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Binance Coin, Dogecoin, Tron Price Analysis: 08 June

Binance Coin’s ascending triangle was negated once the price breached past the bottom trendline of the pattern. Dogecoin’s movement was hardly a surprise as the formation of a descending triangle incl

The post Binance Coin, Dogecoin, Tron Price Analysis: 08 June appeared first on AMBCrypto.

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Binance Coin’s ascending triangle was negated once the price breached past the bottom trendline of the pattern. Dogecoin’s movement was hardly a surprise as the formation of a descending triangle inclined towards a bearish outcome. Finally, a rise in volatility could heighten losses for Tron over the coming sessions.

Binance Coin [BNB]

Source: BNB/USD, TradingView

Binance Coin’s ascending triangle got invalidated once the candlesticks pierced the bottom trendline of the pattern. Losses amounted to 13% from the lower trendline to a support region around $350. Some buying was noted over the past few sessions on the 4-hour chart but the threat of another breakdown was on the cards.

RSI fell sharply towards bearish territory as sellers dominated the market. Bearish crossover was also seen on MACD, while the histogram showed rising momentum. An extended sell-off could see BNB drop towards $300-support. Any move lower than that likely would be countered at a demand zone between $210-$235.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Dogecoin broke south of its descending triangle and headed towards a strong support zone between $0.32 and $0.30. Reliability of this area was highlighted on multiple occasions over the last month. It was the starting point of DOGE’s rally in late April (prior to SNL saga) which eventually led to gains of over 100%. The zone was also in focus during the last week of May, triggering minor rallies due after correctional periods.

RSI touched the oversold zone and a bounce-back can be expected moving forward. However, bearish momentum was building up on the Awesome Oscillator and a breakdown could trigger a 20% fall towards $0.245-support.

Tron [TRX]

Source: TRX/USD, TradingView

Tron’s price remained restricted below its 23.6% Fibonacci level ($0.083) over the past few days but a 9% pullback saw the candlesticks slip below their 20 (red) and 50 (yellow) SMA’s. According to Squeeze Momentum Indicator, volatility was picking up and TRX could be in for some more losses moving forward. A breakdown from $0.069 could result in an additional 20% loss towards $0.056. Even if the market takes a bullish U-turn, gains would likely be capped at the 23.6% Fibonacci level which formed a stiff resistance.

Even though RSI was expected to reverse direction from oversold conditions, it would likely remain below 40 over the coming sessions.


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Source: https://ambcrypto.com/binance-coin-dogecoin-tron-price-analysis-08-june

Blockchain

Analysts Claim Bitcoin Is Headed Into Short Squeeze Territory, Suggesting Another Price Spike

Is bitcoin about to experience a “short squeeze?” According to many analysts, the answer is yes. A Short Squeeze Is in BTC’s Future, Analysts Say A short squeeze is when an asset that has been doing poorly suddenly skyrockets in price due to several traders making bets against it. As of late, the world’s number

The post Analysts Claim Bitcoin Is Headed Into Short Squeeze Territory, Suggesting Another Price Spike appeared first on Live Bitcoin News.

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Is bitcoin about to experience a “short squeeze?” According to many analysts, the answer is yes.

A Short Squeeze Is in BTC’s Future, Analysts Say

A short squeeze is when an asset that has been doing poorly suddenly skyrockets in price due to several traders making bets against it. As of late, the world’s number one digital currency by market cap has been trading in the doldrums, losing close to $30,000 off its price since reaching its latest all-time high of approximately $64,000 in mid-April of this year. The asset has been in a rather poor state ever since, and everyone seems to have lost their faith in it.

However, according to many industry experts, this is exactly what needs to happen if bitcoin is to ever experience any kind of surge. Flex Yang – chief executive of Hong Kong-based crypto lender Babel Finance – explained in a recent interview:

Given bitcoin’s past market performance, when traders use excessive leverage to short the market during a horizontal price adjustment, there will often be a short squeeze phenomenon.

He has pointed out that a lot of money is now going into bitcoin from short sellers looking to make quick profits off the digital asset. He suggests this has been a relative constant ever since bitcoin began falling into oblivion as despite the currency’s massive dip, trading volumes on popular crypto exchanges such as Binance have increased by approximately 110 percent over the past two months.

Yang further says:

Many people are anticipating a bear market. Bitcoin holders are building hedges. Those who bought at high prices are locked in.

This Has Happened Before

He also claims that a short squeeze could be somewhat expected at this stage given it has occurred a few times in the past with bitcoin. He suggested this while pointing to evidence of bitcoin’s behavior between the months of February and April in 2018 and then again between June and July of 2020. During these periods, bitcoin experienced heavy spikes after dropping to new lows. He says:

In November 2020, there was a temporary sharp increase in the number of short-selling positions at a high price. Afterwards, the price of bitcoin continued to rise, continuing its bull market position. No matter if the market outlook is trending downwards after rebounding or if bitcoin maintains its bull market status, short traders have always suffered the consequence of being squeezed out and liquidated.

Bitcoin’s bull run came to a screeching halt not too long ago after it was announced that Tesla was rescinding its decision to accept bitcoin payments for all goods and services. The price experienced further drops when CEO Elon Musk hinted on Twitter that he was looking to sell his personal BTC stash. In addition, China also took a stance against bitcoin mining, saying that it would limit further activity.

Tags: bitcoin, Flex Yang, Short Squeeze Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.livebitcoinnews.com/analysts-claim-bitcoin-is-headed-into-short-squeeze-territory-suggesting-another-price-spike/

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UK Bank Bans Crypto Purchases From Binance and Kraken, Reports

TSB is reportedly taking actions to prevent its customers from using Kraken and Binance to buy crypto because of their alleged poor safety measures.

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British banks are making it increasingly difficult for their customers to get involved with crypto, citing particular concerns related to security and exposure to fraud.

According to a report by the British newspaper The Times, TSB bank is reportedly about to ban its customers from buying crypto with funds managed by the bank. TSB is reportedly concerned about an “excessively high” fraud rate related to crypto exchanges operating in the country.

TSB Could Be Cutting Ties With Crypto Exchanges For Safety Reasons

The Times claims to have reliable information that TSB is going to ban the purchase of crypto with cash via Binance and Kraken. Apparently, the low security standards of these platforms facilitate the works of scammers, in particular the setup of e-wallets.

According to the reports, TSB has received at least 849 fraud complaints between March 15 and April 15 by Binance users. The bank claims that all attempts to communicate with Binance have been unsuccessful. However, Binance says it has never received any messages from the bank’s security team.

Without directly referring to TSB, a spokesman for Binance reiterated the exchange’s commitment to working for the security of its customers, assuring that it is company policy to prioritize the issue:


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“Binance is very serious about its responsibility to protect users from scams. When we are made aware of these claims, we immediately take action and have an excellent record of working with law enforcement agencies.”

But Kraken was much more direct. Steven Christie, global head of compliance at Kraken, denied TSBs allegations, although he made no reference to the stance they will take on this possible outbreak of new wire fraud:

“We categorically deny the allegation that Kraken does not respond to calls for assistance on incidents of fraud. Kraken responded to well over 1,000 different requests from law enforcement agencies in 2020 alone. Kraken operates in full compliance with law enforcement agencies.”

Investors Are Making Things Easier For Scammers In The UK

Fraud reports are a sensitive issue for the bank as it offers a fraud protection service in which it refunds the money lost in the event that a person has been a victim of a scam. The bank has also asked for caution towards crypto-related scams.

So far, TSB bank has not issued any official statement regarding its stance towards Kraken of Binance, however, the interest of UK regulators in overseeing cryptocurrency-related activity has been on the rise.

Recently, a survey by the UK’s Financial Conduct Authority revealed that the number of cryptocurrency investors had increased from last year, as had the average worth of cryptocurrency holdings by retailers.

However, the FCA also found that the number of people with a poor understanding of cryptocurrencies also increased even though they invested in them.

This is a worrying development for law enforcement and crime prevention agencies, as it provides a breeding ground for scammers and criminals to take advantage of a larger potential pool of victims who are less savvy than in previous years.

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Source: https://cryptopotato.com/uk-bank-bans-crypto-purchases-from-binance-and-kraken-reports/

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Bitcoin Gets More Popular in The UK, But Few People Actually Understand It

The people in the UK seem more interested in cryptocurrencies, but many lack basic knowledge about them.

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The latest data revealed that 78% of the UK residents have heard of cryptocurrencies, as 2.3 million of them hold some of them. Nonetheless, the overall understanding of digital assets has declined.

More HODLers But Less Crypto Knowledge

Digital assets remain a complicated industry in the UK, and the share of people investing in them is significantly lower than in other countries. However, the public awareness surged by 5% in a year, as in 2021, 78% of the locals have heard of cryptocurrencies compared to 73% in 2020, according to the FCA.

The number of individuals who own virtual assets has also increased as 2.3 million Britons have some cryptocurrencies, representing 4.4% of the population. Last year’s data showed this percentage to be 3.9%.

The locals seem to have invested a bit more this year and pushed the median holding from £260 ($361) to £300 ($417). Most crypto investors are male, wealthy, over 35, and with excellent educational levels.

Nearly half of the surveyed (47%) considered the crypto market a gamble in 2020. Now this percentage decreased to 38%, and more people see it as an option to invest at some point.


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The FCA, though, reported that many of the Britons lack basic knowledge about virtual assets, and their investment could turn to be very risky:

”Some crypto users may not fully understand what they are buying.”

More Britons Prefer BTC Than Stocks

Despite the confusion that crypto seems to cause for the Britons, most have invested in Bitcoin rather than stocks and shares Isas last year. A survey conducted by Find Out Now suggested that nearly 7% of the locals have located some of their wealth in the primary cryptocurrency while 5% have done this in traditional stocks and shares. Laith Khalaf – a financial analyst – commented that according to the data, the society converts to crypto:

”When more people are buying cryptocurrency than investing in a stock market Isa, you have to conclude the world’s gone crypto crazy.”

The vast majority of the investors claimed to have made a profit from their crypto dealings, while 12% reported a loss.

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Source: https://cryptopotato.com/bitcoin-gets-more-popular-in-the-uk-but-few-people-actually-understand-it/

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Indian Police Arrested ”Crypto King” Who Traded Drugs for Bitcoin

The ”Crypto King” will wait to hear his punishment after being arrested for trading drugs with bitcoin on the Darknet.

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India’s Narcotics Control Bureau (NCB) arrested Makarand Pardeep Adivirkar, better known as the ”Crypto King”, on suspicion of purchasing drugs from the Darknet using bitcoin. Apart from Indian peddlers, the criminal also bought narcotics from European ones.

LSD for BTC

The NCB announced that it arrested a suspect who allegedly exchanged bitcoin for LSD. He was later identified as Makarand Pardeep Adivirkar, a.k.a. the ”Crypto King”. The criminal operated on the notorious Darknet, where numerous outlaws trade illegal substances like drugs and weapons:

”His modus operandi was to receive cash, and provide bitcoins on marginal profits by using his wallet that was used to purchase drugs from the Darknet.”

The investigation revealed that it found 20 LSD blots in Kharodi Village, Malad. The Director of the Mumbai Unit of NCB – Sameer Wankhede – informed that the ”Crypto King” has connections with European drug dealers as he bought the narcotics from Europe:

”In November 2020, a team of NCB Mumai had seized 20 LSD blots from Kharodi Village in Malad. The seized psychotropic substance was purchased from Europe by using bitcoin.”

The NCB will conduct a further investigation on the case. As of the moment, it remains unclear what punishment Adivirkar will face.

The Dark Side of Crypto

Recently, another suspect was arrested for processing $25 million worth of BTC illegally. Kais Mohammad – a resident of the luxurious part of Los Angeles Orange County – will spend the next 24 months in federal prison for operating an illegal BTC ATM service.


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The criminal, also known as ”Superman29” pleaded guilty to the charges of operating unauthorized money transmitting business, money laundering, and so forth.

Mohammad was the leader of the illegal digital currency money services business – Herocoin – from December 2014 to November 2019. During this period, he offered Bitcoin-to-cash exchange services, charging fees of up to 25 percent – significantly above the usual market rate.

Interestingly, most of his clients were criminals and he never cared about the source of their funds. The US authorities even put into action undercover agents, who reached out to the outlaw for his services. They told him that their money comes from prostitution, human trafficking, and dark web activities, but Mohammad still did business with them and exchanged the cryptocurrency.

In addition to the two years that he has to spend behind bars, ”Superman 29” also agreed to give over 17 BTC ATMs, 18.5 BTC, 222.5 ETH, and $22,820 in cash to the authorities.

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Source: https://cryptopotato.com/indian-police-arrested-crypto-king-who-traded-drugs-for-bitcoin/

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