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Failed Bitcoin deal lands two Indians in police custody

Two Indian nationals, Ramesh Reddy and his friend Prabakaran are now in police custody. The duo was arrested for overreacting, to the extent of threatening and extortion, because of a failed Bitcoin deal. A local news outlet, New Indian Express, reported the incident on Thursday.  Fake Bitcoin deals  As the local police narrated in the […]

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Two Indian nationals, Ramesh Reddy and his friend Prabakaran are now in police custody. The duo was arrested for overreacting, to the extent of threatening and extortion, because of a failed Bitcoin deal. A local news outlet, New Indian Express, reported the incident on Thursday. 

Fake Bitcoin deals 

As the local police narrated in the report, Ramesh, who is a distributor of Ayurvedic medicines in Bengaluru, was contacted by an alleged fraudster, who only introduced himself as Naresh. He claimed to be in possession of Bitcoins worth about $4.4 million (Rs 33 crore). However, he told Ramesh that those funds are in the United States, and will give him a commission if he could help him (Naresh) move down the funds to India. 

Adyar DCP V Vikraman precisely noted that “he [Naresh] promised 50 percent of that money to Ramesh, only if he found a person who could convert the online currency into Indian Rupees.” At that point, Ramesh reached out to his real estate friend, Prabakaran, on how to execute the Bitcoin deal. They later contacted and persuaded a Chennai-based techie, Mohan, to help them withdraw the funds to Indian.

Ramesh and his friend promised Mohan a one percent commission (i.e., Rs 33 lakh or $44,656) to open an e-wallet through which Bitcoins will be transferred. The money couldn’t be transferred to Indian directly because since it was in the United States, so Mohan had to create an account in the UK to moved to withdraw the money from there. However, the whole effort to execute the Bitcoin deal went sour as the money suddenly vanished, without reaching the UK nor reverting.

A sad ending 

Mohan then realized that the e-wallet accounts, ‘Swift Global Pay’ and ‘Insta Merchant Pay,’ were fraudulent. Naresh, who made this entire proposal, was a fraud.

the DCP added.

Both Ramesh and Prabakaran didn’t believe the outcome of the Bitcoin deal, so they began threatening Mohan, who had to repay them the missing money from the money he borrowed using his wife’s jewels. Even at that, the duo continued threatening Mohan, who later reported them to the police, leading to the arrest of Ramesh and his friend.

Blockchain

Top DeFi Coins Finally Make Recovery: Aave, Ren, Chainlink Surge 10%

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Earlier this week, all eyes were on Bitcoin, not DeFi. The leading cryptocurrency shot a handful of percent higher while altcoins actually began to move lower against the dollar, sometimes by 5-10%. Some DeFi coins actually dropped 15% on the day that Bitcoin shot 2-3%.

This trend did not persist, though. Altcoins have begun to recover against the leading cryptocurrency over the past day, with some actually managing to outpace the previously-dominant Bitcoin.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

DeFi Coins Bump Higher Amid Bitcoin Surge

CoinGecko data shows that DeFi coins are bumping higher amid the Bitcoin surge that took place on Wednesday, which brought prices higher by over 8%. While Ethereum is still underperforming BTC, top DeFi coins are surging higher.

Ren Network’s REN token, Ampleforth (AMPL), Aave’s AAVE, Chainlink (LINK), and many other coins have gained around 10% in the past 24 hours. For context, again, BTC is up 8% while ETH has gained 6%.

This recovery comes shortly after analysts said that Bitcoin is likely going to outperform the average

“$BTC going up swiftly is not only not bullish for alts but it’s bearish. reasons for this are myriad but boil down to the fact that money is a coordination game and Bitcoin is the Schelling point; this is independent of how you feel about it, community is literally irrelevant.”

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

ETH & DeFi Fundamentals Remain Strong

DeFi and Ethereum fundamentals are strong.

Crypto-asset analyst Qiao Wang said that he thinks an institutional influence has landed in the DeFi space:

“It seems that Silicon Valley finally discovered DeFi. Relatively to crypto natives, they are characteristically late. They were late with BTC, ETH, and this time DeFi. But if history is any indication, they’ll hype it up and create a huge bubble out of it in the coming years.”

We’re seeing the institutional influence with the introduction of large crypto institutions and venture capital companies into DeFi through investments, comments in media, and so on. 

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
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Price tags: lendusd, lendbtc, aaveusd, aavebtc, aaveeth, renbtc, reneth, renusd, linkusd, linkbtc
Charts from TradingView.com
Top DeFi Coins Finally Make Recovery: Aave, Ren, Chainlink Surge 10%

Source: https://www.newsbtc.com/analysis/defi-coins/top-defi-coins-finally-make-recovery-aave-ren-chainlink-surge-10/

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Analysis: Current Bitcoin Rise Due To New Money Entering Crypto (And Not Altcoins Sell Off)

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Bitcoin is enjoying several consecutive bullish days, resulting in a break above $12,000. The movement may surprise some. A few days ago, news broke that the popular cryptocurrency exchange OKEx had suspended withdrawals after reports emerged that its founder was taken away by the police.

In early October, the owners of another large platform, namely BitMEX, were charged by the US CFTC with illegally operating a derivatives exchange.

Similar developments typically lead to adverse consequences for the cryptocurrency market. Although Bitcoin’s price indeed dipped briefly, the asset recovered swiftly. Moreover, it actually started accelerating.

On October 2nd, when the BitMEX news came out, BTC slumped to $10,400. With its price set above $12,200, this represents a 17% increase in less than three weeks. Since last Friday alone, when the OKEx events transpired, Bitcoin has gained about $1,000 of value.

Apart from building optimism within the community that a new 2020 high of above $12,500 is coming, BTC’s impressive performance raised questions about the nature of the funds going into Bitcoin.

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New Capital Enters

Popular cryptocurrency commentator Alex Saunders published a graphic on the matter called “Crypto Market Cycle Capital Flows.”

Crypto Market Cycle Capital Flows. Source: Twitter
Crypto Market Cycle Capital Flows. Source: Twitter

Saunders specified that the blue represented the entire cryptocurrency market cap, the black – BTC’s market cap, and the orange was the cumulative market cap of all alternative coins.

He outlined several periods when Bitcoin’s performance contrasted altcoins. This implies that when BTC was heading up, investors were swapping their altcoin positions for more significant exposure to Bitcoin and vice-versa.

However, the latest price increase for the primary cryptocurrency doesn’t fall under the same category. Saunders concluded that the data he collected “suggests the capital entering Bitcoin is new money rather than a rotation from Altcoins.”

Alternative Coins Stay Still

By examining the price performance of the altcoin market, one could see merit in his words. Although some alts have lost value lately, most have remained relatively stable.

On a weekly scale, Ethereum has lost less than 1%, while Ripple has dropped by about 2%, according to data from CoinMarketCap.

The altcoin market cap hovered around $148 billion a week ago and is slightly down to $147 billion now. The monthly scale even sees an increase from about $135 billion.

Altcoin Market Cap. Source: CoinMarketCap
Altcoin Market Cap. Source: CoinMarketCap
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Source: https://cryptopotato.com/analysis-current-bitcoin-rise-due-to-new-money-entering-crypto-and-not-altcoins-sell-off/

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Bitcoin Price Moons to New 2020 Highs on PayPal News

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Newfound bullish momentum is omnipresent with Bitcoin’s price throughout the last few days. The cryptocurrency has increased by more than $2,000 since October 6th, and it shows no signs of slowing down.

Bitcoin Price Breaks 2020 Highs on PayPal News

Throughout the entire month of September, Bitcoin’s price was somewhat stagnant, with a few minor exceptions. This became a cause for increasing worries among cryptocurrency analysts and traders, many of whom were worried that the price would head lower and fill the (still) unfilled CME gap down at $9,600.

All of this changed on October 6th when BTC started its ascend. Since then, the price has increased by more than $2,000, with the momentum culminating today on some major news coming from PayPal.

The world’s largest online payment processor announced that it would enable its customers to buy, sell, and store Bitcoin and other cryptocurrencies as soon as the “coming weeks” for US-based accounts and the first half of 2021 for other countries.

Naturally, the market reacted in a positive way. Today, Bitcoin’s price has surged from a low of around $11,910 to a high of $12,888 on Binance Futures, before retracing to where it’s currently trading at $11,750. With this sudden move, Bitcoin broke the previous 2020 high marked on August 17th when the price reached almost $12,500.

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btcusd_Chart
BTC/USD. Source: TradingView

The Rest of the Market Stalls Against BTC

Somewhat expectedly, altcoins are bleeding heavily against Bitcoin. The market dominance of the world’s leading cryptocurrency is increasing aggressively over the past few days, as it’s now sitting at 61.%, up about 3% in the last month.

BTC_dominance_chart-min
Bitcoin Dominance. Source: CoinMarketCap

As CryptoPotato reported yesterday, BTC’s market dominance is sitting on a 2-month high, while altcoins are already feeling the pressure.

Moreover, a recent analysis indicated that the latest increase in the price of Bitcoin comes from fresh capital, and it’s not a rotation of funds from alts. This shows that the new money entering the space goes into Bitcoin, rather than alternative cryptocurrencies.

On an entirely positive note, it’s worth mentioning that this seems to be a news-driven event. The fact is, however, that PayPal still hasn’t allowed its users to buy Bitcoin, meaning that there might be more positive developments once the feature is rolled into the platform’s services. Moreover, the company has also stated that it will push for the adoption of using digital assets with its vast merchant network in the following year.

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Source: https://cryptopotato.com/bitcoin-price-skyrockets-to-new-2020-highs-on-paypal-news/

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