The lawyers of Craig Wright, the self-proclaimed creator of Bitcoin have reportedly sent a letter to Blockstream claiming that Wright was the man behind the addresses that sheltered the stolen Bitcoins from the Mt.Gox hack.
Will The Real Hacker Please Stand Up?
Australian entrepreneur, Craig Wright has been a popular name in the crypto sphere. Wright was one of the early investors in the field. However, things started going haywire for Wright after he claimed to be Satoshi Nakamoto, the creator of Bitcoin. Several from the industry condemned this claim while Wright went on trying to prove that he was Satoshi. While the real Satoshi still remains unknown, the crypto community started addressing Wright by the name, “Faketoshi”. Apart from this, Wright has been fighting a case against Kleiman’s estate as he was accused of stealing Bitcoin worth more than $5 billion.
However, this time Wright is not making headlines regarding the case. The latest updates suggest that Wright was behind the Mt.Gox hack that took place back in 2011. The Mt.Gox hack was touted as one of the biggest Bitcoin hacks that the crypto industry had witnessed. An exchange based in Tokyo was reportedly carrying out 70 percent of all the Bitcoin transactions across the globe. However, a hacker allegedly transferred a significant amount of Bitcoin into his account further dropping the price of the king coin to one cent on the exchange.
A letter sent to Blockstream was seen surfacing through crypto Twitter. Samson Mow, the CSO at Blockstream shared a letter on his Twitter handle in which Wright’s law firm, SCA Ontier LLP revealed that the Bitcoin addresses that accommodated 80,000 stolen coins from the Mt.Gox exchange belonged to Wright. Mow tweeted,
— Samson Mow (@Excellion) June 12, 2020
Mark Karpelès, the former CEO of Mt.Gox also expressed his stance about the latest letter through his official Twitter account. His tweet read,
“The 1Feex address contains ~80k BTC stolen from MtGox in March 2011. Craig Wright is claiming to have been in control of this address until recently, admitting legal liability for damages and interest?”
Several members of the cryptocurrency community were probing the matter. Riccardo Spagni, member of the Monero Core Team also acknowledged the news by tweeting about it.
Just so we're clear, Craig Wright has just openly admitted (via his lawyers) to be the guy that stole 80k BTC from Mtgox. The screenshots below show the court documents indicating the "1Feex" address is where the stolen Mtgox funds were sent. What do you have to say, @CalvinAyre? pic.twitter.com/Yh1esDar6J
— Riccardo Spagni (@fluffypony) June 12, 2020
Amidst this, Craig Wright wrote a Slack message talking about the same. The message was shared by Karpelès.
Bitcoin Increases But Struggles to Sustain Prices Above $13,000
On Oct 23, Bitcoin (BTC) continued the upward move which had accelerated on Oct 19. While the long-term trend is likely bullish, a short-term drop could occur before the price resumes its upward movement. Bitcoin Continues Ascent On Oct 23, Bitcoin continued its upward movement by creating another bullish candlestick that was slightly smaller than […]
The post Bitcoin Increases But Struggles to Sustain Prices Above $13,000 appeared first on BeInCrypto.
On Oct 23, Bitcoin (BTC) continued the upward move which had accelerated on Oct 19.
While the long-term trend is likely bullish, a short-term drop could occur before the price resumes its upward movement.
Bitcoin Continues Ascent
On Oct 23, Bitcoin continued its upward movement by creating another bullish candlestick that was slightly smaller than the candle that preceding it. Furthermore, yesterday’s wick-high of $13,208 was lower than that of Oct 22, which reached $13,235.
Despite this development, there is no visible weakness in the daily time-frame. The MACD, RSI, and Stochastic oscillator are increasing and there is no bearish divergence present.
The short-term chart for BTC does show some signs of weakness, however. On Oct 21, BTC created a shooting star candlestick (blue arrow in the image below), which was the first bearish sign during the upward move.
Yesterday, the increase that failed to reach the previous high was combined with significant bearish divergence in both the RSI and the MACD, the latter of which has almost crossed into negative.
The Oct 21 high might have marked the top of the third sub-wave (shown in blue below), which is a part of a larger third wave (orange).
Considering the short-term bearish implications from the previous section, a retracement is expected. Even though there are no clear support levels below the current price, we can use Fib retracement levels to determine where the retracement will most likely end.
The price could drop to the 0.382 Fib level of sub-wave 3 at $12,125. The reason for this shallow retracement is a counter to the deep retracement of sub-wave 2, which went all the way down below the 0.618 Fib level. Because of the concept of alternation, we would expect to see the opposite in sub-wave 4.
To conclude, while it is likely that BTC is bullish in the longer-term and will move higher, a short-term retracement is expected before the price resumes its upward movement.
For BeInCrypto’s previous Bitcoin analysis, click here!
Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.
The Best Place to Short Bitcoin is Above $14K, Analyst Explains Why
Bitcoin bulls will enjoy domination over the market until its price breaches the $14,000-mark, according to Eugene Loza of EXCAVO.
The independent market analyst wrote in his note to investors that he expects to see traders with more exposure in Long trades than the Short ones. He signified his prediction with a technical structure. It envisioned BTC/USD inside an Ascending Channel pattern, inching upward as it awaits to test a sequence of Fibonacci resistance and support levels.
The smaller Fibonacci retracement graph in the chart above expired at $12,283 after Bitcoin breached the level on Wednesday. Simultaneously, the cryptocurrency closed in towards the 61.8% level – at $13,037 – of the bigger Fib setup, awaiting a breakout move to the upside.
An $11K Bitcoin Possible
Mr. Loza supported the outlook of an extended bullish move, noting that $13,037 is “not the best place for a short [position].” He added that those who are still trading against Bitcoin’s upside outlook would risk getting liquidated at around $13,350 at a loss.
That would leave Bitcoin with the possibilities of moving further higher towards the 78.6% level of the big Fib. That is around $15,728.
Mr. Loza said that opening a short position anywhere between $14,000 and $15,728 is a “better” call. The range also lies near the upper trendline of the Ascending Channel pattern.
“Once we take the target, there is a possibility of correction to the middle line of the ascending channel,” Mr. Loza added.
The mid-level is below $11,000.
More Downside Outlooks
Mr. Loza’s statements came amid a period of strong buying enthusiasm for Bitcoin. The cryptocurrency this week gained global recognition after PayPal, the world’s leading payments service company, announced to integrate it in its existing line of products.
Before PayPal, its top rival Square, a firm headed by Twitter CEO Jack Dorsey, had shown $50 million worth of BTC in its balance sheets. Another recognized corporation, MicroStrategy, also reallocated $425 million of its cash reserve to Bitcoin, citing its fears of US dollar devaluation amid rising M2 and ultralow interest rates.
Traders assessed the sequence of events as validation of Bitcoin’s growth among prominent firms, both as a service and a financial asset. As a result, the Long positions on BTC/USD jumped dramatically higher than the Short ones, validating that the majority believes Bitcoin is underpriced at current rates.
Michaël van de Poppe, another independent market analyst, showed caution towards overly bullish statements. He said Bitcoin should hold the $12,750-12,800 range to sustain its upside bias. Otherwise, the cryptocurrency risks plunging “towards $12,200 and potentially $11,900.”
Mr. Poppe’s medium-term outlook, at the same time, projected an upside continuation towards $14,000. He nevertheless reiterated that “the area between $11,200-11,700” would serve as support.
“In the worst-case scenario around $10,000, but everything is clear and good here,” he added. “Breaking $13,600 area and I think $16,000 is next.”
That somewhat rhymed with Mr. Loza’s prediction of the cryptocurrency.
XRP Bulls Step in With a 5% Daily Increase, Is $0.30 Next? (Ripple Price Analysis)
XRP/USD – Buyers Finally Break Above Symmetrical Triangle
Key Support Levels: $0.26, $0.251, $0.245.
Key Resistance Levels: $0.261, $0.271, $0.279.
XRP went through a rollercoaster of price action yesterday as it reached as high as $0.271 (bearish .618 Fib) and as low as $0.228 (.618 Fib) during the 24 hours.
The cryptocurrency had been trading within a symmetrical triangle and rebounded from the lower boundary at the start of the week. Despite the whipsaw like movement yesterday, the daily candle still closed beneath the triangle’s upper boundary.
Today, XRP pushed higher to break toward the upside of this triangle. It reached the resistance at $0.261, provided by a bearish .5 Fib Retracement level.
XRP-USD Short Term Price Prediction
Moving forward, if the buyers can break the current $0.261 level, higher resistance lies at $0.271 (bearish .618 Fib Retracement). Following this, resistance lies at $0.279 (1.414 Fib Extension), $0.286 (bearish .786 Fib), $0.295 (bearish .886 Fib), and $0.3.
On the other side, the first level of support lies at $0.26. Beneath this, support is expected at $0.251, $0.245 (100-days EMA), and $0.237 (200-days EMA).
The Stochastic RSI produced a bullish crossover signal, which helped the recent push higher.
XRP/BTC – XRP Briefly Penetrates Beneath 2000 SAT.
Key Support Levels: 2000 SAT, 1960 SAT, 1915 SAT.
Key Resistance Levels: 2050 SAT, 2127 SAT, 2200 SAT.
XRP has been struggling throughout the entire month of October against Bitcoin. Yesterday, the coin fell from 2050 SAT and broke beneath 2000 SAT. It continued to spike as low as 1915 SAT where it found support at a downside 1.618 Fib Extension.
The coin managed to close the daily candle at the 1960 SAT level (downside 1.272 Fib Extension) and it has rebounded back above 2000 SAT today as it trades at 2015 SAT.
XRP-BTC Short Term Price Prediction
Looking ahead, if the buyers continue higher, the first level of resistance lies 2050 SAT. Above this, resistance lies at 2127 SAT (bearish .236 Fib), 2200 SAT, and 2260 SAT (bearish .372 Fib & 100-days EMA).
On the other side, if the sellers break back beneath 2000 SAT, support lies at 1960 SAT, 1915 SAT, and 1900 SAT.
The Stochastic RSI is in extremely oversold territory as we wait for a bullish crossover signal to send the market higher.
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