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Analysis

Bitfinex Files For Subpoena, Aiming to Recover $880M In Frozen Funds

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The latest crypto news show that Bitfinex files for subpoena to a US court. The main goal for the exchange with this is to subpoena a former banking executive of a trust company which they believe can help it recover more than $850 million which are now in frozen funds.

The exchange submitted a filing on October 18 to a court in California for obtaining the permission to take the deposition testimony of Rondell “Rhon” Clyde Monroe, who is a former vice president of TCA Bancorp. They also seek to obtain documentations of Monroe’s communication with Crypto Capital staffers.

Now that Bitfinex files for subpoena, the filing shows that Crypto Capital has used one or more accounts held at TCA Bancorp to facilitate the transfer of funds that belong to itself. The exchange believes that Monroe has information and documents that are vital to their claims to over $850 million.

This filing comes as part of the ongoing proceedings for Bitfinex, where the exchange seeks to recover around $880 million of its funds held at its payment processor Crypto Capital which was said to be frozen by multiple government agencies.

Meanwhile, the exchange is also under investigation by the New York Attorney General’s Office for allegedly using a loan from its sister company Tether and covering up the frozen funds without disclosing anything to its customers.

As Bitfinex files for subpoena, the filing shows that its relationship with Crypto Capital was well until April last year. This was the time when news emerged showing that funds at Crypto Capital had been seized by authorities in Poland due to money-laundering investigations.

Bitfinex also said that in August 2018, Crypto Capital told it that more than $500 million of its funds in both Poland and Portugal were “held up” by regulators in the two countries. The exchange also added that they were pressured to provide more information concerning the frozen banking accounts. Crypto Capital provided a reference letter signed by Monroe from TCA.

After the letter showed custody of a little over $300 million of Bitfinex’s funds at TCA on behalf of a customer named Global Trade Solutions AG (GTS) doing business as “Crypto Capital” – Bitfinex files for subpoena and is applying to take deposition testimony of Monroe and documentations of his communication with the principal at Crypto Capital, Ozzie Yosef.

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Analysis

BTC May Dip Below $7,000 Before Post-Halving Rally: Analyst

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One analyst named Tone Vays recently claimed that BTC may dip to lower regions before the halving event after which it is expected to visit new heights. According to Vays and his statement in the latest crypto news, BTC may dip below $7,000 before the mining reward halving.
“At the moment, I still see lower prices,” Vays noted in an interview with Block TV. “I still think we’re going to go lower than USD 7,000 before the halving. But after that, that would be the final secondary low. Hopefully it’ll be higher than the USD 3,000 low back in December. And then we can finally start a bull market after the halving.”
If the analyst is right, this means that BTC may dip and may drop pretty soon as the Bitcoin halving is expected to happen in May 2020. While the halving price has always been factored, there are still spikes. If the price of the most dominant coin falls, there will be another hype cycle going into the halving.
“It’s all about the proximinty of the halving and where the price is,” the analyst said when he told the media that BTC may dip lower.
Vays does not think that BTC will hit its all-time high in 2020 - in a year from now he sees it a bit over $10,000. Nonetheless, once the barrier of $20,000 is broken, $50,000 and $100,000 can follow "pretty quickly" but it won't be next year he said.The analyst also said that BTC may dip and that he was skeptical about BTC's recent rally when it hit new heights. Many pressured and said that BTC will keep rising - but the analyst notes that he knew that the big run up was "caused by the exodus out of the old coin space, Ethereum (ETH), Litecoin (LTC), Ripple (XRP) – and eventually that stopped.The latest Bitcoin news updates show that the leading cryptocurrency is below $8,200 and trading slowly. When it comes to external factors, the analyst said that Facebook's “Libra is not a competitor to BTC” and China does not drive the market much.
“Maybe an ETF (exchange-traded fund) is actually coming. Things like that are very, very bullish for the space – the more comfortable traditional financial markets are with Bitcoin [and] the more regulated products that appear, the better it actually is for the price of Bitcoin,” concludes Vays.
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Analysis

Bitcoin Could Reach $100k By 2021: Logarithmic Regression Method

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There are tons of predictions about the price of the leading cryptocurrency in the coming months. Some Bitcoin news updates even show that BTC could go to as low as $5,000 before surging and others believe that Bitcoin is on a good way to visit the $100,000 region. One analyst is in our news today for his thorough logarithmic regression method which analyzes BTC from the start and shows that Bitcoin could reach a price of up to $100,000 by 2021.Even big firms are joining the price predictions. As we shared in another post, Dan Morehead, Tom Lee and others are estimating Bitcoin to visit anywhere from $150,000 to $300,000 in the coming years.However, one of the most interesting is a recent video uploaded to YouTube by Benjamin Cowen, where the analyst outlines a Bitcoin price prediction based on logarithmic regression. What's important to note here is that even though Bitcoin could reach $100,000 in as little as two years form now, this is basically a trend that was found and a trend which has continued over the years.So, the main conclusion behind this video is that it can be true and Bitcoin could reach even more than $100,000 - only if the trend continues. The analyst is also active on Twitter and known under the handle @intocryptoverse.He carefully goes on to analyze Bitcoin from the start and shows interesting margins especially before, during and after halving events which he sees as a major catalyst for a Bitcoin bull run. Based on this, he belives that Bitcoin may visit a price of $141,173 by 2022 and a bottom of $29,799 in 2023 as a result of a correction - something that we also saw when BTC dropped from $20,000 to $5,000 at the end of 2017 and start of 2018.So, while it is true that Bitcoin could reach a price of $100,000 in the near future, it is also true that it may break - just as it did so far. When seeing "the big picture," you can certainly investigate the previous drops and see which events led to them.In that manner, this analysis is perfect and illustrates the path of Bitcoin over the years and its price movement with the halving events and other changes. The full video is published below.https://youtu.be/MpxxioVagcs
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Analysis

Future Ethereum Dips Are A ‘Must-Buy’ For One Analyst

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We have been covering Ethereum's price action in our ETH news section over the past couple of days. As you know, the price of the biggest altcoin has been closely tracking the one of Bitcoin in recent times, leading it to experiencing some bearishness overnight as the cryptocurrency now nears the lower $180 region. However, one analyst believes that all future Ethereum dips before the Istanbul hard fork are an opportunity that must be capitalized.The truth is, the bearishness of Ethereum will likely change, analysts are noting. Each of the price dips is worthy of being bought, which comes about as ETH's Istanbul hard fork quickly approaches.At the time of writing, ETH is trading down by roughly 1% at its current price of $182 which marks a new retrace from the daily highs of $187 that were set two days ago. The momentum looks lost and ETH's slight sell off has come in the $180 region which proved to be a support region for the cryptocurrency.According to the analyst named TraderXO, all future Ethereum dips prior to the Istanbul hard fork are an opportunity that must be seized and capitalized. As long as ETH keeps holding above the key support region, he said that "any substantial dip is a buy" for him.https://twitter.com/TraderX0X0/status/1194776025974087682Another popular analyst with a handle @GalaxyBTC pointed out that this time of the year is typically a volatile one for Ethereum and other cryptocurrencies. However, he thinks that this volatility will favor Ethereum's bull action.
“That time of the year when $ETH pumps so hard people thinking is going to take over BTC is coming again,” he explained.
https://twitter.com/galaxyBTC/status/1194994911860469771What's interesting is the fact that there may be future Ethereum dips before the hard fork - but now traders are wondering if the analysts are right - and if they should see them as potential buying opportunities.All in all, the coming few hours and days will definitely play a huge role in determining Etheruem's future trends as any sustained bullishness in the near term could spark the next major uptrend. For now, ETH is locked at $182 and just like the rest of the market and the altcoin news today, looks sluggish and lazy. 
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Analysis

Bitcoin Is On The Edge After Rejection At $8,800: Analysis

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The price of Bitcoin is on the edge of a new rejection after the previous 'stop' put at $8,800 which also triggered a new downward run. As one analyst said, the selling pressure rejected an attempt for BTC to break through $9,000.Chart data shows that BTC/USD is suddenly moving upwards on Friday and has hit $8,800 in minutes from previous levels closer to $8,550. However, the Bitcoin news now show that this bullish momentum failed to last and BTC returned to lower levels below $8,600 just thirty minutes after this.At press time, the Bitcoin price is set around $8,580 and has come full circle in under an hour. Big media outlets in the latest cryptocurrencies news report that the dominant cryptocurrency has become increasingly known for its temporary moves up and down, and Bitcoin is on the edge right now with many factors influencing the volatility.In the long term, however, some models suggest that the largest cryptocurrency should fluctuate around an average price of $8,300 until the block size halving which is set to happen next May.Meanwhile, the rejection at $8,800 lifted hopes of a new return to the overall bullish sentiment as analysts noted. Michael van de Poppe was one of them, writing the following on his Twitter profile:
“On the edge here. Preferably I'd want to see a tick up to like $8,800 to confirm a slight trend reversal (like scenario)."
The analyst continued and added that downward pressure is what could take Bitcoin on the other side of the pre-halving average.
“If not, this slow bleed could accelerate to $8,200 as the next level. Sentiment; fear. Obviously,” he noted.
Meanwhile, the latest altcoin news show that a return to the mixed trading positions is right now happening while Bitcoin is on the edge. After many major cryptocurrencies lost ground on Thursday, in today's update we can see that Tezos (XTZ), Cosmos (ATOM) and Cardano (ADA) are the three altcoins in the market cap which are surging by 7.50%, 5% and 2% respectively.The market cap has lost one billion compared to yesterday's levels and the 24 hour volume is short of $70 billion. What's interesting is the fact that Bitcoin's dominance is now at 65.9% which is another low as Bitcoin is on the edge of a reversal.
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