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Blockchain

Bitcoin price charts hint at double-bottom, relief rally to $10,800

Bitcoin has been clinging to the key $10,000 BTC price level all weekend as technical factors point to a short-term relief rally.

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Last weekend was incredibly rough for most cryptocurrency investors as massive sell-offs occurred. The price of Bitcoin (BTC) dipped below $10K several times but seems to have found short-term support at this level. 

The primary question for the markets is whether a relief rally is around the corner or further downside movement is expected. 

Let’s take a look at the charts to determine what might happen next. 

Crypto market daily performance snapshot

Crypto market daily performance snapshot. Source: Coin360

Bitcoin clings to $10K as a psychological support level

BTC/USDT 1-day chart

BTC/USDT 1-day chart. Source: TradingView

The psychological barrier at $10,000 is currently acting as support, indicating a short-term relief bounce could be on the horizon. A clear breakdown of the $11,200 area triggered a massive sell-off across the markets. 

This drop led toward the primary support levels around the CME gap, where $10,000 is a significant support level as well as $9,600. 

As the recent market movements were volatile, multiple CME gaps can be seen on the daily chart.

BTC/USD CME 1-day chart

BTC/USD CME 1-day chart. Source: TradingView

The daily chart of the CME futures on Bitcoin is now showing two CME gaps. The obvious one, between $9,650-$9,950, is still unfilled. 

However, as the markets have been volatile during the weekend, a new CME gap was created above the current price. This one is between $10,450-$10,600 and will likely also be filled in the near term.

These Bitcoin futures gaps are significant because the majority of the traders are looking at them as an indicator. Since many traders eye these levels, these gaps tend to get filled most of the time. 

As such, they are an additional tool to define support and resistance levels, though they shouldn’t be used as the only factor when trading. 

Lower timeframe charts hint at double-bottom

BTC/USDT 2-hour chart

BTC/USDT 2-hour chart. Source: TradingView

A potential trend reversal is on the horizon, though BTC/USD still appears to be on shaky ground. The blue box indicates a new lower low, which was needed to confirm a bullish divergence.

However, the market has not shown massive strength since the bounce from below $10,000, reaching only $10,300. This bounce came back toward the support region (around the green box), where a potential higher low can now be established.

The next step for a potential reversal would be a new higher high above $10,300, which will be further described in the next section.

A potential scenario for Bitcoin price

BTC/USDT 2-hour scenario chart

BTC/USDT 2-hour scenario chart. Source: TradingView

A very likely scenario would be a short-term relief rally. There are two possible cases, in which this can occur.

The first one can be seen in the chart, where the $10,000 area must hold as support, forming a bottom construction. 

The next step after holding the $10,000 area would then be to test $10,600 and $10,800-$11,000. However, an apparent breakthrough of $10,800-$11,000 in one-go is very unlikely upon the first attempt. Crucial areas rarely break in one try. Therefore, a rejection should then be expected. 

The second case for forming a local bottom involves the $10,000 level failing to hold. 

However, the price would then only drop to the CME gap at $9,600, the second level of support. If the price of BTC bounces from the $9,600 area and then regains $10,000, an identical scenario to the one above can then be played out.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/bitcoin-price-charts-hint-at-double-bottom-relief-rally-to-10-800

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.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/georgia-s-central-bank-is-exploring-digital-gel-cbdc

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