. At the time, David Paul, minister-in-assistance to the president of the Marshall Islands, said that as a nation, the Marshall Islands have the right and authority to launch a national currency regardless of the form of the currency. IMF has publicly expressed concerns regarding the national cryptocurrency of the Marshall Islands as it fears that the currency will be manipulated by criminals, crime syndicates, and businesses running fraudulent operations. If the government pursues its proposal to launch a national cryptocurrency, the IMF suggests that many countries could cut financial aid that is currently being offered to the Marshall Islands and which the country currently heavily relies on. The threat to cut financial aid is arguably working. Earlier this week, Dr . Hilda Cathy Heine, President of the Marshall Islands, faced political attacks due to the proposal of the government to pursue the development of a national cryptocurrency. Political pressure could force the Heine administration to lay off the plans to launch a digital asset, at least temporarily. Eight senators in the Marshall Islands have already submitted a motion of no confidence, fiercely opposing the initiative set forth by President Heine. (Source: https://www.ccn.com/why-the-imf-is-tryin...)
According to a press release issued by the U.S. Commodity Trading Commission, a cryptocurrency trader has been jailed and fined over $1 million for running a fraudulent bitcoin and litecoin scheme. Arizona resident Joseph Kim admitted to defrauding investors of hundreds of thousands of dollars after misappropriating more than $600,000 of his previous employer's funds. Between September and November 2017, Kim transferred bitcoin and litecoin from his employer, a Chicago-based trading firm, to his own personal accounts, causing the firm losses of $601,000. When the firm questioned Kim about missing tokens, he falsely stated that security issues with the crypto exchange required transfers into other accounts. Upon discovering Kim's theft in November of that year, the firm immediately fired him. Kim then started soliciting funds from individual customers, apparently to continue trading in crypto with the hope of making profits to repay his ex-employer. As a result, he fraudulently obtained approximately $545,000 from at least five customers between December and March 2018. Kim reportedly lied to customers that he had voluntarily left his employer to start his own trading company. He also falsely claimed he would invest funds in a low-risk arbitrage strategy, when in fact, he made high-risk trades with the cryptocurrency and lost all $545,000 of his customers' funds. In addition to a fine of $1,146,000, the CFTC has also permanently banned Kim from trading, including in cryptocurrencies, and sentenced him to 15 months in jail. (Source: https://www.coindesk.com/cftc-fines-bitc...)
Crimean authorities are considering creating a blockchain-cluster in the form of a cryptocurrency investment fund to attract tech businesses to the territory. The cluster would be located within the special economic zones (SEZ) in Crimea and its largest city Sevastopol. Georgy Muradov, the Permanent Representative of the Republic of Crimea under the President of the Russian Federation, shared the Crimean government’s potential plans about the blockchain-cluster and crypto fund at a meeting of the program committee of the Yalta International Economic Forum (YIEF) in Moscow, Nov. 9. Muradov underlined that in 2018, the world turnover of cryptocurrency has been approaching $1 trillion, and that “these funds are venture capitalists and they are looking for their shelter. (Source: https://cointelegraph.com/news/crimean-g...)
The following is a scheduled notification from the Osiris team. Our models have been working hard and smart on forecasting the market, and here are the most up-to-date predictions for the next 3 hours:
As usual, red, green and blue rectangles demonstrate predicted values of low, high and close, respectively, with corresponding confidence intervals, and the black arrow illustrates our trades.
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