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Bitcoin Today: Bitmain hashrates and Bittrex fiatsPrice As was expected, the overbought market did not manage to break 8500 level and went into a mild correction, establishing supportive 8200 level, where most of the supply (profit-taking) and demand (rally pursuers) finds a consensus for the second day. 7600 – 8000 zone and an upcoming meeting with the Bullish Trend Line should support the uptrend rally scenario, nonetheless even in such case we expect the movement to stop for the larger correction at the 10000 – 9000 zone. In case of downwards movement, support levels are 8000, 7600, 100-days EMA. Today forecast Trading in the 8000 – 8500 zone. Possible upward rally to the 8800 – 9000 zone. Latest News Bittrex added the possibility of withdrawing the US dollar for individual users The Bittrex Exchange has announced that the deposit and withdrawals of the fiat US dollar are now available for individual and corporate clients. However, while this option is available only to residents of California, Washington, New York and Montana. In May, Bittrex entered into an agreement with the New York bank Signature Bank, which allowed the trading platform to add support for the US dollar. Twit on July 23: “Bittrex retail (personal account) customers: If you reside in WA, CA, NY, MT and qualified international regions, you might be eligible to join @BittrexExchange Fiat (USD) trading markets…” Bitmain discloses its hashing powers in response to accusations of hidden mining Bitmain has made another disclosure of the hashrate of its mining machines in a fresh attempt to address accusations that it is capable of controlling the Bitcoin network through hidden hashing power. Bitmain operates two mining pools - Antpool and BTC.top – and directs its equipment to them. However, some accuse the leading ASIC producer of running brand-new machines for months before selling them. For the SHA-256 mining algorithm, Bitmain has 1,692.05 PH/s, which is, in fact, a minuscule part (around 4%) of the current hashrate. For the entire Bitcoin network, mining right now reaches 45,565.5 PH/s, already a near-record level and continuously rising. The results surprised the Bitcoin community, especially since the Bitmain pools currently control around 35% of the hashrate. Still, the pooled mining power may belong to third parties, and Bitmain has shown its side of the equation. This Bitmain report, which in the future intended to become a regular monthly publication, was met with considerable skepticism by the community. Also, Bitmain has denied accusations of running its new market rigs for profit before selling them. Additionally, the company has promised not to mine empty blocks and has stated that occasional empty blocks may happen due to problems in the Bitcoin protocol, but those are not intentional. To track the propagation of new ASIC and avoid accusations of keeping the machines running before market, a new Antminer Twitter account has been created. The account will offer production and shipping statistics for newly released machines. Bitmain states it owns just 339 GH/s in mining power for the Ethereum network, out of more than 292,711.4 GH/s for the entire network in its recent near-record levels. Bitmain has been accused of being behind the significant rise in Ethereum mining, but so far, the company has shown only a small collection of machines. Given that one E3 miner runs at around 180 to 205 MH/s, Bitmain perhaps operates less than 2,000 machines. For the Scrypt algorithm, Bitmain revealed just 44.19 GH/s, not enough to make a dent on Litecoin, let alone go near a 51% attack.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: China's Ratings and ETF postponingPrice BTCUSD is testing 8500 and aiming for the March hights at 8800. 9000-10000 zone should have a lot of selling orders for sure, especially considering the sharp growth from 6000 with almost no corrections, and 30% growth could be a good reason to take profits underneath the 10000. Nonetheless, this not denying eventual breakthrough of 10000 level, it just that market looks overbought at this point and will definitely show us a correction before moving above 10000. For now, the bullish scenario is the movement within the newly formed Bullish Trend Line and reaching the 9000 – 10000 zone. Nonetheless, the closest resistance is still 8500, and we did not see it breakdown yet, so it is possible to start a correction from 8500. 7600 – 8000 zone should play a support role for the bullish view of the market. Today forecast Trading in the 8000 – 8500 zone. Possible upward rally to the 8800 – 9000 zone. Latest news China Releases Ranking of 31 Crypto Projects China’s Center for Information Industry Development has released its third ranking of crypto projects. Out of 31 projects, EOS remains at the top of the list while both Bitcoin and Bitcoin Cash have improved slightly from the previous month. For the latest ranking, EOS remains at the top of the list, followed by Ethereum, just like the previous month. Similarly, NEM stays at the bottom of the list. Bitcoin has moved up from the 17th place to the 16th place while Bitcoin Cash from the 28th place to the 25th place. Gxchain on 4th place is the latest addition. Here is the full list in descending order: 1. EOS, 2. Ethereum, 3. Nebulas, 4. GXChain, 5. NEO, 6. Stellar, 7. Steem, 8. Lisk, 9. Waves, 10. Komodo, 11. BitShares, 12. Dash, 13. Ripple, 14. IOTA, 15. Ark, 16. Bitcoin, 17. Qtum, 18. Stratis, 19. Cardano, 20. Ethereim Classic, 21. Verge, 22. Monero, 23. Bytecoin, 24. Sia, 25. Bitcoin Cash, 26. Zcash, 27. NANO, 28. Litecoin, 29. Hcash, 30. Decred, 31. NEM SEC postpones ETF decision Crypto traders around the world were optimistic over the pending decision from SEC over the approval of a much-hyped ETF that would mark the biggest step yet for digital assets into the centre-ground of mainstream finance. A bitcoin ETF (exchange traded fund) would mean people are able to buy into bitcoin without having to deal with online exchanges that suffer from credibility issues and lack of regulation. In February this year JPMorgan broke the negativity cycle to cite the potential of a bitcoin-based ETF. The bank described it as the “holy grail for owners and investors.” However, yesterday's statement from the SEC said: “The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change,”
BITFINEX:BTCUSDLong
by DestinationMoonCrypto
5
Bitcoin Today: Bitcoin flying - Altcoins are fallingPrice After a short break, BTCUSD has gained enough support to continue its upward rally. On the current moment, the price reached the 8000 mark across almost all exchanges. For now, the rally stumbled on the 8000 resistance, though it is worth noticing that today's volumes peak lies on the 8000 level, which talks in favor of further growth or at least a foothold above 8000. Bullish Trend Line and 7600 level are supporters of the bullish scenario. The most positive signs that we could get in nearest terms is the price holding above 8000 level, the longer the price won't face a significant selling pressure above 8000 the more likely further rally to the 8500 resistance will be. From a broader perspective, 7100-7600 zone is a shoulder of the Head and Shoulders pattern, starting at the beginning of the June, so the current bullish scenario has 7100 – 7600 area as a support. Today forecast Trading in the 7800 – 8200 zone. Possible upward rally to the 8500. Market leaders comments Romal Almazo, the crypto lead at Capco “Any signs of the big players entering the market will cause huge waves. Though my personal belief is that we are still a few years away from reaching this tipping point, we are in what I would refer to as an exploratory phase when it comes to institutions and crypto.” Brian Kelly, the BKCM CEO “Institutions are starting to get serious, I can tell you from the calls I’m getting. People that looked at it (cryptos) in December that didn’t like the price are coming back now and saying all right this thing is not going away. We need to understand what it is, where does this asset class fit into our portfolio.” “Five months ago we had some headwinds. Remember we had multiple different bouts of tax selling, we had Mt.Gox trustee selling. There were a lot of big sellers out there, (but) that appears to be over and so now you’ve had this positive news flow… sometimes it just takes the market a little bit to catch up, so here we are and I don’t think its done (yet).” Mati Greenspan, a senior analyst at eToro “We might just be on the cusp of the largest bitcoin bull run in history.”
BITFINEX:BTCUSDLong
by DestinationMoonCrypto
Bitcoin Today: Facebook and Google winks and Bitcoin surgesPrice Bitcoin found 7300 level supportive at the beginning of the weekends and managed to take-off from this level and taking over 7600 level after a short roll-back on Sunday. Today volume distribution tends closer to 7650 price, which confirms the breakthrough of 7600. Winning over the 7600 level underly that the price has overcome a complex zone of 7500 level and 100-days EMA and now adds more bullish signs to its view. If traders can hold this level for today, then soon we could see a testing of the 8000 resistance. Return below 7600 will probably mean the continuation of lateral trading in the 7000 - 7600 zone. Today forecast Trading in the 7600 – 8000 zone. Latest news Facebook allows Coinbase to advertise in the social network. The largest global social network white listed Coinbase from its advertising ban for cryptocurrency and ICO related companies. The news popped up on Saturday when CEO of the US-based crypto exchange Brian Armstrong posted a tweet with attached Coinbase ad in Facebook: "Facebook banned ads for crypto earlier this year. Proud to say we've now been white listed and are back introducing more people to an open financial system." The community cheered the news while the post gathered over 160 comments. Google includes major coins in the exchange rate converter; Bitcoin, Ethereum and Ripple and Bitcoin Cash reacts with further gains Google seems to have warmed up again towards digital assets and added Bitcoin, Bitcoin Cash, Ethereum and Litecoin to its online currency exchange converter. If a user searches Google for these coins, the system automatically displays their exchange rates for these coins in user's local currency. It is worth noting that Google's rates differ from CoinMarketCap data, while the source of quotes is not readily available. Earlier we reported that Google's co-founder Sergey Brin confessed that he had been mining Ethereum together with his ten-year-old son.
BITFINEX:BTCUSDLong
by DestinationMoonCrypto
Bitcoin Today: Holding on 100-days EMAPrice Second day in a lateral correction in 7300-7500 corridor. The fact that price still holds on to the 100-days EMA and does not go down talks in favor of bullish scenario and it is possible that soon we will see more attempts to go above 7600. 7300 is the support level for the bullish scenario, and 7600 is the closest resistance. A lot of analytics would prefer to emphasize level 7500, but the price is too close to those level and to consider a clean breakthrough we would prefer to see the price above 7600 level as it was the highest point, on Wednesday. From the bearish view, a breakthrough of the 7300 will lead the price to test 7000 level. A pullback below 7000 will mark a question above the whole bullish pattern that we saw in a last four days. Today forecast Trading in the 7300 – 7600 zone. Main events of the week Friday - Crypto-currency Stellar has bypassed the capitalization of Litecoin - The Gemini Exchange was licensed in New York State after generous donations to the Governor Thursday - In Russia, the owners of cryptocurrency will be obliged to pay a 13 percent income tax - At 20 minutes, Bitmex closed short positions at $ 180 million Wednesday - Regulators have approved Coinbase for listing security-tokens - IBM and the start-up Stronghold in cooperation with Stellar will release an analog of the tokenized dollar Tether Tuesday - The G20 Financial Stability Board will assess the risks of cryptocurrency Monday - Investment giant BlackRock created a working group to study the market of crypto-currencies - Malta Gets its First Two-Way Bitcoin ATM
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: The Future of MoneyPrice Having tested the 7600 resistance, BTCUSD eventually plunged to 7300 level. The fact that the price did not slip to the 7000 level immediately after touching 7600 resistance indicates about soon attempts to test the 100-days EMA and 7600 resistances again; as long as the price will hold above 7300 we will stick to the bullish overview. In case of diving below 7300, we emphasize 7000 level as a support to the growth scenario. In case of a movement upward and a breakthrough above 7600 the next resistance that will matter – 8000. Today forecast Trading in the 7300 – 7600 zone. Latest news Financial Policy Subcommittee hearing The Future of Money: Digital Currency The hearing, entitled “The Future of Money: Digital Currency,” considered potential domestic and global implementations of cryptocurrencies. The Financial Policy Subcommittee hearing will examine "the extent to which the United States government should consider cryptocurrencies as money," while the House Committee on Agriculture will focus on the emergence of "digital assets". Congress is set to "evaluate the merits of any uses by central banks of cryptocurrencies, and discuss the future of both cryptocurrencies and physical cash." Addressing this point, Rodney Garratt, a professor of economics at the University of California, Santa Barbara, claimed that the banks have to decide whether they want “to withdraw completely from providing a payment device for general public,” or whether they prefer to adopt one of sorts of digital alternative. Which, in turn, could be “some form of crypto.” Guy Hirsch, US Managing Director of eToro, states: “today’s hearings are a great step in the right direction." "We encourage regulators to hear more from good actors and companies with an international presence since they would be valuable to this discussion in Congress.” "Cryptocurrencies are by design global assets and companies with global perspective are uniquely positioned to help regulators better understand the diverse regulatory approaches and best practices.” "Any law that Congress will pass affecting cryptocurrencies will have global impact on foreign companies that are doing business in the US or want to enter the US market and therefore it is important for US lawmakers to facilitate dialogue with other nations on this matter." On the challenges for Congress he adds that digital assets have properties that don’t apply to our current understanding of securities or commodities. Guy Hirsch adds that while it makes sense to classify some tokens as securities, others are more accurately classified as currency or commodities, or perhaps a new asset class altogether.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Is this a Tether emission or just a FSB...Price Yesterday, during American trading session Bitcoin price pleased us with a strong leap upwards, breaking above 6800 and 7000 levels on the way. The upward movement stopped only at the 100-days EMA which at this time lies between 7400 and 7500. Today the price stays near the 100-days EMA, that leaves the possibility of the breakthrough above 100-days EMA which will be a sign of uptrend continuation and lead the price to the 8000 resistance. If the price does not manage to break the EMA in the nearest time, we will probably see a correction to the 7000 level. The key point of the bullish scenario – stay above the 7000 level. Today forecast Trading in the 7000 – 7600 zone. Latest news Two prevailing ideas about the causes of bitcoin growth Bitcoin price was manipulated with the help of Tether emission Nouriel Roubini, nicknamed Dr. Doom for his tireless efforts to warn the world over the housing bubble crash of 2007-2008, is less than convinced pointing to the controversial stable coin - Tether - and allegations that it is used to manipulate bitcoin prices. Professor Roubini said on Twitter: “Bitcoin literally spiking up by almost 10% in about 30 minutes today based on no news. So only explanation: price manipulation. Since Tether recently printed another $200 million of fake money & since research proves Tether used to manipulate BTC, manipulation is at work again.” by @nouriel There is a study that supports this hypothesis and claims to have produced a clear link between the printing of new Tether tokens and bitcoin's overheated price increases. The study states: “By mapping the blockchains of bitcoin and Tether, we are able to establish that entities associated with the Bitfinex exchange use tether to purchase bitcoin when prices are falling. “Such price supporting activities are successful, as bitcoin prices rise following the periods of intervention. These effects are present only after negative returns and periods following the printing of Tether." In June British tabloid Express.co.uk contacted Bitfinex for comment on the allegation and for further explanation over various tether transactions on the exchange during 2017. Bitfinex CEO JL van der Velde has rejected the allegations in the University of Texas paper, and a spokesman from the company told Express.co.uk: “Bitfinex nor tether is, or has ever, engaged in any sort of market or price manipulation. Tether issuances cannot be used to prop up the price of bitcoin or any other coin/token on Bitfinex.” Financial Stability Board report The recent rise in crypto prices is also being credited to yesterday's report from the Financial Stability Board (FSB), plotting the path for G20 countries to regulate cryptocurrencies and bring them closer towards mainstream global finance. Prices rose after the FSB delivered a framework for the world's leading G20 countries to “monitor the financial stability implications of crypto-assets markets.” CEO of deVere Group, Nigel Green told Express.co.uk: “The FSB's conclusion follows more and more global financial institutions, major corporations and household name investors now working with cryptocurrencies and blockchain, the technology that underpins them, and as international regulation is developed further. Cryptocurrencies are the future of money, and they are already undeniably part of mainstream finance. “ Pouring cold water on the idea of crypto sparking the next global financial meltdown the FSB said that cryptocurrencies like bitcoin “do not pose a material risk to global financial stability” but they fully support their “vigilant monitoring.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Breaking 7000Price BTCUSD breaking 7000, by what showing a bullish sign. The signal for the continuation of the uptrend rally would be a breakthrough above 100-days EMA (coinciding with the 7500 level). The most probable developments for now - correction and probably roll back to the 7000 level. Anyway, if the price will manage to stay above 7000 - that could be considered as an upward signal. Retrace below the 6800 level will raise doubts in the bull scenario. Latest positive news Yesterday, Coinbase shared the news that U.S. regulators will open the door for the exchange to list tokens that are categorized as securities. Last week, Coinbase announced that it was exploring the addition of Cardano, Basic Attention Token, Stellar Lumens, Zcash and 0x. At Goldman Sachs, current COO David Solomon will move into the chief executive role. Solomon is regarded as a cryptocurrency-friendly choice for CEO. Asset manager BlackRock created a working group to examine blockchain and cryptocurrencies, though its CEO cautioned that he hasn’t observed “huge demand for cryptocurrencies.” Japan’s Line is launching a cryptocurrency exchange known as BitBox this month, though the token-to-token exchange won’t serve the US or Japan.
BITFINEX:BTCUSDLong
by DestinationMoonCrypto
Bitcoin Today: only 7000 mattersPrice The bullish tendency remains, yesterday BTCUSD overcame 6600 level and now trading on the 6700 level. 6800 level is the resistance, which sent the price down on July 8th, a breakthrough above this level will add more to the bullish view. Nonetheless, much more important resistance, for now, is 7000 level. As long as the price holds below 7000 level - either lateral movement or fall will be prevailing forecasts. Important levels for today: 6600 must hold on to support bullish scenario, piercing of 6800 will send the price to test the most important 7000. Still, the chances to see a breakthrough of 7000 and sustained movement upwards are low until the 16 August, the date when SEC should answer on the Bitcoin ETF regulation inquiry. Today forecast Trading in the 6600 – 6800 zone. Latest news Blackrock Examining Crypto Market Blackrock, considered to be the world’s largest asset manager with over $6 trillion in assets under management, is probing the crypto market. Reports have popped up yesterday that the NYSE-listed company has created a ‘working group’ to explore how it can take advantage of the hot new alternative investment instruments. Larry Fink, chairman and CEO, subsequently denied in an interview that the company is setting up any crypto trading capabilities or that Blackrock received demand for it from its clients. However, he did confirm that the company is studying the performance of cryptocurrencies to be prepared for the eventuality in the future. “When it becomes more legitimatized, when it has a true open nature of it that you can identify who the players are on both sides, that’s when we’ll probably look at it,” Fink said. Coinbase Approved to List Securities Popular US-based cryptocurrency exchange Coinbase Inc. has been given approval by the U.S. Securities and Exchange Commission to acquire three companies, allowing it to list securities tokens and provide a broader range of financial services. There has recently been a race among crypto companies to acquire licenses to offer securities in the US, with firms such as Coinbase, Circle and Uphold buying up regulated assets. Now the former says that the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have approved its takeover of Keystone Capital, Venovate Marketplace and Digital Wealth, the three entities that Coinbase sought for their licenses. The next step for the company is integrating its own technology into the new subsidiaries, and training up its staff to comply with American securities brokering regulations.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: waiting for ETFPrice The weekends went calmly, with the price gradually rose from the 6150 level, reaching 6400 at the beginning of the Monday. Today BTCUSD pair was picked upwards and broke above the 6400 level, aiming for the first key resistance 6600. In case if we will see BTC above 6600 today, the next target will be 7000. Only after the breakthrough above 7000, BTCUSD pattern could be changed for the turnaround/bullish scenario, till then the price looks downwards. Also, one of the key factors why uptrend won't unfold right now is expectations of the SEC answer about ruling on a proposed by CBOE bitcoin ETF, which should be made somewhere between 10 and 16 August. So, for now, the best case scenario is lateral movement between 6000 and 7000 levels. In near-term perspective, from the upside – 6600 resistance, from the below – 6100. Today forecast Trading in the 6300 – 6600 zone. Latest news Bitcoin ETF Decision may be held later than 10 August On June 26 last month the U.S. Securities and Exchange Commission (SEC) received an application from CBOE Global Markets for a bitcoin exchange-traded fund (ETF) license. CBOE Global Markets is the company that owns the Chicago Board Options Exchange (CBOE) as well as the BATS Global Markets, a pan-European market that operates between London and the U.S. Approval of a bitcoin ETF could be huge news for the cryptocurrency market. Van Eyck CEO Jan van Eyck believes the creation of a bitcoin ETF will give further exposure to the price of bitcoin and help protect shareholders against operational risks associated with investing in the asset. In an article published by CoinGape on July 11, it was suggested that the SEC would make their decision regarding the proposal by August 10. However, according to a Reddit post made last night by exceptionally well-named Reddit user CryptopherWalken, it now seems that date may not be correct. The CoinGape article appears to have reached the date due to a notice from the SEC stating that a decision will be no less than 45 days from the date of publication in the Federal Register. The SEC notice was published on June 26, but that’s not the same date that it was published in the Federal Register. The Federal Register publication only appeared on July 2, meaning the date for a decision can be no sooner than August 16. Even then, the date can be extended if required and even once the eventual date does arrive the SEC can still initiate further proceedings to assist in decision making.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: respite on 6100; we need 6400 to look upwards.Price 6100-6150 zone showed it’s resistive nature yesterday, lowering Bitcoin was bought-off fast with high volumes, as soon as the price reached 6100 level. On the near-term perspective, we have a resistance 6300 from above and supportive 6150 level from below. To consider any kind of turnaround formation we need to see a breakthrough above the 6400 level. For now, current week pattern looks bearish even despite the recent hike up. Today forecast Trading in the 6150 – 6300 zone. A breakthrough below 6000 – bearish signal. Latest news Ripple Wants to Beat Bitcoin in India, Initially Planned to Giveaway Billions Ripple (XRP), the largest bank-targeted blockchain protocol, is attempting to take over 50 percent of India’s finance sector by processing payments with low fees and efficient systems. At the Scaling and Digital Disruption in Fintech conference, Ripple Vice President Asheesh Birla, said that the company envisions surpassing the adoption rate of bitcoin to ensure XRP becomes the dominant cryptocurrency in the region. Currently, as of July 12, one XRP costs around $0.44 and at its peak, XRP was valued at over $3.00. During a panel, Birla revealed that Ripple planned to giveaway two billion XRP to the entire population of India, to streamline the process of introducing XRP to the nation and encourage the usage of the cryptocurrency. Birla said: “We looked early on at India, and we looked at two billion people – a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away?” Two billion XRP at a rate of $0.44 would cost around $880 million, and based on the all-time high price of XRP, which could be achieved once again in the next rally of the cryptocurrency market, two billion XRP tokens could easily be worth worth roughly $7 billion. Only 12 out of 23 Korean Crypto Exchanges Pass Probe – Inspector Under Fire The self-regulatory inspection of South Korean cryptocurrency exchanges is complete. Fourteen out of 23 exchanges agreed to be inspected. Twelve met the self-regulatory standards despite security flaws, raising questions of how effective the inspection is. The Korea Blockchain Association (KBA) held a press conference Wednesday to announce the results of its inspection of cryptocurrency exchanges operating in the country. The Association “gave a nod to the cybersecurity standards of 12 cryptocurrency exchanges,” the Korea Herald reported. “Exchanges that gained self-regulatory affirmation were 12 out of 14: Dexko, Hanbitco, Okcoin Korea, Huobi Korea, Bithumb, Upbit, Neoframe, Gopax, Cpdax, Coinzest, Korbit and Coinone . Operators of the other two — Sunny7 and Komid — withdrew from the KBA-led inspection.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: 6300 collapsed; WEX shenanigansPrice After a short lateral correction, BTCUSD continued its bearish movement and broke below the main support of this week – 6300. Now the price is at the 6150.0 level, calling into question soon return to the 7000 level and the formation of the bottom pattern in July. The next supportive zone on the way down is the 5750 – 6000 zone; 6000 as a psychological support and 5750 is the bottom of July. A return above 6400 could be considered as a positive sign, but still, in such high uncertainty level, we need to see Bitcoin above the 7000 mark to consider any bullish development. Today forecast Trading in the 6000.0 – 6400.0 zone. A breakthrough below 5750.0 – bearish signal. Latest news Bitcoin Price Spikes to $9000 on WEX. Strange price manipulation on bad-reputation exchange WEX. The price spike happened within a two-hour period from 16:00 UTC to 18:00 UTC. Within that period, the price of BTC jumped from $7,800 to $8,999 on the platform. Before the spike, BTC traded on the platform at $7,800 — which was 22 % higher than the global average’s BTC price at the time. WEX isn’t exactly one of the more popular exchanges in the market. Its daily trading volume is about $39 million, according to CoinMarketCap.com. This figure is several orders of magnitude less than the likes of Binance, OKEx, Huobi, Coinbase, etc. The emergence of such a significant variance in a short space of time has led some to suggest that there might be some underground shenanigans at play. The likely explanations are that the platform is insolvent or that the WEX team is looking to pull off an exit scam. For now, WEX has yet to issue any statement on the Bitcoin price spike. According to a Twitter post, the platform plans to undergo a scheduled maintenance today. All account functions are expected to be suspended during the exercise. The price of BTC on the platform is currently $7,800. WEX is no stranger to controversy. A year ago, Alexander Vinnik, an employee of the platform at the time, was arrested in Greece. Vinnik was accused of using BTC-e as a front for laundering money for suspected hackers and drug traffickers. Since his arrest, Vinnik has survived a failed assassination attempt while being the subject of an extradition tug-of-war between Russia, the United States, and France. In the aftermath of the Vinnik saga, BTC-e rebranded itself as WEX. Donald Trump signed an executive order to develop guidance for ‘cryptocurrency fraud investigations’. On Wednesday, 11th July, U.S. President Donald Trump signed an executive order creating a task force that will work to develop guidance for ‘cryptocurrency fraud investigations’. According to the executive order, the “Task Force on Market Integrity and Consumer Fraud ” will be focusing on consumer fraud. Digital currency fraud is now added to the list of areas that the task force will be providing guidance to. This list will involve investigation and prosecuting the said cases. How the task force will implement this has not been specified as yet, but there will most likely be some sort of report that is sent to the Trump administration. Earlier this year, the U.S. government stated that it is looking to work towards a “comprehensive” strategy in dealing with cryptocurrencies, laying primary focus on market fraud. In February, a cybersecurity task force was implemented by the U.S. Department of Justice. Its mandate includes cryptocurrencies.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: it is important to hold on above 6300Price BTCUSD fall touched 6250.0 level but quickly returned to the 6300-6400 supportive zone. The most volumes were traded in the 6300-6400 area, which talks in favor of its supportive power. For now, we expect the price to go into a narrow lateral movement, as it is doing lately after strong moves. 6300.0 level stays the main support for the bullish view of the July movements , though it is already clear that the price will not return to 7000.0 level soon, and rather goes into a correctional move in the 6300 – 6600 zone. Today Forecast Trading in the 6300.0 – 6600.0 zone. A breakthrough below 6300.0 – bearish signal. Latest news Localbitcoins Trader Sentenced to One Year in Prison A Southern Californian Localbitcoins trader has been sentenced to prison for a year for unlicensed money transmitting and money laundering. The trader, Bitcoin Maven, reportedly exchanged between $6 and $9.5 million for customers across the country, according to the notice by the U.S. Department of Justice. The U.S. Department of Justice (DOJ) announced on Monday that Theresa Lynn Tetley, also known as Bitcoin Maven, has been sentenced to one year in federal prison. The announcement reads: “‘Bitcoin Maven,’ who admitted to operating an unlicensed bitcoin-for-cash exchange business and laundering bitcoin that was represented to be proceeds of narcotics activity, was sentenced today to 12 months and one day in federal prison, three years of supervised release, and a fine of $20,000.” The Justice Department further revealed that “Tetley was also ordered to forfeit 40 bitcoin, $292,264.00 in cash, and 25 assorted gold bars that were the proceeds of her illegal activity.” Chinese Hackers Mine Over $2M in Two Years Police in the Chinese Da Lian city have arrested 20 suspects, employees of a computer tech company, who allegedly infected over 1 million computers with mining malware. According to the local news outlet Legal Daily, they reportedly mined more than $2.2 million USD worth of digital coins over a period of two years. The publication details that the hackers developed and embedded the malware in plugins promising faster browsing speeds and other “improvements”. It has been estimated that the ads have reached 5 million computers in the People’s Republic. The hackers also employed a network of more than 100 agents to spread their malicious software. According to the Chinese investigators, more than a million users have installed the plugins so far. The hackers have mined a total of 26 million units of digibyte, decred and siacoin worth around 15 million yuan. These altcoins do not require a lot of computing power and background mining is harder to detect, the article notes.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Floods in China = BTC decline?Price Yesterday lateral movement ended by meeting with the Bullish Trend Line and breaking downwards after an attempt to take 6800.0 level. Price broke below the 6600.0 level, which probably has triggered stop orders of many and went downwards. The fall has stopped above the 6400.0 level; a 6300 – 6400 zone should play a supportive role for the price, a breakthrough of this zone could send price to the 6000.0 level and decline the whole July uptrend formation. Today forecast Trading in the 6300.0 – 6600.0 zone. A breakthrough below 6300.0 – bearish signal. Latest news BITCOIN has been hit by an extreme weather warning with the floods in China. BITCOIN has been hit by an extreme weather warning with the floods in China affecting crypto ‘miners’. Burst river banks and the mass evacuation of people in China hit bitcoin’s “hash rate” this week, causing alarm on social media after mining stuttered and slowed. The slowing of bitcoin’s hashrate points to the concerning dependency of cryptocurrencies on China’s miners, and how extreme weather, war or a government clampdown could smash the global bitcoin mining industry. The “hashrate” is simply understood as the speed at which a computer processes the bitcoin code with a higher hash increasing the chance that miners unearth the next block and receive the reward. Miners use banks of powerful computers to solve complex maths problems to form new transactions. China is a crypto mining hotspot because electricity is cheap and workspace is plentiful. On Reddit, user Homopit said: “A flood happened somewhere in China, flooding some big mining farms. There were pictures posed here of the ruined hardware. “Hashrate dropped suddenly on that day.” Chinese miners produce between 50 and 70 per cent of the world’s bitcoins, the floods expose just how vulnerable bitcoin is to disruption in China. Morgan Stanley analysts estimate that the Sichuan floods could affect up to 8-10 percent of global bitcoin mining activity. US Financial Authority Asks Brokerage Firms to Disclose Crypto Activities The Financial Industry Regulatory Authority has issued a notice encouraging every firm that sells securities to the public in the U.S. to disclose any activities “related to digital assets, such as cryptocurrencies and other virtual coins and tokens.” With few exceptions, the Authority explains that in addition to registering with the U.S. Securities and Exchange Commission (SEC): “Every firm and broker that sells securities to the public in the United States must be licensed and registered by FINRA.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
1
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
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 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