Connect with us

Bitcoin

The Bitcoin [BTC] and Trump Saga: How far has Paul Manafort and Michael Cohen stretched America?

Published

on

OPNION: It has been five hundred and seventy-seven days since Donald Trump took office and the sheer avalanche of news has been more than the past two hundred and twenty-nine years of American presidency combined. The latest and ‘White-House shaking’ news of the conviction of both Paul Manafort and Michael Cohen is the rotten cherry on a very unbalanced cake.  Tax fraud, embezzlement and paying off pornstars aside, there is another major player intrinsic to the happening of this controversy: Bitcoin.

Is this Watergate 2.0?

The American people have been clamoring for a change in the administrative system ever since that groundbreaking day way back on 8th November 2017. The recent shake-up does nothing to instill faith towards the government in the American people with the supposed ‘swamp’ that was supposed to be drained only getting more grotesque and slimy.

The controversy that some people are calling ‘Stupid Watergate’ reached a crescendo when Michael Cohen pleaded guilty in court and Paul Manafort was convicted for his fraudulent activities. Michael Cohen, Trump’s ex-lawyer revealed his wrongdoings on multiple counts of financial charges which state that he was in charge of wiring money to Stormy Daniels, a pornstar with whom Trump supposedly had an affair with.

Donald Trump’s ex-Campaign manager, Paul Manafort was found guilty of five counts of tax fraud, one count of hidden documents from the government and a double count of bank fraud. This trident of convictions threw open a bizarrely large window of allegations that connected Manafort to allegations in the past. Was he a pawn in the Russian hack where a group of 13 Russian hackers was convicted of using Bitcoin to sway the Presidential elections? Was Robert Mueller right all along?

Trump’s win and Bitcoin

Bitcoin was thrown into the limelight for the first time in a political spectrum when a list of indictments by Special Counsel Robert Mueller stated that Bitcoin was used to sway the 2016 US elections in favor of Donald Trump.

The report showed that almost $95,000 was laundered using Bitcoin, funds that were directed to conduct hacks on the Democrats’ online servers. The indictments released by prosecutors under the US Attorney General also shows that 12 members of the GRU, the intelligence wing of the Russian government used servers and Virtual Private Networks in Malaysia and the US to pull the wool over investigators.

How does this tie-up with Paul Manafort’s conviction?

He was one of the several people accused of being involved in the server hacks of the Democrats, not as a hacker of course but as one of the supervisors. Manafort had outrightly denied all links with any sort of Bitcoin attack which was followed by attacks on Mueller instead.

Robert Mueller will be the one having the last laugh right now as the conviction of Manafort in an Alexandria, Virginia, courthouse, gives a boost for his investigation against the President. The eight criminal charges on which Manafort is found guilty fall under the ambit of the 2016 elections and the idea that Bitcoin was directly used by an American national to change the tangent of a democratic election is nothing short of a utopian nightmare.

Bitcoin prides itself on being completely decentralized, an alien concept to almost all the banks present in society and probably one of the major reasons why it was used by Manafort and the GRU to puppeteer the elections. Decentralisation as a concept means that the transactions are secure and peer to peer,  meaning there is no third party present that would raise a red flag alert on any nefarious transaction.

At a time when companies such as Silk Road, a drug-peddling service purely run on cryptocurrency was brought down by security forces, it is highly ironic that the very government that initiated such a ruling would partake in such shady activities. The majority of cases levied against both Manafort and Cohen are finance related and Bitcoin at its core is probably an “image” issue that could impact the booming cryptocurrency industry as a repercussion.

Rober Mueller’s probe into the POTUS has been taken to the next level and according to the man himself, he ‘will not stop until justice is served’. The ground under the feet of the 45th president of the United States is shrinking fast, and like Bitcoin, the people around the world are not going to stop talking about it.

Advertisement

Bitcoin

Bitcoin [BTC] and other cryptocurrencies can be exchanged for ETFs and stocks, says Abra CEO

Published

on

Bill Barhydt, CEO and Founder of Abra – a leading fintech firm in the cryptocurrency space, spoke about a range of services offered by the platform, in an interview with Nugget’s News.

The discussion started with Barhydt talking about why he started Abra. He stated that it was because he wanted to “build an effectively new type of banking system,” adding that it was to replace traditional banking services with cryptocurrency-based services. The CEO stated that this could include investing, transferring money, and accessing credit. He also added that he wanted to create a “Whatsapp” for money.

This was followed by Barhydt stating that every country across the globe had its own dedicated mobile money system, such as Paytm in India, Venmo in the U.S, and WePay in China. However, there was no app that enabled its users to make cross-border money transfers. He went on to state,“[…] because they only work in one country by definition […] so one app that could work in every country could start to solve things like cross-border money transfer, cross-border payments, investing in Western assets in the east, and eastern assets in the West. so this is basically what we’ve built with the Abra service […]”

During the interview, the CEO was asked whether Abra’s focus was more on STOs, equities, and ETFs. To this, he stated that the platform was not providing any services related to STOs yet, adding that the market for those types of tokens wasn’t established as of now. He said that Abra currently supports 50 different fiat currencies and 30 cryptocurrencies that include Bitcoin [BTC], Litecoin [LTC], Ether [ETH], and Bitcoin Cash [BCH]. He added,

“[…] investment exposure via our smart contract model, so that you can invest in all 80 assets both crypto and fiat and move between them. We just announced that we’re adding US stocks and ETFs to that mix so they’ll be about 50 stocks and about 50 ETFs and you can literally exchange between any of the cryptos […]”

The CEO further added,“[…] and any of the stocks any of the fiat currencies and any of the ETFs so for example you can hold Australian dollars and buy Microsoft you can sell your Microsoft and exchange it for Litecoin and any combination of those across the entire portfolio […] our mission is to democratize access to financial services globally and this is a big step towards making that that vision a reality […]”

Source. ambcrypto

Continue Reading

Bitcoin

Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Bulls drag BTC from bear’s trap; fail to save LTC

Published

on

The cryptocurrency market was painted red on April 25 as most major coins fell. Bitcoin, the world’s largest cryptocurrency, also fell by 2.83% over the day, along with Litecoin [LTC], which reported a fall of 1.25% over the day.

At press time, BTC noted a fall of 0.39% over the hour and was valued at $5,433.19 with a market cap of $95.97 billion. The coin fell by 2.82% over the past day and noted a minimal growth of 2.90% over the past seven days. The 24-hour trading volume for BTC was observed to be $16.11 billion.

Source: Trading view

Source: TradingView

Resistance- $5,532.75

Support 2- $3,851.02

Bollinger Bands noted a bullish trend as the moving average line was under the candlesticks. The bands appeared to be converging, indicating reduced market volatility.

Awesome Oscillator indicated strong bearish momentum.

Chaikin Money Flow pointed towards a bullish market as the marker was above zero. However, it appeared to be approaching the mark, with a change in trend imminent.

Litecoin [LTC] one day chart

At press time, LTC fell by 1.25% over the past day and was valued at $72.54 with a market cap of $4.46 billion. The coin fell by 0.77% over the past hour and by 10.20% over the past seven days. The 24-hour trading volume was observed to be $3.13 billion.

Source: Trading view

Source: TradingView

Resistance- $93.131

Support- $59.488

Parabolic SAR indicated a bearish market as the dotted markers aligned above the candlesticks.

MACD line was under the signal line, pointing towards a bearish market.

Relative Strength Index indicated that the buying and selling pressure evened each other out.

According to BTC’s long-term chart, a bullish market was predicted. However, the CMF suggested that a trend reversal may be underway. LTC pointed towards a bearish market.

Source. ambcrypto

Continue Reading

Bitcoin

Bitcoin Price Analysis April 25: Critical Decision Point For BTC – a Double Top or Hold Support?

Published

on

Since our previous BTC price analysis, and following the trend, the Bitcoin breakout had reached a daily high of $5627 on Bitstamp. This is still not our expected target (around $5700 – $5800), however, this is crypto and anything can change anytime.

Since yesterday, the crypto markets are suffering from severe declines: Both in Bitcoin and especially among the altcoins. This includes Ripple that keeps decreasing against Bitcoin since 2019 had begun.

A quick overview to keep things simple: the hourly and the 4-hours chart reveal a double top in Bitcoin around $5625. This setting is a bearish formation. From the other side, Bitcoin is still getting support from the mid-term trend-line on the 4-hour chart, along with the stiff resistance turned support area at $5300 – $5350.

Total Market Cap: $176 Billion

Bitcoin Market Cap: $96.3 Billion

BTC Dominance: 54.6%

Looking at the 1-day & 4-hour charts

– Support/Resistance:
As mentioned above, Bitcoin is very close to the ascending trend-line marked in orange on the 4-hour chart, along with the $5400 support area. This trend-line is holding nicely for the past ten days. The next critical support level is the resistance turned support $5300 – $5350 zone. Below lie the $5200, $5100 and $5000 support levels.

From above, after failing to break-out the previous high at $5625, Bitcoin marked $5500 as the closest resistance level. Above, lies the mentioned $5600 – $5625 resistance, before reaching to the major area of $5700 – $5800, which held the 2018 bear market as last support level throughout 2018. In case of a break-up, the $6000 level is not expected to be easier to overcome.

– Trading Volume: looking on the 4-hour chart, we see that the sellers’ candles (in red) are decreasing over the past two days. This could turn bullish, combined with the Stochastic RSI oscillator which is deep in the oversold area.

– Daily chart’s RSI: The RSI level had dumped down to 68, which is considered a support range. It will be interesting to see if it can find the necessary support here.

– BitFinex open short positions: the number of short positions continues growing up over the past days, and currently stands at 25.7K BTC open short positions.

BTC/USD BitStamp 4-Hour Chart

btc_apr25_4h-min

BTC/USD BitStamp 1-Day Chart

btc_apr25_d2-min

Source:cryptopotato

Continue Reading
Advertisement
Advertisement
Open

Close