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Bitcoin [BTC] drops by 4% after Blockstream announces Liquid sidechain on Bitcoin

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Bitcoin [BTC] saw a sharp price drop today, erasing over 4% of its value in just a few hours as it saw a waterfall drop earlier today. However, this strangely coincided with the announcement of Liquid, a sidechain of the Bitcoin blockchain, by Blockstream.

The project has been in the works for quite some time, with Blockstream bringing on various companies and exchanges in order to offer “near instant Bitcoin transfers between exchanges”.

The exchanges that participated in the launch of the chain included the likes of Bitbank, Bitfinex, BitMEX, Bitso, BTSE, OKCoin, SIX Digital Exchange, Unocoin, and Xapo.

The launch of Liquid is said to enable interoperability across various blockchains while providing users with a fast and secure method to conduct transactions. It functions on its own digital asset known as Liquid Bitcoin [L-BTC]. It is supposedly backed by a two-way peg to real Bitcoin, and can be “redeemed at any time”.

Reportedly, the sidechain will allow for full settlement of value in two minutes. It also allows assets to be tokenized and issued on the sidechain, which opens up the possibility of tokenized fiat currencies, digital reward points and real-world assets such as gold and silver.

Moreover, Blockstream aims to implement their confidential transaction technology that aims to obfuscate the transaction amount and asset type. This will ensure privacy between parties that are transacting.

Due to its property as a sidechain, it can be utilized for interoperability between different blockchains. This can also be used to provide liquidity through a shared protocol.

Bitcoin 7-day price graph | Source: CoinMarketCap

Bitcoin 7-day price graph | Source: CoinMarketCap

The price of Bitcoin has been moving in between the $6500 and $6600 marks for the entire week before breaking through the resistance on 8th October. It was trading around the $6660 mark for a short time before it saw a drop down to the $6550 mark on October 10th.

Before the drop earlier today, it was trading at around the $6570 mark and was holding key resistances. However, the drop saw it go below the $6300 mark while trading after the drop.

The drop occurred around 3 hours after the announcement by Blockstream, leading many to believe that there were factors that went unnoticed by the common investor.

Market analyst, Iarius Germund stated:“There was no technical indicator that predicted such a sharp drop in price. This, correlated with the high spike in volume, has led to a buzz in the analyst community regarding Blockstream’s announcement. The quick drop implies that a whale might have dumped their holdings.”

Source: ambcrypto

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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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