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Crypto Analyst Warns Bitcoin May Sink to $9,000 – BTC, Ethereum, XRP, Litecoin, Stellar Forecasts

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YouTube’s biggest crypto analyst says there could be more pain for traders in the coming days.

After briefly crossing $13,000 on Wednesday, Nicholas Merten says Bitcoin may now be at the start of another 20-40% retracement.

“In order for me to get bullish yet again and start averaging in my next position, I’m going to have to either wait until we get back above [$12,800] or I’m going to be waiting for it to come down around this range towards the low $10,000’s.

If we break through $10,000, if we can’t solidify support here for a few hours, then I’m going to be averaging another position down here around the $9,000 range. Because that’s going to lead us down to 35%. I really don’t see us getting a 40% correction as much as I’d like to see it, but I do think we could possibly set, as we have over here, a third final low down in this range. I think that would make sense. It’s in line with three previous lower lows here and we would be continuing that trend.”

Merten says Bitcoin has been more difficult to predict than ever in its current market cycle, but he believes that will change if Bitcoin breaks through its all-time high at $20,000.

“I’m not trying to trade Bitcoin. I want to be very clear to you all. I honestly have gotten to the point where in this rally it’s becoming a lot less predictable than previous rallies. I think that in this kind of trend especially, until we get past $20K, that’s when the trend gets a lot easier to confirm, when the even levels really matter a lot more. I’m just going to be looking to average in. Because I want to get in before we get to $20,000 and really start the next rally where Bitcoin starts to multiply over and over at very large valuations.”

Right now, Bitcoin is down 4.36% at $11,700 according to COIN360. Ethereum is down 4.24% at $273.79, XRP is down 8.55% at $0.3290 and Litecoin is down 3.63% at $103.76.

Source: COIN360

CoinDesk’s Omkar Godbole says Bitcoin’s daily chart remains bullish as analysts try to plot the path ahead.

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$11 Million Pyramid Scheme Attacked By Lawsuit From The CFTC

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Just announced this week from The United States Commodity Futures Trading Commission (CFTC) is the filing of a civil enforcement action against Circle Society.

The owner of the Nevada-based firm, David Gilbert Saffron is being charged by the CFTC under claims of “fraudulent solicitation, misappropriation, and registration violations relating to an $11 million binary options scheme.”

The charges claim that the defendants misappropriated around $11 million worth of the leading cryptocurrency and US dollars from different people in the States in order to “trade off-exchange binary options on foreign currencies and cryptocurrency pairs, among other things.” The Chairman of the CFTC, Heath P. Tarbert said:

“Fraudulent schemes, like that alleged in this case, not only cheat innocent people out of their hard-earned money, but they threaten to undermine the responsible development of these new and innovative markets. America must be a leader in this space, and we will only succeed if these markets have integrity.”

The defendants are said to have fooled around 14 people into joining a pool operated by Circle Society, a fraudulent body that Saffron designed that guaranteed up to 300 per cent returns. The owner is supposed to have retained the participants’ funds in his own personal crypto-wallet which he used to pay new investors. Essentially this was done in the way of a Ponzi scheme, however, how much of this is true is unknown. 

As reported by CoinTelegraph:

“The CFTC will seek civil monetary penalties, restitution, rescission, disgorgement of ill-gotten gains, and trading and registration bans, but is aware that there might not be sufficient funds or assets to cover all the losses.”

Commodities

Reports recently surfaced stating that the new CFTC chairman believes Ethereum is a commodity and that trading the token is becoming very much real. 

Tarbert said:

“We’ve been very clear on bitcoin: bitcoin is a commodity. We haven’t said anything about ether—until now […] It is my view as chairman of the CFTC that ether is a commodity.”

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Beverage Giant Pepsi Launches PepCoin – Not Based on Crypto, Bitcoin or Blockchain Technology

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The New York-based food, snack and beverage company Pepsi has officially launched PepCoin.

The “coin” gives anyone with the munchies a way to earn 10% cash back when buying chips and drinks.

Although the name and logo may look like an attempt to capitalize on the crypto craze, PepCoin has no relation to cryptocurrency or blockchain technology. It’s a cash-back loyalty program that leverages Venmo and PayPal for on-demand, mobile consumers.

Says Leanne Sheraton, vice president of marketing at PayPal,

“Venmo and PayPal’s payout solutions provide the ability for physical brands to engage with their consumers digitally, while offering a convenient way for consumers to redeem and spend their cash rewards.”

To earn rewards, snackers scan a code on the bottlecap or bag, and watch the cash back flow into their PepCoin account.

When the amount hits $2.00, users can withdraw directly to their Venmo or PayPal account.

Pepsi says people can get rewards for purchasing more than 60 of its drinks and snacks, including Cheetos, Mountain Dew, Aquafina, Doritos and Ruffles.

PepCoin launched about a month ago and has earned little fanfare from the crypto community.

Source. dailyhodl

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Crypto Titan Reveals Massive Institutional Interest in Bitcoin and Ethereum – Plus Updates on Ripple, XRP and Litecoin

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From a burst of institutional interest in Bitcoin and Ethereum to new adoption for BTC and Litecoin, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin and Ethereum

The institutional crypto investment giant Grayscale has released its third-quarter report for 2019, revealing a surge of Wall Street interest in Bitcoin and Ethereum.

Grayscale offers a series of trusts that allow institutions to gain exposure to BTC and a long list of altcoins, including ETH, XRP, BCH, LTC, XLM, ZEC and ZEN.

The firm’s latest report shows an exponential jump in growth for BTC and ETH that began early this year.

Source: Grayscale

Grayscale says the biggest surge happened in July, with $75 million pouring into its Bitcoin trust in a single day.

“Quarter billion-dollar inflows ($254.9 million) mark [the] strongest demand for Grayscale products since firm inception: Inflows tripled quarter-over-quarter, from $84.8 to $254.9 million, despite recent declines in digital asset market prices.”

The US-based payment merchant processor Aliant plans to pay its employees part of their compensation packages in both Bitcoin and Litecoin.

Aliant first began supporting crypto payments in September of 2017.

CEO Eric Brown says the initiative shows the company’s commitment to the digital economy.

“The fintech industry is growing and changing rapidly, and this is a way for our employees to be a part of Aliant’s involvement in this shift to digital currency.

Each member of the Aliant team now has a vested interest in cryptocurrency not just as something they work on in the office. The more our team utilizes digital currency, the better our customer user experience will be. This benefits Aliant as a company, and our employees as invested customers.”

Source.cryptonewsz.

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