Daily Archives: April 21, 2020

BTC/USD Daily CHART SHORT TERM

Bitcoin has seen an interesting week of trading as it rebounded from the support at $6,600 last week. The support here was provided by a rising trend line and was bolstered by a .236 Fib Retracement level. After rebounding, it went on to break above $7,000 but fell short at $7,200 this weekend which caused the coin to roll over again.

The cryptocurrency has since dropped beneath $7,000 and is now trading back at the support provided by the rising trend line.

Bitcoin is considered neutral at the moment, however, if it drops beneath the support line and falls below $6,600, the market would be considered as bearish in the short term.

Looking ahead, if the sellers push beneath $6,650, the first level of support lies at $6,612 (.236 Fib Retracement). Beneath this, support lies at $6,400, $6,200, and $6,085 (.382 Fib Retracement).

On the other side, if the buyers step in and push higher, the first level of resistance lies at $7,000. Above this, resistance lies at $7,174 (bearish .618 Fib Retracement), $7,200, and $7,400. If the bulls can break $7,400, higher resistance lies at $7,676 (1.618 Fib Extension), and $8,000 (bearish .786 Fib Retracement).

The RSI is trading beneath the 50 line which indicates weak bearish momentum. If it continues to drop further beneath 50, we can expect Bitcoin to drop beneath $6,600.

ETH/USD Daily CHART SHORT TERM

Ethereum managed to increase as high as $191 this week where it met resistance at a bearish .618 Fibonacci Retracement level. More specifically, it was unable to break above resistance at $187 (1.618 Fibonacci Extension level). It rolled over from here to drop into support at $170.

Etheruem is bullish right now after creating a fresh high for April. However, if it continues to fall and drops beneath $160 it would be considered neutral with a further drop beneath $150 turning the market bearish.

The first level of support lies at $167 (.236 Fib Retracement). Beneath this, support lies at $160, $152 (.382 Fib Retracement), and $140 (.5 Fib Retracement).

On the other side, if the bulls push higher, the first level of resistance lies at $176 (1.414 Fib Extension). Above this, resistance lies at $187 (1.618 Fib Extension), $191 (bearish .618 Fib Retracement), and $200.

The RSI is above 50 to show that the bulls are not willing to give up control of the market momentum which is a good sign for ETH.

XRP/USD Daily CHART SHORT TERM

XRP rebounded from support at the rising trend line last week which allowed it to climb as high as $0.196 this weekend. However, we can see that it rolled over from here as it drops back into the support at $0.18 which is further bolstered by the rising support trend line.

XRP remains neutral at this moment in time, however, if it was to break beneath $0.18 we could consider the market as bearish.

Beneath $0.18, the first level of support lies at $0.17 (.382 Fib Retracement). Beneath this, support lies at $0.159 (.5 Fib Retracement), $0.147 (.618 Fib Retracement), and $0.14.

On the other side, resistance is located at $0.19, $0.196, and $0.20. Above $0.20, higher resistance is found at $0.211, $0.22, and $0.229 (bearish .5 Fib Retracement).

LINK/USD Daily CHART SHORT TERM

ChainLink has been on an absolute surge during April as it manages to rise toward the $3.70 level. It has since dropped lower but has managed to find support at $3.40, where lies the .236 Fibonacci Retracement level.

ChainLink remains bullish right now but must break $3.70 to continue this bull run. A break beneath $3.40 would turn it neutral with a further drop beneath $3.00 turning it bearish.

If the sellers break $3.40, support can be found at $3.20 and $3.13 (.382 Fib Retracement). Beneath this, support lies at $3.00, $2.91 (.5 Fib Retracement), and $2.69 (.618 Fib Retracement).

On the other hand, the first level of resistance lies at $3.66 and $3.70. Above this, resistance lies at $3.80, $4.00, and $4.13 (1.272 Fib Extension level). Additional resistance lies at $4.38 (1.414 Fib Extension) and $4.50.

The RSI is well above 50 to indicate the bulls dominate the market momentum.

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Market Update: Bitcoin, Ethereum, Ripple, and ChainLink - Where Are They Heading?

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Bitcoin saw a 2.44% price fall today as it straddles the $6,850 support.Ethereum dropped by a total of 4% as it drops into $170.Ripple fell by a total of 2.5% as it drops into $0.18.ChainLink dropped by 4.2% as it reaches support at $3.40.

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Yaz Sheikh

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Coin Gape

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Cryptocurrency Price Analysis: Bitcoin, Ethereum, Ripple, and ChainLink Where Are They Heading? - Coingape

Institutional traders are bringing greater liquidity to Ripples XRP-powered cross-border payment product, On-Demand Liquidity (ODL), according to the companys vice president of global institutional markets.

Ripple VP Breanne Madigan says that XRP liquidity is the lifeblood of ODL, lowering the risk and cost of each cross-border transaction.

The continued growth of ODL has led to an expanding number of financial institutions, payment providers and market-makers to trade in XRP. The resulting increase in institutional trading volume has helped to bring further liquidity to XRP, specifically in ODL corridors in spite of the recent market turbulence surrounding the COVID pandemic.

Bitso, the largest crypto exchange in Mexico, has expanded its reach by utilizing ODL, dramatically increasing its XRP/peso volume.

It now also processes 2.5% of remittance transactions from the United States to Mexico, the third-largest remittance market in the world an achievement that the companys leadership chalks up to their partnership with Ripple.

According to Bitso head of finance Barbara Gonzalez Briseno, Ripples technology has enabled them to charge only a fraction of (traditional) wire transfer fees.

Madigan says that exchanges that arent ODL partners can also help increase XRP liquidity going forward.

But even non-ODL partner exchanges like Kraken or Coinbase will contribute to increased liquidity. As non-ODL partner exchanges continue to grow more mainstream, larger institutional traders will begin transacting in XRP, making order books including ODL order booksmore liquid.

Featured Image: Shutterstock/Irving Sandoval

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Ripple Executive Says Institutional Trading Boosting XRP Behind the Scenes, With Cryptocurrency Exchange Bitso Taking the Lead - The Daily Hodl

Chainlinks native cryptocurrency LINK has rebounded by more than 180 percent from its mid-March lows, beating top assets including Bitcoin and Ethereum.

The LINK-to-dollar exchange rate topped at $3.84 on Saturday as ParaFi Capital, one of the venture firms backingpopular DeFi platform MakerDAO, proposed to collateralize its stablecoin DAI using the LINK cryptocurrency.

The firm noted that LINK brings an attractive market cap, liquidity profile, and appetite for speculation, which could assist DAI in maintaining its US dollar-peg.

For context, lending protocol Aave has seen close to $20MM in LINK 2 supplied as collateral since launching in mid-January, wrote ParaFi. LINK is valued at over $1 billion and is also one of the most liquid ERC-20 tokens available. The token is relatively decentralized with no known kill-switch or blacklisting capabilities.

The speculation helped to bring more users to the Chainlink network. The number of LINK wallets last week surged at an average of 1,400 per day, leading analysts to predict an uptrend in the LINK prices.

The Chainlink predictions are coming to be accurate, at least in the near-term. The LINK-to-dollar exchange rate on Monday jumped 6.26 percent to $3.79, signaling traders willingness to keep the prices afloat above crucial support levels. The move uphill brought the pair up by more than 100 percent on a year-to-date timeframe.

In comparison, bitcoin was down 0.21 percent within the same period.

LINK/USD breaks above October 2019 Resistance | Source: TradingView.com, Binance

Chainlinks gains also led the prices above its long-term moving average, the 200-daily MA. The blue wave in the chart above is now likely to behave like psychological support a place of LINK token accumulation. That increases the possibility of the cryptocurrency to retest $4.10. An extended move above the said level could push LINKs upside target towards $4.81.

Notably, the Chainlink price is rising but remains at the risk of profit-taking. Once the MakerDAO hype fades, traders could start offloading their LINK positions to move into either Bitcoin or fiat. Part of the reason is the fast-spreading Coronavirus pandemic that has raised the demand for the US dollar among institutional and retail investors.

Another reason for a medium-term downside move could be low volume. The price of the cryptocurrency is rising but on meager trade volumes, which shows that a lesser number of traders are participating in the ongoing bull run.

That said, maintaining stop-loss orders on bullish positions is necessary to minimize risks should there by any surprising trend reversal.

Cover Image via Unsplash

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Chainlink Cryptocurrency is Up 100 Percent YTD; What's Behind the Intense Rally? - Bitcoinist

ISKANDAR PUTERI: Police have arrested 14 men from China for involvement in cryptocurrency (bitcoin) scams in a house at Horizon Hills here.

Iskandar Puteri OCPD Asst Comm Dzulkhairi Mukhtar said the arrests were made around 2.15pm on Saturday (April 18) following a two-month long surveillance.

"The suspects are aged from 20 to 30 with three of them having no valid travel documents," he said when met by reporters at Iskandar Puteri police headquarters here on Sunday (April 19).

He added that the suspects targeted victims from China by impersonating as a successful investor.

"One of them would pose as a successful investor or a mentor while the rest will pose as investors before creating a group chat through WeChat and QQ application for each of their victims.

"All of the suspects would then give a fake testimony to persuade the victim into investing," he said, adding that the group has been active for the past two months.

ACP Dzulkhairi added that police are still investigating the total number of victims and the value of money scammed by the group.

The case is being investigated under Section 420 of the Penal Code for cheating which provides for a jail sentence of up to 10 years and caning, with the possibility of a fine, if convicted.

They are also being investigated under Section 6(1)(C) of the Immigration Act 1959/63, which provides for a fine of not more than RM10,000 or jail of up to five years, or both, and up to six strokes of whipping on conviction.

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Johor cops nab 14 Chinese nationals over cryptocurrency scams - The Star Online

Apr 21, 2020 at 10:55 // News

While most of the world is in a lockdown due to the COVID-19 pandemic, many people have lost their jobs or sources of income. While searching for a way to improve the situation, it is rather easy to fall victim to a fraudulent scheme.

As the outbreak of the coronavirus has put most of the planet into a lockdown, scammers and fraudsters take their chance to make some profit for themselves. Some of them target critical health departments of governments, non-profit organizations (including WHO), and private firms working hard to curb the COVID-19 pandemic. The World Health Organization (WHO) has in recent weeks registered a rapid hike in the number of hacks, most of which demand ransoms in cryptocurrency.

However, ordinary people suffer no less, and even more, as scammers trick them out of their last money. In conditions when it is not so easy to earn funds, it might be fatal for some families. Coinidol.com, a world blockchain news outlet, has gathered a list of the most widespread scam schemes related to coronavirus, in order to help our readers protect themselves.

While everybody understands it is important to combat COVID-19 as soon as possible to get back to normal life and prevent global economic collapse, scammers try to benefit from peoples willingness to help. So they pose themselves as reputable organizations such as National Health Service or World Health Organization and ask for cryptocurrency donations to aid the victims of COVID-19, buy drugs and medical equipment or fund the research for a vaccine.

It is easy for fraudsters to trick trusting people as such organizations really collect donations. However, none of them accepts cryptocurrency. Not directly, at least. For instance, the Dutch Red Cross accepts digital currency donations using BitPay as an intermediary. So, if you receive an email from, lets say, WHO, asking you to donate cryptocurrency directly to a wallet, most probably it is nothing but a scam trying to trick you out of your money.

With the death toll of COVID-19 being quite high, it is natural that people wish to protect themselves by any means. And this has not gone unnoticed for scammers that have started offering a really working cure from coronavirus or lists of infected people so that those healthy ones could protect themselves.

The latter scheme targeted the citizens of Great Britain, namely, the residents of Manchester, Pembrokeshire, and Norfolk. People were offered to buy lists covering their neighbourhood, so they could isolate themselves from those infected. However, as a result, the victims got nothing in return.

As of now, there is no cure against coronavirus either legal or illegal. There can also be no lists of infected people as such information is confidential, so disclosing it is considered a crime. If you get any kind of such offers, you must not trust them, for if you do, you will end up with nothing but an empty wallet.

Intimidating people to make them pay is no news for the criminal world. However, now this scheme has been modified in COVID-19 style. Some of the scams come threatening people (victims) to reveal their personal information and also send Bitcoins in the addresses provided or else the family of the victims will be infected with coronavirus.

In this case, scammers simply manipulate peoples fears. The globe is in panic, people are afraid of leaving their homes in order to stay healthy and survive this pandemic. So the threat might seem really formidable to those easily scared.

However, as in most cases, these are only threats, for it is actually not so easy to infect someone who does not leave home. Besides, there is no chance to infect someone without the risk of being infected. Scammers are also people. They have the survival instinct. So dont let fear affect your critical thinking and stay calm.

This is another good old fraudulent scheme that has been brought back for COVID-19. Scammers usually disguise themselves as legitimate and reputable organizations and prompt their victims to open some links or documents within their emails. These might be databases of the infected people, some fake research results that testify finding of a cure or a vaccine etc.

If a user clicks such a link, one will be forwarded to a fake website that usually steals credentials. For instance, a group of scammers in Great Britain posed themselves as Her Majesty's Revenue and Customs and offered people tax returns as if to aid the citizens during a lockdown. Those who clicked the bait were forwarded to a credential-stealing website or asked to pay a small processing fee before actually getting the money. Well, no need to say no one got any money at all.

This scheme is not directly related to coronavirus, however, the pandemic has triggered its significant growth. People are forced to stay at home, with many of them having lost their jobs and sources of income. So remote jobs are becoming more and more relevant.

Scammers have realised this as well. So while people are desperately looking for new jobs, fraudsters are sending them fake offers and lure their personal data and credentials. Some of such employers ask to pay some kind of fees or buy some tools or information necessary for future work. But as soon as the person pays, the employer vanishes along with ones money.

The best way to protect yourself against such schemes is to think twice, explore and investigate. It might be not so easy to tell fraudsters that disguise themselves as a reputable organization, but still, it is possible if you take your time and study the situation. For instance, if you are offered a cure from COVID-19, you may surf the web and see that there is actually no cure, so you have been contacted by scammers.

Governments and other organizations from various countries also keep a close eye on such scams, trying to warn people against them. For instance, the United States Federal Bureau of Investigation (FBI) has issued a warning related to the increase of COVID-19 related scams. The Bureau advised the general public to be sure to tell apart legitimate vendors from scammers before any dealings, research well on online investment opportunities, and to avoid disclosing personal bank account details online suspicious business-related activities.

Furthermore, the FBI and the Office of Criminal Investigation (CIA) said that they have formed a dedicated team to prevent money laundering and fraud crimes using cryptocurrency. So any victim who wants to report an activity involving cryptocurrency or suspected of being a crime, please visit the dedicated team office or contact the FBI Internet Crime Reporting Center.

In Great Britain, fraud and cybercrime reporting centre Action Fraud has joined forces with London Police to spread awareness about coronavirus-related scams. Therefore, their information might also turn out helpful in case you find yourself hesitant about any offer or email you receive on the Internet.

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5 COVID-Related Cryptocurrency Scams that Can Trick You Out of Your Money - Coin Idol