- Bitcoin price maintains bullish momentum above $10K
- BTC finds strong support
- The crypto market is trading in the green zone
Bitcoin News Today – Bitcoin (BTC) recently started a downward trend from the $10,500 mark against the USD. The downtrend continued and BTC broke below the $10,200 mark. Nevertheless, the digital currency is still holding the key 100-hourly simple moving average.
Bitcoin Finds Strong Support
Recently, Bitcoin (BTC) made another move to break over the $10,500 hurdle point against the U.S. dollar. Nevertheless, the price of the digital currency failed to continue and it formed a near term top close to the $10,519 mark. Later, the price of the digital currency corrected lower and broke below the $10,400 mark. Besides, the recent ascending channel with support close to the $10,360 mark was breached on the one-hour chart of BTC against the USD.
That move paved the way for more losses and the price of the digital currency plunged below the $10,200 support level. Bitcoin (BTC) traded close to the $10k level but the 100-hourly simple moving average acted as strong support for the digital currency. BTC formed a swing low close to the $10,057 and the price of the digital currency is currently consolidating in a range.
Bitcoin (BTC) recovered over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $10,519 to the low of $10,057. More importantly, there was a formation of a key contracting triangle with a hurdle close to the $10,290 mark on the same chart.
On the downside, the triangle support is close to the $10,180 mark. The support of the digital currency on the downside is close to the $10,100 mark, below which BTC’s price could continue to head south. If that happens, the price of Bitcoin (BTC) is likely to return to the $9,890 support zone in the near term.
Will Bitcoin Bulls Start a Fresh Rally In the Near Term?
On the upside, the triangle hurdle is close to the 50 percent Fibonacci retracement level of the previous swing from the high of $10,519 to the low of $10,057. Hence, a break over the $10,300 mark is likely to pave the way for more gains in the coming sessions. However, the bulls need to push the price of the digital currency over the $10,325 mark to return to the $10,500 hurdle point.
Finally, a successful break over the $10,500 mark is likely to pave the way for more gains towards the $11k level, which is a level many traders and investors have been expecting the digital currency to break over the past few weeks. The bulls are still in charge of the market and BTC is likely to make more upside moves in the near term.
SEC Karate-Chops Steven Seagal Over Promoting Cryptocurrency Touted as the Next Gen Bitcoin
The U.S. Securities and Exchange Commission (SEC) has charged actor Steven Seagal for unlawfully promoting a cryptocurrency investment scheme claiming to be “the next generation of bitcoin.” Seagal failed to disclose that he was being compensated in cash and crypto by Bitcoiin2gen, or B2G, for marketing its token offering, such as on Twitter and Facebook.
SEC Charges Stevel Seagal for Unlawful Crypto Promotion
The SEC announced Thursday that it has settled charges against Hollywood actor and producer Steven Seagal over his promotion of a cryptocurrency investment product. The SEC explained that Seagal “touted on social media a security that was being offered and sold in an initial coin offering (ICO) without disclosing that the issuer was paying him for the promotions.
” The offering was conducted by Bitcoiin2gen, also known as B2G. Noting that the actor violated the Securities Act, the Commission elaborated:Seagal failed to disclose he was promised $250,000 in cash and $750,000 worth of B2G tokens in exchange for his promotions, which included posts on his public social media accounts encouraging the public not to ‘miss out’ on Bitcoiin2gen’s ICO and a press release titled ‘Zen Master Steven Seagal Has Become the Brand Ambassador of Bitcoiin2gen.’
“The SEC’s order finds that Seagal violated the anti-touting provisions of the federal securities laws. Without admitting or denying the SEC’s findings, Seagal agreed to pay $157,000 in disgorgement, which represents his actual promotional payments, plus prejudgment interest, and a $157,000 penalty. In addition, Seagal agreed not to promote any securities, digital or otherwise, for three years,” the agency clarified.
Steven Seagal for ‘the Next Generation of Bitcoin’
Steven Seagal earned his net worth as a big action movie star of the 1980s and 90s. He appeared in more than 50 films, including Above the Law, Hard to Kill, Out for Justice, Under Siege, and Out of Reach. Seagal’s net worth is now $16 million, according to celebritynetworth.com. The 67-year-old currently lives in Moscow, Russia. President Vladimir Putin presented a Russian passport to him in 2016.
According to the SEC’s order, from about Feb. 12 to March 6, 2018, Seagal touted the B2G cryptocurrency investment opportunity on his Twitter and Facebook accounts. At the time, he had approximately 107,000 followers on Twitter and 6.7 million on Facebook. While he was not running the ICO, Seagal allowed his pictures to be used on Bitcoiin2gen’s official website and marketing materials. He additionally received payments for participating in a webinar with potential investments.
Bitcoiin2gen described its B2G tokens as “the next generation of bitcoin,” the SEC wrote. Its marketing materials say “Bitcoiin – 2nd Generation. Bigger and better than the original.” The company claimed that the funds raised would be used to “build an ‘ecosystem’ that would allow users to trade B2G tokens, provide wallet staking, and trade altcoins and fiat currencies, all ‘on a secure, comprehensive platform,’” the SEC described, noting:
Participants in the ICO invested bitcoin, U.S. dollars, euros, or made payments via credit card in exchange for B2G tokens.
The SEC further pointed out that Bitcoiin2gen’s press release included a quote from Seagal stating that he endorsed the token offering “wholeheartedly.” Noting that these promotions came six months after its DAO Report warning that cryptocurrencies sold in ICOs may be securities, the SEC emphasized that “in accordance with the anti-touting provisions of the federal securities laws, any celebrity or other individual who promotes a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion.” Kristina Littman, Chief of the SEC Enforcement Division’s Cyber Unit, clarified:
These investors were entitled to know about payments Seagal received or was promised to endorse this investment so they could decide whether he may be biased. Celebrities are not allowed to use their social media influence to tout securities without appropriately disclosing their compensation.
Bitcoin bull Anthony Pompliano doesn’t want to buy XRP
- Anthony Pompliano set Bitcoin apart from all other blockchain projects because he believes it holds more value than the rest.
- He anticipates a bright future for the tokenization of traditional assets.
In an interview with CNN’s Julia Chatterley, Anthony Pompliano, CO-founder of Morgan Creek Digital Assets, was asked if he would ever buy XRP or TRX. The “Off the Chain” host clearly stated that he would buy neither of the tokens. He also set Bitcoin apart from all other blockchain projects because he believes it holds more value than the rest.
NO, BECAUSE I ULTIMATELY DON’T THINK THAT THEY HAVE THE SAME VALUE THAT THESE OTHER ASSETS HAVE. MY BELIEF IS THAT STOCKS – WHAT GIVES THEM VALUE? – GDP, REVENUE, PROFITS ETC. EVERYTHING THAT MAKES THOSE VALUABLE, THAT DOESN’T CHANGE. YOU’RE JUST CHANGING THE TECHNOLOGY FORM FACTOR OF WHICH YOU WILL BUY THAT ASSET.
ALL OF THESE OTHER ASSETS THAT ARE ‘UTILITY TOKENS’, EITHER THEY’RE UTILITY IN TERMS THAT THEY GIVE YOU ACCESS TO SOMETHING SO THEY’RE NOT REALLY AN INVESTMENT, OR ITS MORE I GET UTILITY OR SOME [BETTER] SERVICE IN EXCHANGE.
RIPPLE THE SOFTWARE COMPANY IS DIFFERENT THAN XRP, THE TOKEN. I THINK THAT PART OF THE PROBLEM IS THAT RETAIL INVESTORS HAD BELIEVED THAT BY BUYING XRP THEY HAVE EXPOSURE TO FINANCIAL PERFORMANCE OF RIPPLE. THAT’S OBVIOUSLY NOT TRUE… IF RIPPLE IS SUCCESSFUL THAT DOES NOT NECESSARILY MEAN THAT XRP ENDS UP BEING SUCCESSFUL.
I AS AN INVESTOR ACTUALLY WANT TO OWN EQUITY IN THE SOFTWARE COMPANY BECAUSE THERE’S PROFITS, THERE’S ASSETS, REVENUES ETC. I DON’T WANT TO OWN AN ASSET THAT MAY OR MAY NOT BE THERE IN THE FUTURE AND DOESN’T HAVE UNDERLYING UTILITY OR VALUE DRIVER THAT I CAN POINT TO AND SAY I HAVE CONFIDENCE THAT THAT’S GOING TO LAST.
Pompliano also believes that apart from Bitcoin, tokenized securities are the second most interesting crypto investments. He sees a bright future for the tokenization of traditional assets. He concluded the interview by admitting that roughly half of his net worth is in Bitcoin though specific numbers weren’t disclosed.
Analyst Who Projects Bitcoin Boom to $1,000,000 Warns BTC Halving Headaches Incoming
A crypto analyst known for applying the stock-to-flow ratio to Bitcoin says the leading cryptocurrency is facing a number of headwinds as the 2020 halving approaches.
The halving, which happens about every four years, will slash the supply of new BTC entering the market in half this May.
The pseudonymous analyst known as PlanB says Bitcoin’s supply schedule is strongly linked to the price of BTC. He was the first to apply the stock-to-flow model to BTC, which tracks the circulating supply of an asset against the amount of new supply hitting the market. Often used to track the price of gold and precious metals, PlanB says the ratio is strongly correlated with Bitcoin’s past price movements and shows BTC hitting a high of $1,000,000 within a decade.
But with the halving on the horizon, PlanB now says Bitcoin has a number of issues to overcome, including regulatory uncertainty in the US, hacks and concerns about large sales of BTC from crypto hackers and the seemingly never-ending fallout from the collapse of the crypto exchange MtGox.
“2020 Bitcoin halving will not be an easy ride:
– US/Mnuchin: draconian anti-btc laws
– Craig Wright: legal and patent FUD
– Hacks: like 2016 halving (DAO, Bitfinex)
– MtGox and PlusToken selling narrative
– Miner death spiral and futures FUD
Stock-to-flow skeptics say the advent of Bitcoin derivatives could prevent Bitcoin from rising this time around. They also point to the fact that Bitcoin has only gone through two halvings in the past, saying there’s too little data to confirm their impact on Bitcoin’s price.
Ethereum creator Vitalik Buterin is also not a fan of stock-to-flow. He says it’s part of a crypto culture of “post-hoc rationalized bullshit” analysis that includes tying Bitcoin’s price to global events like the coronavirus.
Despite the fear, uncertainty and doubt, PlanB says his model shows the price of Bitcoin is right where it should be. He likens Bitcoin’s stock-to-flow ratio to a drunk walking his dog, and says although the price of BTC may wobble higher and lower than the predicted price of BTC, it can’t stray too far and always falls back in line.
It won’t be too long until we see how the stock-to-flow model holds up. PlanB says he expects Bitcoin to hit $100,000 by the end of 2021.