New York Rep. Alexandria Ocasio-Cortez has criticized the involvement of Fairshake, a crypto-focused super PAC, in New York’s 16th congressional district democratic party elections. Ocasio-Cortez qualified the media campaign against incumbent Jamaal Bowman, valued at over million, as “corruption” and a “core threat to American democracy” on social media. Alexandria Ocasio-Cortez Tells Crypto PAC […]
Bitcoin News
Bitcoin Advocate Says ASIC Devices’ Inflexibility Makes AI Involvement Unlikely for Bitcoin Miners
According to Joe Downie, the chief marketing officer at Nicehash, bitcoin miners struggling to stay afloat after the halving are unlikely to support or become involved with artificial intelligence (AI). This is because their application-specific integrated circuit (ASIC) miners now “only allow for mining on one algorithm.” Furthermore, Downie argued that bitcoin mining devices are […]
Bitcoin News
FinCEN Finds Increased Cryptocurrency Involvement in Human Trafficking
The Financial Crimes Enforcement Network (FinCEN) has released an analysis that reports an alleged increase in the use of cryptocurrency in human trafficking cases. According to FinCEN, reports of cryptocurrency linked to these purposes grew from 336 in 2020 to 1,975 in 2021, an increase of almost 500%. FinCEN Alerts of Crypto Usage Linked to […]
Bitcoin News
GROK Memecoin Faces 40% Drop As Expert Exposes Scammer’s Involvement
Grok (GROK) token, inspired by Elon Musk’s artificial intelligence service through X (formerly Twitter), has recently come under scrutiny following explosive growth in market capitalization.
According to recent reports, Grok zoomed to a staggering 0 million market cap within just eight days of its release. However, reports of alleged scam involvement have overshadowed the token’s rapid ascent.
GROK Meteoric Rise Marred By Scammer Accusations
Grok token prices have soared, doubling within the past 24 hours alone, extending a week-long rally that has seen an astonishing 13,000% increase. The token boasts an impressive 11,000 holders and has witnessed a trading volume of over million over the past 24 hours, according to data from DEXTools.
However, ZachXBT, a self-proclaimed crypto detective, has raised concerns about the legitimacy of Grok, stating that the token was created by a scammer. ZachXBT has stated that the same X/Twitter account associated with Grok has been linked to at least one other fraudulent scheme. ZachXBT stated:
Not that people in this space will care but GROKERC20 GROK was created by a scammer. Same exact X/Twitter account has been reused for at least one other scam. X/Twitter ID: 1690060301465714692
Satoshi Flipper, another prominent crypto trader on X, echoed this sentiment, labeling Grok as an “effing scam” and emphasizing that Elon Musk did not authorize the token’s launch. Satoshi Flipper said:
This is Grok. .9M liquidity and a 7M market cap? What an effing scam. Not only that, it’s completely fraudulent to trade this knowing Elon Musk, the owner of Grok, did not authorize these devs to launch a token. Imagine touching this toxic trash.
Experts from Arkham Intelligence also weighed in, reporting that an on-chain trader sold a significant amount of GROK at nearly 40% slippage, reinforcing the scam allegations made by ZachXBT.
The controversy surrounding Grok has raised concerns within the cryptocurrency community. Critics argue that the token’s market cap, coupled with the lack of authorization from Elon Musk, raises red flags.
Impressive Turnaround
The token’s market cap has undergone a retracement, now at 8 million, down from its previous value of 0 million. Additionally, the token exhibits a liquidity of .83 million.
Despite experiencing a substantial slippage of 48%, with its price dropping as low as .0056000, the token has remarkably recuperated and is now trading at .0108452.
It is yet to be determined whether further reports will surface to shed light on the individuals behind the token’s creation and their objectives, potentially exposing the risk of a rug pull within the cryptocurrency industry.
However, despite these allegations, the token has attracted significant attention and excitement from investors eager to participate in the potential surge of the next major meme coin, aiming to achieve substantial gains in their investments. As of the time of writing, the Grok official account on X has not made any statements regarding these allegations.
Featured image from Shutterstock, chart from TradingView.com
Ron Paul Denounces US Government ‘Deceptions’ on Inflation; Mentions Federal Reserve Involvement
Ron Paul, a former congressman from Texas and former U.S. presidential candidate, has reflected on how the U.S. government is handling inflation and how it has been deceitful on the issue. Paul believes that if the U.S. government were to really point to the root of the inflation problem, it would have to refer to the action of the Federal Reserve.
Ron Paul Calls Out U.S. Government ‘Deceptions’ on Inflation
Ron Paul, former Congressman from Texas and former U.S. presidential candidate has called out the U.S. government for the way it presents information about inflation. In the latest episode of “The Ron Paul Liberty Report” webcast, Paul criticizes the ‘deceptions’ of the U.S. government in presenting the real causes- and effects – of the inflationary process.
For Paul, the government is not interested in people seeing the true meaning of inflation and its roots. About this, he stated:
Inflation in Austrian economics is the increase in the supply of money and credit and the secondary effect of this is a rise in prices. That’s the last thing the government wants you to concentrate on, because if the people knew it would eventually have to deal with the printing of money.
At the same time, Paul stated that the current debate on raising the debt ceiling was a “political gangsmanship” game that politicians are playing, but that the debt ceiling will be eventually lifted.
Inflation Victims and Federal Reserve Involvement
Paul remarked that the difficult thing about the inflationary process is that the government doesn’t know who the real victims are, adding that the middle class and the poor are the ones that get hit with higher prices. About the obscuring tactics of the government on inflation, Paul explained:
There has to be a lot of distortion, and there has to be a lot of gimmicks, taxes being manipulated; but there is always directed to deceiving the people so they will go along with it until it gets so bad that the people revolt against it.
Finally, Paul also criticized the role of the Federal Reserve in the growth of inflation, and how the government was unable to mention it as one of the main culprits of the inflationary escalade. About how the creation of the Federal Reserve goes against the U.S. Constitution, Paul declared:
They cannot lay the blame on the Federal Reserve – even though there’s talk about it -but really putting the blame on the Federal Reserve and wanting to do something about it, they would have had the challenge of what the founders had… they put into the constitution: ‘No central bank, and only gold and silver can be legal tender.’
What do you think about Ron Paul’s thoughts on inflation and its causes? Tell us in the comment section below.
National Exchanges Reportedly Pause Operations in Venezuela, as Attorney General Confirms Crypto Watchdog Sunacrip Involvement in Oil Sale Schemes
National cryptocurrency exchanges have paused their activities in Venezuela according to reports, as the anti-corruption probe on national crypto watchdog Sunacrip and unlawful oil sales continues in the country. Tarek William Saab, attorney general, confirmed the involvement of the institution in a parallel scheme that involved the sale of Venezuelan oil to third parties, mentioning Sunacrip as part of the criminal structure.
National Exchanges Pause Operations in Venezuela
The “Crypto-PDVSA” anti-corruption probe, named after the state-owned oil company, is still investigating the involvement of Sunacrip, the Venezuelan crypto watchdog, in the illegal sale of oil to third parties.
According to recent reports, the probe has resulted in the pause of all trading activity of national cryptocurrency exchanges, with no date for resuming operations announced.
Ana Ojeda, a Venezuelan cryptocurrency lawyer, also known as “Criptolawyer” on Twitter, stated:
Venezuelan exchanges close operations by orders of Sunacrip. Supposedly temporary measures while the institution is restructured.
Ojeda also confirmed that registered miners from all over the country were forced to pause their operations while the probe continues, stating that “digital miners from all over the country, registered with the agency, have also been turned off.”
Cryptobuyer, one of the main exchanges in the country, issued a press release in which it stated that it would be pausing its activities according to orders issued by Sunacrip, but hours later, it issued yet another release that denied this, stating that it was reporting about a temporal stop in its own operations.
Attorney General Confirms Sunacrip’s Involvement in Oil Sale Scheme
Tarek William Saab, attorney general of Venezuela, officially confirmed the involvement of Sunacrip in parallel operations that successfully allowed the sale of oil to third parties. In a press conference offered on March 25, Saab explained, in part, how this corruption scheme operated. He declared that PDVSA officials used their influence to execute oil sales that were parallel to the ones executed by the state-owned oil company.
After these operations, Sunacrip did not deliver the proceeds of the sale of this oil to PDVSA. Saab said the money was used to buy cryptocurrency assets and injected into other activities in order to launder it. However, Saab did not say whether cryptocurrencies were used as a payment method for the illegally sold crude.
There are currently 11 people apprehended in relation to these crimes, including former Sunacrip head Joselit Ramirez.
What do you think about the pause of trading activities of cryptocurrency exchanges in Venezuela and the Crypto-PDVSA probe? Tell us in the comment section below.
Bitcoin SV Plunges as Founder Admits to Whale Involvement
That Bitcoin SV (BSV) price rally is appearing to hit an end.
The fifth-largest cryptocurrency by market capitalization suffered huge losses during the Friday trade as its rate plunged by up to 12.36 percent. The move downhill led Bitcoin SV to establish an intraday low of 1.29. At its monthly best, it was trading at 8.74.
Bitcoin SV this Friday was down by up to 43.04 percent from its monthly top | Source: TradingView.com, BitFinex
The weak intraday performance was accompanied by a lower daily volume. That itself raised concerns about the absence of trades in order-books that eventually executed the 43 percent crash on Friday. Nevertheless, the price fell towards the support line of what appears to be a newly-forming bull flag (in green).
Shooting Your Own Foot
The plunge did not appear as a surprise for a cryptocurrency whose price earlier this month had exploded by 374 percent. So it appears, the BSV-to-dollar exchange rate met profit-takers on its way up, which caused to correct rather aggressively.
Now, with some gains still left on the table, there is a likelihood that the pair would continue its downside momentum.
Part of the reason why it could happen is the possibility of whale-induced manipulation – a scenario wherein traders holding larger-than-expected capital can move an illiquid market in either direction. And, it is not a theory anymore. The reason is Bitcoin SV founder and self-proclaimed Satoshi Nakamoto, Craig Wright, himself.
The former Australian pastor admitted in an interview with BlockTV that he knew who exactly pumped the BSV price in January. While he appeared confident about having the knowledge, he forgot that he was somewhat acknowledging how the Bitcoin SV market was under the control of fewer entities.
That overall made BSV prone to price manipulation. Coupled with its thin order books and lackluster volume, the factor now serves as a bearish signal to long-term Bitcoin SV investors.
More Warning Signals
Concerns over a potential Bitcoin SV price manipulation raised further when Timothy Peterson, the author of Metcalfe’s Law as a Model for Bitcoin’s Value, brought focus towards the huge gap between the cryptocurrency’s median transaction value and its retail price.
(1/2) The median (middle) transaction value for $BSV is less than 1/10 of one cent. This is an economically meaningless value. Txns have soared to 700k/day, meaning there are hundreds of thousands of fractional cent txns being processed daily…. pic.twitter.com/URIEYZBWSz
— Timothy Peterson (@nsquaredcrypto) January 31, 2020
“The only explanation is automated wash trades to inflate $BSV stats and pump price,” he added. “This is what price manipulation looks like.” The post appeared first on NewsBTC.
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Reserve Bank of India Denies Involvement in Draft Bill to Ban Cryptocurrencies
India is embroiled in rumors of a cryptocurrency ban that would have made cryptocurrency mining, trading, and ownership illegal.
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Investment Firm Denies Involvement In Bitmain IPO Following Erroneous Media Reports
n Investment company Temasek has denied its participation in crypto mining giant Bitmains pre-IPO following erroneous media reportsn
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Bitcoin (BTC) Technical Analysis: With Institutional Involvement, BTC Fair Value above $10,000
Over the weekend, Bitcoin prices remained pretty stable with buyers jumping at ,100 rejecting depreciation below ,000. In any case, what we have is a nice bullish engulfing candlestick bouncing off a key support line at ,000 following last week’s rapid gains. Even though our Bitcoin (BTC) longs are active in line with our trade plan, adding more with stops at ,000 and first bull targets at ,000 will be a nice trading plan.
From the News
Institutional involvement is and shall continue to be the lifeline of tradable assets irrespective of the exchange’s location or size. CoinBase has been on the forefront fronting and providing services that would satisfactorily address some of these institution’s requirements as risk management for example.
Services such as CoinBase Prime and Custodial Services complete with a coverage group that’s strategically positioned in New York are proving a success.
Announcing Coinbase Custody: A Digital Currency Custodian For Institutions https://t.co/HaH8udz7Sa
— Coinbase Custody (@CoinbaseCustody) November 16, 2017
So far, rumor has it that they have successfully on-boarded a prime client, a hedge fund whose valuation exceeds billion. Of course this is exciting news in the crypto verse but news is, CoinBase isn’t relenting, lying on laurels. Instead the team at the grass roots expects more hedge funds to work through CoinBase tools and participate in trading activities.
As this was unfolding, CoinBase’s Facebook adverts are now live after being pre-vetted by the social media giant in line with their previous announcement. Facebook decided to review their policy last month and cognizant that a blanket ban on cryptocurrency and ICO ban was an impulsive decision, the underlying technology driving these projects is here to stay.
Bitcoin (BTC) Technical Analysis
Weekly Chart
By the end of last week, it was clear that Bitcoin buyers were back and it’s easy to see why. Visible in the weekly chart is this nice bullish engulfing pattern reversing from around the ,000 support line. ,000 also doubles up as 2018 lows.
Previous Bitcoin (BTC) analysis shows that this level is important in our analysis and we expected prices to react strongly. It did and with this, it also means buyers are jumping in strongly-there a spike in trading volumes last week-in between the 61.8 percent and 78.6 percent Fibonacci retracement levels.
These Fibonacci zones are often key reversal zones. By BTC reacting around these zones, odds are we might see strong gains in the coming weeks.
Daily Chart
In this time frame, what’s important is July 17 bullish engulfing candlestick. By all accounts it’s a bullish break out candlestick which triggered our longs at ,800 and ,000.
Now, while we had some consolidation late last week, the fact that July 22 bull candlestick confirmed July 17 thrust means we should continue loading longs in lower time frames.
Ideal buy back zone is between ,100 and ,200 with first targets at ,000. Safe stops should be at ,000.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The post Bitcoin (BTC) Technical Analysis: With Institutional Involvement, BTC Fair Value above ,000 appeared first on NewsBTC.