Bitcoin

The Digital Will is Now a Reality

The Digital Will is Now a Reality

Bitcoin Press Release: More than 4 million bitcoins have been lost forever. Two key aspects of bitcoin are its production schedule and supply cap. Firstly, its supply is capped a 21 million bitcoin.  Second, the number of bitcoin released in a block is halved every 4 years. This provides it with a clear and discernable production schedule, but also means each bitcoin becomes increasingly difficult to mine. This means that every 4th bitcoin has been and will be lost forever. Most often this is due to the loss of the access key. Without it, owners can no longer access or use their cryptocurrency.  However, sometimes the death of the wallet’s owner is the cause.

Imagine, a quarter of all the bitcoins are gone, providing no value to their owners. Out of the 4 million bitcoins that remain to be mined – 1 million will be written off, forever lost from the digital economy. What good is that?

We know how to protect people from losing control over their cryptocurrency assets. Whatever happens, with LastWill you won’t lose control of your wallets.

The MyWill platform provides access to its services through various projects and products. The platform is open to third-party developers who can add their own smart contracts. MyWill takes care of everything else: verification of contracts, their implementation, launch, and execution. The basis of the service is contracts developed by MyWill’s programmers. The planned number of first stage users is 50,000 people.

The first project has already been launched on MyWill’s platform. The “LastWill” contract will transfer the user’s savings to their family or friends in case of sudden illness or death. There are already a number of smart contracts developed for a range of other circumstances: the loss of a private key, the transfer of money for a particular time or date, etc.

The combined framework of third-party developers, decentralization, and multi-currency services provides fertile ground for this new era of smart contracts. We expect many of the systems and services in place in the financial sector to become available on the MyWill platform.

Every user will be able to create their very own tailored smart contract. Thanks to templates on MyWill’s library. You won’t even need any programming skills. The service helps to create, test and deploy your smart contracts. More importantly, it regularly monitors them, checking the condition of user’s contracts.

A cryptocurrency wallet is not a bank asset that you can bequeath to your loved ones. LastWill solves this problem. It distributes savings between your family and friends in the case of the owner’s incapacitation or death. They provide wills for the modern era.

The MyWill platform provides the infrastructure for solutions to prevent the further loss of cryptocurrencies through the use of secure smart contracts.

For example, if a wallet is inactive for three years (forgot password, lost key) – the funds are then transferred to the backup wallet. In later stages of development, there is a planned implementation of the following activities: payment of inheritance, marriage contracts and agreements, and educational allowances.

ICO Conditions

MyWill starts its ICO on September 20th. 84.6% of all issued tokens are to be sold. The sale will last 20 days, unless tokens sell out earlier. Token WIL will be used for raising capital for the project during the ICO. After the ICO (and reaching the soft cap) the token will be placed on cryptocurrency periods free trade. The exchange rate of the token will be regulated by the market.

Get the latest in Asian Bitcoin news here at Coin News Asia.

For more information on press releases, please contact us at info@coinnewsasia.com or use our contact form.

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Inventor of token sale helps launch new one to grow Coinme bitcoin ATM network

Inventor of token sale helps launch new one to grow Coinme bitcoin ATM network

Coinme, a venture-backed cryptocurrency financial services and blockchain technology company today announced UpToken (UP), a partnership with the cryptocurrency community to accelerate deployment of the largest crypto ATM network in the world.

As the first licensed Bitcoin ATM company in the U.S., Coinme’s proven track record and human-first approach have brought thousands of people into the growing crypto community.

As history has shown, traditional economies are vulnerable to inflation, political instability, and institutional manipulation. To address these issues, Bitcoin was created in October 2008 – just weeks after the global financial collapse. Nine years later, the cryptocurrency market capitalization has passed $100 billion in value.

However, access remains the major barrier to continued growth in this industry. While there are now more than 3 million traditional ATMs in use, there are only 1,600 crypto ATMs deployed worldwide.

UpToken is a new crypto asset that will accelerate the establishment of a global network of crypto ATMs for widespread access to virtual currency. Consumers who purchase UpToken will benefit from discounted ATM fees as well as special voting rights.

The UpToken sale was designed in partnership with J.R. Willett, inventor of the first token sale, and will begin on or about October 16th, 2017.

Benefits for token holders include:

  • 1% “Cashback” – Each time a customer uses a Coinme ATM, the customer will receive 1% “cash back” in UpToken (based upon current market prices of UpToken).
  • 30% discount – Customers will receive a 30% discount on ATM transaction fees if they opt to spend their UpToken to cover the transaction fee.
  • Voting rights: Choose the next cryptocurrency – Over time, Coinme will add new cryptocurrencies to the ATM network. Elections will be held, and interested parties will use UpToken to vote.

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CFTC Sues New York Man and His Fund For Operating Bitcoin Ponzi Scheme

CFTC Sues New York Man and His Fund For Operating Bitcoin Ponzi Scheme

The US Commodity Futures Trading Commission (CFTC) has charged New York-based Gelfman Blueprint, Inc. (GBI) and its principal, Nicholas Gelfman, with running a bitcoin ponzi scheme that solicited at least 600,000 USD from approximately 80 investors.

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The CFTC filed its complaint on Thursday in the U.S. District Court for the Southern District of New York, naming the CEO and Head Trader of the Bitcoin denominated hedge fund which claims to be built on a high-frequency trading algorithm.

Starting in January 2014, the defendants took the monies form investors to be supposedly placed in a pooled commodity fund that purportedly employed a high-frequency, algorithmic trading strategy, executed by defendants’ computer trading program called “Jigsaw.

To create the illusion of stability, the defendants allegedly prepared and distributed false account statements to fund participants, telling investors that they made steady gains from trading the cryptocurrency, according to the complaint.

Based on the inflated profits, the defendants paid themselves several thousands of dollars in in fees, while in fact their trading account records reveal only infrequent and unprofitable trades. In addition, Gelfman is suspected of embezzling the remaining pooled monies after he “staged a fake computer hack designed to conceal trading losses and misappropriation,” the agency claims.

If convicted, Nicholas could serve up to 20 years in prison.

The CFTC has asked the court to provide full restitution to defrauded pool participants, disgorgement of ill-gotten gains and to pay the appropriate civil monetary penalties. In addition to fiscal claims, the agency seeks permanent registration and trading bans and a permanent injunction from future violations of federal commodities laws.

James McDonald, the CFTC’s Director of Enforcement, commented: “Through its work across the Commission, and as exemplified by the work of LabCFTC, the CFTC has demonstrated its continued commitment to facilitating market-enhancing FinTech innovation. Part of that commitment includes acting aggressively and assertively to root out fraud and bad actors in these areas. As alleged, the Defendants here preyed on customers interested in virtual currency, promising them the opportunity to invest in Bitcoin when in reality they only bought into the Defendants’ Ponzi scheme. We will continue to work hard to identify and remove bad actors from these markets.”

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Ethereum Will Have Visa-Scale Transaction Capacity in 2 Years

Ethereum Will Have Visa-Scale Transaction Capacity in 2 Years

Bitcoin, Ethereum and other high-profile cryptocurrencies are embroiled in debate these days, as companies and individuals seek other sources for transactions outside of simple fiat currency.

Ethereum, the Blockchain technology-based application platform, has gained increasing popularity with developers and individuals alike. The platform is being utilized especially heavily with the ICO boom that has occurred in recent months.

Buterin on the power of Ethereum

Vitalik Buterin, speaking at TechCrunch Disrupt 2017, indicated that the platform has the capacity to change much of what is known about data and security. His comments included a strong indication that Ethereum will have the transactional power to equal Visa in the next two years. Buterin said:

“Bitcoin is processing a bit less than three transactions per second. Ethereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the Blockchain to replace Visa.” 

Gaming platforms

The Ethereum inventor also indicated that Blockchain technology will likely provide platforms for gaming and other data-intensive applications in the future, where security is an important aspect.

“You could run StarCraft on the Blockchain. Those kinds of things are possible. High level of security and scalability allows all these various other things to be built on top. Ethereum is a secure base layer that doesn’t have too many features.”

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China Bans Bitcoin Executives From Leaving the Country, Miners “Preparing for the Worst”

China Bans Bitcoin Executives From Leaving the Country, Miners “Preparing for the Worst”

Chinese media is reporting executives of crypto exchanges have been ordered to not leave the country with a very rough translation stating:

“A number of informed sources say the executives of special currency trading platforms are not allowed to leave Beijing to cooperate with the investigation. In accordance with regulatory requirements, trading platform shareholders, the actual controller, executives and financial executives need to fully cooperate with the relevant work in the clean-up period in Beijing.”

Australia’s Financial Review (AFR) says the above has been confirmed with them by “a source close to one of the biggest exchanges, Huobi,” which told them its founder, Li Lin, was required to “report to the authorities and cooperate with their work at any time.”

The draconian measure is undertaken following a decision by China’s Communist Party to close down all crypto exchanges, with trading volumes in the country dropping considerably.

Chinese trading volumes now account for only around 5% – 10% of bitcoin’s or ethereum’s global trading volumes. With price there significantly lower. Leading CoinMarketCap to exclude them from calculations of average prices.

Chinese exchanges fall significantly in rankings by trading volumes.

China, therefore, appears to have isolated themselves, while the rest of the world seemingly moves on, but questions are being raised regarding miners, with some 80% of their operations centralized in the country.

An investor in Chinese bitcoin mines told AFP: “All of us didn’t believe they would shut down the exchanges so we are preparing for the worst.”

China’s decision to shut down exchanges took many by surprise and was very unexpected with the authoritarian government giving no hint they plan to take such draconian measures.

Questions therefore are being raised on whether they might do so for miners, a $2 billion importing industry which may find it difficult to operate without the ability to sell their bitcoins on the market.

That is especially so because WSJ is suggesting the ban is a total ban, with apparent plans to declare even Off the Counter (OTC) trading as illegal.

In which case, it would be as good as impossible for Chinese miners to operate as they would be unable to cover their considerable expenses without the ability to exchange their coins for fiat currencies.

Which is why many expected OTC trading to be allowed, with Chinese media so reporting initially, but it’s not clear whether they have changed their mind.

As such, miners are seemingly preparing for the worst, with some thinking of relocating to neighboring countries or to very cold areas, such as Iceland.

 

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Zloadr Seeks to Mix Up the Media Scene with its September 30 ICO – Bitcoin Network, News, Charts, Guides & Analysis

Zloadr Seeks to Mix Up the Media Scene with its September 30 ICO – Bitcoin Network, News, Charts, Guides & Analysis

Zloadr is an up and comer in the news media scene, but with a twist. It won’t be going toe-to-toe with media giants like Fox News or CNN. No, Zloadr is a supercharged content platform that runs solely on blockchain technology.

The company’s goal is to create a viral news environment that allows content creators to promote their material while giving viewers and consumers flexibility to decide what they want to pay attention to. Nearly three years after the platform was first created in January 2015, Zloadr is ready for its initial coin offering (ICO), to be held on September 30th.

The new blockchain company has investors excited about its opportunities, especially when there are so many issues with the current mainstream media system.

Fake News and the Need for Change

It should come as no surprise that Americans increasingly dislike their government–though many are in favor of increasing its power and reach, oddly enough. An ongoing Gallup poll reveals that congressional approval is at a mere 16%. This isn’t really news to anyone who has been observing recent Democratic obstructionism and Republican incompetence.

And though Donald Trump pulled off a long shot victory over HIllary Clinton, he is still largely unpopular with the American public. The most recent Gallup poll weekly average has him at 37%.

Another unsurprising fact is that Americans don’t trust their media. According to a May 2017 Harvard Harris poll published by The Hill, 65% percent of voters believe that mainstream media outlets publish fake news. In fact, another study reveals that the most trusted news outlets in America are BBC and The Economist, both British outlets.

The only major news station to crack the top ten is CNN, which comes in at number nine. Undoubtedly the belief that the media consistently publishes fake news and the decreasing trustworthiness of news outlets go hand in hand.

Despite the falling trust of major news networks, for the time being it appears that major outlets are going to continue in their ways. But relatively new startup Zloadr and its blockchain technology are a promising solution for both content creators and news consumers who want a major change.

The Advantages of Zloadr and its Blockchain Platform

Zloadr’s system runs entirely on blockchain technology. It is a proprietary platform which utilizes its own tokens–ZDR tokens–that can be purchased by all other coin types. ZDR tokens can be used by advertisers to purchase advertising and listing services in sections of the platform. Zloadr boldly states that “ads will last longer over a period when purchased using tokens opposed to fiat currency”, which results in increasing demand and therefore increased traffic and profitability.

The system greatly benefits content creators by allowing them to upload and provide the items they choose. The Zloadr platform is capable of handling a wide array of content types–ranging from simple ads to eBooks and eNewspapers.

It also benefits the small content creator who, in the past has had to rely on ghostwriting to get material published, and even that content isn’t published in the writer’s name. With ghostwriting, credit is very rarely given. Zloadr’s blockchain platform gives writers the ability to upload content and monetize it.

In many ways, the platform revolutionizes the way that viral news is communicated–now a small-time creator can publish news in the same way that a major corporation can, and with the same potential for recognition. The platform also gives content creators the ability to set their own prices and manage their own content–an opportunity writing for a major newspaper would never provide.

From the consumer’s perspective, the Zloadr platform gives much greater flexibility than traditional media platforms. With Zloadr’s system, consumers can choose what they want to watch, read, or view, rather than turning on the television and watch whatever the media conglomerates put in front of them.

Consumers can choose to push forward material they deem as important or interesting, as the platform operates on a supply and demand basis where both the content creator and consumer can mutually benefit.

The breadth of Zloadr’s content and the extensive reach of its platform give an almost unlimited number of options to participants. The platform allows consumers to find and digest whatever material they choose, and even encourages them to dig deeper into topics that are otherwise obscure and irrelevant. With the full launch of Zloadr’s platform in November 2017, the current mainstream news system could be in for a huge change.

How to Participate in Zloadr’s ICO

The ease of Zloadr’s platform is matched by the ease of participating in it’s ICO. Interested investors can learn more about the ICO by clicking the link here, while those who want to participate in the pre-ICO and can receive a 75% discount can go here. Zloadr has confirmed that 100,000,000 million tokens will be offered, though the total supply is not locked. Each token is priced at 0.31 USD.

No system is perfect, but those that endure demonstrate their ability to adapt to ever-changing conditions. The problems with current mainstream media outlets are well known. Time will tell whether or not these outlets make the changes necessary to stay successful. But for the meantime, content creators, consumers, and investors alike would do well to take full advantage of everything Zloadr has to offer.

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Blockchain Truce? Putin’s Internet Adviser Calls for US-Russia Cooperation

Blockchain Truce? Putin’s Internet Adviser Calls for US-Russia Cooperation

An adviser to Russian President Vladimir Putin has a strong message for state governments: stop competing for blockchain dominance.

As China, Russia, the U.S. and other countries around the globe seek to distinguish themselves in the way they regulate their approach to blockchain and cryptocurrencies, Herman Klimenko said that global superpowers should unite to create a coalition centered on blockchain technology.

Instead of competing at the highest level, Klimenko argues that state leaders should use their authority to work together to create the optimal playing field on which global coders and companies can compete.

Speaking with CoinDesk through a translator, the man who was appointed adviser to the Russian President in late 2015 further explained his position:

“We would like to advise to launch a common platform for your country, for our country, and we can invite other countries to join us, to have one platform for us to exchange the opinions of our authorities and governments.”

As template for how such state-supported blockchain coalition members might be organized Klimenk pointed to the recently created Russian Association of Blockchain and Cryptocurrency (RACIB).

Klimenko helped found RACIB as part of his role as chairman of the board for Russia’s Institute for Internet Development and, under the leadership of media entrepreneur Arseniy Sheltsin, the blockchain association is now divided into four areas of focus.

These include cryptocurrencies, ICOs, blockchain as a platform and “international calculation” – a focus area that hones in on how the technology might impact global relations. Here, participants have the opportunity to take part in public-private partnerships to build pilots around a number of potential use cases in both the government and corporate sectors.

While each of the four areas has a manager who oversees project coordination, Klimenko said the positions are more of a formality. Instead, he argues the 1,100 members who are currently registered don’t “need physical management in the traditional sense.”

“In this association, most of what we need from our members is their skills in different directions,” said Klimenko. “We don’t have any membership fees, we don’t need them, we don’t need much in terms of traditional management.”

Consortia wars

If the structure of RACIB sounds familiar, that’s because in one way, there’s nothing really all that new about it. But that doesn’t mean the application of the structure at the state government-level might not result in tangible differences.

While it was individuals who largely helped the first blockchain – bitcoin – reach its current level of adoption, other applications of blockchain have largely depended on consortia of companies organizing around a wide-range of industries. From financial services firms to insurance companies to IT consultancies, it seems most industries have come together to launch blockchain consortia projects in pursuit of increasing efficiency.

But what distinguishes Klimenko’s call for multilateral government collaboration on blockchain is the scale of the work, and what such a scale might eventually mean.

The distributed nature of blockchain means it relies largely on the network effects created by having as many people as possible participating – the more people or groups that use a blockchain, the more inefficiencies can be removed from a system and the more robust that system is.

Klimenko positioned the creation of an intergovernmental blockchain group as the removal of the final silo that could be inhibiting the potential benefits of blockchain.

“The competition is not between governments, but between programmers,” he said.

As an example of how such inefficiences might be removed by government cooperation, he pointed to the nascent blockchain field of “telemedecine” or as Klimenko prefers to call it, “digital medicine.”

While local reports about the association have largely focused on how it might use the initial coin offering (ICO) funding model as a way to fund internet-enabled medical services, Kilmenko said the research is actually much broader. By standardizing the way government regulators track pharmaceutical he said new efficiencies could be revealed.

“If we take the medical data and scan the image from different parts of the world, from Russia, or USA, or China, or a different country, the data is actually the same, it is universal,” he said.

China concerns

But it may already be too late for Klimenko’s vision of cooperative efforts among governments.

In the past month alone, Russia’s central bank has indicated it could take a more restrictive stance on cryptocurrency, the U.S. Securities and Exchange Commission (SEC) has released a report stating ICO tokens may be securities and China has taken the particularly drastic step of stating that ICO tokens are illegal and forcing the closure of bitcoin exchanges.

But as opposed to an outright ban – or other solutions that create silos instead of dismantle them – Kilmenko remains committed to a more nuanced, technology-driven approach.

“It’s very clear the risk of cryptocurrencies and ICOs. And it’s also clear there are methods existing to reduce those risks,” he said. Klimenko is joined in this vision for a more unified global approach by RACIB director, Sheltsin, who is also the CEO of Russian news site, The Runet.

In conversation with CoinDesk, Sheltsin said RACIB’s “main goal” is to help organize “concerted activity related to distribution of blockchain technology in [the] Russian Federation and beyond its borders.”

He concluded:

“We think the governments cooperation on blockchain will help us to share the best practices in regulation and to deal with common problems.”

Image via Michael del Castillo for CoinDesk


The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Interested in offering your expertise or insights to our reporting? Contact us at [email protected].

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Spheris Is Challenging The Conventional App Stores – Bitcoin Network, News, Charts, Guides & Analysis

Spheris Is Challenging The Conventional App Stores – Bitcoin Network, News, Charts, Guides & Analysis

Spheris, an exciting new application distribution platform, is hoping to revolutionize the way that developers and consumers connect. Sergey Tsyba, one of Spheris’ co-founders, describes the platform as “an open source decentralized application marketplace, a platform open for everyone who wants to buy and sell applications, from mobile apps and PC games to utility programs and enterprise software.”

In a day and age where the application marketplace is ruled by tech giants like Apple’s App Store and Google’s Google Play, Spheris aims to challenge the conventional model of software transactions and downloading capabilities. The proprietary platform utilizes blockchain technology, giving it significant advantages over the current application distribution systems.

The App Store and Google Play Meet their Match

It’s hard to believe how rapidly both the App Store and Google Play have grown in the past nine years. Both platforms were launched by Apple and Google, respectively, in 2008 and have both garnered over 2 million apps–soon to be 3 million. In 2016, Google Play received over 75 billion downloads, while its competitor the App Store received over 25 billion downloads.

Yet the incredible expansion of these platforms has not been without its pitfalls. Both platforms have strict quality control processes, as developers are required to submit their finished apps for review.

Of course, these reviews are important for security reasons. But they can often stifle would be app makers and software developers due to their more stringent requirements. Apple has undertaken in a process to shorten its approval process, as teams were “spending weeks to compile their products with all of Apple’s guidelines and ensuring the app didn’t contain any element that might harm its users.”

Nonetheless, Apple runs a tight ship, and developers are frequently notified by the Apple team to update their apps or face removal from the marketplace. The Google Play platform requires apps to be reviewed by an internal team, which can shorten the approval time from weeks to days, though there is no guarantee that the approval will happen this quickly.

Despite the attempts to speed up the approval process, App Store and Google Play would-be developers and app makers face a common problem–centralization. All products must go through either Apple or Google’s approval process and meet their set of rules to participate in the marketplace.

This adds security and predictability to the system, to be sure, but it can result in a more limited marketplace. This is where Spheris and its blockchain platform come to the forefront.

The system allows for direct connection between software developers and consumers. Developers, rather than having to rely on a centralized marketplace, can create their own markets and still be guaranteed security, payment, and anonymity.

The decentralization of the application and software marketplace means that more developers can connect with more consumers, thereby allowing products to spread and expand at even faster rates. Decentralization also creates a more competitive market, resulting in lower overall prices.

Out with the Middle Man

On traditional software and application marketplace systems like the App Store and Google Play, the middleman has a significant amount of power. Credit card companies and banks, which funnel payments from the consumer to the marketplace owner, can pass through operational costs to developers and consumers alike.

Developers are often charged transaction fees, sometimes from the market makers, banks, and credit card companies. Centralized systems that use middlemen are also much more susceptible to global events and exchange rate fluctuations.

With Spheris’ new blockchain platform, these risks are no longer relevant. The removal of the middleman that connects developer and consumer enables direct connection between the two parties and thereby cuts out additional transaction costs and fees.

The platform, powered by Ethereum, hopes to become the new standard in the decentralized application payment processing market as blockchain technology continues to increase in popularity and functionality.

Spheris’ Technology and Crowdsale

The Spheris platform is quite simple (click here for a more detailed explanation). Developers create and integrate an application and then register it with Spheris’ platform. Once the developer and application are registered, the developer can upload the application to Spheris’ storage system and its catalog.

On the other side of the table, any consumer can use the Spheris browser to search applications. Once the desired application is found, it is downloaded from the storage system while payment is made via the Spheris platform.

The entire process runs on the blockchain platform, resulting in a quick, easy transaction, free from middleman interference. The crowd sale for the platform begins on September 19, 2017, and can be accessed via the company’s website. With adequate funding and proper support, Spheris will revolutionize the way developers and consumers utilize the software and application marketplace.

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Law Enforcement Shuts Down Russia’s Biggest Darknet Marketplace | Bitcoin, Blockhain, Cryptocurrencies, Fintech

Law Enforcement Shuts Down Russia’s Biggest Darknet Marketplace | Bitcoin, Blockhain, Cryptocurrencies, Fintech

                Russian Anonymous Marketplace aka RAMP that has been selling drugs for bitcoin since 2012 was shut down by Russian law enforcement.

According to Russian state-owned news agency TASS, deputy minister of interior affairs Mikhail Vanichkin has stated that the ministry has developed “a set of measures aimed at detection and suppression of criminal activities related to distribution of synthetic drugs, potent substances, precursors and cocaine via the internet.”
Mr. Vanichkin, however, did not disclose the particular methods that enabled the ministry to shut down the country’s biggest darknet marketplace.
According to the official data provided by the ministry of internal affairs, there have been 3,775 crimes committed with network technologies, and 1,345 online resources have been shut down.
RAMP administrators earlier stated that the platform hosted transactions for 15 thousand users a day. In 2016, RAMP’s turnover comprised 24 billion rubles (nearly $400 million).
This July, darknet’s biggest marketplace AlphaBay was shut down under direct orders by U.S. President Donald Trump. The marketplace’s administrator Alexander Kazes committed suicide after the arrest.

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Bitcoin Price Watch; Keeping Cool As Things Recover – NEWSBTC

Bitcoin Price Watch; Keeping Cool As Things Recover – NEWSBTC

So it hasn’t been perfect and hasn’t happened quite as quickly as we might have hoped, but the bitcoin price now looking like it’s starting to pick up some upside traction. At the end of last week, with a number of disappointing fundamental developments weighing on price, we went entirely sure when the correction was going to end when we would either see some consolidated action – eventually – a breakout to the upside and the start of a recovery.

It took most of the week and for us to get to this point, but it now looks as though a recovery is well underway and the space as a whole can breathe something of a sigh of relief going forward.

This isn’t guaranteed, of course. The Chinese market is likely to still have some sort of collateral impact on how bitcoin is priced over the coming weeks and months. With that said, however, the initial shock is now likely out-of-the-way meaning sentiment can start to build towards positive once more.

So, with that said, let’s get some levels in place that we can use to push forward to the session today. As ever, take a quick look at the chart below before we get started so as to get an idea of where things stand and where we are looking to jump in and out of the markets on any volatility.

As the chart shows, the range we’re looking at for the session today is defined by support to the downside at 3971 and resistance to the upside at 4034.

Standard breakout rules apply for the session, so we’ll look to jump into a long position if we see a close above resistance and target 4050 on the trade. Conversely, if we see a close below support, we’ll jump in short towards 3930.

Stops on both trades serve to limit any downside risk.

Charts courtesy of Trading View.

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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