Buyers have to sustain the bullish momentum by pushing the coin to the previous highs As two of the top cryptocurrencies out there, Ethereum and Bitcoin, continue climbing in a bull run towards $400 and $11,000, respectively, another industry altogether […] The United States Attorney General (AG) William Barr says the recent publishing of the cryptocurrency enforcement framework will help law enforcement to fight elements using digital currencies for illicit ends. Produced by the AG’s Cyber-Digital Task Force, the framework provides law enforcement with what Barr terms a “comprehensive overview of the emerging threats and enforcement challenges associated with the increasing prevalence and use of cryptocurrency.” Cryptocurrencies latest news and history organized by date that contains 1000000+ news archives. Click here to read what world was saying about cryptocurrencies.
Bitcoin (BTC) Price Prediction – October 10, 2020
The recent breakout above $11,000 resistance has put to an end the speculation of where Bitcoin will trend. This has ended the indecision between the bulls and the bears about the direction of Bitcoin’s price. The recent breakout has almost breached the critical resistance levels of $11,100 to $11,300.
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
Buyers have to sustain the bullish momentum by pushing the coin to the previous highs. BTC/USD price has to move to retest or break the $12,000 and $12,400 overhead resistance levels. BTC price will continue the upside momentum if the overhead resistance is breached. The coin will reach a new high of $13,000 if buyers are successful. On the other hand, the journey to the overhead resistance will not be without any stiff resistance. Bitcoin is facing an initial resistance at the $11,500 high. The coin may fall to $11,100 low if it faces resistance at $11,500. Meanwhile, BTC is above 80% range of the daily stochastic. It indicates that the coin is in a strong bullish momentum and it is approaching the overbought region.
The Election of Joe Biden Is Good for Bitcoin, Bad for Defi, by Bloomberg Newsletter
Joe Biden and President Donald Trump are contesting in the November election of 2020. According to Bloomberg crypto newsletter, the election of Joe Biden as president of the United States would bring greater mainstream adoption of Bitcoin. According to reports, the policies of President Donald Trump’s administration have no regard for crypto adoption.
The newsletter reads: “A potential Joe Biden presidency should shine favor on further appreciation in the price of Bitcoin, in our view. New leadership may change the hands-off policy of the Trump administration — to the detriment of the broader crypto market”. The reports have it that a “Democratic sweep” would enable greater regulatory clarity for the crypto space. In the same vein, the author claims that the same forces would hinder DeFi’s growth.
Bitcoin price is still hovering above $11,300 after a minor retracement. The coin is trading marginally above the current support. When the coin resumes bullish momentum, it will rise and retest the previous highs. The Fibonacci tool analysis has indicated a possible upward move to level 2.618 Fibonacci extensions. In other words, the coin will reach a high of $13,235.
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Top 5 NFT Marketplaces Of Ethereum Sees Over $1 Million In Daily Volumes
As two of the top cryptocurrencies out there, Ethereum and Bitcoin, continue climbing in a bull run towards $400 and $11,000, respectively, another industry altogether is gaining new ground, as well. The Non-Fungible Token (NFT) markets have, according to DappRader, managed to gain more than $1 million in daily trading volumes when one focuses on the top 5 NFT marketplaces of Ethereum.
DappRadar’s team had shared this milestone by way of a tweet, with a screenshot showing that the top 5 NFT marketplaces within Ethereum managed to make a collective daily trade volume of $1.03 million.
The daily volume of the top 5 #NFT Marketplaces on #Ethereum surpassed $1M!
@rariblecom @opensea @SuperRare_co https://t.co/LE7SN8tpi8 pic.twitter.com/JSbpHOJIjy
— DappRadar (@DappRadar) October 9, 2020
To put things into perspective, there was a time within the NFT marketplace where $1 million trade volume per week was a feat in and of itself. In the September 2020 report made by DappRadar, just last month, the NFT markets had been highlighted to have a volume of more than $1 million a week, which was a noteworthy achievement at the time.
This makes it clear that the NFT industry as a whole has entered into a stage of exponential growth rates, as just a month later, the industry is managing to attain the same trade volumes in 24 hours that it had once gained in an entire week.
As for what NFTs really are, they are unique digital items issued within a blockchain. These items can be distinguished from one another, thanks to the use of a unique number for each token. One of the more popular forms of NFTs is by way of digital collectibles, such as the famous crypto game CryptoKitties. Another use case stands as virtual land, such as those offered on the Decentraland platform and those like it.
Another popular use case is art, being developed, and sold in the form of NFTs. The Winklevoss twins, founders of the Gemini exchange, have openly supported NFTs. Tyler Winklevoss had even gone as far as to advise NFT enthusiasts to use NiftyGateway, though he’s unofficially obligated to, since it’s part of the Gemini business group.
@niftygateway because it’s awesome and part of the @Gemini family
— Tyler Winklevoss (@tylerwinklevoss) October 5, 2020
Through a recent report regarding NFTs, the DappRadar team had concluded that the industry of digital ownership would see continuous growth in popularity and overall evolution. This is especially so, DappRadar said, due to the COVID-19 pandemic and the social distancing mandate it brought with it.
In its statement, DappRadar highlighted how exciting the introduction of digital ownership is by way of NFTs. Soon, real digital ownership will be an everyday thing, the firm speculated, with the world at large pivoting to a life focused more on its digital aspects.
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US Government Moves to Regulate Cryptocurrencies After Attorney General Publishes Enforcement Framework | Regulation Bitcoin News
United States Attorney General (AG) William Barr says the recent publishing of the Cryptocurrency Enforcement Framework will help law enforcement to fight elements using digital currencies for illicit ends. Produced by the AG’s Cyber-Digital Task Force, the framework provides law enforcement with what Barr terms a “comprehensive overview of the emerging threats and enforcement challenges associated with the increasing prevalence and use of cryptocurrency.”
The publishing of the framework comes as U.S. regulators have been ratcheting up pressure with Bitmex executives and John McAfee being the latest casualties of the new approach. Still, top U.S. officials including FBI director Christopher Wray pay homage to this revolutionary technology which they say is important and promising.
In his remarks, Wray indicates that the new enforcement framework is only aimed at individuals that facilitate illicit trade using cryptocurrencies.
“At the FBI, we see first-hand the dangers posed when criminals bend the important technological promise of cryptocurrency to illicit ends,” says Wray. The director explains that employees at his agency have observed that “criminals (are now) using cryptocurrency to try to prevent us from following the money across a wide range of investigations.”
Cryptocurrencies are preferred when settling transactions that involve illicit goods that are sold on the dark web. In addition, ransomware criminals also prefer being paid cryptocurrencies because they perceive this to be difficult to track and trace.
Meanwhile, one member of the Cyber-Digital Task Force, Brian C. Rabbitt, again praises cryptocurrencies and blockchain saying they “present tremendous promise for the future.” However, Rabbitt still tapers this favorable view of cryptocurrencies by adding that “it is critical that these important innovations follow the law.”
Rabbitt makes it clear that there are red lines, which if crossed, law enforcement agencies will not hesitate to respond:
While the Department of Justice (DOJ) and its partners are committed to supporting the advancement of legitimate cryptocurrency technologies and uses, we will not hesitate to enforce the laws that govern these technologies when necessary to protect the public.
Another Task Force member, Beth A. Williams lauds the release of the Cryptocurrency Enforcement Framework, which reflects the DOJ’s extensive cooperation with domestic and international partners. Williams concludes that this cooperation is intended “to benefit lawful cryptocurrency users and the public at large.”
Meanwhile, in the document, the DOJ says it considers the use of anonymity enhancing cryptocurrencies (AECs) such as Monero, Zcash, and Dash “to be a high-risk activity that is indicative of possible criminal conduct.”
Unsurprisingly, the DOJ also says operators of mixers and tumblers “can be criminally liable for money laundering because these services are designed specifically to conceal or disguise the nature, the location, the source, the ownership, or the control of a financial transaction.”
Still, despite the publication of the enforcement framework, the DOJ says it recognizes the importance of working with interagency and international partners in order to enhance an already vigorous enforcement plan.
Do you think of DOJ’s cryptocurrency enforcement framework will help reduce illicit activities? Tell us what you think in the comments section below.
BitMex, Christopher Wray, Cryptocurrency regulation, dash, DOJ, FBI, John McAfee, john mcafee arrested, Monero, Ransomware attack, United State Attorney General, William Barr, Zcash
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Author: Regulation by Terence Zimwara
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