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Bitcoin Today: Vitalik against centralized exchangesPrice BTCUSD continues to alternate large jumps with horizontal movement, one more buy-in on Saturday brought the pair above the 6600.0 level and sent it into a flat movement on 6700.0. Nonetheless, it is too early to identify the turnaround pattern of the June fall, to confirm the turnaround tendency - we will need to see the price above the 7000.0 level. For the current situation, 6600.0 level should stay supportive for the further price growth; and 7000.0 level is our next target. In case of a confident breakthrough of the 7000.0 level, we will consider it as a confirmation of the turnaround pattern formation. Today forecast Trading in the 6600.0 – 7000.0 zone. A breakthrough above the 7000.0 – bullish signal. A breakthrough below 6400.0 – bearish signal. Latest news New US Exchange Opens The American crypto trading market is getting a little bit more competitive with a new exchange opening. HBUS, a strategic partner of Huobi, has begun accepting new user registrations by U.S. residents on July 6th. Users are able to deposit BTC, BCH, ETH, ETC, LTC, USDT, CVC, DASH and TUSD. The actual marketplace will go live on July 10th, when users will be able to trade and withdraw funds. The launch is not nationwide yet as HBUS does not currently serve residents in Alabama, Connecticut, Georgia, Louisiana, New York, North Carolina, Hawaii, Vermont, and Washington. “Our strategic partner, Huobi, has grown to be the largest digital asset marketplace globally. As investors‘ acceptance of virtual currency and digital asset increases, we have seen incredibly high demand in the U.S. We are excited to launch as Huobi’s strategic partner, to serve the growing number of people participating in virtual currency trading,” commented Frank Fu, CEO of HBUS. Vitalik Buterin states about his negative view on the centralized crypto exchanges Vitalik Buterin has recently expressed a deep hatred for the particular business model at the heart of the current crypto trading ecosystem. “I definitely hope centralized exchanges go burn in hell as much as possible,” he said. A particular issue the Ethereum founder raised was how the centralized platforms can extract up to $15 million from projects that want to list their ICO tokens. According to Buterin, crypto-only exchanges are preferable to venues which offer fiat pairs as “the fiat world only has centralized gateways.” And he also seems to not be a big fan of Bitmain and its growing power. “Back in 2013, when GHash had 51 percent everybody freaked out. It’s happening a second time and people aren’t really talking about it this much,” Buterin said at a Techcrunch event.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: High volumes on 6500 = growth above 7000? Price 6700.0 resistance appears too strong for the price, for now, BTCUSD accompanied by lowering demand has declined to the 6400.0 support during the past day. Volumes distribution concentrates around the 6500.0 level or higher, which supports the possibility of further bullish moves, as we see that this price seems suitable for big buy-ins. To confirm an upward impulse, we will need to see a hike above the 6700.0 resistance. From the below – 6400.0 level supports bullish scenario, breakthrough below the 6400 level could bring the price back to 6000.0. Also note, that the longer price will stay in the lateral corridor (6400 – 6700) the more probability of decline to 6000.0. Today forecast Trading in the 6400.0 – 6700.0 zone. A breakthrough above the 6700.0 – upward signal. A breakthrough below 6400.0 – downward signal. Latest news Bitcoin investors, beware! RBI ban on cryptocurrencies kicks-in, and you have only 2 options The RBI ban by asking banks and other registered entities to terminate their business relationships with firms and individuals dealing in cryptocurrency kicked-in from today. The RBI ban by asking banks and other registered entities to terminate their business relationships with firms and individuals dealing in cryptocurrency kicked-in from today. This means that cryptocurrency investors have only two options – do not transact or transact in cash. “The choking of banking channels means that virtually all cryptocurrency related transactions will have to be done in cash or not at all,” Rashmi Deshpande, Associate Partner at Khaitan & Co said. However, this is only a virtual ban, say cryptocurrency stakeholders, adding that there is a possibility that the government may come up with a policy to regulate cryptocurrencies in future. “I would like to say that Indian market just needs to be patient for the government to formulate a strategy which safeguards the interest of all investors in the country,” Sandeep Phogat, CEO, Panaesha Capital said. Israel Bitcoin Exchange Agrees to Share Customer Info with Tax Authority Bits of Gold, a major Israeli cryptocurrency exchange, has entered an agreement to share customers’ transaction details with the country’s tax authority. Under the terms of the agreement, Israeli cryptocurrency exchange Bits of Gold will provide information of clients who have made transactions exceeding $50,000 over the last 12 months to the Israel Tax Authority, local publication Calcalist reports citing sources familiar with the agreement. While Israeli law dictates that financial brokerages are required to pass on information of large and suspicious transactions to the Israel Money Laundering and Terror Financing Prohibition Authority (IMPA), they aren’t necessarily obligated to do the same with the tax authority due to privacy concerns. For precedent, an Israeli court rejected a request by the tax authority to receive a client list from a bankrupt bank since those details are protected under privacy laws. It is therefore particularly notable that this agreement has come to light wherein Bits of Gold – an exchange with over 50,000 registered users – has agreed to pass on client information to the tax authority. The latter is said to be seeking the data to check for money laundering and tax evasion. The report also revealed that the tax authority audited the company’s books last month, ‘targeting not the company itself but its large-scale clients’. Bits of Gold is merely the first cryptocurrency exchange approached by the tax authority ‘in such a manner’, the report added, suggesting the agency will also be scrutinizing other domestic exchanges. As reported by CCN, the Israel Tax Authority first issued tax guidelines for cryptocurrency in early 2017. Bitcoin and other cryptocurrencies have been deemed as assets wherein retail investors and even bitcoin miners are levied fixed business tax rates. While individual investors are required to co
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Big whales are movingPrice BTCUSD found a support yesterday in the 6300-6600 zone at 6400.0 level. Since the start of July price stays in Bullish tendency, though the tendency gradually flattening. While price is in the 6000 – 7000 zone it is substantially moved by the large buy-ins, not by constant growth of demand, such growth can’t last long and if big buyers will be able to push price above the 7000.0 level, there is a hope that smaller buyers will come back on the market and bring back bullish demand. For now, 6300.0 level should stay strong to maintain the bullish tendency. From the upside, we are waiting for the breakthrough of the 6700.0 and further testing of the 7000.0 resistance. Today forecast Trading in the 6300.0 – 7000.0 zone. Latest news 6th richest Bitcoin address activated on 1st July 2018 According to Bitinfocharts, the Bitcoin wallet address which was activated on 1st July 2018 is ranked among the top 10 richest Bitcoin addresses. The wallet address is on the sixth position with a total of 8,5947.12 BTC, valued at $566 million, at press time. The addresses holding the most number of Bitcoin tokens belong to exchange platforms, including Bitfinex, Binance, Bittrex, Bitstamp, and Huobi. The account received a total 85,947.12 BTC from 4 different addresses. The largest transaction made to the address was 85,947.127 BTC worth $568 million The unknown wallet received its latest BTC on 3rd July 2018 at 4:50:53 UTC. The huge amount of BTC was received from an address which was created on 25th March 2018 and the last notable transaction was made on 1st July 2018. A total of 152 transactions were made by the address and the activity shows that the number of deposits is more than the number of withdrawals. The address had an approximate of 93,947 BTC out of which 85,947.127 BTC was transferred on 1st July 2018, making it the biggest transfer made by the address till date. Prior to this, four transactions of 2000 BTC each, were made. The transfer of the BTC did not have any impact on the market. The possibilities according to many in the community are: - An individual transferred the Bitcoin from one account to another. - The BTCs were purchased from an OTC exchange. - The account became active days after a self-proclaimed Satoshi Nakamoto announced the release of two books. The books will hold the details of Bitcoin and its background, and Satoshi Nakamoto. - The announcement was made on nakomotofamilyfoundation.org and stated that the book will be released in two parts which will be called ‘Honne and Tatamae’. When translated from Japanese to English the term stands for a ‘contrast between a person’s true feeling and desire and the behavior and opinions one displays in public’. With Honne meaning ‘True sound’ and Tatamae meaning ‘built in front or facade’. Indian Crypto Exchanges Drop Fiat Support as Banks Close Their Accounts per RBI Ban Cryptocurrency exchanges in India have one by one announced the shut down of their fiat deposits and withdrawals as banks start closing their accounts per RBI’s crypto banking ban. Meanwhile, they are trying to educate the central bank in hopes of easing the ban. The Supreme Court of India heard a petition against the crypto banking ban by the Reserve Bank of India (RBI) on Tuesday, July 3. However, it did not grant a stay on the ban. Instead, this petition, which was filed by the Internet and Mobile Association of India (IAMAI), will be heard along with four other petitions on July 20. RBI issued a circular on April 6 banning all financial institutions under its control from providing services to cryptocurrency exchanges, starting on July 5. Without the stay by the Supreme Court, banks are likely to stop providing their services on July 5 per RBI’s order.
BITFINEX:BTCUSDLong
by DestinationMoonCrypto
BTC update. Two green candles and everyone is bullishOver the past couple of days, we've seen some green after a long downtrend. No big surprise.. Remember, it doesn't go straight up or down. It comes in waves with corrections. The only thing we do whenever we correct is resetting the indicators/oscillators to allow them to go even lower or higher. The biggest challenge now is getting above 6800. If we break above that level, we are likely to see the price somewhere near 8K. If it fails, we are likely going to retest the support zone with the chance of breaking trough it. I still think we haven't seen the bottom just yet. Some people will say that it's now the time to moon. So based on a few small green candles after a long bearisch trend of 2 months (6 months in total), it's now going to moon and make new highs. I don't think so just yet. There are still some big challenges ahead of us... Don't FOMO into it Don't trade against the big trend Wait for more confirmation Rather miss out on a few % gain than losing money Buy the F deep dip
BITFINEX:BTCUSD
by cryptojamey
2
Bitcoin Today: All eyes on Tether againPrice In a similar manner to the past rise, the price has jumped from 6300 to 6600 during one hour with high volumes and has flattened out as soon as reached the level. Such behavior looks like big investors buy-ins rather than crowd behavior. And again, after the jump, the pair has flattened out on the 6600.0 level with low volumes and almost no fluctuations. Such behavior, when only big investors tend to make trading, but medium and small traders stay out of the market could be explained by the June fall, BTCUSD broke below the 7000 – 7600 supportive zone. It is entirely possible that we will not see any active trading below the 7000.0 or even 7600.0 levels. 6700.0 would be an upper boundary of the lateral channel, needs to be pierced to signal further growth, high volumes should prove the breakthrough. According to the emerged Bullish Trend Line, we should see another step-up at the end of this day; otherwise, 6500 – 6600 zone should be a support for the bullish scenario. Today forecast Trading in the 6300.0 – 7000.0 zone. Possible growth when the price will meet Bullish Trend Line. Latest news Tether Double-Spend Scare Shows That Exchanges Could Be At Risk On Thursday, June 28, SlowMist — a private Chinese cybersecurity firm — divulged a potential double-spend in the use of Tether (USDT). The company’s initial tweet, published in Mandarin Chinese, presented a USDT transaction that had been sent to an unnamed exchange with incorrect field values. This, in effect, allows people to be credited for tokens on the exchange that they haven’t actually sent — otherwise known as a double-spend. Following widespread concern, Reddit user dacoinminster took to the thread and explained his insight on the transaction’s validation. He or she prefaced by citing themselves as a founder of Omni — the company responsible for the development of Tether. Dacoinmaster reasoned that to double-spend an Omni asset would require double-spending bitcoin. This greatly eased concerns, given that Bitcoin’s transaction process makes a double-spend nearly impossible. SoftMist followed up later the same day and urged people not to panic. It stated (in English) that the vulnerability was not in the USDT transaction, but rather on the exchange platform itself. It also echoed dacoinmaster, writing that certain exchange databases “do not strictly verify the status of the ‘valid’ parameter.” OKEx, one of the top crypto-exchanges by trading volume, released a formal press release to ease customer concerns. It announced that it had contacted SlowMist and is working together to run several examinations on their platform. In the end, the exchange confirmed that it was not affected by the issue. With Tether off the hook, this mistake underlines the vulnerability of crypto-exchanges. It reminds those in the cryptocurrency space that, even with reliable blockchain technology, faulty exchanges can lead to major mishaps. Bitcoin saw a drop-in value of 4.52 percent the day of the purported double-spend — once again highlighting the fragility of the market. Withdrawals Delayed – Bitflyer Scanning for Yakuza Customers Bitflyer has been delaying deposits and withdrawals of virtual currency in the midst of ongoing KYC verifications. The company received business improvement orders from the Japanese financial watchdog in June as a result of insufficient measures against money laundering. Bitflyer reportedly has delayed resuming business as it is thoroughly verifying its clients’ identities. Bitflyer also has stopped taking new customers last month, and this might go on for a while due to a lack of manpower, Nikkei reported.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Tether could be a problemPrice Like was expected, closure of the June Futures brought movement to the market and pulled the price above the Bearish Trend Line, which was a strong resistance to the price recently. BTCUSD reached 6300.0 level, which was crucial for breaking the downward pattern, but did not go upper and has been trading in an indecisive pattern slightly above it during the weekend. To confirm the further development of the upward movement, we will need to see more volumes above the 6300, which will prove that traders are ready to buy on this price; next resistance on the way up will be 6500 – 6650 zone. Negative scenario is a further movement in the narrow lateral pattern, which will demonstrate low demand on current price and eventually bring BTC down again; 6000.0 level will play a supportive role I such scenario. Today forecast Trading in the 6300.0 – 6500.0 zone. Latest news Red Flag Waved in Tether’s Relationship with Kraken Exchange Bloomberg recently suggested tether trading red flags. Enlisting former Fed regulator Mark Williams and NYU’s Rosa Abrantes-Metz, Mr. Leising and his collaborators examined USDT activity on Kraken, finding “oddly specific order sizes—many going out to five decimal points, with some repeating frequently.” Trading bots, if that is what this is, are rather par for the course these days, and hardly controversial. It’s USDT’s lack of responsiveness that has this group searching for explanation. Bitcoin core (BTC), again assuming tether inflation as the cause, jerks and pulls seemingly according to tether dumps, which most would term “normal.” Tether lingers, unresponsive. The theory goes that with increased demand, an asset’s price should correspondingly increase. One trade, of 75 tether, for example, managed to move the price three naughts and a one after a decimal point, basically nothing. And USDT price should’ve gone up at various other stages, along with pumping the gas with still more tether to bring it to settle. That didn’t happen either. Again, what should be a natural search for equalization through supply is instead, seemingly, being controlled by bots. Some immediately believe this to be textbook manipulation, but more substantive information is needed before making such an accusation. Still, researchers maintain these kinds of irregularities “would be akin to defying gravity.” The manipulation question first came from a renowned poker player, Andrew Rennhack. He scrubbed data from Kraken and published his musings. He was one of the first to openly suggest something was amiss. Later, researchers noticed those oddly specific numbers, such as the 13,076.389 tether, lead them to “suspect that such numbers could be signals to cheaters’ automated trading programs. One possible explanation: The software would look for orders with a unique size, and trade against that.” Taking both sides of a coin gives off the impression of a kind of momentum, and government regulators have seen fit to make doing so illegal. No evidence that Kraken itself is involved in any manipulation has emerged. Kraken CEO Jesse Powell responded, “Nothing looks out of place to us in our publicly available data feed. We have not verified the legitimacy of the data set asked us to review.” Philippines’ Economic Zone Creating Crypto Regulations, Licensing 25 Exchanges The authority of the Filipino government-owned economic zone is drafting regulations for cryptocurrencies and planning to limit the number of licenses it issues to 25. Other rules include the requirement for each crypto exchange to invest at least US$1 million within 2 years. The authority has reportedly received about 60 applications from crypto companies so far. “There are many operating scammers who set up an exchange with very little capital and they are victimizing investors…We do not want the Philippines to be a haven for scammers even if these scams are happening abroad. That’s why thro
BITFINEX:BTCUSD
by DestinationMoonCrypto
1
Bitcoin to the downside - Finishing downtrend channel The graph is finalizing the minimum levels where you can reach the calculated minimum levels between 5,635.9 as Stop Loss 1 4.171.5 as following support From there it will begin to surpass the rise of the pennant formation in some levels between 7.055.8 Take Profit 1 7.501.8 Take Profit 2 But a cup and handle that can be used as it is 1D: 1 - 25 days 1s: More than 5 weeks 1W: More than 3 Months Even Bitcoin -0.09% needs a trigger like the approval of the ETF that has been given a long time ago but the big manipulators try to hide the truth
BITFINEX:BTCUSDLong
by cryptofxsignals
Bitcoin Today: the Futures MenancePrice Yesterday we saw another-one bounce-off from the Bearish Trend Line, which send the price to the 5750.0 level; the low of the last week (5750.0) played it’s supportive role and did not let the price go lower. For now, BTCUSD went into a lateral movement between 5750 and 6000 levels, if this uncertainty will remain the price will meet Bearish Trend Line in a few days again. If such movement will remain and the market will not see a substantial change in buyers interest the price could easily go lower within the next days. To break this vicious downwards pattern we still need to see high volumes and movement above the 6300.0 level, until then it is too dangerous to enter the market. If bitcoin goes below 5750.0, the next stop should be at 5000.0 level. Bitcoin traders should be prepared for volatile weekends as a lot of menaces coincides: the end of the week, months and quarter, plus the expiration of Jun Bitcoin Futures on CME (15 Dec 2017 - 29 Jun 2018). Investors may attempt to unwind their futures positions to avoid settlement. Today forecast Trading in the 5750.0 – 6000.0 zone. High probability of increasing volatility. Latest news Bitcoin’s Lightning Network Still Unsuitable for Large Payments, Research Suggests Lighting network – long awaited solution for Bitcoin users, which has to ensure fast and cheap transactions. A recent report published by cryptocurrency research firm Diar suggests that Bitcoin’s Lightning Network, a second-layer solution touted as the answer to the cryptocurrency’s scalability problem, is still unsuitable for large payments. According to the report, the network only ensures a 100 percent success rate for payments of $0.03 or less. The chance of successfully sending payments drops as the amount increases, to the point there’s only a 51% chance of being able to send $5.52. Payments of $306 or more only have 1% success rate. Diar’s research adds that the number of channels on the network has been steadily growing, but that its efficiency hasn’t. As CCN covered, the Lightning Network crossed 1,000 mainnet payment channels back in February, and now has over 5,050. According to The Next Web, Diar’s data was sourced from Reddit user YeOldDoc, who used available data from Lnmainnet.gaben.win to get to the results. According to the website’s data, the Lightning Network currently has 2,326 nodes, and a total capacity of $142,000. It’s worth noting that the Lightning Network is still in its infancy. Lightning Labs co-founder and chief technology officer (CTO) Olaoluwa Osuntokun responded to Diar’s research, arguing the “model itself is flawed, and produces flawed metrics.” Bithumb Reveals 11 Cryptocurrencies Lost and Plan to Compensate Customers South Korean crypto exchange Bithumb has announced the 11 cryptocurrencies stolen in last week’s theft and the amount of each coin missing. A compensation plan has also been unveiled for the equivalent value of the lost coins in an undetermined cryptocurrency. Bithumb has provided a breakdown of the 11 cryptocurrencies that it claims were stolen. They are BCH, BTC (692 coins), ELF (409.962), ETH(2,219), ETHOS(42700), GNT(1015090), HSR(6240), KNC(50000), OMG(300), VEN(420), and XRP(5227490). The largest damage is in BTC, which had about 13.9 billion won (~$12,377,255) stolen. According to Bithumb, the total amount stolen is 18,945,911,857 KRW or $16,892,614. Bithumb has also revealed its plan to compensate all affected users. Reiterating that it takes full responsibility, the exchange announced that it is organizing “a compensation airdrop event.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: peeked under 6000, what to expect?Price Bitcoin spending a third day in a narrowing diapason between Bearish Trend Line and 6000.0 level. Though yesterday we saw a short-term dip to the 5990.0, for now, the price has returned to the lateral movement. According to volume distribution, the most trades happen on the 6100.0 level, which is a positive sign, as it pulls the price away from the 6000.0. From the other side, too-long lateral trading in narrow range talks about too low trust and demand, which could result in further dips of the price. Anyway, in near-term perspective, the price will have to meet the Bearish Trend Line and decide once more, whether it ready to break it and attempt to go up or will fall again. I repeat that the breakout requires confirmation in the form of large volumes and a rise above 6300.0. From the below 6000.0 – 5750.0 zone is the last supportive levels on the way to 5000.0. Today forecast Trading in the 6000.0 – 6300.0 zone. Latest news US House Unanimously Passes Bill to Help Fight Illicit Use of Cryptocurrencies The U.S. House of Representatives has unanimously passed a bill to help prevent the illicit use of cryptocurrencies, including bitcoin, dash, zcash, and monero. This bill follows a testimony by the Secret Service asking Congress for help stopping these activities. The U.S. House of Representatives has passed Bill H.R. 6069, known as the “Fight Illicit Networks and Detect Trafficking Act.” The bill was considered by the House on Monday, June 25, and “passed unanimously,” according to California Rep. Juan Vargas, the representative who jointly introduced the bill with Rep. Keith Rothfus, announced. The Republican Policy Committee website describes: “H.R. 6069 would require the Government Accountability Office (GAO) to carry out a study on how virtual currencies and online marketplaces are used to buy, sell, or facilitate the financing of goods or services associated with sex trafficking or drug trafficking. The GAO study would also examine how virtual currencies can be used to detect and deter these illicit activities.” Huobi Exchange Suspends Services for Japanese Residents Crypto exchange Huobi notified its Japanese customers via e-mail on Wednesday that it will be closing accounts of users who are residents of Japan. According to Huobi, their decision came up as a result of compliance issues with the Japanese law. Huobi Pro reportedly plans to remove the Japanese page from its website as of July 2, and stop providing trading services to Japanese residents. Although the announcement is not yet visible on the official company homepage, further details are expected to appear in the coming hours, a Telegram administrator for Huobi said.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: hello FacebookPrice Bitcoin continues narrow lateral movement in the face of the Bearish Trend Line; it seems that the price will definitely need substantial support from the fundamental news to break through the Bearish tendency. Like in the last time, the long lateral movement says about low demand and could lead the price downwards. 6000.0 level should play a supportive role for the price, dive below the 5750.0 level will drive the price downwards to the 5000.0 support. Breakthrough of the Bearish Trend Line should be supported by high volumes and preferably and impulse above the 6300.0. Today forecast Trading in the 6000.0 – 6600.0 zone. Latest news US Prosecutors Seize $17 Mln in BTC, Seek 4,000 BTC More for Dark Web Dealings U.S. law enforcement has seized $17 mln in Bitcoin (BTC) and other cryptocurrencies, and is seeking to seize about $24 mln more, from two Maryland, USA men, on charges of selling counterfeit drugs on the dark web, according to a Department of Justice (DoJ) press release published yesterday, June 26. In addition to around $17 million in Bitcoin and other cryptocurrencies, Law enforcement has seized $2.5 million in computer equipment, and over $1.5 million in cash. The government is further seeking to forfeit “no less than” $5.67 million, plus the value of 4,000 BTC (about $24 mln at press time), believed to be the proceeds of the illegal drug sales. The six-count indictment – unsealed June 22 – alleges that from Nov. 2013 through June 2017, Ryan Farace, 34, sold fake “Xanax” pills on the dark web in exchange for Bitcoin. Together with Robert Swain, also 34, he is further charged with laundering the proceeds through means “designed to conceal the source and ownership of the illegal funds.” Farace now faces a maximum sentence of five years in prison on drug distribution counts, with both men facing a maximum of 20 years’ imprisonment on money laundering charges. In February, a two-year study of the dark web ecosystem claimed that Bitcoin may be losing its cachet as the number one currency on darknet markets, seemingly due to users’ frustrations with network traffic and transaction fees. Facebook Reverses Ban on Cryptocurrency Ads, Maintains Ban on ICOs Facebook has updated its policy to allow cryptocurrencies to once again be advertised, while upholding its ban on the promotion of initial coin offerings (ICOs), in an announcement published Tuesday, June 26. Today’s announcement says the company has been looking into the best way of “refining” its blanket ban on cryptocurrency-related advertising “over the last few months,” in order to “allow some ads while also working to ensure that they’re safe.” Facebook's revised "prohibited products and services policy" now states: “Starting June 26, we’ll allow ads that promote cryptocurrency and related content from pre-approved advertisers. But we’ll continue to prohibit ads that promote binary options and initial coin offerings.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: lateral againPrice Monday did not manage to follow recent growing tendency and went into narrow lateral movement, as we saw couple times before meeting of the Bearish Trend Line. Breakthrough of Bearish Trend Line, line which represents downing tendency, will be a major technical issue for today and tomorrow. A breakthrough above 6300.0 will be a positive sign, but only movement above 6650.0 level will confirm the breakthrough of the bearish tendency. From the downside, dive below 6000.0 level will cause a panic and possible sell-off to the lower levels. Today forecast Trading in the 6000.0 – 6600.0 zone. Latest news Jack Ma slams Bitcoin but heaps praise on the future of blockchain Billionaire business magnate Jack Ma has warned against speculating on the Bitcoin market after saying that the virtual currency could be a potential bubble. Ma, who is the founder of technology conglomerate Alibaba, made the remark yesterday as he launched his own "electronic wallet" which would make allow blockchain-based money transfers between Hong Kong and the Philippines. The Chinese investor, who is worth nearly $50bn (£37bn), said: "Blockchain technology could change our world more than people imagine, adding that “Bitcoin however could be a bubble." The comments come in the wake of Bitcoin’s fall on Sunday, as the cryptocurrency suffered its worst day on the market this year, dipping as low as $5,808 despite nearly reaching a high of $20,000 late last year. Japan Wants to Scrap Its Progressive Crypto Tax Rate Cryptocurrency traders in Japan currently can be taxed as high as 55% on their profits. However, the country’s Deputy Prime Minister, Taro Aso, wants to change how crypto transactions are taxed, from a progressive rate to a uniform rate. The Japanese Deputy Prime Minister and Minister of Finance, Taro Aso, said at the Upper House budget committee meeting on June 25, as reported by Reuters: “The profits gained by virtual currency transactions should be changed from current ‘miscellaneous income’ to ‘declaration separate taxation.’” Currently, capital gains from crypto transactions are taxed as miscellaneous income. Accounting software company Freee described, “Miscellaneous income is subject to comprehensive taxation, and the tax rate is decided according to the amount combined with other income such as salary income.” The National Tax Agency (NTA) explained that Japan has seven income tax brackets, with the tax rates ranging from 5% to 45% based on earnings. On top of the progressive tax rates, inhabitant taxes are levied in Japan by prefectural and municipal governments at the rate of 10%.
BITFINEX:BTCUSDLong
by DestinationMoonCrypto
Bitcoin Today: dived and returnedPrice After the dive below the 6000 level Bitcoin has shown a recovery back with an increase in trade volumes. Bearish Trend Line stays a strong resistance for the BTCUSD attempts to go up, and the price will meet it again in nearest days. Fast come-back above 6000.0 level had shown its supportive nature, but it is too early to talk about turnaround patterns. A breakthrough above the Bearish Trend Line and 6650.0 afterward will be a sign of a reversion. Today forecast Trading in the 6000.0 – 6600.0 zone. Latest news Mt. Gox Creditors’ Legal Victory: “Enormous Assets” to be Returned The Mt. Gox Creditor (mtgoxcreditor) posted Commencement of Civil Rehabilitation Proceedings of Mt. Gox today, indicating a victory for creditors long wondering if an attempt would be made at making them financially whole. The Tokyo District Court ordered commencement of civil rehabilitation proceedings, and as such “enormous assets, which were to be distributed to Mt. Gox’s shareholders under the bankruptcy proceedings, will be returned to creditors.” US Secret Service Asks Congress for Help to Prevent Illicit Use of Privacy Coins The US Secret Service is worried about the illicit use of cryptocurrencies. A high-ranking official of the agency has urged Congress to consider additional legislation to address anonymity-enhanced cryptocurrencies and services intended to obscure transactions on blockchains such as tumblers or mixers. Deputy Assistant Director of the US Secret Service’s Office of Investigations, Robert Novy, gave a testimony before the House of Representatives Financial Services Subcommittee on Terrorism and Illicit Finance on June 20. Novy explained that his agency is primarily concerned with the use of cryptocurrencies “in criminal schemes that undermine the integrity of financial and payment systems, their use in cases of fraud, and their general use as a means of money laundering,” stating: “While some digital currencies have operated lawfully, others have been used extensively for illicit activity…The growing illicit use of digital currencies risks undermining the effectiveness of existing U.S. laws and regulations, especially those intended to limit the ability of criminals to profit from their illicit activities.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: arigato to JapanPrice Bitcoin did not manage to show higher volumes and hold above the 6650.0 and felt down this morning to the 6300.0 level. Though the volumes did show up in the 6000 – 6400 zone, as it is a supportive zone, the more Bitcoin testing it - the less support this zone will provide. For now, we are hanging at the 6300.0 level and waiting if traders will pick it up or leave it for the next weekends there. Overall the technical picture looks negative, as the longer the price stays in the 6000 – 6400 zone the higher possibility of further declines. A come back above the 6650.0 level with high volumes would be the only positive sign that could save the day. Latest news Japanese largest exchange bitFlayer suspends registration Bitcoin prices fell more than 5 percent on Friday after a regulatory agency in Japan ordered several cryptocurrency exchanges to review their business practices. The digital currency traded at 6300 around 09:00 UTC, breaking below 6400 for the first time in about a week. The order from Japan's Financial Services Agency, led bitFlyer — the largest crypto exchange in Japan — to suspend the creation of new accounts while it makes improvements to its business, especially as it pertains to its money-laundering measures.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: need more volume to ignite further growthPrice Yesterday, as the price reached the Bearish Trend Line, the upward impulse supported by high volume broke above the Trend Line but did not trigger any further upward movement and went into a narrow lateral channel. Bias stays positive, but to confirm the breakthrough we will need to see more volumes above the 6650.0 level; otherwise low demand could bring the price down, below the 6650 again. If traders evaluate the current situation as a possible beginning of the growth, then soon we could see a testing of the 7000.0 resistance. Otherwise, support levels are 6650, 6425 and 6000. Today forecast Trading in the 6400.0 – 7000.0 zone. Latest news Bithumb Hack: Exchange Confirms It Will Reimburse All Users South Korea’s largest cryptocurrency exchange, Bithumb, has confirmed that it indeed lost 35 billion won ($31.4 million) in this week’s high-profile hack — which it will repay to users in full. In an update posted on June 21, the Bithumb said it was beginning “recovery” processes and that the total losses from the recent hack could ultimately decrease. Officials announced: “Bithumb is reducing the amount of losses through its ongoing disaster recovery. Future figures are expected to be lower.” “We remind you once again that there is no damage to you,” Bithumb’s update meanwhile reassures users — reiterating that lost funds would be reimbursed using some of its $450 million in company funds. Bithumb also added that it would publish a financial report for the first half of 2018 in July. Despite the apparent frequency of exchange vulnerability exploits affecting South Korea, the amounts involved still pale in comparison to neighboring Japan, where Coincheck lost $530 million to hackers in January. That event led to swift reform of the local industry by Japanese regulators, with Coincheck escaping shutdown via a buyout from online broker Monex. Korean Government Details Regulatory Plans After Multiple Crypto Exchange Hacks Following recent reports of multiple security breaches at cryptocurrency exchanges, the South Korean government has revealed the details of the new bill to regulate crypto exchanges, local media report. Choi Jong-ku, Chairman of the country’s top financial regulator, the Financial Services Commissions (FSC), commented on the Bithumb hack news on Wednesday. He was quoted by Newsis saying: “In order to prevent this, we need to make the transaction system stable and strengthen the protections of the traders by virtual currency handling businesses.” He explained that an amendment bill to the Act on Reporting and Using Specified Financial Transaction Information has already been submitted to the National Assembly in order to achieve this. Crypto exchanges are currently “in the blind spot” of the Korean regulators, Newspim wrote, adding that they are “expected to be monitored by the financial authorities through the ‘report system’.” The publication elaborated, “This will block illegal money laundering using virtual currency exchanges and enhance the rules for transactions with commercial banks in cooperative relations such as opening virtual accounts.” Sanctions will be imposed on any crypto businesses in violation of or failing to comply with the financial regulators’ rules. They include “recommending the dismissal of officers at the same level as banks and securities companies, suspending business operations, warning of institutions, and corrective orders.”
BITFINEX:BTCUSDLong
by DestinationMoonCrypto
Bitcoin Today: Another one hacked exchangePrice BTCUSD pair reached the Bearish Trend Line yesterday but showed a move downwards, staying in the bullish tendency though (above the Bullish Trend Line). These boundaries, between two Trend Lines, will be the main factors for the nearest term. Breakthrough below the Bullish Trend line will indicate a lack of demand and probably send the price testing the 6000 – 6450 support zone. A breakthrough above the Bearish Trend Line will be a positive indicator and could push the price upwards, to test the 7000.0 resistance. Watch for the volumes in case of the Bearish Line breakthrough, growing volumes will be a confirmation of the bullish scenario. Today forecast Trading in the 6425.0 – 6650.0 zone. In case of a breakthrough of the boundaries (Bearish And Bullish trend lines) – a possible growth of momentum. Latest news Hackers Steal $30 Million From Top Seoul Bitcoin Exchange The virtual currency was priced at $6,442 dollars late afternoon in Seoul, down about 4.4 percent from 24 hours earlier, after the latest attack on Bithumb raised concerns over cryptocurrency security. Hyper-wired South Korea has emerged as a hotbed of trading in virtual units, at one point accounting for some 20 percent of global Bitcoin transactions - about 10 times the country's share of the global economy. Bithumb, which has more than 1 million customers, is the largest virtual currency exchange in the South. "It has been confirmed that virtual currencies worth 35 billion won ($32 million) was stolen through late night yesterday (Tuesday) to early morning today," the exchange said in a statement. All deposits and withdrawals were suspended indefinitely to "ensure security", it said, adding the losses would be covered from the firm's own reserves. It was the second major attack on South Korean virtual currency exchanges in just 10 days, after hackers stole 40 billion won from Seoul-based Coinrail, which suspended withdrawal and deposits services since then. John McAfee’s decision to stop shilling ICOs as a regulatory day of reckoning draws near is the top item in today’s edition of Bitcoin in Brief Antivirus pioneer and token pump master, John McAfee, has announced he is no longer working with ICOs nor is he going to keep recommending them. The reasons he gave for the move are “SEC threats” and that “those doing ICOs can all look forward to arrest. It is unjust, but it is reality.” An explanation for what McAfee might be fearing came from Chris Concannon, the president of Bitcoin Futures supporting Cboe Global Markets. “The reckoning will come in two waves,” he said in an interview with Business Insider. According to him, ICO investors should lay awake at night worrying as the SEC will soon go after market participants. Following that he expects a torrent of class-action lawsuits against the teams behind projects. “If you sold someone an unregistered security you are liable to them if they decide to take them to court,” Concannon said. Despite all of this don’t count McAfee out of the market just yet. He also claimed to be working “on an equivalent alternative to ICOs which the SEC cannot touch.”
BITFINEX:BTCUSDLong
by DestinationMoonCrypto
Bitcoin Today: a hint of hopePrice Yesterday buy-in broke the lateral channel and brought the price above the 6650.0 level, closer to the Global Bearish Trend Line. For now, the price stays locked inside the narrowing bounds of Bearish Trend Line and 6650.0 level. Today BTCUSD will reach the decisive moment with the Trend Line, bounce back will bring the price below the 6650.0 level probably back to the 6400.0 zone; a breakthrough above the Bearish Line will bring more confidence to the markets and could provoke new buying session. Support – 6400.0 level; closest resistance – 7000.0 level. Today forecast Trading in the 6400.0 – 7000.0 zone. Latest news All Regulated Japanese Exchanges to Prohibit Insider Trading and Privacy Coins The association comprising of 16 government-approved cryptocurrency exchanges in Japan has reportedly provided a sneak peak of its self-regulatory rules. The focuses are on banning insider trading and preventing exchanges from listing privacy coins. The Japan Virtual Currency Exchange Association (JVCEA) has given a sneak peak of the draft self-regulatory rules it has been working on, “in an effort to step up consumer protections and improve transparency,” Nikkei reported on Monday. The main focuses of the new regulations are on “insider trading and the trading of new currencies that cannot be traced easily,” the publication detailed, adding: “The proposed rules explicitly ban insider trading. Word has leaked previously that a major exchange would start handling a new currency, which led to a surge in the currency’s value and left many suspecting market manipulation. Such activity would represent a clear violation of the new rules.” Australia Taxation Office (ATO) will be collecting Capital Gains Tax (CGT) on cryptocurrency gains After moving to request all cryptocurrency exchanges to report to the country’s watchdog agency, the Australia Taxation Office (ATO) will be collecting Capital Gains Tax (CGT) on cryptocurrency gains, essentially classifying them as assets. Liz Russel, a senior tax agent at a private Australia online tax return service, shared some insights on the way the ATO will be treating cryptocurrency gains and what people should expect. Just like in the majority of countries, there is an ongoing debate amid Australian institutions regarding the proper classification of cryptocurrencies. However, according to the senior tax agent, the ATO has made it pretty clear that it would regard them as assets: “There is a long-running debate over what cryptocurrency actually is – whether it’s an asset, currency or collectible – but the ATO has made it clear that it treats cryptocurrency as an asset. That means it’s subject to the same capital gains tax (CGT) provisions that apply to real estate and shares.” Put in simple words, Australians will have to pay the CGT tax on any profits they made from trading cryptocurrencies. So, if you’ve bought back when it was $2,000 and sold it for $20,000, the $18,000 profit will be subject to CGT.
BITFINEX:BTCUSDLong
by DestinationMoonCrypto
Bitcoin Today: calm weekends makes me worryPrice BTCUSD spent the weekend in lateral movement inside the narrow channel 6400 - 6550. But such lateral movement will not last for a long time. As within two days, the price will reach Bearish Trend Line, which imposes the downward tendency of the price and will face a decision, to break the Trend Line and show more bullishness, or bounce downwards from this Line. In a Bullish scenario, the price will meet 7000.0 resistance after breaking above the Bearish Trend Line. In a Bearish scenario, the 6000-6400 support zone will be tested again, and in case of a breakthrough, the price will be headed to the 5000.0 support. Today forecast Trading in the 6000.0 – 7000.0 zone. High risk of fall. Latest news SEC position on BTC, EHT and ICO’s Securities and Exchange Commission (SEC), clarified the regulatory agency's stance on bitcoin, Ether (the token used to pay for transactions on Ethereum's network), and initial coin offerings (ICOs). More specifically, Hinman noted that bitcoin and Ether aren't going to be classified as securities -- and therefore not held to same stringent regulations as publicly traded stocks -- by the SEC. Meanwhile, most ICOs are likely to be classified as securities, and will, therefore, come under more stringent regulation. What's the difference? According to Hinman, it comes down to the expectations of the purchasers of an asset and what role the third party behind a cryptocurrency asset or ICO played. In particular, if investors bought a virtual currency with the expectation of a return on their money, and there was a third party behind that asset (either a person or group of individuals who sponsored the creation or sale of the asset), then it would most likely qualify as a cryptocurrency. For example, since there's a single cryptocurrency and a group of developers behind every ICO, most are liable to be considered securities and therefore come under the SEC's watchful eye. So, how are bitcoin and Ether different? Per Hinman, it's the decentralization of both of their networks. Essentially, there's no third party that either network is reliant on for their success and operation. Said Hinman: “Based on my understanding of the present state of Ether, the Ethereum network, and its decentralized structure, current offers and sales of Ether are not securities transactio BIS releases a negative article about Bitcoin The Bank for International Settlements just told the cryptocurrency world it's not ready for prime time - and as far as mainstream financial services go, may never be. In a withering 24-page article released Sunday as part of its annual economic report, the BIS said Bitcoin and its ilk suffered from "a range of shortcomings" that would prevent cryptocurrencies from ever fulfilling the lofty expectations that prompted an explosion of interest - and investment - in the would-be asset class. In one of its most poignant findings, the BIS analysed what it would take for the blockchain software underpinning Bitcoin to process the digital retail transactions currently handled by national payment systems. As the size of so many ledgers swell, the researchers found, it would eventually overwhelm everything from individual smartphones to servers. "The associated communication volumes could bring the Internet to a halt," the report said. Researchers also said that the race by so-called Bitcoin miners to be the first to process transactions eats about the same amount of electricity as Switzerland does. "Put in the simplest terms, the quest for decentralised trust has quickly become an environmental disaster," they said. "Trust can evaporate at any time because of the fragility of the decentralized consensus through which transactions are recorded," the report concluded. "Not only does this call into question the finality of individual payments, it also means that a cryptocurrency can simply stop functioning, resulting in a complete loss of value."
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Not SecuritiesPrice Bitcoin showing gradual growth for the first full day in a long time, at least buy-backs are bigger than sell-offs, talks in favor to the opinion that people are ready to buy BTC at these prices. Currently, the price trades on the 6600.0 level with relatively low volumes, the growth of volumes with the onset of a working day in America can push the price higher, above the 6650.0 resistance. Nonetheless, to break above the next resistance 7000.0, we will need to see some positive fundamental feedback. For now, even if breakthrough of the 6650.0 level will happen the price will probably go into a lateral pattern for the weekends. Otherwise, if markets will see some more negative feedback for BTC, that could trigger profit fixations even after such small growth and sell-off back to the 6000.0 – 6400.0 zone. One more psychological factor is that last fall was occurred during the weekends, hence traders could want to wait until the Monday to buy-in. Today forecast Trading in the 6000.0 – 7000.0 zone. High risk of fall. Latest news Crypto Market Rebounds as SEC Clarifies Bitcoin and Ethereum are Not Securities The cryptocurrency market has rebounded from $271 billion to $291 billion, by more than $20 billion in the past 24 hours, as the US Securities and Exchange Commission (SEC) clarified that Bitcoin and Ethereum are not considered as securities under the laws of the US. At the Yahoo Finance All Markets Summit, William Hinman Director, Division of Corporation Finance at SEC, emphasized during his speech that Ether, the native cryptocurrency of the Ethereum network, and Bitcoin, are not securities as they do not benefit a single organization or a company. Hinman discussed the initial coin offering (ICO) of Ethereum in 2014, which led investors to become concerned about the regulatory aspect of Ether, and noted that despite the token sale of Ether, its decentralized structure and the current state of the Ethereum network eliminate the possibility of categorizing Ether as a security. “And putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions. And, as with Bitcoin, applying the disclosure regime of the federal securities laws to current transactions in Ether would seem to add little value,” Hinman explained. In simple words about John Griffin report on BTC manipulation and Tether Recently all crypto-media was filled with news about the article by Economics professor on Tether and bitcoin manipulation in 2017, which brought the price to the 20000. The 66-page paper, authored by finance professor John Griffin and graduate student Amin Shams, has claimed data suggested that the price of Bitcoin and other cryptocurrencies was artificially inflated by someone connected to a named trading platform – something the platform's CEO denied. The report alleges that the platform used its own virtual coin, Tether, to generate fake demand for Bitcoin by buying up the currency and keeping its price up while its value sank at other exchanges. The more Tether entered the market, the higher the prices of other cryptocurrencies would rise, according to the study. The researchers used algorithms to analyse millions of transactions on the blockchain, discovering that half of Bitcoin’s price increase in 2017 occurred hours after Tether was passed along to several other exchanges. Although they stressed that the report is not conclusive and can’t confirm price manipulation, it has unsurprisingly received global media attention.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: exchanges under gov pressurePrice Yesterday we saw one more fall iteration, which brought BTCUSD pair to the April minimum at the 6425.0, exactly from this level the April – May growth started. The next support would be February low at 6000.0 level. Turnaround scenario at this point require strong support in the 6000.0 – 6400.0 zone. Otherwise, the price could go lower than 6000.0 minimum, causing more panic and aiming for the next psychological support at the 5500.0. We recommend considering buying these lows only if BTCUSD market will show high volumes and growth above the Bearish Trend Line. Another more probable scenario – lateral stagnation in the 6000.0 – 7000.0 interval, sounds more probable than other scenarios. Today forecast Trading in the 6000.0 – 7000.0 zone. High risk of further fall-down. Latest news CFTC Subpoenas Cryptocurrency Exchanges In Bitcoin Futures Investigation Due to suspicions of market manipulation that may impact the final settlement price of CME's bitcoin futures, the Commodity Futures Trading Commission (CFTC) has reportedly subpoenaed four cryptocurrency exchanges. According to the Wall Street Journal, the regulator demanded that the exchanges – Bitstamp, Coinbase, itBit, and Kraken – provide "comprehensive trading data to assist a probe into whether manipulation is distorting prices" in the bitcoin-linked futures market. This is a complicated matter because the CFTC has claimed oversight and enforcement authority over cryptocurrency-based financial derivatives like bitcoin futures, but seems to possess only enforcement authority over the cryptocurrency spot markets. The inquiry revealed by the Journal on Friday is distinct from the CFTC-DOJ investigation into bitcoin price manipulation, which ETHNews covered last month. The reported concerns about potential manipulation lend credence to the suggestion that bitcoin futures products were rushed to market. No word yet about the CBOE's bitcoin futures product. Bitfinex Tether Trading Identified as Source of Crypto Markets Price Manipulation A document released today by Professor John M. Griffin of the University of Texas’ Finance Department has identified what it claims are suspicious clusters of Tether-Bitcoin bulk trades on the Bitfinex trading exchange towards the end of 2017 which may have, in part, contributed to the price rallies of the cryptocurrency markets of the same period. “Less than 1% of hours with such heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top crypto-currencies,” the report claims. “These patterns cannot be explained by investor demand proxies but are most consistent with the supply-based hypothesis where Tether is used to provide price support and manipulate cryptocurrency prices,” the reports further state. Professor Griffin’s report also states that whilst “the promise of a decentralized ledger with independently verifiable transactions has enormous appeal,” the vast majority of crypto-currency trades continue “as transactions occur on centralized exchanges. These exchanges largely operate outside the purview of financial regulators and offer varying levels of limited transparency.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
1
Bitcoin Today: drop, hack and criminal probePrice Weekends gave us bitcoin sold off to near the lows we saw at the beginning of the year. As usual, such event drag whole crypto market lower, opening the week almost in all-red. Fro now the fall stopped near the 6650.0 level and went into a narrow lateral movement slightly above it. 6000.0 – 6500.0 zone should play as s strong support, as we saw the last time when the price reached such lows. From the upside, the breakthrough of the Bearish Trend Line or even rise above 7600.0 level would be required to consider buying in near-term. So who do we have to thank, Coinrail or CFTC? Today forecast Trading in the 6000.0 – 7000.0 zone. High risk of further fall-down. Latest news Korean Exchange Hack The news of another hacked South Korean crypto exchange is widely blamed for the drops across the markets. Coinrail, a lesser known Korean trading venue, has reportedly been the victim of a hack – costing the clients of the exchange over $40 million worth of ICO tokens. The hacker stole $19.5 million in NPXS (Pundi X’s ICO tokens), $13.8 million of Aston X, $5.8 million in tokens of Dent, over $1.1 million of Tron, and at least five other tokens, all just from exchange users not the projects themselves. In response to the event, Coinrail has announced it suspended trading and moved the remaining 70% of its client assets to cold storage, as well as notified the police. While the figures involved are much smaller than past events, many link this incident to the markets bleeding red over the weekend. CFTC Subpoenas Leading Exchanges for Trading Data According to anonymous sources cited by The Wall Street Journal, The United States Commodity Futures Trading Commission (CFTC) is coordinating with the U.S. Justice Department in conducting investigations into price manipulation in the spot BTC markets. The report claims that the CFTC launched a criminal probe into BTC price manipulation after several cryptocurrency exchanges rejected a request from Chicago Mercantile Exchange (CME) for the exchanges to share trading data CME. The investigation is legitimated by bitcoin’s designation as a commodity, juridically granting the CFTC jurisdiction over the commodity markets underscoring derivative markets overseen by the regulator. CME spokeswoman, Laurie Bischel, stated: “All participating exchanges are required to share information, including cooperation with inquiries and investigations.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: already tired of 7600 levelPrice 7600 level stays a cornerstone for the price. Today volume distribution peak stays above the 7600.0 level, though the price dips below it and now hanging on the passed recently Bearish Trend Line. It worth saying that some traders consider a breakthrough pattern of the angle lines (Bearish Trend Line) this way: breakthrough -> come back to the line -> take-off. Near-term resistance, the crossing of which can free the price from the 7600 level attraction is 7750 level. From the below, 7400 – 7600 zone stays a buying zone, dive below the 7400 level could cause a panic and sell-off till the 7000 psychological support. Today forecast Trading in the 7500.0 – 7750.0 zone. Latest news Regulations Round-Up: CFTC Rejects FOIA Request, SEC Not Modifying Securities Laws In recent regulatory news, the United States Commodity Futures Trading Commission (CFTC) has rejected a Freedom of Information Act (FOIA) request regarding the subpoenas recently received by Bitfinex and Tether; the United States Securities and Exchanges (SEC) Chairman, Jay Clayton, has indicated that the regulator will not alter existing securities legislation to cater to cryptocurrencies. Maria Vullo, the Superintendent of Financial Services for the State of New York, has praised the regulatory efforts made by the CFTC and SEC in the arena of initial coin offerings, and the SEC has announced Valerie Szczepanik as the commission’s new Senior Advisor for Digital Assets and Innovation. The FOIA request, dated June 5th, requested “subpoenas issued to Ifinex inc. also known as Bitfinex and its subsidiary companies, as well as subpoenas issued Tether Limited and its subsidiary companies.” Chinese Bitcoin Mining Chip Maker Bitmain Considers IPO Beijing-based Bitcoin miner and mining chip designer Bitmain Technologies Ltd. is considering an initial public offering in Hong Kong or in an overseas market with U.S. dollar-denominated shares, Bitcoin’s co-founder Jihan Wu told Bloomberg in an interview. Wu did not disclose the size of its IPO but Bloomberg estimates the valuation of the firm to be about US$8.8 billion by applying a multiple similar to that of publicly listed chipmakers such as Nvidia Corp. and MediaTek Inc, even though it does not have the operational track record of either company. Founded in 2013, Bitmain develops and sells Bitcoin miners using its application-specific integrated circuit (ASIC) chip technology. It has offices in Amsterdam, Hong Kong, Tel Aviv, Qingdao, Chengdu, Shanghai and Shenzhen. The firm controls as much as 80% of the market for crypto mining gear, according to Sanford C. Bernstein & Co. Wu told Bloomberg that his company booked revenue of US$2.5 billion last year. In 2017, Bitmain raised US$50 million from several ventures firms including Sequoia Capital and IDG Capital. Bitmain’s planned IPO will give these investors an opportunity to cash out.
BITFINEX:BTCUSDLong
by DestinationMoonCrypto
Bitcoin Today: Now with TusdPrice BTCUSD did not manage to hold 8500.0 level yesterday and retraced downwards below the Bullish Trend Line. For now, bitcoin is trading above the 8200.0 level, the short-term price pattern looks bearish. To reconsider the bearish pattern we need to see a breakthrough of the Bearish Trend Line. Nonetheless, the take-off from the 8000.0 level, from a week ago, stays bullish. 8000.0 – 8200.0 zone should remain supportive. From the above, local Bearish Trend Line should be pierced to consider a turnaround movement. Today forecast Trading in the 8100.0 – 8500.0 zone. Latest news Binance adds TrueUSD(TUSD) today TrueUSD is basically a verified stable coin that is backed by a fixed value of the US Dollar. It is the first fully collateralized, legally enforceable and attested cryptocurrency that ensures you can redeem your US Dollars from TUSD. TrustToken made the public announcement of its TUSD launch and Bittrex listing earlier this month and further mentioned: “The market has demonstrated that there is strong demand for a trustworthy trading pair between cryptocurrencies and US Dollars. TrueUSD’s presence on Bittrex meets that need.” TrustToken also confirmed its registration as a Money Service Business (MSB) that will put them in a stronger position to prevent money laundering and frauds. TrueUSD seems like an attempt to get the dollar substitute token created properly by addressing the problems Tether faces. Company spreads their message via its website that “We wanted a simple, stable coin, without the need to trust some company’s hidden bank account or special algorithm. Our legal framework enables you to exchange USD directly with an escrow account – we never touch the funds’’. TrueUSD provides stable currency with 1 to 1 parity. With all these features including financial services and exchanges, TUSD gives a tough competition to the older USDT. To facilitate the USDT – TUSD transition process for those who wish, Bittrex listed a USDT/TUSD pair. Binance did not list USDT/TUSD quote for now.
BITFINEX:BTCUSD
by DestinationMoonCrypto