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BTC/USDT trend analysis: volume is falling

TL:DR Breakdown Bitcoin (BTC) has reached a high of 18,965.90 USD and is settled at 18,779.64 USD at the time of writing. A new support zone has been established between 18,555.63 USD and 18,399.41 USD which has been confirmed several times. Although reaching a new high, trading volume has fallen and momentum weakened. Note: The analysis […]

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TL:DR Breakdown

  • Bitcoin (BTC) has reached a high of 18,965.90 USD and is settled at 18,779.64 USD at the time of writing.
  • A new support zone has been established between 18,555.63 USD and 18,399.41 USD which has been confirmed several times.
  • Although reaching a new high, trading volume has fallen and momentum weakened.

Note: The analysis below use Binance’s BTC/USDT pair and TradingView’s BTC/USDT 30m (Binance) chart.

Overview (48-hour)

BTC/USDT opened trading at 18,116.85 USD, with a high of 18,965.90 USD (+4.69%) and a low of 17,681.36 USD. At the time of writing, BTC/USDT has risen again to 18,779.64 USD (+3.66%), sitting 2.49% above the high/low average of 18,323.63 USD. 

The total trading volume for BTC/USDT up until the time of writing is 65,341 BTC, compared to 88,423 BTC for the same period yesterday, representing a decline in trading volume of 26.1%.

The historical Volatility Index (HVI) on the 1D reads 47.22 (medium) at the time of writing compared to 46.14 on yesterday’s close.

Price Analysis

BTC/USDT trend analysis: volume is falling 1

After opening at 18,116.85 USD, BTC/USDT corrected briefly to an established support zone between 17,774.68 USD and 17,424.57 USD, settling at around the 17,700 USD mark before rallying again to the period’s high.

Another support zone was established between 18,555.63 USD and 18,399.41 USD which has been confirmed several times.

Volume

BTC/USDT trend analysis: volume is falling 2

BTC/USDT entered the trading period with trading volume at 3,331 BTC, above the previous period’s mean of 2,417 BTC. Trading volume remained and oscillated between 3,331 BTC and the period’s trading volume low of 841 BTC until the time of writing where it settled at 2,750 BTC.

There have been a few spikes in trading volume above this range, most notably to 6,334 BTC as price broke out towards its high (see blue arrow on chart above). The mean trading volume at the time of writing stands at 1,713 BTC.

Both On Balance Volume (OBV) and Accumulation/Distribution (Acc/Distr) trended upwards preceding this spike before leveling off as BTC/USDT formed it’s higher support zone.

Volatility

BTC/USDT trend analysis: volume is falling 3

HVI started this period off at 11.8 (high) before declining to a low of 4.7 for several hours. It then oscillated between 5.0 and 10.0 (medium zone) for the rest of the period, breaching 10.0 twice as BTC/USDT broke out towards its high.

At the time of writing, HVI has settled at 7.0 (medium)

Price Prediction

Despite the new high set in this period, with trading volume significantly lower than the previous period and OBV and Acc/Distr tapering off, BTC/USDT has lost momentum to continue the rally past its high at least for the short term.

With HVI at 7.03 (medium), the strength of the current price cannot be concluded. In such a case, expect BTC/USDT to continue sideways, with the newly established support in play.

In the news

Google is set to release a new digital wallet called Plex.

Analysts say Bitcoin’s supply shortage is overwhelmingly due to Paypal’s entry.

In a remarkable move, China has asked other members of the G20 to be open to CBDCs.

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U.S. DoJ Extradites Key Member of Crypto Ponzi Scheme From Panama

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The U.S. Department of Justice (DoJ) has extradited a principal member of a fraudulent cryptocurrency mining and trading platform from Panama to the United States.

AirBit Club Co-founder to Face Criminal Charges in the U.S.

According to an announcement by the acting U.S. attorney for the Southern District of New York, Audrey Strauss, U.S. authorities were able to extradite Gutemberg Dos Santos, co-founder of crypto Ponzi scheme AirBit Club.

Dos Santos, who holds dual citizenship from Brazil and the United States, was extradited to the U.S. from Panama on Nov. 23, 2020. According to Strauss, Dos Santos’ repatriation was possible with the help of the Homeland Security Investigations (HSI).

As reported by CryptoPotato back in August, the U.S. authorities arrested five individuals who were involved in the AirBit Club scheme that fleeced unsuspecting victims of $20 million. Operators of the crypto Ponzi scheme ran false advertisements that promised users hyperbolic rewards from Bitcoin trading and mining.

However, the DoJ at the time alleged that the group only sought to live flamboyant lifestyles of victims’ funds. While spending money on luxury homes and cars, they reportedly made more moves to recruit more victims across the U.S and different other countries.

A statement from the DoJ document reads:

“The extradition of Dos Santos reflects the determination of agents from HSI New York’s El Dorado Financial Crimes Task Force to dismantle global criminal organizations, wherever the investigation takes us. Utilizing our broad authorities and network of law enforcement partners, HSI will continue to hunt those who allegedly prey upon innocent citizens for financial gain.”

Also, if Dos Santos is found guilty of the charges levied against him, the AirtBit Club co-founder could face between 20-30 years in prison.

Law Enforcement Fighting Crypto Crimes

Regulatory authorities globally continue to warn investors about fake crypto-related schemes that promise high returns. According to a recent report by CryptoPotato, Chinese authorities confiscated $4 billion worth of crypto tokens from PlusToken scammers.

PlusToken, which is one of the biggest cryptocurrency Ponzi schemes, promised users high returns, similar to other crypto fraudulent projects. The Chinese law enforcement began investigating the project after it shut down in 2019. In July, the police arrested 27 key members of the scam project, along with 82 other members.

Another major fraudulent crypto scheme, OneCoin, reportedly stole $4 billion from investors with its founder Ruja Ignatova also known as “Crypto Queen,” still at large. Meanwhile, Ruja’s brother Konstantin Ignatov has been arrested by the U.S. authorities since 2019 and could face a 90-year prison sentence.

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Source: https://cryptopotato.com/u-s-doj-extradites-key-member-of-crypto-ponzi-scheme-from-panama/

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PlusToken Crypto Scammers Slammed With 11-Year Jail Sentence

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Principal actors in the PlusToken Ponzi scheme have bagged 11-year prison sentences in China. The scheme managed to defraud investors of billions of dollars in various cryptocurrencies.

End of the Road for PlusToken Scammers

According to the South China Morning Post on Dec. 1, principal members of the PlusToken scam project were sentenced to 11 years imprisonment by a Chinese court. The suspects were found guilty of duping investors of $2.25 billion worth of crypto tokens.

As previously reported by CryptoPotato, authorities arrested 27 key members of the crypto Ponzi scheme in July, in addition to apprehending 82 other individuals linked to PlusToken.

Later in November, Chinese law enforcement seized $4 billion worth of crypto from operators of the fraudulent project. According to court documents, the confiscated cryptocurrency tokens included 94, 775 BTC, 79,581 BCH, 833,083 ETH, 74,167 DASH, 1.4 million LTC, 6 billion Doge, 27.6 million EOS, and 213,724 USDT.

The clampdown of the PlusToken scam project is in line with China’s agenda to rid the country of fraudulent schemes. Also, the latest development signals a win for authorities as the PlusToken platform was one of the largest Ponzi schemes in China.

What Happened?

PlusToken, founded by Chen Bo back in 2018, had all the hallmarks of a classic Ponzi scheme, with funds generated from later investors used to benefit early investors. Chen and other operators employed social media and offline activities to get members, who in turn paid for membership fees up to $500 worth of bitcoin and other crypto tokens.

Between 2018-2019, the platform had over 2.5 million members, with rewards based on the number of new recruits that others brought on board. Meanwhile, the total number of funds generated from members was reportedly over $2.2 billion worth of crypto.

Also, court documents alleged that Chen Bo spent some of the funds on extravagant lifestyles, buying expensive cars and properties for himself and his relatives.

In addition to the PlusToken founder and other key members spending time behind bars, the ringleaders were slammed with fines. The PlusToken scammers were fined between 120,00 yuan ($18K) and 6 million yuan ($912,922),

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Source: https://cryptopotato.com/plustoken-crypto-scammers-slammed-with-11-year-jail-sentence/

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Cryptocurrency Asset Management Provider NYDIG Raises $100M From a Single Investor

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NYDIG, the cryptocurrency asset management company, has raised $100 million from a single investor. The firm collected the amount during its newly-announced fund Digital Assets Fund II, after the previous fundraising project, named Digital Assets Fund I.

$150M In Just Two Crypto Investment Funds

According to officially published documents filed with the U.S. Securities and Exchange Commission, the New York-based digital asset firm revealed that it raised $100 million from only one investor on their recently announced project Digital Assets Fund II.

The operation follows its forerunner Digital Assets Fund I, which raised $50 million from investors in November. The amount has been reportedly collected from just two investors and was to invest mainly in Bitcoin.

The $50 million fundraise in November came after a quadrupling in NYDIG clients. The firm offers investment, brokerage, treasury, and technology solutions for Bitcoin to its institutional allocators, corporations, investment advisors, etc.

Another Publicly-Owned Company to Own a Big Pile of Bitcoin

As CryptoPotato recently reported, less than two months ago, asset manager Stone Ridge bought 10,000 bitcoins worth about $115 million through its subsidiary NYDIG. The new digital assets-oriented investment was reportedly to serve as a primary treasury reserve asset for the company.

Co-Founder and CEO of NYDIG, Robert Gutmann, said that considering that Bitcoin switches to a mainly institutionally-owned asset, “the company has a better position than ever” to be the leading provider of BTC solutions to a variety of banks, corporations, and institutions.

Speaking on the Bitcoin investment, Gutmann also said that the NYDIG is proud to facilitate one of the largest commitments of treasury assets to the cryptocurrency to that date. He added that he sees demand for the company’s full suite of corporate treasury and investment solutions accelerating.

In another significant recent Bitcoin purchase in October, Jack Dorsey’s Square reportedly bought $50 million worth of the most influential and valuable digital asset right now. Thus, it became the second publicly-traded company to do so in recent months after MicroStrategy.

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Source: https://cryptopotato.com/cryptocurrency-asset-management-provider-nydig-raises-100m-from-a-single-investor/

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