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SEC Is Rallying International Cooperation To Crackdown On Dodgy ICO Token Sales

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SEC Rallying International Cooperation To Crack Down On Dodgy ICOs

initial coin offering (ICO) sector has been instrumental in setting up the crypto industry. Coins, small and big, have been able to present their case for public attention and funds. This has led to some extraordinary gains, both in terms of financial, for the initial backers, and the technology offered by these projects. However all this, unsurprisingly, has attracted unwanted attention from scammers and con artists. Things today are at a stage where more than 75% of ICOs in 2017 were marked as scams. This year almost $5 million was lost to some sort of a con job. Thus when the head of U.S. Securities and Exchange Commission (SEC) discussed the importance of international cooperation to ensure successful investigations into these plays and general vigilance with the ICO sector, it was well received.

Certa Bonum Certamen

Speaking at the prestigious Harvard Law School, Steven Peikin, co-director of the enforcement division was discussing the challenges faced by his team when dealing with the unenviably “daunting task of ferreting out misconduct and, where appropriate, recommending civil enforcement actions that variously seek injunctions or cease-and-desist orders, penalties, disgorgement of ill-gotten gains, suspensions and bars of bad actors, and the temporary suspension or delisting of securities.”

In his speech, the head of SEC discussed the two most common types of violations of the securities law that these offerings typically try to pull off. The first one might meet the textbook definition of what a security is, but as he points out, it is ” being sold, brokered, or traded to U.S. investors without complying with the registration requirements of the federal securities laws.” The second is more damaging to the whole industry, where “ICOs appear to be simply outright frauds — where the issuers are using excitement around the crypto-asset space to simply rip off money from investors.”

Mr. Peikin had no illusions about the possible hurdles in the pursuit of justice. However, he was confident that, with international collaboration, they will be able to fight the good fight and bring fraudulent ICOs to justice. The simple fact that many of these sham offerings are located outside borders of the U.S. makes the help of overseas regulatory bodies essential. The SEC feels this helps everyone as the money that is ripped off, is from investors everywhere.

Canada Shows How It Is Done.

To highlight his point about international assistance, Mr. Peikin noted its immense value to the SEC in regulating the ICO sphere. He gave the example of the friendly Canadian neighbors, where regulators in Quebec, the Autorité des marchés financiers actively assisted his team. This was directly responsible for exposing the fraudulent Plexcoin token sale and allowed them to charge two Canadian residents. This he hopes will let them set a precedent and help them foster a better understanding with other regulators so that they can develop other cases.

Its Still A High-Risk Investment

From a modest $95 million, in 2016, ICOs have raised more than $20 billion today. This astronomical rise has been due to the booming interest in blockchain and allied fields. Although the number of ICOs have recently, as Mr. Peikin suggested, “exploded from a mere concept to a phenomenon.” It is still like any other industry, a perilous venture.

“The growth in the ICO market can obscure the fact that these offerings are often high-risk investments,” he warned. “The issuers may lack established track records. They may not have viable products, business models, or the capacity for safeguarding digital currencies from theft by hackers. And some of the offerings can be simply outright frauds.”

The industry has been crying out for stricter regulations and any cross-border backing that hinders the acts and actions of those with nefarious intentions, is always welcome. Whether this is a one-off act or the building blocks of a shared future remains to be seen.

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Bitcoin will drop to $3,500 before we see a major bull run, says trader

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While Bitcoin has managed to hold above $4,000 according to Coinmarketcap, one trader believes that BTC will drop to $3,500 before the next bull run.

Speaking to CCN, crypto trader known as The Crypto Dog in the community said that it’s still possible Bitcoin sinks to $3,500 in the short term, adding that market conditions haven’t changed over the last several days.

“I think we could still see $35XX,” the trader said, adding, it [Bitcoin] hasn’t changed much. It wasn’t a particularly significant move. It bounced at a clear support, but there’s been no positive reaction yet. If this support holds, I expect a sweep of the highs near $4,100-$4,140.

“Decent chance we just saw that ‘one more leg up.’ I greatly reduced exposure up here above $4,000. Waiting for $3,5XX for long entries. I’d love an opportunity to short $4,1XX, but not sure if we’ll see it,” he said.

Bitcoin’s struggle to maintain momentum is likely the reason for cautious optimism shown by traders and analysts.

Recently, technical analyst knew as DonAlt explained that we can’t safely conclude the bear market is over until Bitcoin breaks out above $4,600.

Source :chepicap

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Bitcoin SV [BSV] Price Analysis: Bears dominate market as token’s downtrend continues

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Bitcoin SV [BSV] continued its bearish run on the back of the collective market dropping below the $140 billion mark. After two successive bullish waves in the past week, the coin market turned red.

At press time, the BCH hardfork fell against the US dollar by 1.26 percent, and was trading at $65.88. The market cap of the coin stood at $1.16 billion, trailing Cardano [ADA] by over $220 million.

Bitforex took the top spots with respect to BSV trade volume, via the trading pairs BSV/USDT and BSV/BTC. The pairs accounted for 12.28 and 12.17 percent, respectively. Other notable exchanges on the list were HitBTC, IDAX, and IDCM.

1-hour

Source: Trading View

The one-hour BSV chart showed a massive downtrend stretching from $68.71 to $66.32, with the coin dropping further below. The sole uptrend was prior to this drop when the coin rose from $67.71 to $68.71.

Bitcoin SV found immediate support at $64.55, which the coin was hovering above. The immediate resistance level stood at $68.77.

The Bollinger Bands pointed to a massive increase in volatility as the price declined. The Moving Average line indicated a bearish swing.

The Chaikin Money Flow tool showed a decrease in the money inflow to BSV tokens as the CMF line was below 0.

The Awesome Oscillator showed a significant decrease in short term market momentum, but the concluding bars being green indicated an imminent bullish change.

1-day

Source: Trading View

Bitcoin SV saw two downtrends, with the first downtrend shaving the price from $75.71 to $67.15. The second downtrend pulled the price down from $70.39 to $67.65.

The coin found immediate support at $61.72, which the coin touched in February. Bitcoin SV’s immediate resistance level stood at $75.65.

The Parabolic SAR indicated a bearish market, as the dotted lines were above the coin’s trend line.

The Relative Strength Index showed a notable decrease in investor interest as the RSI dropped down from 55.65 to 46.38, at press time.

The MACD continued projecting bearish signs as the MACD line pushed below the Signal line.

Conclusion

Bitcoin SV failed to hold on to the bulls as the coin’s price declined below the $70 mark. In the short term, the coin’s volatility was high, while the money inflow dropped. Short-term momentum was negative, further pointing to the resoluteness of the bears. In the long-term, the MACD and the Parabolic SAR indicated a bearish market.

Source. ambcrypto.

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Bitcoin Price Drops Back Below $4K But Bull Outlook Still Intact

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  • Bitcoin failed to capitalize on a bull breakout above $4,040 yesterday, but the short-term outlook remains bullish as the higher-lows pattern is still intact.
  • A convincing break above the three-day chart resistance of $4,040 still looks likely and could be followed by a rally toward the recent high of $4,190.
  • The immediate outlook would turn bearish if prices find acceptance below $3,920 (previous day’s low). A bearish close, if confirmed, could yield a drop to $3,700–$3,658 (Feb. 27 low).

Bitcoin (BTC) has dropped back from levels over $4,000, but the short-term outlook will remain bullish as long as prices are holding above key support at $3,920.

The crypto market leader jumped to a 25-day high of $4,055 yesterday, having secured a bullish UTC close above the psychological hurdle of $4,000 on Wednesday, going by Bitstamp data. The breakout above the crucial three-day chart resistance of $4,040, however, was short-lived with prices falling back to a five-day low of $3,920 before closing the day at $3,974.

Notably, the negative price action engulfed the trading range seen in the previous four days, which is widely considered an early sign of bull exhaustion.

That said, the path of least resistance is still to the higher side, as the bounce from lows near $3,920 has left the bullish higher lows pattern intact along the trendline connecting the Feb. 8 and Mar.4 lows.

For the immediate outlook to turn bearish, the engulfing price action seen yesterday needs a strong follow through in the form of a convincing break below $3,920.

As of writing, BTC is trading at $3,980, representing a 1.28 percent drop on a 24-hour basis.

Daily chart

On the daily chart, BTC created a bearish outside reversal candle yesterday as trading began on an optimistic note but ended with pessimism.

A bullish-to-bearish trend change, however, would be confirmed only if prices close below $3,920 (low of the bearish candle) today. A move below $3,920 would confirm a downside break of the ascending trendline and shift risk in favor of a deeper drop toward the Feb. 27 low of $3,658.

On the higher side, a break above $4,055 would reinforce the short-term bullish setup and could fuel a rally toward the recent high of $4,190.

3-day chart

The odds of a rally toward $4,235 (inverse head-and-shoulders neckline) would strengthen if the current three-day candle closes (today) above $4,040, validating the bullish engulfing candle created in three days to March 16.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

 

source:coindesk.

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