Bitcoin and other Cryptocurrencies

The fraudsters behind the China based Ponzi scheme Plus Token are dumping bitcoins worth over 3.5 billion USD on exchanges around the globe, and that is creating a selling pressure on the markets, venture capitalist Dovey Wan warns.

Dovey Wan is trying to rise awareness of the the “critical” matter “before it’s too late”.

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On August 6, Bitcoin rallied to 12,318 however, the price slipped back after, then settled below 12,000 handle. This week, BTC/USD traded lower and tested yesterday 9,484 - its lowest level in over two weeks.

Alongside this, the Relative Strength Index (RSI) crossed below 50 however, the oscillator remained flat around 44 reflecting the seller’s indecision to keep sending the price lower.

Looking at the daily chart, we notice yesterday Bitcoin declined to its lowest level since the start of August however, the cryptocurrency rallied after then closed in the higher trading zone 10,300 – 12,320. Thus, a close above the high end of the zone could push the price towards the high end. Nonetheless, the daily resistance levels and area marked on the chart (zoomed in) need to be considered.

On the flip-side, a close below the low end could press the price to test 9500 again. Although, the daily support level at 9,940 needs to be monitored. Further close below 9500 may send BTC/USD towards the monthly support at 9080. See the chart to know more about the lower trading zone/s with weekly support levels in a further bearish scenario.

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Cryptocurrencies, for example, bitcoin – are scandalously unpredictable, and because of their deregulated nature, offer almost no in the method for security for traders. In spite of the fact that this unpredictability can give a scope of trading openings, it can cause worry for more risk-loath traders. This is the reason a few traders fence their bitcoin positions utilizing methodologies, for example, short selling, or hedging with subordinates and fates.

The North American Securities Administrators Association (NASAA), an organization of securities regulators in the U.S. and Canada, whose aim is to protect investors from fraud, revealed that currently over 130 cases of possible crypto scams are under investigation, and that since the start of the year some 35 cases were transferred into the hands of the law enforcement agencies.

NASAA is aided by the coordinated efforts of more than 40 state and provincial securities regulators from the U.S. and Canada in an operation dubbed Cryptosweep, launched back in 2018.

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The French cyber police has intercepted and neutralized a Monero minimum virus that has infected over 850 000 Windows operating PCs in some 100 countries, but more predominantly in Central and South America.

The French authorities had acted on a signal that a server based in Paris is distributing a virus called Retadup.

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I just finished reading Confessions of a Crypto Millionaire and the book made me think about cryptocurrency in a new and different way. If, like me, you’ve been thinking that cryptocurrency is a scam that helps flash traders make a quick buck, you need to read about Dan Conway’s journey.

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Bitcoin has been experiencing rather low volatility lately. What will break the cryptocurrency out of its current slump?

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ETH, XRP, LTC, and XLM staged a big rally over the last seven days, beating Bitcoin, which lost some ground, has caught some market observers by surprise. The rally was broad, spreading across the whole market, with73 out of the top 100 cryptocurrencies advancing and 27 declining.

Patrick Devereaux, CFO of Illumnine, Corp, believes it’s the market roller coaster that pushes investors to cryptocurrencies. "It is impressive, how some tokens have seen more than a 40% increase in value over this past week," he says. "A large part of this is related to continued consumer adaptation and user utility. The overall financial markets are a roller coaster ride, and it seems more new users are coming to the table."

Alex Karasulu, Chief Executive Officer of OptDyn, believes it’s a big shift in the way they sea Bitcoin. "Personally, I think the dogmatism around Bitcoin as the ONLY viable cryptocurrency is starting to wear thin and we see an unexpected resurgence in altcoins," he says. Bitcoin is a great store of value, but transaction rates are the worst in the industry at 7 transactions per second. There's talk of several solutions but no action yet." That has diminished the effectiveness of the digital currency in carrying out transactions.

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Bitcoin futures may inject some instability into the Bitcoin market, before they bring stability.

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