Peter Brandt Considers Bitcoin Could Reach $100k During The Next Bull Run

Bitcoin could eventually reach $100,000, the main question is when and how. This is according to Peter Brandt, one of the most respected cryptocurrency analysts in the crypto market. He spoke on this in a recent video released a few days ago.

Peter Brandt Explains How Bitcoin Could Reach $100k

In this explanatory video, he said that Bitcoin is moving towards the $100,000 mark or even further in the long-term. He shared a chart in which Bitcoin is close to the bottom of a multi-year channel and the current bear channel in which Bitcoin is since June 2019 will eventually help the market gather enough strength to move higher.

At the same time, he explained he is not trying to get new signals every single day or week considering he based his analysis on possibilities rather than certainties. If Bitcoin is able to break out from the current bear channel, the next bull phase could start and help the leading digital currency reach a new all-time high.

However, things could not go as planned if Bitcoin continues the current bear trend and if it breaks the multi-year trend. Bitcoin could move down to as low as $5,324 in July 2020. That would mean a price decrease of around 30% from current values.

Nevertheless, he considers that Bitcoin will never go to zero because there will always be interest from the community at any price level. Indeed, the digital currency is currently being traded around $7,615 and it has a valuation of $137.79 billion.

In order to reach these price predictions, he explained that chart analysis is based on fractals. The main advantage of these analysis in the fact that it is possible to identify few opportunities each year with asymmetrical reward-to-risk ratio and in Bitcoin, it is possible to find these opportunities around four to five times a year.

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Author: Carl T

Telegram Under Scrutiny by the SEC for its $1.7 billion Token Sale; Former Chief Investment Advisor Issued a Deposition to Testify

According to the filings made through the U.S District Court in New York, SEC’s main agenda is to stop the launch of Telegram’s blockchain ‘TON’ which is to be accompanied by its native token sale ‘grams’. The commission has in the past touted grams to be unregistered tokens as per the securities legislations.

Bone of Contention

Hyman who has previously worked with Renaissance Capital and Morgan Stanley currently resides in the United Kingdom. The SEC now wants the former Telegram advisor to testify given his close involvement in TON’s token sales over the course of 2018 and part of 2019.

Emails by Hyman to Telegram investors reveal that the firm may have breached some procedures in raising its $1.7 billion during the pre-token sale.

Some of the irregularities in the email threads to investors include a follow-up on the gram token secondary prices despite Telegram’s intention wait until its network is running for valuation in the grey market. Hyman had also stated in the past that Telegram would have a 3rd round token sale for private investors but this never happened.

In addition, advise to HODL gram tokens did not hold water for the TON investors as the tokens were accepted by several crypto markets/stakeholders.

Pavel Durov, the CEO of Telegram, had introduced Hyman to a fair number of potential investors. These include popular figures in the FinTech arena like Softbank’s Rajeev Misra and Dave Munichiello from Google Ventures.

These are some of the interactions that the SEC is after but so far has met resistance from Hyman who is yet to comply with a deposition issued against him.

Earlier on, Hyman through his counsel Greg Campbell had agreed to appear for talks with the SEC.

This has however took a different turn after Campbell went dark on the SEC ignoring emails and calls from the commission. The SEC has stood its ground that gram tokens are not exempted under the Regulation D securities and therefore Telegram mislead its investors during the token sale.

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Author: Lujan Odera

Update on BitConnect Class Action Sees More Defendants Dismissed

According to a recent report by Behind MLM, a class action against BitConnect does not appear to be going well. The report indicates that the Court dismissed Plaintiff’s Second Amended Complaint, along with several defendants.

Since September 13th, Defendants Glenn Arcaro, Ryan Maasen, Joshua Jeppesen, Craig Grant, and Nicholoa Trovato, were dismissed from the suit. Even though the Court dismissed the Second Amended Complaint, Behind MLM reported that the Plaintiffs have been permitted by the Court to file a third-amended complaint, and that if filed, it must not include any additional parties and/or allegations.

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Author: Silvia A

Get Ready for a Thanksgiving Day after Spike in Bitcoin Price

Will Bitcoin continue its ascent? According to past data, likely.

Yesterday, Bitcoin jumped almost 12% as the price climbed from the low of $6,850 to just above $7,670.

Currently, BTC/USD has been trading at $7,472 with 24 hours gains of over 5%, as per Coincodex while managing the daily trading volume of almost $515 million.

Source: Coin360

This surge in price is the result of a ‘reverse head and shoulders’ pattern playing out as technical indicators flash bullish signals.

Mati Greenspan, founder of investment firm Quantum Economics in his Thursday newsletter shared that this breakout occurred on high volume which is “comforting” and now we are seeing the continuation of yesterday’s gains “with a retest of the neckline in a picture perfect bullish flag pattern.”

Interestingly, today is a crucial day for Bitcoin prices.

For starters, today is the CME Bitcoin futures expiration that as we reported has been the world’s leading cryptocurrency experiencing selling pressure before the expiration but positive returns after.

Moreover, today is Thanksgiving.

Historically, Bitcoin has shown significant movements around the holidays especially Thanksgiving and then Christmas, and New Year.

Now, looking at the past data, the next day after Thanksgiving, bitcoin has always been positive except for one time which was in 2011 when it went down 5.80%. With Bitcoin currently around $7,400, it needs to be seen if BTC will move back above $8,300 for BTC to finally break above $10,000 before 2019 ends.

Here’s What you can tell your family about Bitcoin on Thanksgiving

Thanksgiving is a national holiday in the US which is celebrated every year on the fourth Thursday of November.

This is a convenient time for families to get together and discuss Bitcoin, prompting people to stack some sats.

An upswing in the trading volume on LocalBitcoins can already be seen in Tanzania, Argentina, and Chile this month, as per Coin Dance.

So, what can you tell your family about BTC?

After the crypto winter, in 2019 Bitcoin is finally bouncing back. Still up $90% YTD, the ongoing correction is a great buy opportunity as we are less than six months away from the reward halving that would lead to a new all-time high.

Or better yet, as a Beirut trader told CoinDesk, this is the time to educate your family about BTC, “not saying that bitcoin will make you rich…but why it works and how it can work for us.”

Given that German small savers have been hit by negative interest rates and the Association of Banks in Lebanon has set a weekly cap of $1,000 on withdrawals from U.S. dollar accounts in commercial banks, Bitcoin, a deflationary, store of value that is censorship-resistant is the perfect opportunity.

So, what’s your plan for Bitcoin on Thanksgiving?

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Author: AnTy

Poloniex Crypto Exchange Set to Integrate Decentralized Trading Following its TRXMarket Acquisition

According to the blog posted on Wednesday, TRXMarket operations will be dubbed ‘Poloni DEX’ and will be accessible on the platform’s official website. Poloniex has been making strategic moves with a recent spin off from Boston based FinTech firm, Circle. Reports within the crypto space have confirmed that this transaction was partly funded by Justin Sun who is the TRX founder.

Stats posted on Tron’s announcement blog however seem to have overstated the value of Poloniex crypto exchange. The figures show that its transaction volume within a week had hit an overwhelming $30 million while coinmarketcap stats indicate the platform’s activity within the past day is below $40,000.

Poloniex noted that it acquired TRXMarket to scale its operations especially in terms of product variety. The firm had been working on a design that can increase the options available for users within its DEX ecosystem for over a year. This milestone comes as a fundamental boost to both Tron and Poloniex as alliances continue to forge ways for more innovations within blockchain and cryptocurrency.

Analysis conducted by The Block shows that the spin off from Circle could actually have been a positive from Poloniex. The exchange increased its market share by 100% following the event; this is despite a struggle to achieve over 1% market share for the better part of 2019. However, a larger part of the spike has been attributed to the zero-trading fee program launched immediately after the spinoff.

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Author: Lujan Odera

Fidelity Collaborates with TokenSoft to Use a ERC-1404 Token ‘BBT’ for Rewarding Employees

According to a recent report by Finance Magnates, Fidelity Investments is incentivizing employees with digital currencies. The company’s Center for Applied Technology (FCAT), which focuses on research and development, is collaborating with TokenSoft to bring the ERC-1404 token.

TokenSoft shared in a Medium post that before issuing the token, it integrated the BBT token contract into its Token Administration which can be used by financial institutions, such as fidelity.

Fidelity also plans to launch a crypto custodian service and trading platform, according to the Finance Magnates report. Further, Fidelity Digital Assets received a license from authorities in New York to offer digital asset trading services. The company stated,

“The ERC-1404 standard enables TokenSoft clients to place a digital representation of an asset onto the Ethereum blockchain with the confidence that their compliance requirements are being adhered to while preventing unauthorized transactions from occurring.”

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Author: Silvia A

Crypto Schemer Gets Tracked By Authorities Linking Bitcoin To Phone Numbers

According to a recent report released by the United States Department of Justice, a Bergen County woman admitted to illegally use individuals’ identities and obtain more than $300,000.

Authorities were able to link two telephone numbers to Bitcoin (BTC) addresses that were used to perform four illegal transactions.

Fraudster Tackled By Authorities

As reported by the Offices of the United States Attorneys for the District of New Jersey, a fraudster was captured after using telephone numbers and Bitcoin to perform transactions. Briana Buford of Fort Lee pleaded guilty before the U.S. District Judge Claire C. Cecchi. She was charged with wire fraud and could face a potential penalty of 20 years in prison and a $250,000 fine.

Apparently, Buford used Bitcoin in sites that sell and buy stolen, lost and illegally obtained credit card data, bank accounts, and other personal information. All these things can be used to perform illicit activities. It is worth pointing out that the telephone numbers linked to the Bitcoin transactions were used later to inquire about bank accounts that were later subject to fraud.

Buford decided to make a purchase of around $9,000 without having the authorization from the bank. In addition to it, she called the bank and asked about this account using the telephone number linked to the Bitcoins used on the illegal sites.

Cryptocurrencies are used by criminals because they consider they provide greater privacy to perform illegal transactions. However, Bitcoin has an open blockchain that can be analyzed and investigated by companies and governments.

This is not the first case involving Bitcoin and that is related to illegal and illicit activities. Many times before, criminals used the most popular cryptocurrency in order to buy or sell products and services on the dark web or conduct other penalized activities.

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Author: Carl T

Shenzhen City Authorities Warns Against Illegal Crypto Activities After Recent Blockchain Hype

According to Eastmoney, Shenzhen, the tech capital of china recently issued a warning against illegitimate dealings taking place in the cryptocurrency industry. The report released by Eastmoney indicated that the Leading Group for Remediation of Internet Finance Risks, a regulatory body in the city, is investigating all illegal dealings in the crypto space.

According to the Leading Group, the illegal activities are more rampant in Initial Coin Offerings (ICOs), issuance of cryptocurrency assets, use of fiat to fundraise, crypto exchanges and fictional use of crypto and blockchain technology.

The officials claim that the ban on crypto is aimed at improving safety in the industry. According to the regulatory body, the illegal activities had reduced since China’s ban on ICOs and local exchanges in 2017. Ever since the ban, financial risks associated with the industry also significantly reduced.

However, after the recent official endorsement of the blockchain technology and crypto industry by president Xi Jinping, the speculation of cryptocurrency has been rejuvenated. The public interest in blockchain tech and cryptocurrency greatly increased, leading to a gain in the crypto market. This has, unfortunately, been followed by an increase in illegal activities in the industry.

According to a report recently issued by Cointelegraph, the Chinese state media claims that over 32,000 Chinese companies claim to be using the blockchain technology. However, after research, it was found out that only 10% of the companies claiming to be using the technology actually use it. Most of the firms have been taking advantage of the blockchain hype to sell their businesses.

The Chinese regulator plans to take enforcement actions after the accumulation of the requisite evidence against such malicious activities in accordance with the Announcement on Preventing the Risk of Subsidy Issuance of Financing.

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Author: Denis Miriti

French Law Enforcement Agency Uses Smart Contracts Running On Tezos (XTZ) To Validate Expenses

According to a recent press release published on LinkedIn by Nomadic Labs, as of September 2019, the first smart contract ever developed by a public authority was deployed in the Tezos (XTZ) blockchain.

French Law Enforcement Agency Uses Smart Contracts

Tezos is one of the most popular blockchain networks in the market. In the last year, it expanded as an innovative solution for companies and institutions to deploy their smart contracts.

This time, The French Armies and Gendarmerie’s Information & Public Relations Center (SIRPA) has been validating judicial expenses incurred during investigations. In addition to it, the law enforcement agency has also been recording this information on the Tezos blockchain.

The Gendarmerie’s cybercrime division (C3N) is the one that was using smart contracts on a public distributed ledger to improve its processes and keep control of its tasks and data.

The report explains that this is one of the first examples of how a government organization is able to use smart contracts for operational purposes. At the same time, the C3N is able to acquire cryptocurrencies from the Europol funds to cover operational costs.

The press release goes on by saying that the smart contract deployed was designed to only provide access to authorized individuals, allowing the division to justify expenses without disclosing information about their operations.

Other governmental agencies around the world have been using blockchain technology in order to reduce bureaucracy and increase efficiency. A provincial government in Argentina is currently using Bitcoin and Ethereum to store copies of documents.

In Switzerland, blockchain technology is being used to conduct local minor elections and help citizens increase their participation in the community.

At the time of writing this article, XTZ is the 17th largest cryptocurrency in the market with a valuation of $814.69 million. At the same time, each XTZ can be purchased for $1.23.

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Author: Carl T

Supreme Court of India Holds Crypto Hearing Regarding the Reserve Bank of India (RBI) Restrictions

According to a report by Bitcoin.com, a crypto hearing was held by the Supreme Court of India. The hearing was over writ petitions challenging restrictions on banking by the Reserve Bank of India.

Although the hearing was scheduled for Tuesday, it took place on Monday at the order of the senior counsel, which placed the hearing at the top of the board. This means that the case will be heard that day.

In any case, the hearing was over the Reserve Bank of India’s circular issued last April that prohibited financial institutions from providing cryptocurrency businesses with banking services. As a result, banks ceased providing services to crypto businesses and closed their accounts. Industry stakeholders then filed a petition to challenge the ban.

In addition to the court case, the legislature appears to be making headway concerning crypto. India’s legislature issued a draft crypto bill. The draft, included in a report issued by the Garg committee, is titled Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019. The bill is an updated version of another bill. It includes prohibitions concerning cryptocurrency and offenses.

Subhash Chandra Garg of the Garg Committee tweeted about the report, stating that the committee is very receptive of distributed ledger technologies and recommended widespread use in delivering financial services. Further, he added that private cryptocurrencies are of no real value and are rightly banned.

It appears that although there is support for a digital rupee, private cryptocurrencies do not have the same support and are thought to be valueless. According to a report by Bitcoin.com, the same position was taken by the report, which found that there is no fixed nominal value concerning private cryptocurrencies, they have no store of value, and they are not a medium of exchange.

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Author: Lillian Peter