In the newest round-up of crypto news, we are focusing on an in-depth Bitcoin analysis where all of the indicators show that the valuation of the crypto market has increased from $137 billion to $140 billion after a minor recovery of around 2%.
Both the major cryptocurrencies such as BTC and XRP, as well as the small cap tokens ended the day with relatively minor losses from 1% to 3%, while the volume of Bitcoin dropped from $5.5 billion back to $4 billion which is now a good indicator, especially since the selling action has minimized.
According to the cryptocurrency trader and economist named Alex Kruger:
“Yesterday, BTC triggered my main oversold signal on the daily. This signal printed only once before: Jan/17/2015. Very close to a bottom that held for eight months, and was breached only once ever after, briefly, during the Aug/18/2015 flash crash.”
Generally, after a drop like this, major cryptocurrencies tend to recover in the mid-term as seen in the case of Ripple (XRP). A similar trend, according to analysts, could also be portrayed by BTC in the upcoming weeks if the asset begins demonstrating stability at a low price range.
Bitcoin is still down 78% from its all-time high which is relatively low when compared to the drop in the price of BTC from the all-time high in previous major corrections. For example, in 2011, 2013 and 2015, BTC recorded average drops of over 85% in every major correction that it experienced.
Still, the pressure from the SEC is high and the dozens of pending cases against initial coin offerings (ICOs) prove that the price of tokens is expected to drop in the weeks to come.
Bitcoin SV (BSV) Doubles In Value After The BTC Copyright Claims
“BSV doubled on Craig’s copyright news. This is only the start of him proving BSV is the only bitcoin. Now is a great time to convert all your other shite coins to Bitcoin.”However, as reported in the latest cryptocurrency news, the copyright does not entitle Craig Wright with any exclusive rights on Bitcoin. It seems as the big pockets are pouring and pumping the Bitcoin SV market to confirm the ‘’we-are-the-best’’ slogan. A massive 200 price surge is one of the reasons why traders should restrain themselves from buying the high or the lower lows. The Bitcoin SV (BSV) price corrected up to 53 percent before establishing a historic high at $195 on Huobi. The market bias is currently bullish and the majority of the technical indicators signal the strong buying sentiment. With the flawed fundamentals, a dump right now should not surprise the market.
Terrorist Groups Are Turning To Cryptocurrencies: FSB Director
“Electronic payment systems and cryptocurrencies are increasingly being used by terrorists to move money received from some states and organizations that support the global terrorist network.’’He says that the terrorist groups are getting their finances on direct proceeds from illegally selling oil or other criminal activities. The FSB chief claimed that the main source for the groups is the value transfer system referred to as ‘’hawala.’’ The system enables the parties to conduct the transfers without using financial documents. Bortnikov also told the media that the international terrorist groups are improving the systems that they use for electronic banking and encrypted communication. He stated that there are about 5,000 terrorist groups that are close to the borders in the north region of Afghanistan. Also, ISIS has used bitcoin previously in order to get the funds to conduct the suicide bombing in Sri Lanka which resulted in the death of 253 Christians according to the data intelligence firm Whitestream. Russia is now preparing to fight terrorist funding by targeting retail banking clients. For example, the Sberbank bank which is the largest bank in Russia asked its customers to provide information on all of the earnings made with crypto within five days. The bank is also interested whether some of its clients have any mining equipment in order to obtain further documentation of ownership or lease. According to the headlines in the best cryptocurrency news sites, the co-founder of the trading platform provider Tokenbox.io Vladimir Smerkis posted on Facebook a letter that was sent to the bank. According to the letter, the client transferred to the Sberbank account an amount that he received from cryptocurrencies informing the bank. However, the bank wanted further details on the crypto-related income and the crypto community was shocked that the bank should not go this far.
Bitfinex And Tether Proceed With Case Dismissal Due To Lack Of Jurisdiction
“The Office of the New York Attorney General (“OAG”) initiated this special proceeding ostensibly ‘to protect New York investors.’ [...]"However, OAG chose to target two virtual currency businesses which are not related with the New York investors - "and don't allow New Yorkers on their platforms and do not advertise or otherwise do business here," as the statement shows. As the coming altcoin news show, the counsel also argues that the Martin Act - which is a law governing securities and commodities which the NYAG is using - does not apply to Tether's stablecoin and is therefore irrelevant to the Bitfinex and Tether case. Speaking of, the case between Bitfinex and Tether was first initiated from a court filing in April signed by Letitia James, who accused the two organizations of defrauding New York investors via a massive $850 million loss cover-up. At the time, James said:
“New York state has led the way in requiring virtual currency businesses to operate according to the law. And we will continue to stand-up for investors and seek justice on their behalf when misled or cheated by any of these companies.”A new development in the case is on many best cryptocurrency news sites, revealed as the attorney for Bitfinex mentioned that Tether was invested in Bitcoin (BTC) and other assets. The New York Supreme Court Judge Joel M. Cohen responded with questions, stating:
“Tether sounded to me like sort of the calm in the storm of cryptocurrency trading. And so if Tether is backed by bitcoin, how is that consistent? If some of your assets are in a volatile currency that Tether is supposed to somehow modulate, that seems like it’s playing into what they are saying.”
Tether Issuer Claims It Had Invested Its Reserves Into Bitcoin
“Tether sounded to me like sort of the calm in the storm of cryptocurrency trading. And so if Tether is backed by bitcoin, how is that consistent? If some of your assets are in a volatile currency that Tether is supposed to somehow modulate, that seems like it’s playing into what they are saying.”As it was previously reported in the best cryptocurrency news sites, the New York Attorney General’s Office (NYAG) noted that the crypto exchange Bitfinex lost nearly $850 million. The office also stated that Bitfinex used the funds from Tether to try and cover the previously mentioned $850 million. The lawyers for Tether confirmed the rumors that its tokens didn’t really have full reserve backing but that only 74 percent was backed by fiat dollars and some other reserves. The New York Attorney General Letitia James also requested a disclosure for the documents regarding the deal that was allegedly made between the two companies. Following her request, the New York Supreme Court Judge Joel M. Cohen decided that both of the parties should resolve their dispute in a refined argument. He also noted that the NYAG cannot bring its full force of the court against Bitfinex and Tether since both of the companies denied any wrongdoing. The companies even criticized the authorities for the way they handled the case.
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- Bitcoin SV (BSV) Doubles In Value After The BTC Copyright Claims
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