Connect with us

Blockchain

Current Bitcoin Pullback Unlike 2018 Bear Market – Analyst Explains Why

‘Unique Setup’- Top Analyst Explains Why Bitcoin May Not Rally Pre-Halving Like Last Time

Bitcoin has been on a continuous downtrend in the last 48 hours, losing 5% in just 24 hours. This has led to panic across the crypto community as uncertainty looms. Several key levels have been broken for several cryptocurrencies and Bitcoin isn’t left out. One analyst says however that this is a different pullback from […]

Republished by Plato

Published

on

‘Unique Setup’- Top Analyst Explains Why Bitcoin May Not Rally Pre-Halving Like Last Time

Advertisement1xbit
&  & 

Bitcoin has been on a continuous downtrend in the last 48 hours, losing 5% in just 24 hours. This has led to panic across the crypto community as uncertainty looms. Several key levels have been broken for several cryptocurrencies and Bitcoin isn’t left out. One analyst says however that this is a different pullback from that of 2018 which was majorly a severe bloodbath.

According to Rekt Capital, 2018 was a bear market in which Bitcoin’s movement was downward while the current one is only a pullback in an upward trend.

“This #Bitcoin retrace is going to be much different compared to the 2018 retraces. In the bear market, $BTC was in a macro downtrend with relief rallies on the way to new yearly lows. In this bull market, BTC is in an overall uptrend with small pullbacks on the way to new highs”

While the BTC/USD chart looks pretty ugly on lower time frames, a little zoom out would make one agree with Rekt Capital. One of the key indicators, the Moving Average suggests the asset is still strong against the dollar in the long term. The 20, 50, and 100 MA are still basically serving as support on the one-week chart although they have all turned to resistances on the daily chart and hourly charts.

Current Bitcoin Pullback Unlike 2018 Bear Market - Analyst Explains Why

Will things get worse?

The $10,000 psychological point is a key line for Bitcoin in both bear and bull markets. Though Bitcoin was below this level for a while, it crossed the level on its way up in July. Since then, it has flown above $12,000 but has mostly been just under until 24 hours ago when the price started a rapid downward trend.

The question many are asking is if the price will break below the key $10,000. Although the price is dangerously approaching this level, an analyst had earlier this year said Bitcoin will never trade at 4 figures ever again. At this time, the crypto community is hoping that his parlances become valid because according to a Forbes article, it will be over for bitcoin if it crashes below $10k again.

Advertisement

Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram


DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/current-bitcoin-pullback-unlike-2018-bear-market-analyst-explains-why/

Blockchain

Consob Blocks 6 New Illegal FX Websites

The Italian regulator has blocked a total of 360 unauthorized Forex domains since July 2019.

Republished by Plato

Published

on

Consob, the government authority in Italy responsible for the regulation of the Italian securities market, announced today that it has shut down 6 new websites offering unauthorized financial services in the country.

According to the official announcement, the authority has ordered internet service providers to block the websites of Axedo, Fxfinancepro, Thinkmarket 247 Ltd, Donnybrook consulting, Globalinvestfx, and Universe citizens limited. The Italian regulator has the power to block illegal websites offering financial services under the Growth Decree (Law no. 58 of 28 June 2019).

Consob started blocking unauthorized websites in July 2019 and the recent initiative means that the total number of blocked websites has risen to 360. The authority mentioned that for technical reasons, the blockage may take several days to come into effect after the order.

Suggested articles

Stocks to Watch This Week – Expedia Group, IncGo to article >>

“The Authority availed itself of the powers deriving from the “Growth Decree” (Law no. 58 of 28 June 2019, Article no. 36), on the basis of which Consob can order Internet connectivity service providers to inhibit access from Italy to the websites through which financial services are offered without due authorization,” the official announcement states.

Financial Protection

Consob requested Italian investors to adopt the greatest diligence before making an investment decision. The authority also asked citizens to report fraudulent and unauthorized companies. “Consob draws investors’ attention to the importance of adopting the greatest diligence in order to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: these include, for websites that offer financial services, checking in advance that the operator with whom they are investing is authorized, and, for offers of financial products, that a prospectus has been published,” Consob mentioned.

Finance Magnates reported in December about the accelerated efforts of the Italian watchdog to block illegal domains operating in the country. The regulator has made it difficult for unauthorized operators to target Italian citizens. Before the recent block, Consob asked internet companies to block access to Investoomatic Limited, Kiqiwk Holdings Intl Limited, and ADV-Investment.

Continue Reading

Blockchain

Ripple partners Mobile Money for wallet-to-wallet payments between Malaysia and Bangladesh

TL;DR Breakdown Ripple has entered into a partnership with Malaysia’s Mobile Money. The UK and Japan financial authorities say XRP is not a security. San Francisco based crypto company, Ripple, has announced a new partnership with Mobile Money, a Malaysian based mobile financial services company. According to the announcement, the partnership is geared towards promoting […]

Republished by Plato

Published

on

TL;DR Breakdown

  • Ripple has entered into a partnership with Malaysia’s Mobile Money.
  • The UK and Japan financial authorities say XRP is not a security.

San Francisco based crypto company, Ripple, has announced a new partnership with Mobile Money, a Malaysian based mobile financial services company. According to the announcement, the partnership is geared towards promoting payments between wallets in Malaysia and Bangladesh while also serving as a remittance intermediary between the two Asian countries.

The firms would be connected via RippleNet. bKash currently provides the largest mobile financial services in Bangladesh. The firm serves more than 40 million users in the country.

The local banking partner in Bangladesh would be Mutual Trust Bank (MTB), and Bangladesh Bank would supervise it. The firm would act as the link between the two firms, Mobile Money and bKash.

The CEO of bKash, Kamal Quadir, hailed the partnership between both firms. According to him, foreign remittance would be further encouraged as it would bring lots of convenience to parties involved in each transaction.

In Asia, Bangladesh holds one of the highest remittance inflows in South Asia; it is also ranked eleventh globally. Malaysia also ranks as one of its top sources of remittance. So, this partnership is most likely going to help bolster the remittance rate between both countries.

The partnership is expected to help increase the Mobile Money user base in Bangladesh. The firm also believes it would enable them to serve those users better.

Ripple is recognized as a crypto token outside the United States.

In Japan, financial authorities have released a statement in which they said they do not classify Ripple’s native token, XRP, as security. This was made known via a report by The Block.

This also mirrors the authorities’ view in the United Kingdom, who say XRP and other crypto assets are classified as unregulated tokens, so they are not recognized to be e-money or security.

The view of these authorities serves as a defense for Ripple. The firm has vehemently denied any wrongdoings and has also vowed to stand up against the US financial regulator.

Continue Reading

Blockchain

Tether (USDT) January 15th Deadline on iFinex Case: Everything You Need to Know

Republished by Plato

Published

on

Many in the cryptocurrency field have recently discussed the upcoming January 15th date as an important consideration for the ongoing case between the office of the New York Attorney General (NYAG) and iFinex, the parent company of Bitfinex and Tether.

With this in mind, below is a comprehensive summary of what happened and what to expect on this date.

The NYAG v. iFinex Case: What Happened?

Back in April 2019, the office of the New York Attorney General alleged that the popular cryptocurrency exchange Bitfinex lost $850 million and then used funds from its affiliated stablecoin operator Tether (the company that issues USDT) to cover the shortfall.

As CryptoPotato reported, later on, Tether issued a statement through a blog post which said that the allegations were written in “bad faith” and were also “riddled with false assertions.”

In May 2019, Judge Joel Cohen granted a partial stay on the NYAG office’s request for documents from the two companies until their hearing takes place on July 29th. During that hearing, the judge on the case, Joel Cohen, decided to extend the preliminary injunction as he was not ready to make a final decision on whether the case should go forward or be dismissed. Hence, he extended that injunction by 90 days.

In August, however, the NYAG presented new evidence on the case, alleging that apart from covering up the $850 million, Bitfinex and Tether had served New York customers for longer than they claimed. In part, the document stated:

The OAG has uncovered substantial ties between Respondents and New York concerning Respondents’ corporate operations; trading on the Bitfinex platform; the issuance, redemption, and trading of tethers; use of financial institutions to move money and process customer deposits and withdrawals; and representations to the market that might have been misleading.

Essentially, the NYAG also attacked Bitfinex’s LEO initial exchange offering, claiming that it “has every indicia of a securities issuance subject to the Martin Act, and there is reason to believe that the issuance is related to the matters under investigation,” meaning the alleged cover-up.

Additionally, the NYAG called iFinex’s motion to dismiss “an improper attempt to impede a lawful investigation.”

The Order to Turn in Documents

In September 2020, Judge Cohen ruled that Bitfinex and Tether must turn over documents detailing their financial relationship and history to the NYAG’s office. In addition to that, he also extended an injunction that barred Tether from loaning funds to Bitfinex by 90 more days.

However, on December 9th, 2020, Letitia James, the Attorney General, filed a document, asking Justice Cohen to extend the deadline to January 15th, 2021. James said that “the parties continue to cooperate on the production of documents in response to the 354 Order, and anticipate that the production could be finalized in the coming weeks.”

Why the January 15th Deadline is Important?

With this, we arrive at the time of this writing and the importance of the January 15th deadline. There are a few reasons for which this is a critical point in this case. First, it requires that iFinex produces the necessary information for the NYAG to continue its investigation and to further substantiate the merits of its claims.

And perhaps what’s even more important, however, is the nature of the documentation. In essence, iFinex has to produce materials on the process by which they determine whether, when, and how to issue and redeem tethers, banks, documents, and communications regarding specific issuances and redemptions, as well as trading activity on the Bitfinex trading platform regarding tethers and bitcoin.

This is a landmark case for the entire cryptocurrency space as USDT is the most popular and biggest stablecoin on the market. The company issuing it has been involved in many scandals in the past, with many questioning the fact that it’s actually backed by USD.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.


Source: https://cryptopotato.com/tether-usdt-january-15th-deadline-on-ifinex-case-everything-you-need-to-know/

Continue Reading
Blockchain3 days ago

Ethereum Whale Addresses With Over 10,000 ETH Continue to Grow In Numbers, Price Holds Above $1000

Blockchain3 days ago

Bitcoin Will Be Analogous to Amazon, Mark Cuban Compares Crypto to the Dot-Com Bubble

Blockchain3 days ago

‘Crypto is exactly like dot com bubble; Bitcoin, Ethereum can survive it’

Blockchain3 days ago

As Bitcoin Regains Lost Ground, Options Traders Bet on $52K Move By Late January

Blockchain3 days ago

Ethereum Price Analysis: 12 January

Blockchain3 days ago

Shanghai Government Invests $5M in Blockchain Startup Conflux

Blockchain3 days ago

Brian Brooks, Crypto-Friendly OCC Leader, Steps Down

Blockchain3 days ago

Coinbase Custody Lists DeFi Project BarnBridge

Blockchain2 days ago

SolidX Sues VanEck Over Bitcoin ETF Plagiarism

Blockchain3 days ago

Crypto Community Expects Bitcoin to Surge Amid Biden’s $3 Trillion Stimulus Plan

Blockchain3 days ago

Bitcoin ‘real’ daily trading volume tops $22B as BTC price recovers

Blockchain3 days ago

How the OCC Is Building Crypto America (and Saving Banks From Extinction)

Blockchain3 days ago

Bakkt to Become a Publicly Traded Company worth $2.1 Billion Via New Merger

Blockchain4 days ago

HSBC Blocks Transactions From Crypto Exchanges

Blockchain3 days ago

Is China Poised to Nationalize Alibaba?

Blockchain3 days ago

Gensler Said to Be Named SEC Chairman: Reuters

Blockchain3 days ago

Trader comforts the market’s traumatized first timers amid falling prices

Blockchain2 days ago

Fidelity International Increases Stake In A Hong Kong Cryptocurrency Exchange Operator

Blockchain2 days ago

Update on Ethereum 2.0 Staking Rewards

Blockchain3 days ago

IMVU’s new blockchain-backed stablecoin goes live

Trending