Stellar (XLM) is not just another cryptocurrency. It is the future of peer to peer payment. A popular theory at this time in the crypto community is that until recently platforms enjoyed the most success, but in the months to come, cryptocurrency projects with a focus on peer to peer solutions are going to be more successful and widely adopted. Stellar (XLM) is one of those projects. Apart from solid fundamentals, Stellar (XLM) also has a lot of room for growth as far as the price and market cap is concerned. Stellar (XLM) currently has a market cap of $3.8 billion whereas its rival Ripple (XRP) has a market cap of $10.91 billion. The difference might seem unfair when you compare fundamentals of both cryptocurrencies but considering the level of adoption XRP has achieved, it can be considered justified.
The daily chart above for XLM/USD shows just exactly what is possible if Stellar (XLM) were to make similar gains as it did back in 2017 and 2018. A lot of these cryptocurrencies are perfect examples of how markets repeat the same patterns over and over again. With a marked increase in algorithmic trading, we are going to see more and more of these in the future. Looking at the chart above, we can see that Stellar (XLM) can pass that $1 mark during the next cycle without even putting up a fight. Our estimate would be a target of $10 or higher during the next cycle but the sentiment right now is not very optimistic and some investors may find it unreasonable. So, let’s stick to the $1 target by end of the year.
Seeing as how the price of Stellar (XLM) is known to make astronomical gains within a time frame of just a few weeks, we can expect the rally to begin in mid to late October and reach its peak around May 2019. During this time, if overall market conditions remain favorable, Stellar (XLM) has one of the highest probabilities among most cryptocurrencies to pass its previous all time high. This is because Stellar (XLM) is currently one of the best investments from a risk/reward standpoint. The fact that it has IBM looking out for its interest and that peer to peer transaction is the future, Stellar (XLM) is likely to see tremendous success in the future.
Stellar (XLM) is one of the few cryptocurrencies to have already broken their downtrend against Bitcoin (BTC). The daily chart above for XLM/BTC shows that Stellar (XLM) has already broken out of a falling wedge against Bitcoin (BTC). In the past, we have seen Stellar (XLM) enter falling wedges against Bitcoin (BTC) during each correction. The chart above shows that Stellar (XLM) has entered and broken out of three falling wedges since the correction in January. There still remains a possibility that the price may enter another falling wedge to test the trend line but technical indicators including wave trend oscillator and the on balance volume oscillator both point to an upcoming trend change in the near future and an explosive rally during the fourth quarter of the year.
Source: Crypto Daily
Brazilian Authorities Arrest Suspect Of Running Potential Crypto Money Laundering Scheme
Brazilian police arrested a man that was apparently running a crypto money laundering scheme in Brazil.
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Suspect Arrested of Running Crypto Money Laundering Scheme
According to the report, police found mining equipment valued at R$ 250,000, close to $63,000. These devices were switched on and running 24 hours a day mining Bitcoin. The room in which the equipment was found had little ventilation and no other security objects to run the operations.
The man claims that he owns the equipment to mine virtual currencies and that he entered the market in order to mine digital assets. At the same time, he said that he is not involved in illicit organizations dealing with drugs. The individual was also accused of stealing electricity to mine virtual currencies. Bitcoin mining requires large amounts of electricityand, depending on its price, it could be profitable or not to perform mining activities.
Adriano Nonnemacher, a police officer, commented:
“The flat is well-hidden. We are going to investigate further. Everything points to a Bitcoin mining operation. They could be exchanging the money and use it to fuel drug trafficking. Here is also a possibility that they are using the funds derived from drug trafficking to buy Bitcoin.”
At the same time, police officers decided to seize the mining equipment that could have entered the country in an illegal way from China.
Bitcoin has been several times linked to illegal activities around the world and in many different situations. However, there are some reports that show that most Bitcoin transactions are not related to illicit and criminal activities.
New York State Sees First Conviction for Crypto Money Laundering
A case involving millions of dollars in bitcoin and Western Union payments has resulted in New York State’s first conviction for cryptocurrency money laundering.
The Manhattan District Attorney’s Office announced Wednesday that defendants Callaway Crain and Mark Sanchez, both 35, laundered $2.8 million earned through sales of controlled substances carried out over the internet.
Between 2013 and 2018, the two men sold steroids and other drugs including Viagra across the U.S. via their website “NextDayGear” and on the dark web. They sold over 10,000 packages and accepted payments in cryptocurrency and fiat currency via Western Union, which they then laundered.
Customers usually paid in bitcoin, the Attorney’s Office said, with the defendants laundering the proceeds via one or more “intermediary” cryptocurrency wallets to obfuscate the source of the funds. The bitcoin was then converted to U.S. dollars using a cryptocurrency exchange platform before the cash was deposited into their bank accounts.
Western Union payments, on the other hand, were laundered through the use of false identities or international wire transfers from receivers outside of the U.S..
The duo has now pleaded guilty and faces a jail term of 2.5–7.5 years, with sentencing expected to take place on July 12.
Manhattan District Attorney, Cyrus R. Vance, Jr., said:
“These defendants raked in crypto and cash worth millions on their full-service website that sold prescription-free counterfeit steroids and other controlled substances to customers in all 50 states.”
“Online drug sellers who do business in New York should take note: whether you’re operating in plain sight or in hidden corners of the dark web, my Office has the skills and resources to follow the money, shut down your business, and hold you accountable,” Vance warned.
Just last week, the same DA’s office also indicted three individuals for dealing in drugs and laundering $2.3 million in cryptocurrency by using preloaded debit cards and withdrawing cash at ATMs in Manhattan and New Jersey.
Galaxy Digital CTO Out at Novogratz-Led Crypto Fund
Mike McMahon, chief technology officer at crypto merchant bank Galaxy Digital, has left the firm, CoinDesk has learned.
“I have already left Galaxy Digital and looking for my next opportunity,” he told CoinDesk Wednesday, declining to provide further details.
Galaxy didn’t respond to CoinDesk’s request for comment by press time, but it’s actively looking for McMahon’s replacement, according to a new job posting on LinkedIn.
The CTO should, among other things, “build, coach and provide hands-on leadership to the technology team” an “build a strong partnership with the business to ensure technology is supporting revenue-generating, client-facing business initiatives.”
McMahon joined Galaxy a year ago following a career at traditional financial institutions and mainstream companies, including Bank of New York-Mellon, Morgan Stanley and Goldman Sachs, according to his LinkedIn profile.
He also spent more than two years at ENSO Financial Analytics, a fintech company owned by Chicago futures exchange operator CME Group.
Galaxy Digital, founded by former hedge fund manager Michael Novogratz, is one of the most active investors in crypto startups. In recent months, it backed staking startup Bison Trails and crypto analytics firm CipherTrace.
In January, Galaxy announced it had raised $250 million to “offer loans in U.S. dollars to struggling crypto firms.” Before that, Novogratz signaled his own confidence in the enterprise despite the bear market when he bought 2.7 percent of Galaxy’s shares, increasing his total stake to about 79.3 percent.
Although based in New York, Galaxy Digital is listed on the Toronto Stock Exchange’s TSX Venture Exchange, where it went public via a reverse merger with a pharmaceutical company.