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Everything you need to know about the latest Bitcoin buying opportunity

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Bitcoin’s investment thesis as a long-term asset has been fairly well-received over the past few years. In fact, with more and more institutional investors, Bitcoin seems to be emerging as the go-to asset. While 2020 was pitted to be a key year for the cryptocurrency owing to its third block reward halving, the year hasn’t really turned out as planned, with a pandemic and growing uncertainty in global economies thrown into the mix.

That being said, over the past few years, Bitcoin’s dominance has grown substantially and while the price hasn’t gone past its 2017-levels, there are other metrics that point to quite a promising future for the king coin.

Source: Glassnode

The realized cap of Bitcoin, according to data provided by Glassnode, hit yet another high recently, after it noted an increase of almost 60 percent since Bitcoin’s trading price hit $20k  at the end of 2017. The realized cap of Bitcoin takes into account the total number of Bitcoin present in the market and in its assessment, the values are based on the price of BTC when the funds were last moved.

However, what’s interesting here is that the previous high for the metric this year was followed by the now infamous Black Thursday, a price crash event that took down the price of BTC by over $4000 in a matter of hours.

One of the key takeaways from the rise in Bitcoin’s realized cap is that new investors are entering the market. The previous year, and notably, the past few months, have made it clear that there is significant interest from institutional investors, especially with regard to Bitcoin’s store of value status.

Source: Ecoinometrics

In fact, according to a recent Ecoinometrics report, during this period of price consolidation for Bitcoin, there are use cases that are driving more new users such as its long-term store of value status. The report added,

“Even when BTC is pretty quiet you can find opportunities to trade momentum in small market cap assets (below $1 billion).”

At press time, the price of Bitcoin continued to remain between $10k and $11k, and this period of consolidation can be considered to be a tremendous buying opportunity for new users. The fact that the realized cap of Bitcoin continues on its growth trajectory, despite registering some dips along its way, shows that new investors are making use of this low price point Bitcoin finds itself in.

Source: https://eng.ambcrypto.com/heres-all-you-need-to-know-about-the-latest-bitcoin-buying-opportunity

Blockchain

FinCEN and Federal Reserve tighten the screw on crypto transactions

FinCEN mandates crypto exchange firm to gather more user information  Transactions worth over $250 to be scrutinized  The United States Financial Crimes Enforcement Network (FinCEN) and Federal Reserves published a new notice on Friday. They stated they want to lessen the threshold to $250 for international transactions. These new regulations require that all financial organizations […]

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  • FinCEN mandates crypto exchange firm to gather more user information 
  • Transactions worth over $250 to be scrutinized 

The United States Financial Crimes Enforcement Network (FinCEN) and Federal Reserves published a new notice on Friday. They stated they want to lessen the threshold to $250 for international transactions.

These new regulations require that all financial organizations share their clients’ information and all of the transactions in crypto that are above $250, mostly for transactions that begin or end in the United States.

This Financial Action Task Force (FATF) proposed a new Travel Rule, mandating the financial institution to exchange such data with the federal agencies even for small transactions.

FinCEN and its sister agency, Federal Reserve, would require the institution to share information like the name and address of whoever initiates the transaction, the amount on the transaction, and the date of execution of the payment. Other required information from the financial institution is any instructions attached to the payment order and the receivers’ bank. 

According to this new rule, FINCEN ensures that the crypto exchange companies are storing quite a lot of information about their users on their database.

FinCEN looks to enforce new regulations. 

The FATF is looking at the possibility of enforcing these new guidelines, or a similar one, in countries with high cases of controversy in their dealings with cryptocurrency.

This new mandate stands at the extreme to what the white paper of Bitcoin had proposed. Bitcoin white paper had looked to keep users private and away from the limelight, but this new regulation would be forcing the exchange companies to gather information about their users.

Though presently, the guidelines are only still being proposed, FINCEN and its sister agencies are consulting the public and requesting inputs from all of those who might be affected by this new rule. The consultation would be open for the next 30 days.

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LINK Bulls Activate With 12% Daily Increase But Can They Break $12.5 Resistance? (Chainlink Price Analysis)

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LINK/USD – Bulls Form Ascending Price Channel

Key Support Levels: $11.50, $11, $10.50.
Key Resistance Levels: $12.33, $13, $13.50.

LINK bounced higher from the support at $8.77 at the start of October. From there, it started to form an ascending price channel. The coin recently bounced higher from the lower boundary of this price channel as it reversed from the $9.80 support on Wednesday.

Yesterday, LINK pushed as high as $12.33, where it met resistance at a bearish .5 Fib Retracement combined with the channel’s upper boundary. LINK is now trading at $12 as it faces the $12.33 resistance.

linkusd-oct23
LINK/USD Daily Chart. Source: TradingView

LINK-USD Short Term Price Prediction

If the buyers can break the resistance at $12.33 and push above the channel’s upper boundary, the first level of resistance lies at $13. Above this, resistance is expected at $13.50 (bearish .618 Fib), $14, $14.72, and $15.20 (bearish .786 Fib).

On the other side, the first level of support lies at $11.50. Beneath this, additional support lies at $11, $10.50, $10, and $9.80 (lower boundary of price channel).

There is some bearish divergence that could potentially be forming between RSI and the price. It will be important to watch this divergence to see if it plays out over the next few days as it could potentially send LINK toward the lower boundary of the price channel again.

LINK/BTC – Buyers Battling To Reclaim 0.001 BTC.

Key Support Levels: 0.0009 BTC, 0.000868 BTC, 0.00082 BTC..
Key Resistance Levels: 0.00094 BTC, 0.001 BTC, 0.00108 BTC.

Against Bitcoin, LINK is currently trading at the 0.0094 BTC resistance level. The buyers attempted to break above 0.001 BTC earlier in the month but failed miserably. A bearish .382 Fib Retracement level provides the resistance here, and it caused LINK to roll over until support was found at 0.00082 BTC a few days ago.

Since reaching this support, LINK has rebounded higher and is now facing resistance at 0.00094 BTC before it can make another attempt at 0.001 BTC.

linkbtc-oct23
LINK/BTC Daily Chart. Source: TradingView

LINK-BTC Short Term Price Prediction

Looking ahead, once the buyers break 0.00094 BTC, the first level of resistance lies at 0.001 BTC (bearish .382 Fib). This is followed by resistance at 0.00108 BTC (bearish .5 Fib), 0.00112 BTC, and 0.00116 BTC (bearish .618 Fib).

On the other side, the first level of support lies at 0.0009 BTC. This is followed by added support at 0.000868 BTC, the rising trend line, 0.0008 BTC, and 0.00075 BTC (downside 1.414 Fib extension – purple).

The Stocahstic RSI recently produced a bullish crossover signal that allowed LINk to rebound higher.

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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/link-bulls-activate-with-12-daily-increase-but-can-they-break-12-5-resistance-chainlink-price-analysis/

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2020 Presidential Election Structure in Georgia Hit With a Ransomeware Attack

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Local government networks were the target of a recent ransomware attack in a county in the state of Georgia. The key voting infrastructure assault reportedly managed to affect “critical systems” within the network.

The First Ransomware Attack For This Election Season

According to a recent CNN news report, the attack on Georgia’s Hall County was disclosed on October 7, while the aftermath of the hit is starting to emerge now. As per the release “critical systems within the Hall County Government networks” suffered the intrusion and this might be the first ransomware attack for this election season in the United States.

Katie Crumley, a Hall County spokesperson, said that among the affected systems in the county are the signature database, plus a voting precinct map hosted on the county’s website. However, she added that the personnel is now being successful in bringing some of the programs back to operational.

“We are currently bringing various programs back online, and those two items are included in that process,”. However, the voting process for our citizens has not been impacted due to the network issues.” – Crumley added.

As per the news report, the belief is that the attackers didn’t aim to specifically targeted election systems and that several other county functions like phone and email services had suffered as well.

Officials from Hall County report that third-party cybersecurity professionals are working to hasten the recovery.

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More Ransomware Attacks On The Horizon?

The Georgia Hall County ransomware attack has been reported as the first incident to directly strike election-related infrastructure. However, this wasn’t the sole case of such a scale in the last months.

“At least 18 county or municipal bodies have been impacted by ransomware since the beginning of September — about three per week — so it’s very likely that other bodies will be hit in the run-up to the election.” – Said Brett Callow, a threat analyst at the security firm Emsisoft.

Aside from this, ransomware attacks are omnipresent in other countries and companies. In July such an intrusion hit Argentina’s largest telecommunications company Telecom. Back then, the cybercriminals demanded a $7.5 million ransom to be paid with the privacy coin – Monero (XMR).

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Source: https://cryptopotato.com/2020-presidential-election-structure-in-georgia-hit-with-a-ransomeware-attack/

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