Category Archives: Bitcoin

In 2018, Andrew Schober was digitally mugged for approximately $1 million worth of bitcoin. After several years of working with investigators, Schober says hes confident he has located two young men in the United Kingdom responsible for using a clever piece of digital clipboard-stealing malware to siphon his crypto holdings. Schober is now suing each of their parents in a civil case that seeks to extract what their children would not return voluntarily.

In a lawsuit filed in Colorado, Schober said the sudden disappearance of his funds in January 2018 prompted him to spend more than $10,000 hiring experts in the field of tracing cryptocurrency transactions. After months of sleuthing, his investigators identified the likely culprits: Two young men in Britain who were both minors at the time of the crime (both are currently studying computer science at U.K. universities).

A forensic investigation of Schobers computer found hed inadvertently downloaded malicious software after clicking a link posted on Reddit for a purported cryptocurrency wallet application called Electrum Atom. Investigators determined that the malware was bundled with the benign program, and was designed to lie in wait for users to copy a cryptocurrency address to their computers temporary clipboard.

When Schober went to move approximately 16.4 bitcoins from one account to another by pasting the lengthy payment address hed just copied the malware replaced his bitcoin payment address with a different address controlled by the young men.

Schobers lawsuit lays out how his investigators traced the stolen funds through cryptocurrency exchanges and on to the two youths in the United Kingdom. In addition, they found one of the defendants just hours after Schobers bitcoin was stolen had posted a message to GitHub asking for help accessing the private key corresponding to the public key of the bitcoin address used by the clipboard-stealing malware.

Investigators found the other defendant had the malware code that was bundled with the Electrum Atom application in his Github code library.

Initially, Schober hoped that the parents of the thieving teens would listen to reason, and simply return the money. So he wrote a letter to the parents of both boys:

It seems your son has been using malware to steal money from people online, reads the opening paragraph of the letter Schober emailed to the families. Losing that money has been financially and emotionally devastating. He might have thought he was playing a harmless joke, but it has had serious consequences for my life.

A portion of the letter than Schober sent to two of the defendants in 2018, after investigators determined their sons were responsible for stealing nearly $1 million in cryptocurrency from Schober.

Met with continued silence from the parents for many months, Schober filed suit against the kids and their parents in a Colorado court. A copy of the May 2021 complaint is here (PDF).

Now they are responding. One of the defendants Hazel D. Wells just filed a motion with the court to represent herself and her son in lieu of hiring an attorney. In a filing on Aug. 9, Wells helpfully included the letter in the screenshot above, and volunteered that her son had been questioned by U.K. authorities in connection with the bitcoin theft.

Neither of the defendants families are disputing the basic claim that their kids stole from Mr. Schober. Rather, theyre asserting that time has run out on Schobers legal ability to claim a cause of action against them.

Plaintiff alleges two common law causes of action (conversion and trespass to chattel), for which a three-year statute of limitations applies, an attorney for the defendants argued in a filing on Aug. 6 (PDF). Plaintiff further alleges a federal statutory cause of action, for which a two-year statute of limitations applies. Because plaintiff did not file his lawsuit until May 21, 2021, three years and five months after his injury, his claims should be dismissed.

Schobers attorneys argue (PDF) that the statute of limitations begins to run when the Plaintiff knows or has reason to know of the existence and cause of the injury which is the base of his action, and that inherent in this concept is the discovery rule, namely: That the statute of limitations does not begin to run until the plaintiff knows or has reason to know of both the existence and cause of his injury.

The plaintiffs point out that Schobers investigators didnt pinpoint one of the young mens involvement until more than a year after theyd identified his co-conspirator, saying Schober notified the second boys parents in December 2019.

None of the parties to this lawsuit responded to requests for comment.

Image: Complaint, Schober v. Thompson, et. al.

Mark Rasch, a former prosecutor with the U.S. Justice Department, said the plaintiff is claiming the parents are liable because he gave them notice of a crime committed by their kids and they failed to respond.

A lot of these crimes are being committed by juveniles, and we dont have a good juvenile justice system thats well designed to both civilly and criminally go after kids, Rasch said.

Rasch said hes currently an attorney in a number of lawsuits involving young men whove been accused of stealing and laundering millions of dollars of cryptocurrency specifically crimes involving SIM swapping where the fraudsters trick or bribe an employee at a mobile phone store into transferring control of a targets phone number to a device they control.

In those cases, the plaintiffs have sought to extract compensation for their losses from the mobile phone companies but so far those lawsuits have largely failed to yield results and are often pushed into arbitration.

Rasch said it makes sense that some victims of cryptocurrency theft are spending some serious coin to track down their assailants and sue them civilly. But he said the legwork needed to make that case is tremendous and costly, and theres no guarantee those investments will pay off down the road.

These crimes can be monumentally difficult and expensive to track down, he said. Its designed to be difficult to do, but its also not designed to be impossible to do.

As evidenced by this weeks CNBC story on a marked rise in reports of people having their Coinbase accounts emptied by fraudsters, many people investing in cryptocurrencies find out the hard way that unlike traditional banking transactions cryptocurrency funds lost to theft are likely to stay lost because the transactions are irreversible.

Traditionally, the major crypto exchanges have said theyre not responsible for lost or stolen funds. But perhaps in response to the CNBC story, Coinbase said it was introducing a new pilot guarantee for U.K. customers only, wherein they will be eligible for a reimbursement of up 150,000 if someone gains unauthorized access to their account and steals funds.

However, it seems unlikely Coinbases new guarantee would cover cases like Schobers even if hed been a U.K. customer and the theft occurred today. One of the caveats that is not covered in the guarantee is sending funds to the wrong address by accident.

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Man Robbed of 16 Bitcoin Sues Young Thieves' Parents Krebs on Security - Krebs on Security

The euphoria seen across the cryptocurrency ecosystem over the past couple of weeks was tampered down on Thursday as an early morning attempt by bulls to push the price of Bitcoin (BTC) to $50,000 was soundly rejected.

Data from Cointelegraph Markets Pro and TradingView shows that following its rejection, the price of Bitcoin slid to a low of $46,457 before bulls managed to regroup and put a halt to the downturn.

Heres what analysts are saying about Thursdays price action for Bitcoin and a few things they are watching for as the digital asset is caught between a tug-o-war between bulls and bears.

The $50,000 price level was identified as a critical area for Bitcoin by market analyst and Cointelegraph contributor Michal van de Poppe, who posted the following tweet outlining the significant support and resistance areas.

According to van de Poppe, Bitcoin is likely to spend some time in a downward trend following this latest pullback, but there is a significant amount of support at the $44,000 level that could protect it from further decline.

The $51,000 price level was noted by van de Poppe as an important price to overcome to invalidate the current bearish trend.

The analystsaid:

According to Whalemap, a crypto-focused data tracking service, the calls for a lengthy bear cycle are premature at best.

As seen in the chart provided, the $46,200 support level is important, as the next support level is found at $39,600. On-chain data also shows that there is a limited amount of selling volume between $46,200 and $57,400.

Whalemap analystssaid:

Related: Grayscale Bitcoin Trust FUD is now over as the last GBTC unlock totals just 58 BTC

Crypto analyst Will Clemente III issued some reassuring words on Tuesday when warned of a possible short-term bearish pullback based on exchange inflows and whale wallet activity.

Thursdays pullback in the market showed that Clemente IIIs concerns were warranted, and the analyst followed the previous tweet with, I think the large portion of this short-term move is probably over.

In a separate tweet, Clemente IIIsaid:

The overall cryptocurrency market capitalization now stands at $1.999 trillion, and Bitcoins dominance rate is 44.2%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Analysts say Bitcoin price pullback and profit-taking at $50K was expected - Cointelegraph

The parents of two teenagers allegedly responsible for stealing $1 million in Bitcoin are being sued.

According to court documents obtained by Brian Krebs, Andrew Schober lost 16.4552 in Bitcoin (BTC) in 2018 after his computer was infected with malware, allegedly the creation of two teenagers in the United Kingdom.

The complaint (.PDF), filed in Colorado, accuses Benedict Thompson and Oliver Read, who were minors at the time, of creating clipboard malware.

The malicious software, designed to monitor cryptocurrency wallet addresses, was downloaded and unwittingly executed by Schober after he clicked on a link, posted to Reddit, to install the Electrum Atom cryptocurrency application.

During a transfer of Bitcoin from one account to another, the malware triggered a Man-in-The-Middle (MiTM) attack, apparently replacing the address with one controlled by the teenagers and thereby diverting the coins into their wallets.

According to court documents, this amount represented 95% of the victim's net wealth at the time of the theft. At today's price, the stolen Bitcoin is worth approximately $777,000.

"Mr. Schober was planning to use the proceeds from his eventual sale of the cryptocurrency to help finance a home and support his family," the complaint reads.

The pair, tracked down during an investigation paid for by Schober, are now adults and are studying computer science at UK universities.

The mothers and fathers of Thompson and Read are named in the complaint. Emails were sent to the parents prior to the complaint requesting that the teenagers return the stolen cryptocurrency to prevent legal action from being taken.

The letter reads, in part:

"As his parents, I am appealing to you to first give him the chance to make this right, without involving law enforcement. Your son is obviously a very intelligent young man. I do not wish for him to be robbed of his future."

However, the requests, sent in 2018 and 2019, were met with silence.

Schober's complaint claims that the parents "knew or reasonably should have known" what their children were up to, and that they also failed to take "reasonable steps" in preventing further harm.

In response (.PDF), the defendants do not argue the charge, but rather have requested a motion to dismiss based on two- and three-year statutes of limitation.

"Despite his knowledge of his injury and the general cause thereof, Plaintiff waited to file his lawsuit beyond the two and three years required of him by the applicable statutes of limitations," court documents say. "For this reason, Plaintiff's claims against Defendants should be dismissed."

However, Schober's legal team has argued (.PDF) that the teenagers were not immediately traced, and roughly a year passed between separately identifying Read and Thompson.

Schober's lawyers have requested that the motion to dismiss is denied.

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Parents of teens who stole $1 million in Bitcoin sued by alleged victim - ZDNet

LONDON/CHICAGO, Aug 23 (Reuters) - Bitcoin's price surged past $50,000 on Monday for the first time since May, but the rebound from a months-long slump later ran out of steam.

The world's largest cryptocurrency was last down 0.2% at $49,201. It had risen as high as $50,562 as investors bet that the prospect of more U.S. stimulus spending would lead to further gains, and more mainstream financial services firms made moves in the nascent asset class.

Bitcoin has climbed 82% since hitting a yearly low of $27,700 in January.

The price retreat was predominately driven by profit taking, according to Edward Moya, senior market analyst at OANDA in New York, who also pointed to a report that some bitcoin mining from China might abruptly go offline on Tuesday.

Meanwhile, the price of rival cryptocurrency ether was last up 1.97% at $3,305. The virtual coin has risen 91% since slumping to below $1,740 last month.

Representations of cryptocurrency Bitcoin are seen in this picture illustration taken June 7, 2021. REUTERS/Edgar Su/Illustration/File Photo

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The cryptocurrency recovery comes as some more established financial services companies offer their customers access to virtual coins. PayPal Holdings Inc (PYPL.O) said on Monday it would allow customers in Britain to buy, sell and hold bitcoin and other cryptocurrencies starting this week. read more

Moya said that fears of capital gains taxation has led some traders to hold cryptocurrency as a long-term investment, removing some volatility from the market.

"New investors are the key to this latest bitcoin rally and all signs show they are comfortable with high risk," he said in an email, adding that bitcoin "could see a fast appreciation here and might not hesitate making a run for $60,000 if appetite for risky assets remain intact."

Others also believe the upswing could have further to go if more retail investors return to the market.

"The last time bitcoin was at $50,000, the Google trends (tracking website showing bitcoin searches) was much higher than what it is now," Marcus Sotiriou, a sales trader at the UK based digital asset broker GlobalBlock, said in a note.

"This suggests that retail euphoria hasn't entered the market yet and bitcoin has a long way to go in this market cycle."

Reporting by Anna Irrera in London and Karen Pierog in Chicago; Editing by David Holmes, Alison Williams and Jonathan Oatis

Our Standards: The Thomson Reuters Trust Principles.

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Bitcoin price rises past $50000 then retreats - Reuters

A cryptocurrency ATM has been installed in Honduras where users can buy bitcoin and ether. According to reports, this is the first crypto ATM in the country. Honduras borders El Salvador, where bitcoin is set to become legal tender in a little over a week.

A cryptocurrency ATM launched this week in Honduras, Reuters reported Friday. According to reports, this is the first cryptocurrency ATM in the country. It allows users to buy bitcoin and ethereum using the local lempira currency.

The Republic of Honduras is a country in Central America. It borders El Salvador, the country which passed a law making bitcoin legal tender alongside the U.S. dollar. The law is set to go into effect on Sept. 7.

The cryptocurrency ATM in Honduras, locally called La Bitcoinera, was installed in an office tower in the capital of Tegucigalpa by Honduran firm TGU Consulting Group.

TGU CEO Juan Mayen, the 28-year-old CEO who led the crypto ATM effort, explained that there was no automated way to buy cryptocurrencies until now, stating:

You had to do it peer-to-peer, look for someone who was willing to do it, meet in person and carry x amount of cash, which is very inconvenient and dangerous given the environment in Honduras.

The cryptocurrency ATM tracking website Coinatmradar does not currently list any cryptocurrency ATMs for Honduras.

Mayen said that he hopes to install more cryptocurrency ATMs. He noted that many software developers in the country are already paid in cryptocurrencies, emphasizing that using cryptocurrency will lower the cost of sending remittances.

In 2020, Hondurans living abroad sent $5.7 billion, about 20% of the countrys gross domestic product (GDP), in remittances.

With the upcoming Bitcoin Law going into effect, El Salvador President Nayib Bukele said last week that 200 crypto ATMs are being installed.

Do you think Honduras should have more cryptocurrency ATMs? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Buying Bitcoin and Ether Just Got Easier in Honduras With Cryptocurrency ATM Featured Bitcoin News - Bitcoin News

Andrew Schober was almost all-in on cryptocurrency. In 2018, 95 percent of his net wealth was invested in the digital tokens, which he hoped he could sell later to buy a home and support his family.

But then disaster struck. Schober had downloaded an app called Electrum Atom after clicking a link on Reddit, mistakenly thinking it was a bitcoin wallet. Instead, it was malware that allowed hackers to steal 16.4552 bitcoin when he tried moving some of his tokens. At the time, they were worth nearly $200,000. Today, they would be worth over $750,000.

The lawsuit alleges that two men in the UKboth minors at the time, now attending university for computer scienceused the supposed wallet app to deliver malware that inserted itself into a computers Java libraries. The malware then proceeded to monitor Schobers activity, waiting for him to copy a bitcoin address. When Schober went to paste it, the malware swapped the copied address for another that was stored in the code. Schober was intending to transfer bitcoin from one of his addresses to another, but instead the malware sent the cryptocurrency to the hackers own addressa classic man-in-the-middle attack.

The clever twist is that when Schober went to paste an address, the malware would swap it out for one that looked similarthere were 195,000 addresses embedded in its code.

In the wake of the hack, Schober hired experts to trace the flow of cryptocurrency from his addresses to accounts controlled by the hackers.

The blockchain analysis presented in the lawsuit suggests that the hackers tried to launder the bitcoin into Monero, a privacy-focused cryptocurrency. But to do that, they needed the private key that went along with the public key for the address used by the malware. Around the time of the theft, one of the young men, using an account apparently under his name, posted a question to GitHub about how to obtain said private key. That account also contained GitHub repositories for the malware along with code for a program that allowed for algorithmic trading at the Bitfinex exchange, where two deposits involving Schobers bitcoin were traced to. Together, it led Schober to the alleged thieves.

At the time of the theft, the alleged perpetrators were both minors, so as Schober learned their identities, he sent their parents notes informing them of what he knew. It seems your son has been using malware to steal money from people online, he wrote. Schober appealed to the parents, asking them to make this right, without involving law enforcement. He said he would drop the matter if the stolen bitcoin was returned in full, and he listed an address and gave them a deadline. He sent one note in 2018 and another in 2019. He never heard back from either of the young men's parents.

That silence led him earlier this year to file a lawsuit against the young men and their parents, claiming that the adults knew or should have known that their children were engaged in illegal computer abuse(s) and/or cryptocurrency theft(s).

One of the defendants, Hazel D. Wells, mother of one of the young men, filed a motion to dismiss the case, saying that the statute of limitations on three of the four claims had expired (conversion, trespass to chattel, and a violation of the Computer Fraud and Abuse Act). Defendants did not reply to the fourth, civil conspiracy. Schobers attorney replied that the clock didnt begin when the bitcoin was stolen, but rather when he learned of the identities of the alleged hackers.

At issue in this case is the fact that cryptocurrency transactions are hard to trace and are irreversible, unlike those that happen within the traditional banking system. Tracking down thieves requires investing significant sums of money, as Schober did, and even then, getting back the stolen tokens is a long shot.

Cryptocurrency theft is big business. Last year alone, nearly $2 billion in cryptocurrencies was involved in theft, hacks, or fraud. That number seems to be down this year, but only because theft of decentralized finance investments is on the rise.

Though significant, those cases are small potatoes compared with the Poly Network breach that happened earlier this month. The hacker managed to exploit a vulnerability in the way the company handled smart contracts to steal $600 million for fun before returning the stolen coins and netting a $500,000 bug bounty.

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Man robbed of 16 bitcoin hunts down suspects, sues their parents - Ars Technica

Bitcoin (BTC) could surge to $100,000 or bottom out at $30,000 by Christmas but one of its best-known analysts is betting on the moon.

In a Twitter update on Thursday, PlanB, creator of the stock-to-flow family of BTC price models, cast fresh doubt on a Bitcoin bear move.

With BTC/USD trading at $47,000 this week, PlanB has a lot to be confident about.

His recent prediction of a minimum monthly close for August exactly matches current prices and if the remaining four are just as accurate, Bitcoin could end 2021 at $135,000.

Stock-to-flows first incarnation demands an average BTC price of $100,000 this halving cycle, but Mays about-turn gave its time-tested precision a run for its money.

PlanB has nonetheless stuck by it, arguing that it has not yet been invalidated and that there are no proven better alternatives.

One such alternative model, which now appears unlikely to come true, is the logarithmic diminishing returns chart originallyproduced by Bitcointalk forum user Trololo in 2014.

An adjusted version calculates just $30,000 for BTC/USD at the end of this year, something that PlanB believes is less likely than stock-to-flows $100,000.

Next months will be key, he added in comments on an accompanying chart contrasting the two models.

As Cointelegraph reported, short-term BTC price analysis is erring on the cautious side this week.

Related:More like shock-to-flow BTC price hits bull trigger as mystery buyers scoop up supply

As $50,000 remains out of reach as support, opinions are differing over the potential impact of the United States Federal Reserves annual Jackson Hole summit, which is shortly to get underway.

Despite rallying 60% versus recent lows of $29,000, Bitcoin has yet to challenge final resistance to cement $50,000, let alone all-time highs of $64,500 from April.

Zooming out, optimism remains the name of the game, with data hinting at a fresh bullish surge to come before the year is out. This would copy other post-halving bull market years, notably 2013s double top.

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Bitcoin could hit $30K or $100K this year as analyst warns next months are key - Cointelegraph

The world is turning digital. As the world goes, so goes the money. But will the decline of physical cash create new opportunities for human flourishing and financial inclusion? Or will it put new and potentially dangerous tools of surveillance and control into the hands of corporate or political authorities?

Some argue for digital currencies controlled and administered by central banksCentral Bank Digital Currencies (CBDCs). But even they concede that the introduction of CBDCs will tip the balance of power even further toward institutions and away from individuals. We'd do well to consider alternatives before resigning ourselves to that outcome.

Bitcointhe oldest, most well-understood and most used cryptocurrencyis the obvious alternative.

Headlines focus on flashy topics like price speculation, use by criminals, or environmental impact; but behind the hype lies an inclusive global monetary system with millions of usersand more every day. Bitcoin is here to stay.

Bitcoin has seen diverse adoptionfrom Russian political dissidents, to women entrepreneurs in Afghanistan, to victims of monetary repression, to Black Americans blocked from accessing financial services, to anyone who aims to build a nest egg but can't afford a whole house. People on the margins know that Bitcoin is for them.

Bitcoin is for anyone.

Some already invest in bitcoin the asset; governments should invest in the Bitcoin network. And this is true even if they continue to work toward CBDCs. Bitcoin provides an important alternative to centrally controlled Russian, Chinese, or U.S. digital money.

Here's why. The Bitcoin network is open: anyone can see the code and verify that it is what it's supposed to be, and anyone can build new financial applications within it. Its native asset is inflation-resistant: supply is capped and can also be verified by anyone. This makes Bitcoin savings technology for the masses; all it takes is a smartphone. Dollars are great for spending. But in a world of inflationary risks, an asset in which anyone can save is a lifeline for those without access to the stock market or gold or real estate. Bitcoin, furthermore, cannot be controlled by any despot or corporate machine.

The result is alluring: the benefits of a big-tech network (Facebook or Twitter) without centralized control. But instead of hosting political arguments or memes, this one is for money. Bitcoin could do for money what the internet did for information. Like the internet, it needs infrastructure to make good on this promise.

We could focus only on CBDCs, as hypothetical alternatives to Bitcoin. But there's a better way, as illustrated by El Salvador's recent adoption of bitcoin as legal tender and resolution to invest in Bitcoin the network. Governments should follow El Salvador's lead and build infrastructure to expand access to Bitcoin.

They should invest in three areas:

Technology: Governments can give away cell phones preloaded with a Bitcoin wallet, and subsidize Wi-Fi and mobile internet access. Bitcoin's Lightning Network (LN) allows for instant and nearly-free transactions, without limit (the old canard that Bitcoin can only process seven transactions per second is outdated). Governments should sponsor LN nodes and software to ensure even wider access, and offer developer grants to promote efficiency, innovation and better user experience.

Education: We need reliable training in how to acquire, store, spend and receive bitcoin, in all major languages. We need educational materials, software and hardware designed by and for members of deaf and blind communities. Public high schools, community colleges and four-year programs should prepare students to understand and use Bitcoin. Public colleges and universities should sponsor Bitcoin research to help the world better understand and evaluate it.

Environmental Impact: Energy use secures the Bitcoin network. The more computing power miners use when collecting transactions and competing to publish them, the harder it is to break the network. Bitcoin's formidable security does not come through military might or political powerunlike the U.S. dollar. It comes at the price of electricity, a fact that has raised eyebrows given that some of that electricity comes from burning coal or natural gas. Governments should sponsor and incentivize sustainable Bitcoin miningnew dams, wind farms, solar farms, geothermal mining operations and the like.

These tasks contribute to the Bitcoin network without compromising its fundamental promises. It would remain open, inflation-resistant and beyond the control of any business or nation.

Bitcoin skeptics claim that Bitcoin struggles to scale, is for the educated and wealthy, or causes environmental harm. The investments described above, if implemented, would answer each objection. Lightning Network infrastructure helps Bitcoin scale: fast and nearly free payments for all. Education and development expand access to the network. And investments in sustainable mining drive hydrocarbon-burning miners out of business. Investments in infrastructure don't just make Bitcoin more widely available; they make Bitcoin better, by alleviating the problems skeptics raise.

CBDC proponents say governments should invest in those instead. But CBDCs don't actually exist, and even when they do they'll be no replacement for Bitcoin. There's no guarantee they'll be resistant to censorship of "unacceptable" kinds of transactions, like physical cash is. And their supply can be inflated at will, making them poor stores of value. Enabling negative interest rates that chiefly punish the poor for trying to save is a bug, not a feature.

To build Bitcoin, finally, is to nurture a global network; it is to reject nationalism and invest in humanity rather than a local monetary system just for citizens. The United States has a long history of attempting to export freedom through war. It should try investing in Bitcoin, and so export freedom through peaceful means.

Money will be digital. But it's up to us what kind of digital money we have, and what kind of future it enables. We must choose wisely.

Andrew M. Bailey and Bradley Rettler teach, respectively, at Yale-NUS College (Singapore) and the University of Wyoming (USA).

The views expressed in this article are the writers' own.

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Governments Should Invest in the Bitcoin Network | Opinion - Newsweek

There was widespread celebration across the crypto ecosystem on Monday after the sight of Bitcoin (BTC) back above $50,000 triggered a resurgence of calls for the top cryptocurrency to reach $100,000 before the end of 2021.

Data from Cointelegraph Markets Pro and TradingView shows that the early morning bullish momentum that lifted the price of BTC to an intraday high at $50,514 began to wane as the day progressed. The price was trading slightly above $49,000 at the time of writin.

Heres what analysts are saying could possibly come next for the price of Bitcoin now that it is back near the psychologically important $50,000 level.

Bitcoins rally to $50,000 led many to assume that the price is only going to go up from here, but analysts from Decentrader offered a word of caution because the lackluster volume seen during the recent move could be a signal that the price may need to regroup at lower support levels.

As noted by Decentrader, there was insufficient volume during this recent move to push BTCs price above $52,000, and now it is looking like a pullback to $48,000 or possibly lower could be in the cards as bulls take a break and regroup ahead of their next push higher.

The analysts at Decentrader identified $44,000 and $41,000 as support levels to keep an eye on should the price of BTC suffer a bearish breakdown.

The prospect of a short-term pullback was also highlighted by pseudonymous cryptocurrency analyst Crypto ED, who is now looking for the price to see a meaningful pullback below $50,000.

Based on the chart provided, Crypto Ed identified the area between $49,100 and $49,300 as a good zone where traders might look to open long positions.

Related: Bloomberg strategist explains why 30-year US bonds have 'bullish implications' for Bitcoin

A more bullish take on the current price action was offered by pseudonymous Twitter user RookieXBT, who posted the following tweet calling for the price of BTC to have reached $75,000 by the end of the year.

In a follow-up tweet, RookieXBT noted that while squiggles almost never work out as drawn, the overall idea is that BTC will make a new all-time high before the end of the year.

RookieXBT said:

The overall cryptocurrency market capitalization now stands at $2.142 trillion, and Bitcoins dominance rate is 43.4%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Heres what traders expect now that Bitcoin price rallied back to $50K - Cointelegraph

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The price of Bitcoin was lower by more than 1% Tuesday morning as other major cryptocurrencies were mixed.

The price was around $49,740 per coin, while rivals Ethereum and Dogecoin were trading around $3,338 (+0.07%) and 31.5 cents (-3.23%) per coin, respectively, according to Coindesk.

In cryptocurrency news early Tuesday, a high-severity security issue in the code of Ethereums most popular software client, Geth, was released earlier in the day, Coindesk reported.

BITCOIN BILLIONAIRE SPENDS MILLIONS ON YACHT: 'YOU NEVER KNOW WHEN YOU ARE GOING TO NEED AN ARK'

Details of the fixes werent disclosed "to give node operators and dependent downstream projects time to update their nodes and software," according to a posting on the release page.

Chinas digital yuan has been used to pay storage fees to a delivery warehouse in the Chinese city of Dalian, marking the first use of its kind within the domestic futures market.

The price of Bitcoin was lower by more than 1% on Tuesday. Aug. 24 2021, as other major cryptocurrencies were mixed. (iStock / iStock)

According to a report in The China Securities Journal Monday, the Dalian Commodity Exchange had paid the fees to Dalian Liangyun Group Storage and Transportation Co., Ltd.

Local branches of the Bank of Communications and the Dalian branch of the Bank of China assisted in the transaction, Coindesk reported.

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China's digital yuan, digital renminbi, or e-CNY is a digital version of the country's physical notes issued by the People's Bank of China (PBoC).

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Bitcoin down, other cryptocurrencies mixed early Tuesday morning - Fox Business