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Binance Coin, Synthetix, Decred Price Analysis: 09 January

Altcoins BNB and SNX showed bearish signals at the time of writing as sellers maintained control of the prices, while DCR projected a northbound move after a minor pullback in prices. Binance Coin [B

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Altcoins BNB and SNX showed bearish signals at the time of writing as sellers maintained control of the prices, while DCR projected a northbound move after a minor pullback in prices.

Binance Coin [BNB]

Source: BNB/USD, TradingView

BNB’s bullish trend continued as the price rose above the resistance at $41.70  and traded close to its all-time high. Since touching the upper ceiling at $44.82, sellers took the price slightly lower towards the immediate support once again. Indicators suggest that the market control could rest with sellers in the short term before a bounce-back towards record levels is witnessed on the charts.

The Stochastic RSI was trading in the oversold region, a sign that prices were bearish. An immediate pullback in prices is not a guarantee as the index was still moving downwards, suggesting that the said bearishness could persist over the next few trading sessions.

The MACD’s signal line was moving above the fast-moving line, while the histogram’s red bars remained steady below the zero mark. This fact also indicated that prices could trade close to their immediate support moving forward.

Synthetix [SNX]

Source: SNX/USD, TradingView

After snapping an all-time-high of $13.70, SNX underwent a minor correction that saw prices move towards their support at $10.82. A spike in market leaders BTC and ETH could boost SNX towards record levels once again, but for now, the bearish momentum could keep prices towards the bottom end of their present channel.

The Awesome Oscillator’s red bars moved below equilibrium and underlined the bearishness in the price.

On the other hand, the Chaikin Money Flow registered an uptick, indicating that the capital was moving towards the crypto asset. The inflows could safeguard prices from falling below their present support level.

Decred [DCR]

Source: DCR/USD, TradingView

The Bitcoin bull run has been rewarding for Decred, as DCR has readily risen on the charts along with the market leader. After hitting a local high at a little over $71, DCR slightly cooled down, and support at $58.24 offered relief to the price. At the time of writing, the coin’s price picked up once again on the charts and moved towards their resistance at $66.86.

Although the Relative Strength Index moved downwards from the overbought region, a slight uptick hinted that prices could trade in the upper region once more.

The On Balance Volume kept hitting higher lows, a sign that bulls could continue to drive prices upwards in the short term.

Source: https://ambcrypto.com/binance-coin-synthetix-decred-price-analysis-09-january

Blockchain

‘Bitcoin is Bad’ Narrative Weakens as Aussie Banks Have Reportedly Laundered $385M for Drug Cartels

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Amid the renewed anti-Bitcoin remarks ascribed to mainstream finance stakeholders, reports have emerged showing banks in Australia working in cahoots with violent South American cocaine cartels. Despite aspersions to the contrary, the crypto market continues to account for an insignificant proportion of global financial crimes.

Australian Banks Funelling Dirty Money for Drug Cartels

According to the Australian Financial Review, banks in the country have reportedly laundered about 500 million Australian dollars (approx. $385 million) for South American drug cartels. The revelation is coming amid actions taken by law enforcement agencies in the country to disrupt the elaborate money-laundering scheme.

Details from the investigation into the matter revealed that Australian banks helped move over 300 million AUD between 2014 and 2017. The banks also reportedly used dirty money from drug cartels to purchase expensive electronic items for onward movement to Southeast Asia and the Middle East.

Nine financial institutions have been implicated in the matter, according to the Australian Border Force (ABF), with seven others based outside the country. Commenting on the report, an ABF spokeswoman revealed:

“The ABF is committed to protecting the Australian community by combating and disrupting criminal behaviour that exploits Australia’s cross border trade systems and has effectively disrupted the Australian-based money laundering operations of the entities.”

The revelation that Aussie banks are helping to launder money for criminal organizations is coming on the heels of reported discriminatory practices by some banks against crypto traders and exchanges. As previously reported by CryptoPotato, a Bitcoin exchange owner recently took legal actions against two banks for closing his accounts.

Banks Washing Proceeds from Crime

Back in 2019, leaked documents from the U.S. Financial Crimes Enforcement Network (FinCEN) exposed massive money-laundering deals by banks. At the time, the dossier showed major American banks funneling over $2 trillion in dirty money for various criminal organizations.

Indeed, U.S. banks continue to pay huge fines for illegal practices ranging from money laundering to spoofing. In 2020, U.S. officials also fined Wells Fargo over $3 billion for multiple illegalities spanning a 15 year period.

Interestingly, Warren Buffett’s Berkshire Hathaway holds a significant portion of Wells Fargo stocks. It is perhaps ironic that Buffett espouses anti-Bitcoin sentiment related to illegalities when Wells Fargo seems to have facilitated transfers associated with criminal activities.

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Source: https://cryptopotato.com/bitcoin-is-bad-narrative-weakens-as-aussie-banks-have-reportedly-laundered-385m-for-drug-cartels/

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Ethereum ATH Pushes Staked ETH to $4 Billion, Novogratz Targets $2,600

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Ethereum prices reached their highest ever levels during Monday morning’s Asian trading session, coming just shy of $1,500. Bigger price predictions have been made by some of the industry’s top players.

A few hours ago, several exchanges including Binance reported their highest ETH prices at around $1,475 but the asset has retreated a little since then, trading at $1,435 at the time of writing marking a 24 hours gain of 8%.

Over the past seven days, ETH has gained 15.5% whereas Bitcoin has retreated 7% since the same time last week. At the moment at least, Ethereum has finally decoupled from its big brother and is actually gaining on it in Satoshi terms.

$4 Billion ETH Staked

At current prices, there is now over $4 billion in staked ETH, locked up for at least another year in the Beacon Chain deposit contract. The ETH 2.0 Launchpad reports this as 2.82 million ETH which is almost 2.5% of the entire supply.

This does not sound much but it should be noted that this ETH is now locked up for over a year to secure the new blockchain. It will only be accessible again when Phase 1.5 merges ETH 1 and ETH 2 together.

Currently, earnings are roughly 9.3% APY, which for those that have staked is an impressive return combined with the premise that the asset has surged by 140% since Beacon Chain was launched less than two months ago.

Staking is just one aspect of the demand for Ethereum. DeFi and stablecoin usage are a couple more, and there is also the fact that there are way more developers working with Ethereum than any of its rivals.

Institutional investors have also noticed this and that demand is likely to increase in 2021 which leads us on to price predictions.

Where Next For Ethereum Prices?

Industry expert Mike Novogratz tweeted a lunch meet up with Ethereum co-founder Joseph Lubin, adding that prices could go to $2,600.

As usual, however, the prediction sparked off the tired old tirade of crypto tribalism from maximalists of some form or other.

With the current momentum in Ethereum’s favor, there is little doubt the asset will post higher prices this year, how high remains to be seen.

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Source: https://cryptopotato.com/ethereum-ath-pushes-staked-eth-to-4-billion-novogratz-targets-2600/

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Russian Public Officials Have Until April to Sell Their Cryptocurrency Holdings

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Several weeks after signing legislation that required Russian officials to disclose their crypto holdings, the world’s largest country by landmass has gone a step further by prohibiting them from owning any digital assets. 

  • The Ministry of Labor and Social Protection of the Russian Federation has sent a letter to civil servants regarding their cryptocurrency holdings, according to Forklog coverage. It reads that such officials have until April 1st, 2021, to get rid of their digital asset investments:
  • “Officials are obliged to dispose of digital financial assets issued in information systems organized in accordance with foreign law, as well as digital currency, regardless of the country of issue.”

  • Apart from prohibiting civil servants from owning such assets, the letter also forbids officials from using them in any way, including as payment options.
  • This decision comes shortly after President Vladimir Putin signed a decree dictating that country officials had to disclose information regarding their cryptocurrency investments. Those included the name of the assets that belong to them, their spouses, and minor children.
  • Russia already has a somewhat controversial history with trying to regulate or even outlaw cryptocurrencies. Previous reports indicated that the nation considered hefty penalties and imprisonment for holding bitcoin above certain thresholds. 
  • The government rejected these propositions, and the new Prime Minister vowed to lead cryptocurrency usage in a “civilized direction.”
  • Despite these setbacks, though, a recent report outlined that bitcoin is more attractive to Russian citizens than numerous other investment options, including gold. 
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Source: https://cryptopotato.com/russian-public-officials-have-until-april-to-sell-their-cryptocurrency-holdings/

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