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BTC/USD dangerously close to 2018 low; Jay Clayton from SEC may be behind the free fall on Tuesday

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  • The head of SEC wants to regulate all digital assets.
  • Bitcoin bulls are nowhere to be seen so far.

BTC/USD recovered from Tuesday losses to trade at $6,559, mostly unchanged since the start of the day. The digital coin No.1 lost over 4% on daily basis and touched the lowest level since the end of March ($6,450)

Speaking at WSJ CFO conference that took place in Washington on June 11-12, SEC Chairman Jay Clayton effectively declared that he wants to get all digital tokens under its regulatory oversight. He believes that changing a name from security to token doesn’t mean that the asset can be exempt from financial regulation. On the contrary, it should be scrutinized quite significantly.

“It made me unhappy that people thought that by calling it a #token it was somehow exempt from regulation. Let me be clear it does not,” he said.

While the regulation per se is not necessarily a bad thing, authorities are yet to come to grips with new realities and stop treating all digital assets in an indiscriminate way.

Bitcoin’s technical picture

From the intraday perspective, recovery attempts are likely to be capped by $6,700 and $6,740, which is 50 and 100-SMA (30-min chart) respectively. If this level is successfully passed, the upside may be extended towards the next local goal at $6,900 and to $7,000. The support is created by Tuesday low registered at $6,450. That’s where fresh buying interest is likely to appear. However, a sustainable movement lower may trigger panic selling.

BTC/USD, the 30-min chart

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Bitcoin (BTC/USD) forecast and analysis on December 16, 2018

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Cryptocurrency Bitcoin (BTC/USD) is trading at 3223. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator bands.

Bitcoin (BTC/USD) forecast and analysis on December 16, 2018

As part of the Bitcoin exchange rate forecast, a test of 3340 is expected. Where should we expect an attempt to continue the fall of BTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 2820. The conservative area for sales of Bitcoin is located near the upper border of the Bollinger Bands indicator at the level of 3500.

Bitcoin (BTC/USD) forecast and analysis on December 16, 2018

Cancellation of the option to continue the decline in Bitcoin will be the breakdown of the area of ​​the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of ​​3550. This will indicate a change in the current trend in favor of the bullish on BTC/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the cryptocurrency fall.

Bitcoin BTC/USD forecast for December 16, 2018 suggests a test level of 3340. Further, it is expected to continue falling to the region below the level of 2820. The conservative area for selling Bitcoin is located area of ​​​​3500. Canceling the option of falling cryptocurrency will break the level of 3550. In this case, we should expect continued growth.

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Romanian Bitcoin Exchange CEO Helped Launder Stolen Funds: Report

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According to a Cluj, Romania-based newspaper, the case of bitcoin exchange executive Vlad Nistor is much deeper than the simple illegal operation of a cryptocurrency firm. Their most recent report on the case speaks to some much more serious allegations as to the behavior of Vlad Nistor.

More Details Emerge in Bitcoin Exchange CoinFlux CEO’s Arrest
The paper reports that Nistor was part of a group that executed phishing attacks on United States soil between 2014 and 2015 when CoinFlux was just getting started. A total of 14 Romanians have been indicted by federal authorities based out of Kentucky, Vlad Nistor just being one of the more notable due to his business ties and outward appearance as an upstanding citizen.

He is said to have advised some of the active cyber criminals via Telegram and helped them launder the proceeds of their illegal activity. They apparently executed a number of phishing attacks on US soil, some even traveling to the US to better succeed.

From the report (roughly translated):

“Two of these methods were run online via phishing or through various fictitious sale ads (via eBay or through online platforms ). For example, Romanians were sending e-mails using instant messaging programs or telephone numbers where the user is advised to give confidential data to win certain prizes or was informed that they are necessary due to technical errors that led to loss of original data. A web address containing a clone of the site of a financial or trading institution was indicated in the e-mail.”

After stealing funds from phishing victims, the criminals would use the newly created CoinFlux exchange to wash funds through various crypto methods. That alone would not normally be enough to indict an exchange operator, as most exchanges have some form of user agreement which bans illegal activity and absolves itself of wrongdoing on the part of its clients. Provided they following know-your-customer and anti-money-laundering regulations, they are usually free of responsibility.

However, in the case of Vlad Nistor, according to allegations, he actually advised the phishers on how to dispose of their proceeds using his crypto exchange.

Nistor Extradition Delayed, Others Involved in Progress
coinflux cluj, romania bitcoin vlad nistor
Vlad Nistor is CEO of CoinFlux, a Cluj-Napoca, Romania-based bitcoin and cryptocurrency exchange.
The most recent reporting from the Cluj newspaper indicates that the court has given Nistor and his lawyers until Dec. 20 to make arguments as to why he should not be extradited. He appears to be what we would call in the US “free on bond,” but he is currently banned from using bitcoin or any other sort of digital currencies for any reason and must report to the court if they request his presence at any time.

Three criminals in the conspiracy have had their extradition requests approved: Popescu Bogdan-Ştefan, Dobrică Alin-Ionut and Arvat Florin. In the view of the Cluj reporter, the only difference between their actions and Vlad Nistor’s is that they carried out their illegal activities directly on US soil. The work of Nistor’s attorneys and the government of Romania is to determine whether or not Nistor acted in sufficient violation of US laws to warrant an extradition.

Source: CCN

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Can Bitcoin retain $3k line? Sideways motion continues

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The sideways market movement continues over the weekend, with the crypto market having, for the most part, culled the bleeding while displaying no signs of any imminent breakaway successes.

Altcoins

Both BCH and BSV continue to drop, reversing their brief moment in the sun. Stellar continues to drop significantly. On the positive side, EOS is seeing some consistent gains, but notably has come under fire recently, with investors predicting (http://www.chepicap.com/en/news/5982/eos-criticism.html) some imminent for the blockchain ecosystem underpinning the coin.

Bitcoin

Bitcoin hasn’t showed much motion, hovering around $3,200 for the past 24 hours. While this isn’t particularly exciting for anyone looking to make back their crypto fortune, Bitcoin enthusiasts will note that BTC hasn’t plummeted below the $3,000 line which many were worried about, and may end up holding through the holidays.

Overall Market


Generally, the market continues its slow bleed, having lost $7 Billion over the past four days, but this downturn is slowing as Bitcoin in particular, and many significant altcoins, finding a bottom (at least for now). Total market cap hovers around $102 Billion for the past day and a half

Source: chepicap

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