Tether the controversial stablecoin company linked to Bitfinex has just minted an additional 20 million USDT. Many industry commentators believe that the company is responsible for artificially inflating the price of Bitcoin.

Whale Alert (@whale_alert) posted evidence of the fresh USDT just before 15:00 GMT today to Twitter.

The news comes just one week after a similar mint. Last Tuesday, the firm reportedly added an additional 15 million USDT immediately following Bitcoins sudden crash to below $10,000. BeInCrypto reported on the mint at the time.

One cryptocurrency trader who believes Tethers frequent massive minting sprees are behind Bitcoin price pumps is Andrew Rennhack. He tweeted in early August about the correlation between Tether issuing new USDT and sudden, dramatic Bitcoin price rises.

Rennhack opined that Tethers issuance of new tokens was behind the entire 2019 run-up in the price of Bitcoin. BTC traded at the start of this year at around $3,800. Months of sideways price action later, it eventually shot upwards in a rally that took its price to just shy of $14,000 this June.

Research by University of Texas finance professor John Griffin supports Rennhacks theory. It states that at least half of the 2017 bull run that saw an ultimate high of just less than $20,000 per Bitcoin was down to market manipulation enabled by Tether. Griffin told the publication:

It [Tether] was creating price support for bitcoin, and over the period that we examined, had huge price effects Our research would indicate that there are sophisticated people harnessing investor interest for their benefit.

Just today, the evidence presented by the Blockchain Transparency Institute suggests that only 36 percent of trading supposedly conducted using USDT is genuine.

Tether has been the subject of much controversy since it first hit the cryptocurrency market.

The idea behind the stablecoin was that it would serve as a less volatile digital asset than Bitcoin or other cryptocurrencies. It would achieve this by supposedly being backed 1:1 by a real US dollar. However, both Tether and Bitfinex have a history of secretive banking arrangements and a less-than-willingness to undergo financial audits. The lack of transparency from both companies has made many people suspicious of them.

In fact, earlier this year, Tether revealed that USDT was not in fact 100 percent backed by dollars. The companys website reads:

Every Tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, reserves).

What do you think about Tether printing more tokens? Do you think the USDT really is pumping up the price of Bitcoin? Let us know below.

Images courtesy of Twitter.

Original post:

Tether Prints Another 20 Million USDT Bitcoin Pump Imminent? - BeInCrypto

These aren't real Bitcoins. In fact, they look like chocolate coins...

A BRITISH POLICE FORCE has made history by being the first to sell off a criminal's cryptocurrency.

In all, the Eastern Region Special Operations Unit sold 240,000 worth of cryptocurrency in small lots containing a mix of Bitcoin, Ethereum and Ripple (the coin, not the chocolate bar). Bidders had to be approved users, to prevent the police from inadvertently funding criminal activity.

"Asset recovery in a digital world has evolved, so it's really important that, working alongside commercial partners, we have a clear process for the storage and sale of cryptocurrency," Detective Chief Inspector Martin Peters of the Eastern Region Special Operations Unit told the BBC.

"This goes to show there is no place to hide criminal assets - we are constantly developing our techniques and capabilities to ensure that proceeds of crime are either given back to the rightful owner or, as in this case, are reinvested in crime."

The cryptocurrency apparently came from the account of Eliott Gunton, who was last week sentenced to 20 months for selling stolen data for Bitcoin. Due to time spent on remand, that sentence is already up, but he is required to pay back 407,359 with restrictions preventing him from using any private internet-capable device.

That might seem like a tough punishment to adhere to, but it's not Gunton's first run-in with the law. Back in 2016, he was given a 12-month youth rehabilitation order for his part in hacking TalkTalk which the Guardian says was supposed to "draw him from the lonely confines of a bedroom and that lonely world of computing to a family where his knowledge and skills could be put to good use and to project that out to the wider world."

It seems that the softly-softly approach didn't work as planned, and desperate times called for more desperate measures.

More here:

UK cops auction off TalkTalk hacker's Bitcoin - The INQUIRER

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Bitcoin fell sharply on Tuesday, confirming a bearish reversal and opening the doors for a test of crucial price support near $7,500.

The leading cryptocurrency by market value ran into selling pressure around $9,700 in the early U.S. trading hours and fell to a 3.5-month low of $7,998 at 19:45 UTC on Bitstamp.

BTC had been on slippery ground following Tuesdays volatility band breakdown. A widely-followed indicator was also reporting the strongest a bear bias in nine months, as discussed earlier this week.

The price slide was likely exacerbated by along squeeze, when investors square off (or sell) long positions to cut losses in a falling market, thereby creating further downward pressure on prices.

So, while a price drop was expected, the magnitude of the sell-off has caught many by surprise. The cryptocurrency fell by 11.83 percent on Tuesday 2019s third-biggest single-day drop, as per Bitstamp data.

The latest double-digit price slide has taken the cryptocurrency below major support levels. Therefore, a deeper drop toward $7,500 a level seen a week ahead of Facebooks launch of Libra could be seen over the next few days.

As of writing, BTC is changing hands around $8,400 on Bitstamp. Its worth noting the cryptocurrency is still up about 127 percent on a year-to-date basis.

Bitcoin dived out a three-month contracting triangle on Tuesday (above left), confirming an end of the bull market, which had started from Aprils low near $4,000.

Currently, prices are flirting with the 200-day moving average (MA) support at $8,309. That long-term MA has come into play for the first time since April and will likely be breached, as the post-triangle breakdown price drop looks to have legs volumes hit three-month highs on Tuesday.

BTC, therefore, risks extending losses to support at $7,500 lows seen before Libra hype gripped the market in mid-June

Moreover, the triangle breakdown could yield a drop to $4,000 (target as per the measured move method), as tweeted by bitcoin skeptic and CEO of Euro Pacific Capital Peter Schiff.That target looks far-fetched, however.

The monthly chart (above right) is also now teasing a bearish reversal. The cryptocurrency charted inside-bar candlestick patterns in the previous two months, signaling an impending bullish-to-bearish trend change.

The outlook as per the monthly chart would turn bearish only if prices close below $9,049 (first inside bars low) on Sept. 30. That looks likely, with prices currently trading at $8,400 and the daily chart reporting a strong bearish setup.

The bearish case would weaken if prices find acceptance above $9,097 a higher high created on May 30.The outlook would turn bullish if prices bounce from the 200-day MA and chart a quick V-shaped recovery to levels above Tuesdays high of $9,782. That, however, looks unlikely.

BTC has found acceptance below the 55-candle exponential moving average, which served as a strong base during the 2016-2017 bull market.

Back then, the cryptocurrency charted bullish higher lows along the key EMA and not once did the sellers managed to secure a close below the crucial support.

Hence, the latest close below the 55-candle EMA could be considered a strong bearish development.

The 14-day relative strength index (RSI) is currently hovering below 23, its lowest level since November 2018. A reading below 30 indicates oversold conditions and suggests scope for a corrective bounce.

That said, indicators can and do remain oversold for a prolonged period in a strong bearish market, especially when a sell-off is preceded by a major bout of consolidation. BTC was trapped in a narrow range for almost three months before breaking lower.

In such situations, seasoned trades consider an oversold reading on the RSI as an indicator of trend strength. So, expecting a notable price bounce on the basis of the oversold reading on the RSI could prove costly.

Disclosure:The author holds no cryptocurrency assetsat the time of writing.

Bitcoin image via Shutterstock;charts byTrading View

Originally posted here:

Bitcoin Price Risks Drop to $7.5K After Third Biggest Daily Loss of 2019 - CoinDesk

British cops have raised 240,000 in their first ever UK-based auction of cryptocurrencies understood to have been seized from former TalkTalk hacker Elliot Gunton , who'd "earned" it selling hacking services and flogging people's stolen personal details online.

The sell-off of Bitcoin, Ripple and Ether to the highest bidder ran for 24 hours from noon on 25 September as part of the Eastern Region Special Operations Unit's (ERSOU) asset recovery process.

The assets were said to have had a fluctuating value of up to 500,000 and were spread across various sized lots.

Gunton's wallet contained over 400k worth of Bitcoin at the time of the seizure.

The bidders for the digital currency were vetted by ERSOU's procured asset management and realisation contractors, we are told, to ensure only ethical buyers participated and the crypto-coins stayed out of the hands of criminals, for the time being at least.

"This historic auction should help us instill the public's confidence in our open, transparent system to recoup the proceeds of crime in a secure and innovative way," said detective chief inspector Martin Peters of ERSOU's cyber crime division.

"Asset recovery in a digital world has evolved, so it's really important that, working alongside commercial partners, we have a clear process for the storage of the cryptocurrency," he added in the statement.

Wilson's Auctions was fully insured to store the assets on behalf of the police before the sales process kicked off. This is the second time it has been involved in a crypto-cash auction: the first was in March, when it sold some 315 Bitcoin on behalf of a private company.

Aidan Larkin, asset recovery director at the auctioneer, said this was the first such sale of Bitcoin "under the instruction of a UK police force" and claimed to have received worldwide interest.

He said it received over 7,500 bids from "as far as Brazil, Australian, Dubai, USA, Canada and Singapore".

There was no reserve on the Bitcoin lot that fetched 240,000. Larkin said that given the roller-coaster nature of Bitcoin valuations, he decided to break the coins into lots.

Both Australian and American cops have been auctioning off crypto-coins over the past few years. In 2016, Aussie police and the US marshals flogged off $11.5m and $1.6m worth of Bitcoin respectively. The American auction saw off blockchained loot once belonging to dark web souk Silk Road's boss, the Dread Pirate Roberts, aka Ross Ulbricht, among others.

Earlier this year, Surrey Police became the first force in the UK to have succeeded in having Bitcoin confiscated by a court, worth 1.25m.

With the cops scrambling for budget after years of cuts, cryptocurrency auctions like this might be just the fillip the police need. Let's hope this helps the Home Office avoid having to dip into cops' IT budget. Just hold onto your Airwaves, peeps.

Sponsored: How to Process, Wrangle, Analyze and Visualize your Data with Three Complementary Tools

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Thanks-thanks to TalkTalk teen hacker: UK cops' first auction of ill-gotten Bitcoin nets 240k - The Register

Bitcoins slump over the last few weeks highlights the risks involved in owning the virtual currency. Certainly, any asset can fall in price. However, Bitcoins 26% drop in the last month highlights that its performance can quickly change without clear reason. This may leave its holders wondering whether to sell, hold or buy more of the cryptocurrency.

As such, following a tried-and-tested means of investing your hard-earned cash could be a better idea than buying Bitcoin. Through regularly investing in a diverse range of mid and large-cap shares, it may be possible to significantly improve your long-term financial outlook.

While all investors would prefer to buy at the very bottom of the stock markets trading range, and sell at the top, doing so may not always be possible. After all, it is incredibly challenging to accurately predict the near-term performance of the stock market.

As such, buying shares regularly could be a better idea. It will allow an investor to capitalise on the downturns which the stock market inevitably faces, and could mean that their capital is not generating low returns in the meantime in other assets such as cash. Regular investing also removes the decision on when to buy stocks, which can prove to be difficult. There are always risks facing the world economy and the stock market that may dissuade investors from buying, while buying too many stocks in one go during bull markets may limit the overall returns that are achievable.

As mentioned, one of the drawbacks of Bitcoin is not knowing whether or not it offers good value for money. Its lack of fundamentals mean that investors may become increasingly cautious about buying it following a price fall, since its price is solely dependent on investor sentiment.

By contrast, the stock market offers a wealth of information that can provide an investor with an insight into whether a specific stock offers good value for money. This could enable an investor to improve their chances of generating high returns, while also helping them to avoid potential pitfalls in terms of weak stocks that are value traps.

Through focusing on value stocks, it may be possible to emulate successful investors such as Ben Graham and Warren Buffett. Their track records of success highlight that buying high-quality shares while they trade at low prices can be handsomely rewarded over the long run.

Perhaps the most appealing part of buying shares is the opportunity to benefit from compounding. This may take a while to have a noticeable impact on a portfolios valuation, but over time it can make a real difference to your chances of making a million.

Since the stock market generally follows an upward trajectory over the long run, adopting a buy-and-hold strategy that provides your holdings with the time they need to deliver on their potential could be a worthwhile move. History shows that simply holding stocks over the long run generally leads to high-single-digit returns which, when compounded, could eventually produce a seven-figure portfolio.

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Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makesus better investors.

Motley Fool UK 2019

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Forget Bitcoin! Id rather make a million by following this tried-and-tested strategy - Yahoo Finance UK

Noted YouTube financial markets and cryptocurrency analyst Alessio Rastani in his latest video has talked about the possibility of bitcoin crashing down to $3000. However, he believes that his wildcard BTC price scenario has a higher probability of playing out.

Rastani began by discussing a very important market metric the sentiment cycle. In any kind of market analysis, it is crucial to take into consideration the current mood or collective psychology of the market players at a certain point of time. Alessio did just that.

He pointed out a high enough probability of traders or market participants hitting the peak optimism levels on the chart when bitcoin price almost touched the ~$14,000 mark this summer. This corresponds to Euphoria and signifies that markets are on the verge of entering the maximum risk zone. It was followed by folks embracing the Anxiety and Denial mindset as soon as BTC started slipping to $11,000, $10,000.

According to Alessio, anyone who put out an opposing bitcoin price stance against the market sentiment then would be ridiculed as he was, for starters.

Considering the latest BTC drop, Rastani goes on to say that the market is in grip of Fear, Panic, and Depression. Very soon with further bitcoin price descent, traders and investors are bound to find themselves in the Capitulation stage of the market sentiment cycle.

As he opines, articles and media coverages will start talking ill about the market as if theres no tomorrow. Bearish talks will pop from all nooks and corners spelling doom for bitcoin (dead, going to zero, that kind of stuff).

Once the Despondency state is hit, and all hope dies, we will have found the next bottom, and thats when bitcoin price will begin its next ascending move. Rastani says that it could happen very soon and the occurrence is just around the corner.

Bitcoin price is currently lingering below the 21 MA, according to Alessio, and its a big deal. Currently bears have full control of the market, which means market players will have to exercise caution.

As explained by Rastani, by plotting the Fibonacci retracement tool on the weekly BTC/USD TradingView chart, from December 2018 price lows to the high in June this year, we get the 78.6% retracement level at $5433.6. The $5000-$5433 range needs to be given serious importance, as theres a 30-35% probability of BTC dropping below this support zone. So he says. When that happens, the chances of bitcoin price moving down to the $3000 or $2000 level will massively increase.

The odds will increase to 80-90% if BTC crashes further below the $4500 mark.

What do you think of Alessio Rastanis bitcoin price hitting $3000 theory? Share your thoughts in the comments below!

Images via Shutterstock, YouTube: Alessio Rastani

Note:- This article is purely educational and isnt to be construed as financial advice.

More:

Bitcoin (BTC) Price Might Drop To $3000; Here's How? - Bitcoinist

Ethereum transaction fees are back on the rise and gaining parity with bitcoin transaction fees.

As seen in data charts provided by blockchain analytics firm CoinMetrics, ethereum surpassed bitcoin in daily transaction fees on Sept. 21. While ethereum has since been maintaining a close parity with bitcoins daily transaction fees, bitcoin currently beats out ethereum at roughly $350,000 in fees per day.

Granted, bitcoin trading volume has been experiencing a slump as of late June, falling from $1.32 million to below $300,000 across major cryptocurrency exchanges, according to data from Bitconity.org. Bitcoins market value is also tanking in recent days dropping from a high of $8,500 to below $8,000 on Thursday.

However, this slump isnt expected to last forever, with many cryptocurrency day traders such as Eric Choe noting that transaction fee volumes should pick up again in coming months as trading for the asset begins to increase.

I do believe this is a temporary thing, said Choe. Historically, bitcoin transaction fees have been higher. I do think this is more a temporary fixation of the markets right now.

Choe added that part of the reason for a surge in ethereum transaction fees has been the recent increase in trading activity surrounding dollar-pegged stablecoin Tether (USDT).

Since 2018, USDT has been trading on ethereum, as well as on the bitcoin-based Omni Layer Protocol. Over the course of 2019, however, the ethereum version of Tether has been surpassing the Omni Protocol version by some metrics.

The Ethereum version of Tether hit a new all-time high of 187,912 daily transactions on September 9th, CoinMetrics reported in a Sept. 17 newsletter, adding:

USDT-ETH is generating so many transactions that it recently accounted for over 25% of all Ethereum transactions on September 8th, and has consistently accounted for more than 10% of all Ethereum transactions since mid-August.

According to Tethers official website, there is roughly $2 billion worth of USDT currently issued on the ethereum platform. In December of last year, there was only a reported $60 million.

Calling this the rise of Tether on ethereum, TM Lee, co-founder of cryptocurrency data aggregator CoinGecko, said the spike in Tethers popularity is likely due to the migration of users from Omni to ethereum.

This is likely due to the gradual switch of USDT support from Omni to Ethereum in most exchanges, especially Binance, which made the [switch] sometime in July 2019, Ong said via email.

Financial markets director at cryptocurrency exchange OKEx Lennix Lai added:

The shift is potentially beneficial to the Ethereum ecosystem since it shall decrease fiction for the most-used stablecoin in the world integrating into the open finance space. However, with USDT clogging the Ethereum network, it means other developers have to encounter a spike of cost on computation power in Ethereum.

In order to prevent network congestion, miners on the ethereum network have recently responded to the surge in transaction activity by increasing ethereums gas limit.

Stepping back, the cost to send a transaction on the ethereum network is called gas and paid in fractions of ETH called gwei. For every block processed on the ethereum blockchain, there is a limit to the overall amount of gas that can be collected by miners.

In short, a higher gas limit means that a higher number of transactions can be included in a block. On Sept. 19, ethereum miners collectively raised network gas limits from 8 million to 10 million gwei.

Ethereum blocks are now effectively 25 percent larger allowing for larger transaction processing loads.

At the same time, the concern around larger block sizes on ethereum is that block propagation speed may slow down. The slower it is for a block to be propagated and accepted by all miners in the ethereum network, the higher the likelihood is for temporary chain splits to occur.

As gas limit goes up, block size will eventually follow it, requiring more storage and initial sync time for nodes, said Eric Conner, founder of ethereum information site ETHHub. So far though, block size hasnt really gone up despite the gas limit increasing.

Even so, some outside of the ethereum community have viewed the collective decision-making of miners on the platform with derision.

Its official! Ethereum miners have unilaterally increased the gas limit and made it even harder to sync a full node, tweeted self-proclaimed bitcoin maximalist Conner Brown. Meanwhile ethereans rejoice at how easy it was for miners to do this without public debate.

However, there is still room for public debate, according to ethereum core developer Alexey Akhunov, who says hed like to better understand the effects of this gas limit increase.

I would like to analyse whether this increase in the gas limit by 25 percent has accelerated the [ethereum] state growth by 25 percent, or by a lower percentage, Akhunov said, adding:

I do not know yet but we shall see soon.

Ethereum and bitcoinimage via Shutterstock

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Why Ethereum Briefly Overtook Bitcoin in Daily Transaction Fees - CoinDesk

Losing your data sucks. It sucks even more when someone uses ransomware to maliciously encrypt your files and demands Bitcoin BTC to ensure its safe return. But dont worry, because there are things you can do to get one over on the cyberbaddies.

Software company Emsisoft has recently released a free decryption tool for prevalentBitcoinextorting ransomware, called WannaCryFake.

According to Emsisofts security researchers, WannaCryFake is a strain of the infamous WannaCry ransomware that began spreading around the world back in 2017, infecting big corporations including hospitals, banks, and telecom companies.

WannaCryFake is a strain of ransomware that uses AES-256 to encrypt a victims files.

If youve identified that your system has been infected with the WannaCryFake malware, you might be able to use Emsisofts free tool to regain access to your files. Though, under no circumstances should you make contact with the hackers, the company says.

Its a pretty simple process too. Firstly, ensure youve removed the malware from your system, and then download Emsisofts decryptor.

Run the decryptor and ensure the hard drives/storage devices that have been encrypted are selected and click the decrypt button.

While decryption tools can help you recover lost files, they dont work all the time and sometimes experts just end up paying the hackers. Emisosft told Hard Fork that its decryptor has been 100 percent effective so far, based on reports of its use.

If off-the-shelf decryptors dont work for you, there are other things you can try.

Emsisoft, along with a host of other security organizations, is part of the No More Ransom project, a collaboration between law enforcement agencies and cybersecurity firms to help victims hit back at ransomware.

On the No More Ransom website you can seek more help from experts. Here, you can upload a couple of encrypted files and more details about the ransomware attack and the project will direct you to a solution, if one exists.

That said, perhaps the best method is to protect yourself against malware in the first place and ensure you make regular backups of your data.

If youre unlucky and have been hit by Bitcoin-ransoming malware, you can download Emsisofts decrypto here.

Sadly,Bitcoin-ransoming malware is quite prevalent. One strain of malware, Ryuk, managed to earn hackers more than $3 million inBitcoinover the first five months of the year. Its about time we put a stop to this, in any capacity we can.

Come say hi to the Hard Fork teamat our blockchain event. On October 15-17 in Amsterdam, hear from top experts as they discuss the industrys future.

Update September 26, 2019, 1345UTC: Emisoft replied to Hard Forks request for comment. The article has been updated to reflect this.

Published September 26, 2019 10:08 UTC

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Heres how to fight back against Bitcoin-ransoming malware - The Next Web

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Bitcoins $780 recovery from an 18-day low has neutralized the bearish setup, but a strong follow-through is now needed to put the bulls back in charge.

The leading cryptocurrency by market value picked up a bid around $9,600 the lowest level since Sept. 1 in the Asian trading hours on Thursday and rose to a high of $10,380 on Bitstamp in the U.S. trading hours.

That quick recovery saved the day for the bulls, as the cryptocurrency was looking weak below key support at $9,855, as discussed yesterday.

Notably, the price bounce from $9,600 to $10,380 has taken the shape of a candlestick pattern named bullish hammer, as seen in the chart below.

A bullish hammer comprises a long lower shadow, a small body and little or no upper shadow. It occurs when an asset erases a big early drop to end the day on a positive note at or near the days high.

On Thursday, BTC fell to $9,600 only to rise all the way back to $10,380 before printing a UTC close at $10,271 up 1.18 percent on the day.

A hammer is widely considered an early warning of an impending rally. However, traders usually wait for a strong follow-through preferably a UTC close above the hammer candles high before hitting the market with fresh bids.

The focus, therefore, is on todays UTC close. Acceptance above the hammer candles high of $10,380 will likely invite stronger buying pressure and yield a rise to $11,000.

As of writing, BTC is changing hands at $10,140 on Bitstamp, having clocked a high of $10,308 earlier today.

BTC has created a bull flag a continuation pattern on the hourly chart. A breakout, if confirmed, would imply a resumption of the rally from $9,600 and create room for a rally to $10,950 (target as per the measured move method).

The probability of BTC printing a convincing close well above $10,380 would rise if the flag ends with a bullish breakout.

While a close above $10,380 is expected to bode well for BTC, a full bull revival needs an upside break of a three-month contracting triangle seen in the chart below.

The upper and lower edges of the triangle are currently located at $10,822 and $9,450, respectively.

A close above $10,822, if confirmed, would imply a resumption of the rally from lows near $4,000 seen on April 2.

The lower edge may come into play if the cryptocurrency closes below $10,000 today, taking the shine off the bullish hammer candle.

Disclosure:The author holds no cryptocurrency assetsat the time of writing.

Bitcoinimage via Shutterstock;charts byTrading View

View post:

Bitcoin's $780 Price Recovery Makes Friday's Close Pivotal - CoinDesk

Bitcoin experienced double-digit losses today with a rapid descent that saw the leading cryptocurrency briefly fall below the $8,000 price point. The sudden sell-off led to a cascading effect on the BTC/BUSD pair on Binance which saw BTC flash crash to $1800.

Recently Binance released a stablecoin Binance USD (BUSD) which has been trading on the exchange for a few weeks now. The stablecoin, backed by both Binance and Paxful, is currently suffering from low liquidity, though, and experienced a flash crash on its BTC trading pair.

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At around 20:00 UTC, the BTC/BUSD trading pair suffered a major sudden crash and someone ended up purchasing BTC for $1800. The books were too thin to account for Bitcoins double-digit losses today.

Currently, the BTC/BUSD pair has a very low trading volume compared to other stablecoin-BTC pairs, only trading around $600,000 in the last 24H. Still, it seems that Binance had no stops in place to stop this flash crash to $1,800 which was likely amplified by trading bots.

Some exchanges have in the past experienced flash crashes, but such events on BTC trading pairs for major exchanges are rare even against less liquid stablecoins. This is what makes the drop on BTC/BUSD all the more surprising.

Binances Coin (BNB) has not been spared from Bitcoins sudden drop either. The exchanges token is currently trading at around $16.66 and is down some 15%. This slow bleed has spiraled into a complete crash. Just a week ago, BNB was trading for close to $23.

As of now, Binance has not made any official statement on the flash crash or whether it will look into the situation. The BTC/BUSD trading pair has since recovered and is trading at $8,710 at the time of writing.

Do you believe Binance should have mechanisms in place to try to better prevent these kinds of flash crashes? Let us know your thoughts in the comments below.

Images are courtesy of Shutterstock, Binance.

As a trusted news outlet in the blockchain and cryptocurrency industry, BeInCryptoalways strives for the highest journalistic standards and adheres to a strict setof editorial policies. BeInCrypto is an independent website with authors and managementthat may personally invest in cryptocurrencies or blockchain startups.

Continued here:

Bitcoin Bought at $1800 With Binances Unstable Stablecoin - BeInCrypto

UK police are set to auction around $662,000 (500,000) worth of criminally-seized Bitcoin BTC this week, a reported first for the nation.

Announced earlier this month, Irish auction house Wilsons Auctions has set no reserves, and will sell it all to the highest bidder. The firm is managing the auctions onbehalf of UK authorities.

Police reportedly seized the stash from a criminal who had illegally sold personal data and provided hacking services in exchange for cryptocurrency. Other assets to be auctioned include Ethereum, Ripple (XRP), and other unnamed tokens.

Lots ranging from 0.25 to 2 BTC will be sold across two days, with higher set amounts for other tokens. Wednesdays sales will be online-only, with Thursdays open to both online and physical bidders, and will include other seized items such as cars, luxury watches, as well as other jewellery.

Those looking to take part must provide a copy of their passport or driving license, as well as proof of address so these auctions may not be appropriate for those looking to keep their Bitcoin usage on the down low.

While it does appear these are the first auctions of criminally-seized cryptocurrency on behalf of the UK police, Wilsons Auctions sold 315 seized BTC ($3.1 million) on behalf of Belgiums government in March this year.

On the other side of the Atlantic, US police have been selling confiscated Bitcoin since 2014, following the dismantling of online drug marketplace Silk Road.

More recently, the USauctionedroughly 3,600 BTCin January last year, worth almost $30 million at the time. Months later, it sold another 600 BTC ($4 million).

Despite the irony of buying Bitcoin almost directly from a government, these auctions may be of particular interest to those looking to get into cryptocurrency for a significant discount.

Want more Hard Fork? Join us in Amsterdam on October 15-17 to discuss blockchain and cryptocurrency with leading experts.

Published September 23, 2019 11:48 UTC

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UK police to auction $662,000 worth of seized Bitcoin with no minimum bids - The Next Web

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Bitcoin (BTC) slipped to an 18-day low today, as a key indicator threatens to turn bearish for the first time in a year.

The top cryptocurrency fell by $500 in 10 minutes just after 03:00 UTC to hit a low of $9,600 on Bitstamp. That level was last seen on Sept. 1.

The drop was expected as BTC was on slippery ground following last weeks failed breakout. Volatility also fellto multi-month lows on Wednesday, indicating scope for an explosive price move.

Prices have bounced back a little in the last few hours, but the bearish mood is still intact with the cryptocurrency currently changing hands around $9,850, representing a 3 percent loss on a 24-hour basis.

The spread between the 50- and 100-day moving averages (MAs) of bitcoins price has narrowed sharply and the two averages will likely soon produce a bearish crossover, as seen in the chart below.

A bearish crossover occurs when a short-term MA drops below a long-term MA. At time of writing, the 50- and 100-day averages are located at $10,504 and $10,492 and the former looks set to cross below the latter in the next couple of days.

If confirmed, the event would mark the first bear cross of the 50- and 100-day MAs since Sept. 16, 2018.

Technical analysis theory considers the bearish cross of long-term MAs as an advance warning of an impending price crash. They are, however, based on historical data and tend to lag price. Hence, bearish crossovers have limited predictive powers at best and often end up trapping sellers on the wrong side of the market.

For instance, the 50-day MA fell below the 100-day MA on Aug. 29, 2016, when BTC was trading near $570. The cryptocurrency remained flatlined in the next couple of days before rising above $600 on Sept. 4.

More importantly, the $570 price seen on Aug. 29 was never put to test throughout the meteoric rise to a record high of $20,000 reached in December 2017.

Observers may argue that last Septembers bearish crossover was followed by a sharp sell-off to levels below $5,000 in November. However, back then, the cryptocurrency was in a bear market. Also, prices remained sidelined above $6,000 for at least six weeks following the confirmation of the bear cross before dropping in November.

Currently, BTC appears to be in a bull market, having charted higher lows and higher highs in the second quarter. Hence, the latest bearish cross may not be a cause for worry for the bulls especially considering BTC is still stuck in a three-month-long narrowing of its price range.

The upper edge of the contracting triangle is currently located at $10,857 while the lower edge is seen at $9,450.

A high-volume UTC close above $10,857 would confirm the breakout and imply a resumption of the rally from lows near $4,000 in April and could yield a break above the 2019 high of $13,880. That said, a more reliable indicator of bullish revival would be a weekly close above $12,000.

A triangle breakdown, if confirmed, would suggest a bearish reversal and could fuel a price drop to the 200-day moving average (MA), currently located $8,139.

The 14-day relative strength index (RSI) is currently reporting bearish conditions with a below-50 reading. Further, the weekly moving average convergence divergence (MACD) histogram is hovering in bearish territory below zero.

Meanwhile, the 4-hour chart shows a failed breakout followed by a bearish lower high and a drop below key support of $9,855 earlier today.

So, the stage looks set for the test of $9,450 the lower edge of the contracting triangle. The immediate bearish case would weaken if prices rise above $10,458 (Sept. 13 high).

Disclosure:The author holds no cryptocurrency assetsat the time of writing.

Bitcoinimage via Shutterstock;charts byTrading View

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Bitcoin Price Dips to $9.6K as Bear Cross Looms - CoinDesk

View

Bitcoins volatility has hit its lowest level in over four months a price squeeze that may force a significant move either way.

BTCs bull run stalled at highs above $13,800 on June 26 and prices have created lower highs and higher lows ever since.

Notably, the trading range has narrowed sharply over the last two weeks, with bitcoin consolidating between $9,850 and 10,950, as per Bitstamp data.

As a result, the Bollinger bands volatility indicators placed 2 standard deviations above and below the prices 20-day moving average have narrowed sharply.

More importantly, Bollinger bandwidth, an indicator used to gauge market volatility, has dropped to 0.11 the lowest reading since May. 3, as seen in the chart below.

The volatility level has dropped steadily from 0.62 to lows near 0.10 in the 2.5-months.

In the past, BTC has witnessed big moves following drops to or below 0.10 (marked by arrows).

For instance, the bandwidth dropped to 0.06 a week before BTC broke into a bull market with a high-volume move to $5,000 on April 2. It also fell to 0.10 on May 2 a day before BTC jumped above $5,600, marking an upside break of a three-week-long consolidation. And, in the days leading up to last Novembers sell-off below $6,000, volatility dropped to 0.05.

If history is a guide, then BTC could soon witness a big move on either side. Technical analysis theory also states than an extended period of low volatility is often followed by a big move.

While the record high hash rate (miner confidence) is calling a bullish move, the technical charts are beginning to favor the bears.

As of writing, BTC is changing hands at $10,170 on Bitstamp, representing little change on a 24-hour basis.

Bitcoin jumped 2.6 percent on Sept. 12, confirming an upside break of a falling wedge pattern. The bullish breakout, however, failed to draw bids and the cryptocurrency has ended up creating another lower high at $10,458 (Sept. 13 high).

With the failed breakout, the bearish view put forward by Sept. 6s big red engulfing candle has gained credence.

BTC risks falling back to the Sept. 11 low of $9,855 in the short-term. A violation there would open the doors for $9,320 (Aug. 29 low).

A few observers are calling for a deeper drop to levels below $8,000. That possibility cannot be ruled out as the cryptocurrency is looking heavy on the longer duration charts.

The back-to-back inside bar candlestick patterns on the monthly chart (above left) indicate buyer exhaustion following a stellar rally from $4,000 to $13,880.

A bearish inside bar reversal would be confirmed if prices close (UTC) below $9,049 the low of the first inside bar created in July on Sept. 30.

Further, a negative reading on the weekly moving average convergence divergence (MACD) indicates scope for a deeper pullback.

The bearish case would weaken if prices rise above $10,956 (Aug. 20 high), invalidating the lower highs setup on the daily chart.

That said, a weekly close (Sunday, UTC) above $12,000 is needed for bull revival, as discussed last month.

Disclosure:The author holds no cryptocurrency assetsat the time of writing.

Bitcoinimage via Shutterstock;charts byTrading View

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Bitcoin May Be Building for Move as Price Volatility Nears 5-Month Low - CoinDesk

Bitcoins price action has proven to be quite bearish as of late after it failed to hold above its key support level around $10,000. The drop below this level has led BTC to a key support level in the $9,000 region, and a failure to hold above this support level could lead to a massive movement lower.

Analysts are ruling out a full retrace down to $4,000, however, and are noting that there could be a near-term bullish scenario if BTC is able to hold above $9,400.

At the time of writing, Bitcoin is trading down over 3% at its current price of $9,600, which marks a notable retrace from its daily highs of just under $10,000.

Because Bitcoin has been unable to find any sustainable upwards momentum within the five figure price region, bears have been able to gain the upper hand over the cryptocurrencys bulls, which appear to have lost much of their strength as BTC once again revisits its historical support region in the lower-$9,000 region.

A failure to hold strong above this support level will likely lead to a bout of capitulation that sends the crypto reeling significantly lower, but analysts are noting that there is a bullish near-term scenario that could bolster BTCs bulls.

The Cryptomist, a popular crypto analyst on Twitter, spoke about this possibility in a recent tweet, explaining that a strong bounce from $9,400 could spark some bullish momentum.

$Btc Hmm looking again there may be a bullish scenario? Long bottom wick too 9.4k region, with candle close on support of falling wedge RSI. Then breakout to cover 11.8k gap? Will know between this & last post, which is valid, from btc next move, he explained in a recent tweet.

Assuming that $9,400 does not hold as a strong level of support and thatBitcoin faces a significant influx of selling pressure, some analysts have noted that BTC could erase a significant amount of the gains it incurred throughout the first half of 2019.

Despite this, Mayne, another popular crypto analyst on Twitter, spoke about this possibility in a recent tweet, explaining that he believes it is highly unlikely.

$BTC Seeing a lot of $4k charts today. I dont like to speak in absolutes but I dont see us dropping that low. Were in an uptrend and have been consolidating for 90 days. Just because its a descending triangle doesnt mean we fully retrace the move, market conditions matter, he noted.

How Bitcoin reacts to its key near-term support levels in the coming hours and days will prove to be critical for determining its near-term trend.

Read more here:

Analysts Rule Out Bitcoin Drop to $4,000 Despite Bearish Signs; Heres Why - newsBTC

Thirty major retailersPlay in France are gearing up for the launch of Bitcoin payments in more than 25,000 point of sales. As reported by Cryptoglobe during the Paris Retail Week on September 24, the endeavor is being undertaken via a partnership between Global POS, a POS provider, EasyWallet and Easy2Play a payments platform.

There will be an instant conversion of the payments made in Bitcoin into euros at the exact moment of sale. The conversion services are likely to be sort from a couple of partners Deskoin and Savitar. The two are seeking digital Asset Service Provider accreditations provided in the French PACTE Act.

Among the retailers joining the bandwagon are Maisons du Monde, Boulanger, World House, Intersport, Cultura, Foot Locker, and Norauto. The CEO and founder of Global POS, Stphane Djiane said in a statement:

"This is an important symbolic step in the evolution of payment methods in France. However, more than a symbol, what we bring to 25,000 outlets is the ability to safely enter the world of Economy 3.0.

Bitcoin will take center stage, for now, however, the more than four million French cryptocurrency owners, altcoin payments will be coming at a later stage.

Read more:Bitcoin price update: BTC/USD returns to $8k levels as $600 million BTC longs liquidate on BitMEX

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Bitcoin payments to hit over 25,000 retail stores in France - FXStreet

Bitcoin Depot ATMs.

The Bitcoin ATM industry is one of the fastest growing industries in the world, with six new crypto-ATMs being installed every day, and its showing no signs of slowing down either, with expert projections forecasting an annual compound growth rate of 46.61 percent by 2024. This growth is largely fueled by the rapid adoption of blockchain-based currencies - with the number of people in the United States who own bitcoin - or similar blockchain-based currencies - doubling since 2019.

One of the industry leaders driving this rapid adoption is Brandon Mintz, CEO of Bitcoin Depot, the leading crypto-ATM network in the USA. Based in Atlanta, Georgia, Bitcoin Depot has installed over 250 Bitcoin ATMs across the United States, and is one of the top three multi-cryptocurrency ATM operators in the world. According to Mintz, this forecasted massive growth is already evidenced in the relatively new industry, with acquisitions of smaller operators by larger operators beginning to take place.

In fact, Bitcoin Depot conducted the first acquisition of this kind - having announced their takeover of ten DFW Bitcoin ATMs across Texas earlier this year. The company has no plans of stopping there either, having recently announced their plans to have 1000 total bitcoin ATMs installed throughout the United States by the end of 2020.

Driven by the Underbanked

This aggressive expansion is something Mintz, an early adopter of cryptocurrency, believes to be driven by the willingness of people - underbanked communities, specifically - to adopt new and alternative banking options. The physical Bitcoin ATMs provide a vital connection between underbanked communities and the crypto-world, explains Mintz. Were seeing our user numbers rising day by day, usually by those who dont - for one reason or another - trust traditional banking systems, or who complain fees for transferring money internationally are much too high.

The underbanked, totaling eight percent of Americas population, are those who dont have access to traditional banking services such as checking accounts, lines of credit, savings, or other digital currencies. Barriers that exist include high fees, lack of convenience and distrust among some socioeconomic groups around traditional banking systems.

Mintz, an advocate for the simplification of access to blockchain-based currencies, has stated that the prevalence of bitcoin ATMs, coupled with ease of access - users can register with Bitcoin Depot on the spot using their ATMs - and the maintenance of low transaction fees will continue to drive adoption rates within underbanked communities as well as the general public.

New digital currencies will fuel further crypto-ATM growth

Bitcoin, the first decentralized cryptocurrency, exploded onto the scene in 2009. Since then, over 1600 additional blockchain-based currencies have joined the crypto-landscape, with the most popular and valuable being Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash. Since 2009, the value of these currencies has proven blockchain to be something of a modern marvel, with cryptocurrency values increasing in worth from pennies into the thousands in just ten years.

While many types of digital currencies exist, were just now beginning to see the emergence of large and established companies - and even banks - releasing cryptocurrencies of their own, with social media juggernaut Facebook announcing the launch of their own cryptocurrency, Libra, in the first half of 2020. Libra is set to make waves in developing countries, where Facebook plans to leverage existing public trust in these regions to provide a viable, affordable banking option where very few exist.

Theres nothing particularly special or new about Libra, with the blockchain operating like any other cryptocurrency. But for Mintz, its an exciting prospect; Libras launch, paired with the emergence of other new blockchain-based currencies is a reflection of the ever-increasing adoption of digital currencies. As more and more people turn to cryptocurrency as a viable option to store, transfer and invest money, user demand for physical touchpoints to manage their money are sure to increase.

This forecasted symbiotic demand has Bitcoin Depot poised to cement their status as the leading Bitcoin ATM provider in the industry, with Mintz stating our plan is to increase our network to 1000 ATMs by the end of 2020 to fulfill our mission of making cryptocurrency accessible to everyone.

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Bitcoin Depot's Rapid Expansion Reflecting Increased Mainstream Adoption Of Cryptocurrency ATMs - Forbes

In the last three hours, the BTC price dropped 15 percent breaking out to the downside of a technical pattern that predicts a further decline to $6,500. The drop coincides with a Bitcoin hashrate drop of over 30 percent and a ruling on the Bitfinex Tether investigation.

Since June 26, after peaking at nearly $14,000, Bitcoin began consolidating. After making a series of lower highs and nearly identical lows, a descending triangle formed on BTCs 1-day chart. This is considered a bearish pattern that shows decreasing demand for BTC.

At the moment, Bitcoin is breaking below the lower support of the bearish formation signaling a potential 32 percent drop to $6,500. This target is given by the descending triangle and is determined by measuring the height from the upper to the lower trendline.

Thus far, BTC plummeted 15 percent over the recent hours from the breakout point ($9,500) to reach a low of $8,160.

The Fibonacci retracement indicator measured from the low of $3,130 on Dec. 15, 2018, to the high of $13,870 on June 26, shows different price points that could act as a support for Bitcoins downward trend.

Based on this technical index, BTC is testing the 50 percent Fibonacci retracement zone at $8,500. A close below this level indicates a further decline that could take this cryptocurrency to hit the 61.8 or 65 percent Fibonacci retracement area. This is considered by many traders as the golden retracement level due to the high probability of a rebound, which is also where the target of the descending triangle sits at.

Despite the bearishness, Bitcoin is on a red nine, which is a buy signal based on the TD sequential indicator. This bullish signal forecasts a one to four candlestick correction to the upside before the continuation of the downtrend. Therefore, if the 50 percent Fibonacci retracement zone is able to hold Bitcoin may bounce to the breakout point of the descending triangle or even the 38.2 percent Fibonacci retracement zone before it continues falling.

Bitcoin is finally breaking out of a consolidation phase that began nearly three months ago. Due to its longevity, the volatility around this cryptocurrency is extremely high, and it is taking the entire cryptocurrency market with it. As a matter of fact, the top four altcoins took even bigger hits than Bitcoin, with Ethereum, XRP, Bitcoin Cash, and Litecoin down more than 14 percent or more.

Fundamentally, Bitcoin suffered from a sudden 33 percent drop in its hash rate over the last 48-hours, going from over 98 million terahashes per second to under 58 million.

In response to the price drop, Tether has started adding additional USDT into circulation, printing 25 million more tokens in the last hour. Bitfinex and Tether also won a minor appeal in the New York Supreme Court today, meaning it wont have to turn over documents pertaining to the Bitfinex and Tether investigation until a decision on whether to dismiss the case is reached, reported Forbes.

Based on current market sentiment it seems like BTC is in for a bumpy ride.

Bitcoin, currently ranked #1 by market cap, is down 12.22% over the past 24 hours. BTC has a market cap of $154.78B with a 24 hour volume of $23.65B.

Chart by CryptoCompare

Bitcoin is down 12.22% over the past 24 hours.

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Bitcoin drops 15%, indicators show potential for decline to $6,500 - CryptoSlate

When hundreds of entrepreneurs, investors and technologists descended on Tel Aviv Blockchain Week (TLVBW), few could have expected a better backdrop for exploring the lofty ideals and greedy impulses that drive todays cryptocurrency industry.

Duality is something Israelis know well.

More than 430 people attended the D&DD Summit on Sept. 10, several dozen came to the Scaling Bitcoin conference on Sept. 11 and 700 attended the first Israeli Ethereal on Sept. 15, just to name a few of the weeks dozen events.

Venues were packed with crypto tourists sipping espressos and pontificating on typical blockchain fodder: token governance, mainstream adoption and the immaturity of those other vaporware shills.

But while tech-savvy Tel Aviv represented the profit-driven side of the blockchain industry, nearby Jerusalem offered TLVBW visitors the chance to commune with the timeless notions of freedom that lie at the heart of the decentralization movement.

Although cryptocurrency isnt a panacea, it may still have unique value in this conflict-riddled land paved with ancient stones.

For a country of roughly 8 million people, Israel has a disproportionately large impact on the global crypto market.

International companies like Tezos, Telegram and even Facebooks Calibra subsidiary all have teams working in Tel Avivs high-tech hub. Some of the industrys biggest token sales also hailed from Israel, including Bancor, Sirin Labs and Orbs. Furthermore, Israel is home to the worlds leading researchers of zero-knowledge proofs, a privacy technology that underlies both Zcash and upcoming ethereum developments.

Youval Rouach, CEO of Israeli bitcoin exchange Bits of Gold, told CoinDesk his startup has 55,000 local users. Nir Hirshman of the Israeli Bitcoin Association (IBA) told CoinDesk there are nearly 50 blockchain startups in Israel, although few target the local market because of a conservative regulatory climate.

The industry remains largely unbanked, for example.

No bank has agreed to open an account for us [the IBA], IBA chairman Meni Rosenfeld said. So we cannot even register members properly.

Being unbanked is something many Palestinians grapple with as well, including East Jerusalemite Rami Mohammad Ali, a bitcoin miner and trader.

Ali spent his blockchain week traipsing across Tel Aviv to buy bitcoin and bring it back to his Palestinian customers. He told CoinDesk more than 50 customers buy a cumulative total of up to 20 bitcoin a month (roughly $200,000 at current prices, a fortune in poverty-stricken East Jerusalem).

My customers always leave me with a balance of zero. No matter how much I buy, they always demand more, he said. I find the best price to buy in Tel Aviv and the best price to sell in Jerusalem.

The Palestinian presence was not altogether absent from the TLVBW lineup itself. Nine Palestinians from Ramallah attended Ethereal Tel Aviv, a rare occurrence that required sponsorship from crypto startup Orbs for obtaining the necessary government permits for crossing into Israel.

One such attendee was Hiba Shabin of the Ramallah-based software company Jaffa Net, which has already worked on an ethereum pilot project for certificate sharing among educational institutions and businesses.

I believe we should have more collaboration, Shabin told CoinDesk, speaking of how she hopes Israeli tech companies will outsource jobs to highly educated but underemployed developers in Ramallah.

Blockchain technology can truly forge economic ties across borders. But of course, the education-focused nonprofit Tel Aviv Bitcoin Embassy attracted far fewer visitors this week than rooftop parties with venture capitalists.

On the other hand, restrictive banking norms may be part of the reason decentralized finance (DeFi) apps like loans are booming.

Jaffa Nets Shabin told CoinDesk shes curious about DeFi because there are many unbanked Palestinians who could use such financial products.

I need to do research and learn more about DeFi, she said at Ethereal. I only heard about it today.

The Brooklyn-based venture studio ConsenSys announced at Ethereal the launch of its Codefi product suite for enterprises, especially the financial sector. Could the DeFi movement span the gap between the unbanked and the banks themselves? That appears to be the common belief.

Earlier that week, during Scaling Bitcoin, ethereum creator Vitalik Buterin told CoinDesk his goal is to build a more open, permissionless, decentralized system.

Even if bitcoiners see a digital form of hard money as the primary tool for achieving this, and other crypto communities like Tezos prefer a token governance model, most groups at TLVBW shared that common goal.

I dont want to be a leader, Tezos co-founder Arthur Breitman told CoinDesk, adding his aim was to create a broader movement full of independent contributors to a decentralized platform for financial applications.

Despite my skepticism, Im not one to judge conference attendees attracted to cryptocurrency. After all, Im one of them. Ive chanted the lines from The Bitcoin Standard by Saifedean Ammous, repented for saving in fiat and even put a small amount of faith into this software.

Its been more than a decade since I stumbled home through the winding Jerusalem alleyways, disillusioned by the American political system and hopeful that we could build a more fair and open society in a young country like Israel. I once drank the socialist Kibbutz-for-tourists Kool-Aid and participated in cross-cultural programs promoting peace, before I saw how the apparatus was monetizing sanitized idealism to protect the status quo. The revolution youre promised is rarely the revolution you get.

Now here I am again, in the Holy Land, nursing the foolish dream of another mystical purpose. This time its finding the truth about bitcoin adoption.

The Bitcoin Core developers that gathered at Scaling Bitcoin in Tel Aviv University have collaboratively built an asset already used by thousands of people like Ali, the Palestinian bitcoin trader. Buterin funded and helped develop DeFi systems like Uniswap, which currently has $17.8 million of crypto locked within it, according to DeFi Pulse.

Yet even Buterin said in Tel Aviv hes not sure how to measure arrival in that open promised land. The vast majority of current usage is basically gambling and wealth accumulation by people who already have full access to banks. Instead, Buterin described success as a feeling that his platform was used for meaningful things, a goal the community is creeping towards even if it has yet to secure a sustainable equilibrium.

In reality, we dont know if cryptocurrency can provide a reliable safety net beyond the norms of financial censorship.

Blockchain week was too intense, so I ran away to Jerusalem for a drink with a Palestinian friend I hadnt seen in years.

We sat in a dark bar made of graffiti-covered stones, where the air is thick with hash smoke and oud music. To my surprise, this friend from my pre-bitcoin life told me he works for a crypto company in Tel Aviv and is bearish on bitcoin. From his perspective, regulations rule his financial life and that is unlikely to change.

Like many Palestinians, his familys modest wealth is spread across jurisdictions with conflicting compliance standards. Proof of ownership isnt a guarantee his family will be able to access their bank accounts or real estate. Hes not optimistic about his right to internet access garnering more respect from the authorities that provide such digital infrastructure. This would make bitcoin tricky, albeit not impossible, for his family to trust as a long-term store of value. Will using bitcoin require sophisticated computer skills?

Given the wide range of contexts that censorship can take, its impossible to say whether todays brief glimpse of open access via cryptocurrency will go the way of MySpace, offering a fleeting moment of cultural significance before devolving into a punchline.

On the way back from Jerusalem to Tel Aviv, surrounded by old ghosts on the road at midnight, I realized I havent escaped a form of Jerusalem syndrome, a psychiatric condition where tourists suffer a breakdown in the Holy Land and suddenly believe they are a supernatural being with a divine mission.

So I turned to Rosenfeld, the IBA chairman and veteran bitcoiner, to ask him if weve all simply caught a high-tech version of Jerusalem syndrome, evangelizing blockchain technology like zealots.

Bitcoin sheds light on the disadvantages of the traditional financial system and offers some alternatives, he said, adding:

Its not the solution for all things.

Bitcoin Core contributor Jeremy Rubin speaks at Scaling Bitcoin Tel Aviv, photo by Leigh Cuen for CoinDesk

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What the Holy Land Reveals About Bitcoin - CoinDesk

During periods of times when assets consolidate and price action becomes exceptionally confusing, some crypto analysts will occasionally flip their Bitcoin price charts upside down in an to attempt to remove any preconceived bias from their technical analysis.

One prominent crypto analyst has done just that, and Bitcoins current price action in inverse appears visually and structurally similar to the December 2018 bear market bottom, which could suggest that the current price action is a rally top and a powerful drop may be coming in the days ahead.

Bitcoin price currently trading under $10,000 on the same day that Bakkt launches is confusing crypto investors and traders who were certain that the launch of the Bitcoin futures trading platform would reignite Bitcoins bull run and finally take the crypto asset out of its current trading range.

Adding to the confusion and outright boredom in Bitcoin markets, he first-ever crypto asset has been trading in an increasingly tightening trading range, that has very little room left for upside or downside movement without a breakout of the structure in either direction.

Related Reading | Low Volatility Bitcoin Price Action: Decision Time Is Near, Powerful Move Incoming

The lack of a clear trend direction has caused trading volume to drop off and volatility to reach lows not seen since April 2019 when the current rally first began, or the December 2018 bear market bottom.

One prominent crypto analyst has found yet another similarity to the December 2018 bear market bottom, but only when the current Bitcoin price chart is flipped upside down. In an inverse Bitcoin price chart shared by crypto analyst Josh Rager, the current price action when flipped upside down is playing out very similarly albeit not perfectly as the December 2018 bottom.

If the pattern confirms with a powerful downward movement, the 2019 Bitcoin rally may be over, and the crypto asset may fall back down to retest former bear market lows to confirm them as resistance turned support. Downside targets rest at roughly $8,500, $7,500, and even $6,000 support that acted as such throughout most of the bear market, before massive drop occurred in November 2018, leading to the bear market bottom.

Related Reading | Bitcoin Price Fractal From 2017 Peak Suggests Deep Drop is Coming

Its not at all uncommon to see crypto analysts sharing price charts for Bitcoin and altcoins that are upside down. Even the most experienced traders realize that their analysis could be influenced by other analysts or their own bias toward an asset.

Given the fact that even the most bearish crypto analysts in the short-term still expect Bitcoin price to reach a value of $100,000 to $1 million per BTC, it can be difficult for even the most stoic of crypto analysts to remove that bias from their technical analysis, which is why flipping charts upside down can be so effective.

Read more here:

Inverted Bitcoin Price Chart Is Bear Market Bottom Flipped Upside Down - newsBTC

Bitcoin price is under pressure below $10,200 against the US Dollar. BTC remains at a risk of more losses until it settles above $10,100 and $10,200.

This past week, we saw a couple rejections near the $10,400 resistance in bitcoin against the US Dollar. The price struggled to gain bullish momentum above $10,350 and remained in a bearish zone. As a result, there was a bearish reaction below the $10,200 level. Moreover, the price broke the $10,000 support and settled below the 100 hourly simple moving average.

The recent low was formed near $9,851 and the price is currently consolidating. It traded above the 23.6% Fib retracement level of the recent decline from the $10,315 swing high to $9,851 low. However, the price seems to be facing a lot of hurdles near the $10,080 and $10,100 levels. Moreover, there is a short term breakout pattern forming with resistance near $10,060 on the hourly chart of the BTC/USD pair.

The 50% Fib retracement level of the recent decline from the $10,315 swing high to $9,851 low is also near the $10,080 level. Therefore, an upside break above the triangle and the $10,080 resistance might open the doors for a decent rise towards the $10,400 resistance area. However, a convincing break above $10,400 is must for uptrend continuation.

Conversely, the price might breakdown below the $9,900 and $9,850 levels. In the mentioned bearish case, the price could slide towards the $9,650 support area. The next key support is near the $9,400 area, below which the bears are likely to take control. They could aim the $9,000 and $8,800 levels if there is a break below $9,400.

Looking at the chart, bitcoin price is clearly trading below many key resistances such as $10,080. Even if there is an upside break, the bulls face an uphill task. There is a cluster of resistances between $10,200 and $10,400. Only a daily close above $10,400 might pump the price higher towards $11,000 in the coming days.

Technical indicators:

Hourly MACD The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently moving lower towards the 40 level.

Major Support Levels $9,850 followed by $9,650.

Major Resistance Levels $10,080, $10,200 and $10,400.

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Bitcoin Price (BTC) Watch: Here Is Why Bulls Must Be Careful - newsBTC