Day: September 21, 2020

FinCEN Reveals How BNY Mellon Processed $137M for OneCoin Ponzi Scheme

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Within the framework of the OneCoin scheme, the transactions moved a total of $137 million to international bank accounts. Thousands of “suspicious activity reports” commonly referred to as SARs and other U.S, government documents that were leaked by an investigative media outlet, BuzzFeed news, indicate that in February 2017, the Bank of New York Mellon (BNY Mellon) was used by OneCoin organizers to launder millions of customers’ money. According to the files, the bank flagged a number of transactions with the Financial Crimes Enforcement Network (FinCEN) that it deemed suspicious.…

BTC Blockchain Data Size Hits 300 GB Record Milestone

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The sustained growth of the BTC blockchain in the last four years may be attributed to the introduction of scaling solution SegWit, which effectively doubled block sizes to two megabytes.  The size of the Bitcoin (BTC) blockchain has just hit a new milestone with respect to its size. The premier digital currency blockchain size has hit and exceeded the 300,000 MB (300GB) threshold as of September 19th according to Blockchain.com. The 300GB BTC blockchain size represents the size of the total number of transactions stored on the BTC Blockchain since…

YFI Expects Big Trouble as Price Falls Six Days in a Row

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It is day six and YFI has not stopped falling from its all-time high above $44,000. The Yearn Finance’s governance token remains among the best-performing crypto-assets in 2020, with lifetime gains near 2,000 percent. Nevertheless, its higher-than-expected price has also reduced its bids in the open market. That has resulted in a sharper decline. YFI/USD dropped another 15 percent during the Monday session, marking $22,495 as its intraday low. That brought the pair down by almost 48 percent from its all-time high. At the same time, the total value locked…

Bitcoin hasn’t seen 3 positive consecutive quarters since 2017

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According to the latest data from Skew, Bitcoin (BTC) has not seen three positive consecutive quarters since 2017. If BTC ends Q4 with a net gain, it would be three consecutive winning quarters for the first time in three years. Q4 has been mostly bearish for Bitcoin since 2018  But historical data is not in Bitcoin’s favor as the last two Q4s closed with 42.54% and 13.6% drops, in 2018 and 2019, respectively. The historical quarterly returns of Bitcoin. Source: Skew.com From late 2016 and up to 2018, Bitcoin saw…

US Indicts 2 People Stealing $17M in Bitcoin and Ether From Binance, Poloniex, Gemini Users

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Two people have been charged in the U.S. for allegedly using “a sophisticated market manipulation scheme” to defraud and steal $17 million in bitcoin and ether from users of three cryptocurrency exchanges worldwide. The targeted exchanges were Binance, Poloniex, and Gemini. Binance, Poloniex, Gemini Users Targeted Globally The U.S. Department of Justice announced last week that two Russian nationals have been charged with crimes in connection with “an alleged conspiracy to defraud three cryptocurrency exchanges and their customers of cryptocurrency valued … at a minimum of $16.8 million in cryptocurrency.”…

Bitcoin price hits 1-week low as US dollar currency index aims higher

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Bitcoin (BTC) reacted to fresh strength in the U.S. dollar on Sep. 21 to follow stocks downward and move away from $11,000. Cryptocurrency market daily snapshot, Sept. 7. Source: Coin360 DXY surge spells BTC price weakness Data from Coin360 and Cointelegraph Markets showed BTC/USD hitting lows of $10,570 on Monday, its lowest in a week. Sunday saw a rejection of resistance at $11,200, with Bitcoin subsequently shedding around 3% on the day as macro markets wobbled at the open. At press time, BTC/USD hovered at just above $10,600.  BTC/USD 1-day…

Bitcoin Price hits 1-week low as U.S. dollar currency index aims higher

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Bitcoin (BTC) reacted to fresh strength in the U.S. dollar on Sep. 21 to follow stocks downward and move away from $11,000. Cryptocurrency market daily snapshot, Sept. 7. Source: Coin360 DXY surge spells BTC price weakness Data from Coin360 and Cryptox Markets showed BTC/USD hitting lows of $10,570 on Monday, its lowest in a week. Sunday saw a rejection of resistance at $11,200, with Bitcoin subsequently shedding around 3% on the day as macro markets wobbled at the open. At press time, BTC/USD hovered at just above $10,600.  BTC/USD 1-day…

Ethereum Risks Crashing to $200 as Price Breaks Multi-Week Support

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Ethereum is looking to fall towards $200 after breaking a multi-week support level this Monday. The price floor was a part of a Bear Flag pattern. In retrospect, Bear Flag appears as an asset consolidates in an upward channel following a robust directional move down. The price eventually breaks below the Channel’s lower trendline, a move that signals extension/continuation to the existing bearish bias. ETH/USD broke below its Bear Flag support on Monday. The pair suffered two days of selling sentiment, falling more than 6 percent as traders failed to…

WeChat Ban Challenged in Lawsuit as Users Wait for Legal Redress

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The implication of the WeChat ban largely implied that U.S. businesses cannot transact or do any business with this social messaging app. With the pronouncement of the United States Department of Commerce with respect to the Tencent Holdings Ltd (HKG: 0700) WeChat ban on Friday alongside ByteDance-owned TikTok, new developments have emerged to help upturn the ban. While the administration has made it known that it approved the ByteDance deal with the Oracle Corporation (NYSE: ORCL) and Walmart Inc (NYSE: WMT), WeChat users have sought legal redress to upturn the…