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Largest Crypto Fund Manager Says Clients See Bitcoin as Inflation Hedge

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Bitcoin’s ongoing price rally is nearing its all-time high, making it the center of attention just like 2017 where most of the mainstream media houses have started to take note of the king coin’s price movement. While the price movement and attention might be quite similar to 2017, a lot has changed about the top cryptocurrency from its last bull run.

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Michael Sonnenshein, managing director of Grayscale Investments, the largest crypto fund manager at present in an interview said that the demand for bitcoin is top the roof, and clients no more see it as a ‘get rich quick scheme.’ The largest crypto fund manager boats over $10 billion worth of bitcoin under its management. Sonnenshein said that his clients don’t see Bitcoin as a speculative asset rather they see it as a store-of-value and inflation hedge. He explained,

“I think they understand today that buying Bitcoin and putting it in their portfolio is meant to be a store of value, inflation hedge, a digital gold, a digital form of money that is much better suited to the digital world we live in today versus historical stores of value like gold which would have been certainly much more applicable to a world characterized by physical exchanges. They view it as one of the most important next steps in the evolution of money and what constitutes a store of value.”

‘You can’t buy coffee using Bitcoin’, No More a Valid Argument

Sonnenshein also criticized the naysayers and said that “you can’t buy coffee with bitcoin” is no more a valid argument as Bitcoin is more than just a form of currency today. He said the scarcity of digital assets combined with the ongoing financial situation brought upon us by the raging pandemic has pushed institutional players towards bitcoin.

The 2017 bitcoin bull run was driven by speculations while the 2020 bitcoin rally is predominantly led by adoption and acceptance. Over the past week 3 bitcoin funds have added 24,337 bitcoins to their portfolio, PayPal started offering Bitcoin through its platform, the world’s largest investment firm BlackRock’s CIO said bitcoin has the potential to replace gold in the future and many institutional investors revealed that they hold a certain portion of their investment portfolio in Bitcoin.


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Author: Prashant k Jha




An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Source: https://coingape.com/largest-crypto-fund-manager-says-bitcoin-is-the-next-step-in-evolution-of-money/

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ETH Price Analysis: Sell The News? Ethereum Dumps 9% As ETH 2.0 Launched

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ETH/USD – Ethereum Whipsaw Swing Sees $560 Before Rebounding

Key Support Levels: $580, $560, $550.
Key Resistance Levels: $620, $650, $665.

Earlier today, Ethereum spiked lower by around 9% when it dropped from the resistance at $620 to break beneath $600 and reach $560. There, it found support at the .236 Fib Retracement level and rebounded to climb back above $600 and hit $607. It has since dropped back beneath $600 as it trades around $590. Interestingly enough, all of this coincided with the launch of Phase 0 of Ethereum 2.0.

The next level of resistance to break lies at $620, which caused problems for the market earlier in November.

ethusd-new-dec1
ETH/USD 4HR Chart. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the buyers break $620, the first level of higher resistance lies at $650. This is followed by $665 (1.272 Fib extension), $675 (bearish .786 Fib Retracement), $687 (1.414 Fib Extension), and $700.

On the other side, the first level of support lies at $600. Additional support is found at $580, $560 (.236 Fib), and $550.

The 4HR RSI has started to point lower, suggesting that the bullish momentum might be starting to fade.

ETH/BTC – Bears Spike Lower To 0.03 BTC Before Bouncing

Key Support Levels: 0.031 BTC, 0.03 BTC, 0.0291 BTC.
Key Resistance Levels: 0.032 BTC, 0.033 BTC, 0.0337 BTC.

Against Bitcoin, Ethereum also spiked lower as it dropped from 0.0318 BTC to hit as low as 0.03 BTC. There, it found support at the .5 Fib Retracement, which allowed it to rebound higher to reach the current 0.0314 BTC level.

ethbtc-new-dec1
ETH/BTC 4HR Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, the first level of resistance lies at 0.032 BTC. This is followed by 0.033 BTC, 0.0337 BTC, and 0.0345 BTC.

On the other side, support first lies at 0.031 BTC. This is followed by 0.03 BTC (.5 Fib), 0.0295 BTC, 0.0291 BTC (.618 Fib), and 0.0284 BTC (Feb 2020 High).

The RSI is also showing that the bullish momentum is slowly starting to fade here.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/eth-price-analysis-sell-the-news-ethereum-dumps-9-as-eth-2-0-launched/

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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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