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A Bitcoin Crash to $8.7K Likely if Price Breaks This Key Level

Bitcoin is facing a considerable risk of falling towards $8,700 should its price break a critical support level. Earlier fractals indicate that breaking below a so-called 20-week exponential moving average (hereto 20-WMA) tends to push the price towards the 50-weekly simple moving average (or 50-WMA). That is valid when the 20-WMA trades above the 50-WMA, thereby representing a bull market. A sharp correction in BTC/USD late last week pushed the pair towards 20-WMA. There, the […]

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Bitcoin is facing a considerable risk of falling towards $8,700 should its price break a critical support level.

Earlier fractals indicate that breaking below a so-called 20-week exponential moving average (hereto 20-WMA) tends to push the price towards the 50-weekly simple moving average (or 50-WMA). That is valid when the 20-WMA trades above the 50-WMA, thereby representing a bull market.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, us dollar, us dollar index, dxy

Bitcoin is attempting a bounce-back off the 20-WMA support. Source: TradingView.com

A sharp correction in BTC/USD late last week pushed the pair towards 20-WMA. There, the sell-off sentiment calmed down, causing BTC/USD to attempt a pullback afterward. It showed that daytraders were watching the ‘Green Wave’ as their support level.

Bitcoin Support

Entering the new week, BTC/USD is making fresh attempts to break below 20-WMA, which sits near $10,000. It is also a psychological price floor, a level that defines Bitcoin’s short-term market bias. On Sunday, bears briefly fell below $10K, only to meet a higher bullish response near $9,800. An upside correction ensued.

A day later, which is today, Bitcoin’s second attempt to break $10K, or 20-WMA, to the downside reflects a weaker buying sentiment near $10,350. At best, the cryptocurrency could consolidate inside the $350-trading range in the coming sessions. However, the real risks appear if 20-WMA fails to behave as support.

The Green Wave did it back in 2017. After a strong upside rally towards $20,000, BTC/USD later attempted to hold its super bullish bias above 20-WMA. Nevertheless, slipping below it extended the pair’s downside move towards the next ‘Blue Wave,’ the 50-WMA.

The same happened after the 2019’s price rally to near $14,000. BTC/USD retraced and found support at 20-WMA, only to breakdown further towards the 50-WMA. In March 2020, however, the Blue Wave price floor got invalidated, primarily because of the COVID-induced global market crash.

Bitcoin appears in a similar setup as of now. The cryptocurrency had topped yearly near $10,500 before plunging lower towards its 20-WMA. It now sits near the Green Wave, still posing risks of continuing its plunge more down. Meanwhile, the 50-WMA sits near $8,750.

Fundamentals

The only thing that separates the old fractals from the current scenario is ultra-loose monetary policies from central banks.

Fears of a weaker US dollar, lower interest rates, and higher inflation is keeping the Bitcoin bids higher. It is because the cryptocurrency is verifiably scarcer than fiat money, and therefore, according to many, serves as a hedge against the great dollar depreciation.

“The Federal Reserve is currently printing more and faster than ever,” investment firm Grayscale noted in its August report stated, adding that “while the US dollar remains structurally strong relative to other currencies, the ongoing [Quantitative Easing] measures have attracted the attention of investors who may be wary of monetary inflation.”

BTC/USD was trading at $10,138 at the time of this writing, down 1.19 percent during the early Monday session.

Source: https://bitcoinist.com/a-bitcoin-crash-to-8-7k-likely-if-price-breaks-this-key-level/?utm_source=rss&utm_medium=rss&utm_campaign=a-bitcoin-crash-to-8-7k-likely-if-price-breaks-this-key-level

Blockchain

Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH

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Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.

The Core of the Hoax

Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.

The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.

The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.

However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.


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The Aftermath

After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.

Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.

Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:

”Buying Lambo now.”

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Source: https://cryptopotato.com/members-of-wallstreetbets-forum-alleged-in-telegram-crypto-scam-stealing-2m-in-bnb-and-eth/

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Blockchain

South Korean Crypto Exchange Accused Of $1.5 Billion Scam

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The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.

The Investigation

As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.

In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.

Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.

The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.


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Too Good To Be True

The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.

The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.

Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.

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Source: https://cryptopotato.com/south-korean-crypto-exchange-accused-of-1-5-billion-scam/

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Blockchain

Georgia’s central bank is exploring ‘Digital Gel’ CBDC

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The National Bank of Georgia said that it is considering launching a central bank digital currency.

In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari.

“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”

However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.

With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.

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Source: https://cointelegraph.com/news/georgia-s-central-bank-is-exploring-digital-gel-cbdc

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