Bitcoin Today: still jumping around 7600
Price
One of yesterday impulses brought the price back on the 7600.0 level since then the price went in a narrow lateral movement, showing that fewer are willing to sell cheaper than 7600.0 now. BTCUSD pair came close to the Bearish Trend Lines zone, which is a strong resistance for the price. Beginning of the working day in the US will bring more volatility on markets and could cause a breakthrough above the Bearish Trend Line which could send the price to the 8000.0 level. 7400 – 7600 zone should serve as a support for the bullish bias. Sell-off below 7400 could send the price into a deeper correction.
Today forecast
Trading in the 7400.0 – 7800.0 zone. An upward impulse to 8000.0 resistance is possible.
Latest news
One of yesterday impulses brought the price back on the 7600.0 level since then the price went in a narrow lateral movement, showing that fewer are willing to sell cheaper than 7600.0 now. BTCUSD pair came close to the Bearish Trend Lines zone, which is a strong resistance for the price. Beginning of the working day in the US will bring more volatility on markets and could cause a breakthrough above the Bearish Trend Line which could send the price to the 8000.0 level. 7400 – 7600 zone should serve as a support for the bullish bias. Sell-off below 7400 could send the price into a deeper correction.
Today forecast
Trading in the 7400.0 – 7800.0 zone. An upward impulse to 8000.0 resistance is possible.
Latest news
- Police Forces Bust Alleged “New Age Cryptocurrency” Scam in India (MTC)
Police in the Indian city of Thane have raided the offices of an alleged multi-million cryptocurrency scam on Monday. According to its promoters, Money Trade Coin (MTC) “provides a safer, more secure and superior alternative of storing wealth in the form of digital currency, to investors as well as commoners.” Investigators, however, accuse it of being a front for an international fraud, misleading investors with promises of high returns, real estate and foreign passports.
On its website MTC is described as intellectual property jointly owned by Dubai based firm Bitcoin Global FZE, UAE and Money Trade Coin Ltd, UK. And Mr. Amit M. Lakhanpal is said to be the Director of Money Trade Coin Ltd (and one of the key members of Bitcoin Global FZE and MD of Flintstone Group, India). While two people were detained on Monday, Lakhanpal is reportedly still at large and the police believe he may have fled India. - Ripple Hired Ex-SEC Officials For XRP Suit
Two former U.S. Securities and Exchange Commission (SEC) officials are representing Ripple in a civil matter over securities laws, CoinDesk reported. Mary Jo White, who had served as chairwoman, and Andrew Ceresney are representing the crypto firm in a suit filed by an investor per court records.
The proposed class-action lawsuit alleges that Ripple violated state and federal securities laws. It centers around the question of whether XRP is a security, given its relationship with Ripple (which asserts that the digital asset is wholly distinct from the private company).
The lawsuit names XRP II, Ripple's registered and licensed MSB, and CEO Brad Garlinghouse among the defendants.
Back in May, the company disputed the basis of the lawsuit and reiterated that it doesn't believe XRP is a security.
"Like any civil proceeding, we'll assess the merit or lack of merit to the allegations at the appropriate time. Whether or not XRP is a security is for the SEC to decide. We continue to believe XRP should not be classified as a security," Tom Channick, Ripple's head of corporate communications, told CoinDesk at the time.
Ripple claims:
"We're ready to fight this opportunistic suit in the appropriate federal court. We feel confident that the claims regarding XRP are completely unfounded both in law and fact."
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