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Bitcoin could drop to fresh 2018 lows below $5,755, having closed below the key support of $6,000 yesterday.
Bitcoin could drop to fresh 2018 lows below $5,755, having closed below the key support of $6,000 yesterday.
The Supreme Court, the highest court in the United States, has denied Ross Ulbricht’s petition to appeal his life sentence, meaning he will spend the rest of his life in federal prison. This follows similar decisions from lower courts and ends the saga of the Silk Road’s founder who operated under the pseudonym Dread Pirate …
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The Supreme Court, the highest court in the United States, has denied Ross Ulbricht’s petition to appeal his life sentence, meaning he will spend the rest of his life in federal prison. This follows similar decisions from lower courts and ends the saga of the Silk Road’s founder who operated under the pseudonym Dread Pirate Roberts.
The Silk Road is perhaps the most notorious darknet market in history and was the original darknet market that used Bitcoin. On Silk Road, users were able to buy every type of drug imaginable, in addition to weapons and tools for identity and credit card fraud. The Silk Road actually played a major role in Bitcoin’s increasing price and adoption during the early years, with over BTC 9.5 million transacted worth USD 1.2 billion at the time.
The amount of drug trafficking and financial fraud stemming from Silk Road led to a massive federal law enforcement operation, culminating with the capture of Ulbricht and the shut down of Silk Road in 2013. BTC 26,000 were seized from Silk Road accounts, and BTC 144,342 seized from his computer. These Bitcoins were auctioned off, mainly to Tim Draper for only USD 17 million, which is an incredible bargain since these Bitcoins are now worth USD 1 billion.
Ulbricht’s grounds for an appeal were that his 5th and 6th Amendment rights were violated. His internet traffic was traced and collected without a warrant, and he says the judge gave him an unreasonable sentence because he was accused of hiring a hitman. Ultimately, he was never convicted of hiring a hitman and, therefore, he says the accusation should not have influenced his sentence. In total, 20 organizations across the political spectrum filed amicus curiae briefs to the Supreme Court in support of Ulbricht’s petition.
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Tampabay.comHow your smart fridge might be mining bitcoin for criminalsTampabay.comThe price of bitcoin, the most widely known virtual currency, jumped six-fold from September to almost $20,000 in December before falling back down to under $10,000. The…
Tampabay.com | How your smart fridge might be mining bitcoin for criminals Tampabay.com The price of bitcoin, the most widely known virtual currency, jumped six-fold from September to almost $20,000 in December before falling back down to under $10,000. The number of crypto-jacking cases soared from 146,704 worldwide in September to 22.4 ... |
Kaspersky Lab says crypto-mining malware is quickly replacing ransomware, warning that mobiles could be the next big target.
Kaspersky Lab says crypto-mining malware is quickly replacing ransomware, warning that mobiles could be the next big target.
On 20 June 2018, South Korea-based cryptocurrency exchange Bithumb was hacked, resulting in the loss of KRW 35 billion (USD 31 million) of cryptocurrency. This contributed to the gloom across the cryptocurrency markets, even though Bithumb assured its customers that it would cover the losses with its own reserves. In a surprising and unprecedented announcement …
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On 20 June 2018, South Korea-based cryptocurrency exchange Bithumb was hacked, resulting in the loss of KRW 35 billion (USD 31 million) of cryptocurrency. This contributed to the gloom across the cryptocurrency markets, even though Bithumb assured its customers that it would cover the losses with its own reserves. In a surprising and unprecedented announcement on 27 June 2018, Bithumb says it has recovered KRW 12 billion (USD 14 million) of the stolen cryptocurrency via collaboration with other cryptocurrency exchanges and companies.
Bitcoin and cryptocurrency transactions are inherently irreversible. Except in the case of a 51% attack, which is only possible for small cryptocurrencies and practically impossible for widely used cryptocurrencies like Bitcoin and Ethereum, once a transaction is confirmed it cannot be reversed. That’s why this news that Bithumb has recovered nearly half of the cryptocurrency stolen in the hack is so unusual.
Bithumb did not reverse any transactions to recover the money. Instead, it traced the flow of the stolen cryptocurrency through the public blockchain ledgers. With this information, it collaborated with other cryptocurrency exchanges and companies, who apparently were convinced by the proof that Bithumb showed, and proceeded to seize funds and give the cryptocurrency back to Bithumb.
This might be the most cryptocurrency recovered in history following an exchange hack. For years, cryptocurrency exchanges and companies have been building up technology to trace cryptocurrency through the blockchain, to determine if funds are stolen or associated with the darknet. If funds are found to be illicit then they are frozen to comply with anti-money laundering standards. These same mechanisms are what saved Bithumb USD 14 million.
Although this is good news for Bithumb and provides hope in the future for other cryptocurrency exchanges, not everyone is going to agree with this sort of centralized action. The spirit of the cryptocurrency community is that of decentralization and anonymity and the fact that cryptocurrency exchanges and companies are performing the extremely centralized action of seizing cryptocurrency would upset many.
Withdrawals from Bithumb continue to be frozen, which undoubtedly is causing much stress among traders who want to access funds. Trading on the exchange continues to be quite active with over USD 100 million per day of trades. Bithumb will restart withdrawals once the investigation is fully completed; so far no timeframe has been given.
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Key Points Bitcoin price broke down and cleared a major support near the $6,000 level against the US Dollar. Yesterday’s highlighted declining channel with support at $5,950 was breached on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is now well below the $6,000 support and the 100 hourly simple…
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Bitcoin price moved into a bearish zone below $6,000 against the US Dollar. BTC/USD may perhaps extend its slide towards the $5,650 level in the near term.
After trading in a key range above the $6,000 level, bitcoin price faced sellers against the US Dollar. The BTC/USD pair started a downside move and broke the $6,100 and $6,000 support levels. The decline was such that the price cleared the 61.8% Fib retracement level of the last leg from the $5,665 low to $6,338 high. It is now trading well below the $6,000 support and the 100 hourly simple moving average.
More importantly, yesterday’s highlighted declining channel with support at $5,950 was breached on the hourly chart of the BTC/USD pair. The pair traded as low as $5,789 and it is currently correcting higher. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $6,345 high to $5,789 low. However, the most important resistance is near the $6,100 level and the 100 hourly SMA. It is close to the 50% Fib retracement level of the last decline from the $6,345 high to $5,789 low.
Looking at the chart, the price may correct a few points in the short term towards $6,000 and $6,100. However, it is likely to face sellers above $6,000. Therefore, there are high chances of it declining further below $5,780 to test the last swing low of $5,650.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is correcting from the oversold levels.
Major Support Level – $5,780
Major Resistance Level – $6,100
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Bloomberg |
All the Ways You Can Lose Your Bitcoin
Bloomberg This hasn’t happened yet, but it’s every crypto enthusiast’s greatest fear. If a nefarious syndicate were to gain control of more than half of the Bitcoin network’s computing power, it could tamper with the process of verifying transactions and … |
Bloomberg | All the Ways You Can Lose Your Bitcoin Bloomberg This hasn't happened yet, but it's every crypto enthusiast's greatest fear. If a nefarious syndicate were to gain control of more than half of the Bitcoin network's computing power, it could tamper with the process of verifying transactions and ... |
A group of reinsurance giants in China are jointly developing a blockchain system aimed to reduce data disparities in the industry.
A group of reinsurance giants in China are jointly developing a blockchain system aimed to reduce data disparities in the industry.
Key Highlights ADA price is under heavy pressure and is currently trading well below $0.1300 against the US Dollar (tethered). There is a crucial bearish trend line formed with resistance at $0.1210 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair is likely to continue its downside move towards the…
The post Cardano Price Analysis: ADA/USD Could Test $0.1100 appeared first on NewsBTC.
Cardano price extended its slide against the US Dollar and Bitcoin. ADA/USD remains at a risk of more losses towards the $0.1100 and $0.1000 levels.
There was a minor upside move above the $0.1250 level recently in ADA price against the US Dollar. The ADA/USD pair traded towards $0.1300, but it failed to gain upside momentum. As a result, there was a downside reaction and the price declined below the $0.1200 support. The drop was such that the price traded to a new monthly low below $0.1140 and is currently trading well below the 100 hourly simple moving average.
A low was formed at $0.1132 and the price is currently correcting higher. An initial resistance is near the 38.2% Fib retracement level of the last decline from the $0.1287 high to $0.1132 low. However, the most important resistance is near the $0.1210 level. There is also a crucial bearish trend line formed with resistance at $0.1210 on the hourly chart of the ADA/USD pair. It coincides with the 50% Fib retracement level of the last decline from the $0.1287 high to $0.1132 low. Therefore, any upside move from the current levels is likely to face sellers near $0.1210.
The chart indicates that the price is clearly in a major downtrend below $0.1500. More losses are likely towards the $0.1100 and $0.1000 support levels in the near term.
Hourly MACD – The MACD for ADA/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ADA/USD is near the oversold levels with no major sign of a recovery.
Major Support Level – $0.1100
Major Resistance Level – $0.1210
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