Bitcoin prices rally 5% to hit 2-week high on technical buying

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Investing.com - Bitcoin prices rallied sharply on Monday to hit the highest level in more than two weeks as a wave of technical buying kicked in after prices broke above a key resistance level.

Bitcoin (BTC/USD) touched a session high of $376.04 on Slovenia-based BitStamp earlier in the day, the most since October 23.

Prices last traded at $374.35 during U.S. morning hours, up $16.35, or 4.57%.

The price of a bitcoin on Bulgaria-based BTC-e added $14.39, or 4.04%, to trade at $370.51, while prices on Singapore-based itBit advanced $6.26, or 1.74%, to trade at $366.24.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency tacked on 2.45% to trade at $372.19.

Bitcoin's gains accelerated after prices broke above key resistance close to the $370-level, triggering fresh buy orders amid bullish chart signals.

Over the past couple of weeks, the price of Bitcoin has remained relatively stable, with prices consolidating in a narrow range between the $320-and $360-level.

Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) rallied 6.39, or 2.22%, to trade at 294.89 on U.S.-based Kraken Exchange.

Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based BTC China edged up 37.20 yuan, or 1.68%, to trade at 2,245.54 yuan, while prices on Beijing-based OKCoin increased 69.79 yuan, or 3.2%, to trade at 2,249.79 yuan.

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Bitcoin prices rally 5% to hit 2-week high on technical buying

Bitcoin head charged in US securities case

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NEW YORK Trendon Shavers, founder of Bitcoin Savings and Trust, has been charged with fraud and accused of masterminding a $4.5 million Ponzi scheme, according to federal prosecutors in Manhattan who said it was the first U.S. securities-fraud prosecution tied to the electronic currency.

Shavers, 32, who operated the firm that made virtual currency-based investments through the Internet, raised at least 764,000 bitcoins through his business, Manhattan U.S. Attorney Preet Bharara said in a statement.

At the peak of the scheme, Shavers raised and had in his possession about 7 percent of all the bitcoins in public circulation, Bharara said.

From September 2011 through September 2012, Shavers, using the name pirateat40, solicited investments in Bitcoin Savings on Bitcoin Forum, an Internet site where investment opportunities are posted, the U.S. alleged.

Shavers allegedly offered investors who lent bitcoins to Bitcoin Savings as much as 7 percent interest weekly an annualized interest rate of 3,641 percent and investors were told they could withdraw their investments at any time, according to the statement.

Shavers also claimed the investment by Bitcoin Trust would be used to support a market-arbitrage strategy that included lending bitcoins, trading bitcoins using online exchanges and selling bitcoins locally via private off-markets transactions, according to the U.S.

Shavers in truth largely failed to execute the claimed market arbitrage strategy and failed to deliver the agreed upon rates of interest, according to prosecutors.

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Bitcoin head charged in US securities case

Seasoned Hackensack poised for playoff run

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Coach Benjie Wimberly says his team "is more prepared to move on in the playoffs.

Merely reaching the playoffs is no longer good enough within the Hackensack football program.

The Comets made the playoffs in each of head coach Benjie Wimberlys first two seasons, but they lost first-round road games by wide margins both times. Wayne Hills handed Hackensack a 35-0 loss two years ago in a North 1, Group 4 game and nemesis Passaic Tech handily defeated Hackensack, 40-6, in a North 1, Group 5 encounter last season.

The fifth-seeded Comets (7-1) will hit the road again Friday night, when theyre scheduled to face fourth-seeded North Bergen (7-2) in another first-round game in North 1, Group 5. Theyll arrive with a different mind-set.

"A couple years ago when we went it was the first time Hackensack had been in the playoffs in four years," Wimberly said. "I know that was very exciting and everything. Last year we had the talent to move on. We were just outplayed by Passaic County Tech. I think now were a little more prepared to move on in the playoffs.

"Were more business-like this year. Even after we lost to Passaic County Tech, nobody put their heads down. They just said, All right, lets just get back to the grind.

Hackensack has won four in a row since losing at Passaic Tech, 35-7, in a Big North, non-division game Oct. 3. The Comets, ranked No. 18 in The Record Top 25, proved to Wimberly by beating Eastside, Fair Lawn, No. 21 Ridgewood and Clifton in the aftermath of another Passaic Tech setback that this team is better equipped to respond to adversity than his first two teams.

"Were tougher mentally than weve been the past two seasons," said Wimberly, whose teams won seven sectional titles while he was Paterson Catholics coach from 1995-2009. "Its not good enough just to be a .500 team or a playoff team. That comes from a lot of the kids who are seniors being in this program for three years.

"Were changing a culture. This is Hackensack. Were supposed to win. The expectations have to be there. The first couple years I was here I think they were excited to be winning games. These kids dont think thats enough. Theyre saying, Weve got to raise the bar. Weve got to take it to where it belongs.

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Seasoned Hackensack poised for playoff run