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Kazakh National Bank Considers Ban Of Crypto Trading, Mining In The Country

Chairman of Kazakh National Bank cites lack of regulation and possibility for money laundering as case to ban crypto mining and exchanges to the national currency. #NEWS

Chairman of Kazakh National Bank cites lack of regulation and possibility for money laundering as case to ban crypto mining and exchanges to the national currency. #NEWS

Intel May Make Bitcoin Mining Profitable for Individuals Again – Bitcoinist

Intel May Make Bitcoin Mining Profitable for Individuals AgainBitcoinistBitcoin mining is currently incredibly energy-inefficient and has proven to be less profitable the more the price of Bitcoin decreases. This, in turn, has forced out many small-tim…


Intel May Make Bitcoin Mining Profitable for Individuals Again
Bitcoinist
Bitcoin mining is currently incredibly energy-inefficient and has proven to be less profitable the more the price of Bitcoin decreases. This, in turn, has forced out many small-time miners while increasing the stranglehold on the sector by large-scale ...

and more »

US Bitcoin Trader Convicted for Illegal Money Transmission and Laundering

Bitcoin Trader Convicted for Illegal Money Transmission and LaunderingThe U.S. government has been cracking down on individuals utilizing the peer-to-peer platform Localbitcoins. This week an Arizona resident named Thomas Costanzo was convicted for money laundering tied to over $164,000 worth of cryptocurrency trades. Also Read: Arizona Localbitcoins Trader Detained by U.S. Homeland Security Two Years Worth of BTC Trades Investigated The U.S. Attorneys Office […]

The post US Bitcoin Trader Convicted for Illegal Money Transmission and Laundering appeared first on Bitcoin News.

Bitcoin Trader Convicted for Illegal Money Transmission and Laundering

The U.S. government has been cracking down on individuals utilizing the peer-to-peer platform Localbitcoins. This week an Arizona resident named Thomas Costanzo was convicted for money laundering tied to over $164,000 worth of cryptocurrency trades.

Also Read: Arizona Localbitcoins Trader Detained by U.S. Homeland Security

Two Years Worth of BTC Trades Investigated

Bitcoin Trader Convicted for Illegal Money Transmission and LaunderingThe U.S. Attorneys Office from the District of Arizona and the Justice Department has convicted a trader named Thomas Costanzo (AKA Morpheus) who exchanged over $164,000 worth of BTC on the Localbitcoins platform. The officials claim the investigation stemmed from over two years of transactions. Last year in April news.Bitcoin.com reported on Costanzo’s home being raided and when he was detained by Homeland Security on April 20, 2017. At the time local media outlets suggested that the charges against Costanzo stemmed from a nationwide cryptocurrency anti-money laundering crackdown by U.S. federal agencies.

Besides Localbitcoins Costanzo also ran his own over-the-counter cryptocurrency sales and prosecutors charged him with five counts of money laundering on March 28, 2018.

“In the advertisement, Costanzo advertised that he was willing to engage in cash transactions up to $50,000,” explains the Arizona Attorney’s Office.   

When undercover federal agents approached Costanzo and told him that they were drug dealers, Costanzo provided them with bitcoin and told them it was a great way to limit their exposure to law enforcement.

Bitcoin Trader Convicted for Illegal Money Transmission and Laundering

The Anti-Money Laundering Crackdown by U.S. Federal Agencies

The report then goes on to detail that Costanzo received approximately $164,700 in cash from the undercover agents. The law enforcement team also stated the Costanzo used bitcoin to purchase narcotics over the internet. Centralized exchanges that follow AML/KYC laws typically charge 1-2 percent for transaction and officers state “Costanzo charged between 7 percent and 10 percent in his peer-to-peer transactions.”

According to the authorities, the investigation was conducted by the IRS, DEA, ICE, Homeland Security, the U.S. Post Office, and local Arizona police forces. Costanzo will face District Judge G. Murray Snow for sentencing on June 11, 2018. All five money laundering charges could bring Costanzo around 20 years in prison, a $250,000 fine, or both. Moreover, the Attorneys Office explains a number of bitcoins were seized in the case as well due to forfeiture. There have been other similar money laundering cases in the U.S. where federal agencies allege citizens are transacting illegally with the cryptocurrency bitcoin.

What do you think about the money laundering case against Costanzo? Let us know what you think in the comments below.


Images via Shutterstock, Pixabay, and the Dept. of Justice Logo. 


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The post US Bitcoin Trader Convicted for Illegal Money Transmission and Laundering appeared first on Bitcoin News.

Bitcoin Price Weekly Analysis – BTC/USD Could Decline Further – newsBTC

newsBTCBitcoin Price Weekly Analysis – BTC/USD Could Decline FurthernewsBTCBitcoin price is under a lot of pressure and it recently declined below $7,000 against the US Dollar. There is a crucial bearish trend line forming with resistance at $8,100 on …


newsBTC

Bitcoin Price Weekly Analysis – BTC/USD Could Decline Further
newsBTC
Bitcoin price is under a lot of pressure and it recently declined below $7,000 against the US Dollar. There is a crucial bearish trend line forming with resistance at $8,100 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair may ...

and more »

Bitcoin Price Weekly Analysis – BTC/USD Could Decline Further

Key Points Bitcoin price is under a lot of pressure and it recently declined below $7,000 against the US Dollar. There is a crucial bearish trend line forming with resistance at $8,100 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair may correct a few points towards $8,000, but it

The post Bitcoin Price Weekly Analysis – BTC/USD Could Decline Further appeared first on NewsBTC.

Key Points

  • Bitcoin price is under a lot of pressure and it recently declined below $7,000 against the US Dollar.
  • There is a crucial bearish trend line forming with resistance at $8,100 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair may correct a few points towards $8,000, but it will most likely face sellers on the upside.

Bitcoin price remains in a major downtrend below $8,000 against the US Dollar. BTC/USD could correct higher, but it is likely to many hurdles on the upside.

Bitcoin Price Downtrend

There was a major decline this past week from well above $9,000 in bitcoin price against the US Dollar. The price tumbled and declined below many important support levels such as $8,000 and $7,000. It even traded close to the $6,500 level. A low was formed at $6,563 before it found bids. A minor upside correction was initiated from the $6,563 low, but upsides are likely to be capped.

An initial resistance is around the 23.6% Fib retracement level of the last decline from the $9,220 high to $6,563 low. More importantly, there is a crucial bearish trend line forming with resistance at $8,100 on the 4-hours chart of the BTC/USD pair. Below the trend line resistance, the 50% Fib retracement level of the last decline from the $9,220 high to $6,563 low is positioned near the $7,894 level. Lastly, the 100 simple moving average (4-hours) is around the $8,100 level to act as a major barrier for buyers.

Bitcoin Price Weekly Analysis BTC USD

On the downside, the $6,600 level is a decent support. A break below the same could ignite a downside wave towards $6,000. Overall, there could be an upside correction towards the $8,000 level, but it will most likely face sellers.

Looking at the technical indicators:           

4-hours MACD – The MACD for BTC/USD is slowly moving back in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently moving higher from the 35 level.

Major Support Level – $6,600

Major Resistance Level – $8,000

 

Charts courtesy –Trading View

The post Bitcoin Price Weekly Analysis – BTC/USD Could Decline Further appeared first on NewsBTC.

Ethereum Price Weekly Analysis – ETH/USD Upsides Remain Capped

Key Highlights ETH price is currently recovering, but upsides remain capped by the $460 level against the US Dollar. There is a major bearish trend line forming with resistance at $460 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair may correct a few points in the near term, but it will

The post Ethereum Price Weekly Analysis – ETH/USD Upsides Remain Capped appeared first on NewsBTC.

Key Highlights

  • ETH price is currently recovering, but upsides remain capped by the $460 level against the US Dollar.
  • There is a major bearish trend line forming with resistance at $460 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair may correct a few points in the near term, but it will most likely face sellers near $450-460.

Ethereum price is under huge selling pressure against the US Dollar and Bitcoin. ETH/USD is likely to extend declines once the current correction is complete.

Ethereum Price Resistance

There were heavy declines this past week in ETH price from well above the $550 level against the US Dollar. The price fell sharply and broke many supports such as $500 and $400. It traded as low as $362 from where a minor upside correction was initiated. It tested the 23.6% Fib retracement level of the last decline from the $595 high to $362 low.

However, the upside move could not gain momentum above the $415-417 zone. There is also a major bearish trend line forming with resistance at $460 on the 4-hours chart of ETH/USD. The same trend line is close to the 38.2% Fib retracement level of the last decline from the $595 high to $362 low. A break and close above the $460 level could clear the path for an upside move. The next hurdle could be the 50% Fib retracement level of the last decline from the $595 high to $362 low near $475.

Ethereum Price Weekly Analysis ETH USD

On the downside, the recent low near $362 is a decent support. If the price fails to stay above the mentioned $362 level, there could be more losses towards the $350 level. Further below $350, the next stop could be the $320 level.

4-hours MACD – The MACD is slightly showing recovery signs in the bearish zone.

4-hours RSI – The RSI is currently well below the 40 level.

Major Support Level – $362

Major Resistance Level – $460

 

Charts courtesy – Trading View

The post Ethereum Price Weekly Analysis – ETH/USD Upsides Remain Capped appeared first on NewsBTC.

New York law firm launches crypto litigation tracker

The life-cycle of blockchain startups is fraught with legal uncertainty and their volatility makes them particularly prone to claims for compensation both in and outside of the courts. As this new frontier of investing keeps expanding, litigation monit…

The life-cycle of blockchain startups is fraught with legal uncertainty and their volatility makes them particularly prone to claims for compensation both in and outside of the courts. As this new frontier of investing keeps expanding, litigation monitoring could be a useful metric for investors when doing due diligence on crypto assets and used as part of a screening process.

Reddit Has Stopped Accepting Bitcoin Payments – Bitcoinist

BitcoinistReddit Has Stopped Accepting Bitcoin PaymentsBitcoinistThe popular social media platform, Reddit, has stopped accepting Bitcoin for Reddit Gold. The platform had started accepting the decentralized cryptocurrency back in 2013 through a partne…


Bitcoinist

Reddit Has Stopped Accepting Bitcoin Payments
Bitcoinist
The popular social media platform, Reddit, has stopped accepting Bitcoin for Reddit Gold. The platform had started accepting the decentralized cryptocurrency back in 2013 through a partnership with the popular online Bitcoin exchange, Coinbase. gold ...

and more »

Bitcoin taxation: a global challenge for tax authorities – INTHEBLACK

INTHEBLACKBitcoin taxation: a global challenge for tax authoritiesINTHEBLACKLike many other tax authorities, the Australian Taxation Office (ATO) believes bitcoin, ripple, ethereum and other cryptocurrencies are “a form of property” rather than being a…


INTHEBLACK

Bitcoin taxation: a global challenge for tax authorities
INTHEBLACK
Like many other tax authorities, the Australian Taxation Office (ATO) believes bitcoin, ripple, ethereum and other cryptocurrencies are “a form of property” rather than being a true currency. Under the Currency Act 1965, only the Australian dollar is a ...

The Time to Stop Worrying About the Bitcoin Price is Right Now

Being involved in Bitcoin means ignoring short-term changes and discrepancies. Anyone who has followed this cryptocurrency for multiple years knows that unwritten rule all too well. The Bitcoin price is always subject to interpretation and speculation. Even so, the overall trend is still extremely bullish. The Bitcoin Price is Just Fine Many people are spoiled

The post The Time to Stop Worrying About the Bitcoin Price is Right Now appeared first on NewsBTC.

Being involved in Bitcoin means ignoring short-term changes and discrepancies. Anyone who has followed this cryptocurrency for multiple years knows that unwritten rule all too well. The Bitcoin price is always subject to interpretation and speculation. Even so, the overall trend is still extremely bullish.

The Bitcoin Price is Just Fine

Many people are spoiled when it comes to the Bitcoin price. Last year was extremely bullish and borderline ridiculous. With a meteoric rise in value from under $1,000 to nearly $20,000. It became evident the “bubble” was quite real. Even so, the hype has calmed down as of right now, or so it would seem.

Most people tend to look at the Bitcoin price in a very short time frame. Granted, the value has dropped dramatically compared to late December 2017. It was entirely expected and will benefit the Bitcoin market in the long run. Spectacular gains are always suspicious, especially in the world of cryptocurrency.

Even so, there are some experts who remain uber bullish. Some say we will see a Bitcoin price of $25,000 soon. Others project half a million per BTC or more by 2020. All of these predictions can be either correct or completely wrong. Speculating about it serves no purpose in the end. The Bitcoin price will evolve in one direction or another, that much is guaranteed.

The Bigger Picture Looks Pretty Sweet

Judging the Bitcoin price trend from a long-term perspective, everything is just fine. One year ago, the value per BTC was just over one-seventh of what it is today. Compared to three years ago, it is still up by 3,500%. If that doesn’t warrant a positive long-term outlook, there really is no hope. During these periods, we have seen Bitcoin price declines as well.

It is evident this uptrend will be broken at some point. Perhaps 2018 will be a buffer year to refuel the rocket to the moon. Only time will tell how this plays out. Those who truly believe Bitcoin will succeed couldn’t care less about this current dip. Market shifts occur every year and tend to get quite volatile. Bitcoin survived a 99% price retrace in the first two years and came out just fine.

During times like these, people tend to forget how far Bitcoin has come. From a technical perspective, it is only just getting started. The Bitcoin price will respond positively to most of these developments, even if it doesn’t show throughout 2018. Everything needs to be put in its proper perspective at all times. Bitcoin is – by far – the most volatile asset on the market today. That means we have to deal with steep corrections and rises as they come and go.

Image Courtesy of Shutterstock

The post The Time to Stop Worrying About the Bitcoin Price is Right Now appeared first on NewsBTC.

The Challenges Bitcoin Must Overcome to Become a Global Currency – The Merkle

The MerkleThe Challenges Bitcoin Must Overcome to Become a Global CurrencyThe MerkleAnother big challenge that Bitcoin faces and must overcome is the issue of payment. At present, the network cannot efficiently process the large number of transactions …


The Merkle

The Challenges Bitcoin Must Overcome to Become a Global Currency
The Merkle
Another big challenge that Bitcoin faces and must overcome is the issue of payment. At present, the network cannot efficiently process the large number of transactions that occur daily. SegWit represented an upgrade which opened an avenue on the ...

The Challenges Bitcoin Must Overcome to Become a Global Currency

Bitcoin to become global currencyBitcoin is a cryptocurrency that has become popular all over the world, but we can’t forget its early days. From the inception of Bitcoin, it’s been more like an experiment in a distributed currency and a target for online hackers. But right now, it has become a multi-billion dollar digital asset which is widely known, thus making all financial institutions express fear due to the fact that the reason for their existence is threatened.  However, in this article, we would rather take a detailed look at the challenges Bitcoin must face or overcome to become a worldwide currency and ensure corrupt politicians don’t have their

Bitcoin to become global currency

Bitcoin is a cryptocurrency that has become popular all over the world, but we can’t forget its early days. From the inception of Bitcoin, it’s been more like an experiment in a distributed currency and a target for online hackers. But right now, it has become a multi-billion dollar digital asset which is widely known, thus making all financial institutions express fear due to the fact that the reason for their existence is threatened

However, in this article, we would rather take a detailed look at the challenges Bitcoin must face or overcome to become a worldwide currency and ensure corrupt politicians don’t have their way in controlling economic funds for their personal interests.

Lack of public knowledge

The lack of public knowledge on how economic policy works is one of the most significant problems confronting Bitcoin today.

It is necessary to know that if people are educated on how modern finance works, they won’t be taken advantage of. The central bank of any country is blindly trusted by its citizens. Financial companies work for their personal interests alone; hence, they care more about the benefits that they derive more than the people.

Central banks play costly games by producing the country’s currency notes and intentionally reducing the value of the currency. This is due to the fact that the currency is not supported by any policy and can be inflated at any time, so the currency is subject to unfortunate monetary decisions.

We can’t forget cases in countries like Germany of residents taking exorbitant sums of money to the bank with a wheelbarrow in the 19th century.

Another case is in Zimbabwe, where money was excessively printed, resulting in the inflation of its currency. Unsurprisingly, inflation in Zimbabwe resulted in the disruption of the economy.

The United States is not left out, as there are cases where the government has printed a large number of dollars to balance its accounts. Lots of economic professionals believe such actions will result in chaos.

An important way that an economy can escape from disaster is through Bitcoin (a futuristic bank). Nevertheless, educating people about fiscal policies and the banking system will do more good than harm.

Payment issues

Another big challenge that Bitcoin faces and must overcome is the issue of payment. At present, the network cannot efficiently process the large number of transactions that occur daily.

SegWit represented an upgrade which opened an avenue on the blockchain for global payments. Right now, a more exceptional solution has been employed to address payment issues. It is necessary to know that this backup solution is called Lightning Network, and it permits users to make multiple payments and allows for other forms of payment not to be clogged.

Acceptance issues

If lots of people make use of Bitcoin, the cryptocurrency’s network will expand. However, it will also change the way people see it, as it’s currently viewed as an instrument for drug dealers and money launderers. Worldwide acceptance will produce lots of problems for corrupt officials.