Bitcoin News

Indian Police Rescues Two BTC Traders From Two-Week Long Captivity

Published

1 month ago

July 15, 2019

Stefan

Indian police safely returned the two bitcoin traders who were kept in captivity for more than two weeks in Jaipur. According to the latest cryptocurrency news, both of the traders were kidnapped alongside a non-profit employee.

The traders Luftan Shaikh and Mohammad Shahzad were kidnapped after the kidnappers demanded more than 80 bitcoins from their family members. A senior police officer from the Indian Police in Jaipur noted:

‘’The gang kidnapped Shaikh and Shazad, two bitcoin traders, and demanded 80 bitcoins worth 8 crore [about $115,000].’’

The three people who were kidnapped were held in captivity on a ninth-floor flat by one of the gang members. The group of kidnappers consists of eleven members seven of which were arrested while four managed to escape. The police tracked down the kidnappers while they were investigating a carjacking incident. While the victims were tortured and had to be taken for treatment after they were rescued, they received their happy ending compared to other high-profile cases where the abductors demanded a bitcoin ransom.

For example, the wife of the Norwegian Tom Hagen, Anne-Elisabeth Falkevik went missing in 2018. The kidnappers demanded more than $10 million to be paid in Monero which was actually done but still she is missing and suspected to have been killed. The American businessman William Sean Creighton was also kidnapped in Costa Rica in 2018 and his kidnappers demanded a bitcoin ransom of more than $1 million. The payment was sent but he is still missing more than a year later.

This story can have a very positive impact on the stance of the Indian government regarding regulating the crypto sectors. The government could become more crypto-friendly in order to stop these kinds of things happening. As noted in the altcoin news previously, India made it perfectly clear that it will remain hostile to cryptocurrencies despite their nature and purpose. This becomes really clear when India’s Economic Affairs Secretary Subhash Garg noted that the world’s second most populous country will not welcome Facebook’s crypto project- the Libra cryptocurrency. The government explained that they are not comfortable with the abilities of the cryptocurrency.

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Stefan

Stefan has been a Bitcoin Specialist for over 5 years. Providing daily news and updates for DC Forecasts.

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Bitcoin News

Bitcoin Breaks 5-Day Long Trend Reaching $9,800 Support Level

Published

6 hours ago

August 24, 2019

Stefan

Bitcoin breaks 5-day long trend and it reached to the key support level of $9,800 and since then bullish divergence appears to have formed on the low time-frames and could spur a huge reversal in the next few days as we can read in the latest cryptocurrency news today. On the one hour charts, the XBT/USD pair seems to have formed an ascending wedge that is ongoing throughout the entire August. This wedge has broken two days ago and has since dropped to the key support level at $9,800 as mentioned in the previous analysis. Since it re-tested the key support level, the price action has begun to bounce and form a short-term reversal. The MACD can be seen rising at the same point in which Bitcoin created two lows around the $9,800 which could indicate a bullish divergence forming around this price point. The Point of Control can be seen acting as a support around $10,100 which as price action test level multiple times within the last 24 hours. The market price is seeing some small pump as the candlesticks form and touch the 200 EMA. This could also mean that there is another ascending channel will form over the coming days that take bitcoin back to retest the $11,100 which was previously rejected. The 500 MA sitting in the $10,900 will be a massive resistance point that Bitcoin will need to cross in order to sustain a breakout. Now, as seen Bitcoin breaks 5-day long trend and we can see that the breakout zone is highlighted and if the price action can rave up enough volume, the bulls clearly will re-gain control of the market once the breakout zone has been entered around $11,300 and we could expect further upside so once this happens, the price levels can be seen below the breakout zone and Bitcoin can manage to surpass both of these highs and proceed to create a higher high. It seems as Bitcoin has created a huge consolidation range from around $9,100 to $14,000 over the last couple of months and once a break to the upside takes place the consolidation will essentially act as a fuel for another volatile move to the upside as per the analysis in the coming altcoin news reports.

Bitcoin News

Many Buyers Lined Up For The Four-Figure BTC: But Where Is Bitcoin Heading?

Published

24 hours ago

August 23, 2019

Stefan

The market chop yesterday had many buyers lined up and ready to buy the most dominant cryptocurrency at the yesterday low of $9,750 and in similar ranges. However, the latest cryptocurrency news show that Bitcoin surged once again to $10,000 and no one knows what's next for the biggest crypto out there. From its low, Bitcoin managed to recover and retake the $10k level quickly. As such, it remained there for the best part of the day, posting intraday peaks of $10,250 a couple of hours ago during the early trading on Friday. Now it appears that BTC is settling at this level and that the choppy consolidation is still here. Unlike the many buyers lined up for BTC yesterday, there are still buyers but not in that amount. No one knows if Bitcoin will stay here for long - and the altcoin news show that altcoins are for now following this trend. According to analysts, there could be an ascending triangle forming in the hourly time frame, leading to new gains.

“We have been forming an ascending bullish triangle, and also and inverse HS Pattern, which very soon will make $BTC go up. The purpose with this move is to kill some shorts, before we go down again. Remember that we are in a huge descending triangle," said the user D4rkEnergY on Twitter.

https://twitter.com/D4rkEnergYYY/status/1164769200902033408 For now, the highs are creeping up and there are many buyers lined up - so a move to the next resistance level around $10,400 is crucial at this point. On the downside, there is clear support at around $9,800 and more in the mid-$9k region which has been hard to crack in the recent weeks. Analysts in the coming altcoin news warn users that nobody should panic now - even though the fear and greed index fell to 5 yesterday (which was lower than the 2018 bottom in mid-December when BTC was at $3,200). The famous crypto pundit and web security mogul John McAfee also had his say while many buyers lined up to buy BTC. McAfee remains resolute and agrees that the current level of fear is unnecessary. He wrote:

“Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month’s ago. Everytime there’s a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose. Relax!”

https://twitter.com/officialmcafee/status/1164491430091513856

Altcoin News

Another Exchange Says Goodbye To The Cryptocurrency Operations

Published

1 day ago

August 23, 2019

Stefan

Many best cryptocurrency news sites recently reported that the competitive arena has taken a toll on Asian cryptocurrency exchanges, with two of them deciding to leave the market this month. Now, it appears that we have another exchange saying goodbye to the cryptocurrency operations and closing down its venture. The smaller local player and Osaka-based operator of the Zaif exchange has stopped its cryptocurrency operations. As you probably know, Zaif was one of the first exchanges in Japan and was one of the first to gain an operating license from the regulatory Financial Services Agency (FSA). Zaif launched in March 2015, two and a half years before the FSA launched its licensing program. As the altcoin news last year showed, it was a crippling hack which brought financial chaos for the Zaif exchange. This is how the exchange got bailed out by Tech Bureau's rival FISCO. Since then, FISCO has had plans to take on Zaif's customers, transferring the accounts onto its own crypto exchange platform. Now, it seems like Zaif is another exchange shutting down after being unable to compensate all of the customers that had been affected by the hack. As the source Tech Bureau confirmed, Zaif will be closing down with any remaining crypto business being transferred to FISCO:

"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.

The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."

Altcoin News

Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error

Published

1 day ago

August 23, 2019

Stefan

The head of the cryptocurrency exchange Binance, Changpeng Zhao, is in the latest cryptocurrency news following a recent statement by the exchange. It seems like right now, Binance thinks that the funds are 'not at risk' after a reported technical error started affecting its withdrawals. The CEO Changpeng Zhao (known as CZ) spoke about the entire situation and how it was resolved on August 23, while the funds security was not compromised. He wrote on Twitter stating that "Funds are #safu" employing a well-known catchphrase that he had previously created while confirming that there was no danger to the cryptocurrency holdings. https://twitter.com/cz_binance/status/1164772701589737472?s=20 Featured in the coming altcoin news, CZ explained that Binance thinks funds are safe right now. He centered on Amazon Web Services (AWS) too, stating that the problems with caching were what produced the error messages for a portion of the Binance traders. The withdrawals were also impacted as he noted. “AWS is having an issue, mostly with caching services, affecting some users globally. We are working with them and monitoring the situation closely,” CZ wrote, adding:

“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”

Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.