Connect with us

Blockchain

The Countdown is on: Bitcoin has 3 Days Before It Reaches Apex of Key Formation

Republished by Plato

Published

on

Advertisement

  • Bitcoin is seeing relatively lackluster price action today, with it consolidating within the mid-$30,000 region as altcoins all explode higher
  • Where the entire market trends in the mid-term should depend largely on whether or not Bitcoin bulls can establish $37,000 as support
  • The crypto has tested this level on a few occasions overnight, and it has been holding strong
  • One analyst is now noting that BTC is likely to range for the coming few days as it nears the apex of a massive triangle formation
  • He notes that altcoins may all rally until it breaks out, which could allow it to regain its dominance over the market and surge higher

Bitcoin is seeing an interesting divergence with the aggregated crypto market today, with Ethereum and altcoins all rocketing higher while BTC hovers within the mid-to-upper $30,000 region.

The crypto has continued struggling to gain any serious momentum due to the heavy selling pressure around $40,000, which has sparked a consolidation phase.

This sideways trading bout has been bullish for altcoins, as many have posted notable gains as the benchmark crypto cedes some of its dominance over the market.

One trader is noting that this trend could last for a few more days until Bitcoin reaches the apex of a large triangle pattern that has been formed throughout the past few days.

Bitcoin Struggles to Gain Momentum as Consolidation Phase Persists 

Bitcoin has been hovering within the mid-to-upper $30,000 region for the past few days, with bulls and bears both being hit hard by a choppy bout of trading.

This has given rise to a market-wide boom amongst BTC’s smaller counterparts, with Ethereum leading the charge with a 7% surge against its BTC trading pair.

Many DeFi tokens have exploded higher, with Sushi, Aave, and others all setting all-time highs.

BTC Likely to Consolidate for 3 More Days; Here’s Why 

One trader explained in a recent tweet that Bitcoin could be on the cusp of seeing a major breakout rally, but that it will likely take a few days before this can take place.

In the meanwhile, he believes that altcoins will continue seeing further momentum.

“Three days until bitcoin reaches any ‘relevant’ apex – this means three more days of having fun with altcoins.”

Bitcoin

Image Courtesy of Teddy. Source: BTCUSD on TradingView.

The coming few days should provide insights into where the market will trend in the mid-term, as any significant Bitcoin breakout or breakdown could send altcoins reeling lower.

Featured image from Unsplash.
Charts from TradingView.

Source: https://bitcoinist.com/the-countdown-is-on-bitcoin-has-3-days-before-it-reaches-apex-of-key-formation/?utm_source=rss&utm_medium=rss&utm_campaign=the-countdown-is-on-bitcoin-has-3-days-before-it-reaches-apex-of-key-formation

Blockchain

Co-Founder of Floyd Mayweather-Backed Centra Tech Sentenced to 8 Years in Prison

Republished by Plato

Published

on

The co-founder of a fraudulent ICO project that duped more than $25 million from investors, Sohrab Sharma, has received a sentence of eight years in prison for his role.

The project itself, dubbed Centra Tech, was previously backed by several celebrities, including the boxing legend Floyd Mayweather and the producer DJ Khaled.

Centra Tech Co-Founder Behind Bars for 8 Years

Founded in 2017, Centra Tech marketed itself as a debit card provider that supposedly allowed purchases with cryptocurrencies at any businesses accepting Visa and MasterCard.

The trio behind the project, namely Robert Farkas, Raymond Trapani, and Sohrab “Sam” Sharma, claimed that a Harvard-educated CEO with over 20 of experience will run the project and that the card had licenses to operate in 38 US states.

However, an investigation from the Department of Justice concluded that the three co-founders had fabricated the information. Consequently, the authorities charged the three men with deceiving investors into allocating over $25 million in the fraudulent ICO project.

ADVERTISEMENT

Farkas and Trapani pled guilty to conspiring to commit securities fraud, wire fraud, and mail fraud initially, while Sharma joined them last year, as reported. Now, several months later, he has received his sentencing – eight years in prison, according to the DOJ’s statement.

US Attorney Ilan Graff said that Sharma has “led a scheme to deceive investors by falsely claiming that the start-up he co-founded had developed fully functioning, cutting-edge cryptocurrency-related financial products.”

He added that “in reality, Sharma’s most notable inventions were the fake executives, fake business partnerships, and fake licenses that he and his co-conspirators touted to trick victims into handing over tens of millions of dollars.”

Mayweather and DJ Khaled Involved

Taking advantage of a common occurrence at the time, Cantra Tech received the endorsement of at least two celebrities – DJ Khaled and Floyd Mayweather. However, both failed to disclose that they had accepted funding for their actions.

Both received charges from the US Securities and Exchange Commission as a result of the investigation. Shortly after, they agreed to pay penalties without admitting to wrongdoing.

The boxer paid $300,000 in disgorgement, a $300,000 penalty, and $14,755 in prejudgment interest. He also agreed not to promote any securities, digital or otherwise, for a period of three years.

The musician paid $50,000 in disgorgement, a $100,000 penalty, and $2,725 in prejudgment interest while agreeing to avert any ICO promotions for two years.

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.

You Might Also Like:


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://cryptopotato.com/co-founder-of-floyd-mayweather-backed-centra-tech-sentenced-to-8-years-in-prison/

Continue Reading

Blockchain

Mark Cuban’s Dogecoin decision is a mistake: Mike Novogratz

Republished by Plato

Published

on

Mike Novogratz thinks Mark Cuban’s decision to let people buy Dallas Mavericks tickets and merchandise with Dogecoin is a mistake. In an interview earlier today, the Galaxy Digital CEO told Bloomberg,

“I think Mark’s making a mistake there. He’d be better off with 15 other different ways to pay for his tickets.”

The exec also pointed out how the popular meme-coin isn’t exactly the safest bet, adding, “Let’s put people in the safest best stuff, not these joke coins.” To make his case, Novogratz also highlighted that he had actually made money betting on the value of Dogecoin falling on the price charts.

While many in the community were quick to fire back after the exec’s comments, Novogratz’s concerns are understandable, especially since Dogecoin is a meme-based cryptocurrency that was intended to be a joke according to its creator’s own admission. However, as is the case with most cryptocurrencies, the community belief system in a coin may be as important as the tokenomics of the coin itself.

In fact, data suggests that Dogecoin adoption is on the rise. According to crypto-Twitter analytics tracker Swarm Analytics, Dogecoin has consistently been the most mentioned cryptocurrency after Bitcoin and Ethereum.

With its adoption surging over the past few months, Mark Cuban isn’t the only one embracing DOGE as a means of payment. Crypto-merchant service provider Bitpay recently added DOGE to its list of supported currencies, with crypto-ATM operator CoinFlip also making DOGE available at 1800 crypto-ATMs worldwide.

“The rise in popularity and price of Dogecoin means that developers and entrepreneurs will take Dogecoin more seriously and contributions to the project will create a positive feedback loop that increases the popularity of the project,” Daniel Polotsky, CEO of CoinFlip, said.

As things stand, the most telling sign of the coin’s newly-found standing in the market may just be the timing of its most recent dip in price.

Despite last week’s tweets from DOGE’s most influential supporter, Elon Musk, the price of DOGE failed to pump higher, something that suggested that Musk’s influence on the cryptocurrency may be declining. At the time of writing, the altcoin was trading at $0.05151, up by 4.5% in the last 24-hours.


Sign Up For Our Newsletter


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://ambcrypto.com/mark-cubans-dogecoin-decision-is-a-mistake-mike-novogratz

Continue Reading

Blockchain

Bitcoin Price Analysis: 06 March

Republished by Plato

Published

on

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

In the short-term, Bitcoin flipped the $47,400-level from resistance to support. Bitcoin’s dominance has also been on a steady downtrend over the past few days, with the world’s largest cryptocurrency holding its own above the $45,000-mark, a sign that capital was flowing out of altcoins and into Bitcoin.

In fact, there were some signs that a bullish bias was back in the market as the correlation with the S&P 500 picked up too.

Bitcoin 1-hour chart

Bitcoin Price Analysis: 06 March

Source: BTC/USD on TradingView

The past two weeks have seen BTC trade within the range of $43,810 to $51,370. The mid-point of this range at $47,430 has been an important level of support and resistance over the same time period.

The descending trendline (cyan) was tested once more, and the bulls achieved a breakout as high as $49,400. However, there was some selling there that saw BTC pushed back lower to trade at $48,268, at the time of writing.

A move above $47,400 is an encouraging sign and another attempt to breach the $48,800-$49,350 area of supply is likely to be seen in the short-term.

Reasoning

On the hourly chart, the RSI was oscillating around the 50-mark, with market momentum not in favor of either side yet. The price dip from $49,350 over the past 12 hours was backed by low trading volume, indicating that it could be reversed.

The market’s bears were halted at $46,600 before a move above the trendline (cyan) was seen. Since then, the OBV has been making a series of higher lows to show that buying volume was rising. However, by and large, the OBV was pretty much in the same area it was before showing that short-term volatility notwithstanding, March has seen a deadlock between buyers and sellers.

A retest of $47,400 cannot be ruled out, but it is likely that this level will hold as support if tested. To the upside, a move beyond the aforementioned region of supply will likely see BTC test the $50,000-mark.

Conclusion

A retest of $47,400 or a hike above $49,350 can be an opportunity to enter a long position with a target of $52,000, based on the evidence at hand. Weekend volatility could also rear its head, making risk management all the more important.


Sign Up For Our Newsletter


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://ambcrypto.com/bitcoin-price-analysis-06-march

Continue Reading
Blockchain5 days ago

Why Mark Cuban is looking forward to Ethereum’s use cases

Blockchain3 days ago

Amplifying Her Voice

Blockchain3 days ago

Blockchain in Sports Betting

Blockchain3 days ago

Bitcoin Halving: Definitive Guide (In Just 5 Minutes)

Blockchain3 days ago

Libra Coin – A New Digital Currency Developed by FACEBOOK

Blockchain1 day ago

How to Protect Yourself from the Cryptojacking Threat

Blockchain3 days ago

DeFi token CRV spikes after reports PayPal acquired unrelated custody firm Curv

Blockchain2 days ago

BitGo To Introduce Crypto Custodial Services To New York Clients

Blockchain3 days ago

Will Netflix soon buy bitcoin?

Blockchain1 day ago

Experts divided on BTC predictions: Bullish or super bullish?

Blockchain4 days ago

DEX aggregator 1inch integrates Bitquery’s API-powered crypto trading data

Blockchain1 day ago

Analyst tells Tesla to dump Bitcoin for buybacks as shares plunge alongside MSTR’s

Blockchain1 day ago

Mark Cuban’s Dallas Mavericks to Accept Dogecoin Payments

Blockchain2 days ago

Bitcoin “Cheat Sheet” Calls For Next Leg Up To $77K

Blockchain2 days ago

Ethereum gas fees drop as daily DEX and DeFi volumes decline

Blockchain3 days ago

3 key Ethereum price metrics show pro traders are aiming for $2K ETH

Blockchain1 day ago

Thailand’s largest movie theater chain accepts Bitcoin

Blockchain1 day ago

TA: Bitcoin Price Back Below 100 SMA, Why BTC Could Retest $45K

Blockchain1 day ago

Decentralized Companies Are the New Norm and It’s the DAO Revolution That’s Making It Possible

Blockchain2 days ago

XRP Price Analysis: 04 March

Trending