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Polkadot price above the $10.00 level, what’s next for DOT?

TL:DR Breakdown Polkadot price expected to rise to the $11.00 mark. The Closest support lies at $9.00 Polkadot faces resistance in closing above the $10.00 level. Polkadot price has crossed above the $10.00 price level as bulls made a swift recovery from the $7.500 price level. The price climbed above the $10.500 level but has […]

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TL:DR Breakdown

  • Polkadot price expected to rise to the $11.00 mark.
  • The Closest support lies at $9.00
  • Polkadot faces resistance in closing above the $10.00 level.

Polkadot price has crossed above the $10.00 price level as bulls made a swift recovery from the $7.500 price level. The price climbed above the $10.500 level but has retraced since then to the $10.200 level.

Cryptocurrency price and market capitalization • Coin360 • 13:53 UTC Jan, 13

The broader cryptocurrency market observes a bullish change across the last 24-hours. However, the change has been low, and most major cryptocurrencies record a change of less than 5 percent across the period. This is the same for Bitcoin as BTC trades at an almost 2 percent raise across the timeframe.

Polkadot price overview: Polkadot price across January

Polkadot price above the $10.00 level, what's next for DOT? 1

After starting the year with a bullish outlook, Polkadot price has observed little movement above the $10.00 level. While the bulls carried the price to the $10.00 level by January 4, DOT was not able to close the day above the level, and the price declined below.

Since then, Polkadot price has remained consolidated below the $10.00 level until January 11, when the price fell to the $7.500 level. Across the last 48 hours, Polkadot has made a strong recovery, climbing above the $10.00 level. Currently, Polkadot is trading at $10.14, showing a 22 percent increase from the day’s opening price.

Technical analysis

Across the technical indicators, the MACD shows increasing bullish momentum as the size of green candlesticks continues to increase across the 4-hour timeframes. As such, the EMAs have continued to diverge further.

The RSI hovers near the 70.00 mark, suggesting that a movement upwards of the $10.500 level would make Polkadot price overbought and issue a sell signal. However, if the price closes above the $10.00 level today, Polkadot would have room to continue rising towards the $11.00 level tomorrow.

The Bollinger bands are expanding, which shows that Polkadot price volatility will continue to increase in the short term.

Across the four-hour frames, 14 of the 28 major technical indicators issue a buy signal while only two indicators issue sell signals. Meanwhile, ten indicators remain neutral and do not indicate support towards either side. Overall, the technical analysis issues a buy signal.

This sentiment is further reinforced in the four-hour technical analysis that shows 19 indicators that are issuing a buy signal. The analysis issues a strong buy signal as only one indicator issues a sell signal.

What to expect from Polkadot price?

Traders should expect Polkadot price to rise to the $11.00 level as strong bullish momentum marks DOT/USD charts. Furthermore, the positive indicators suggest that DOT may break above the $11.00 level with price establishing a support level above the mark.

However, if Polkadot price falls below the $10.00 level, DOT would fall back to the consolidation it has been trading inside since the year’s start. In that case, DOT would remain below the $10.00 mark until late January with potential for further downwards movement.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Following Coinbase And Bakkt: Winklevoss’ Gemini Reportedly Considers Going Public

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Cameron and Tyler Winklevoss are reportedly exploring the option of making their cryptocurrency exchange Gemini public. The brothers could follow the steps of other US-based digital asset-related companies with similar intentions, such as Coinbase and Bakkt.

Gemini To Go Public?

Bloomberg reported today that the founders of the US-based crypto exchange Gemini are open to the idea of going public.

“We are definitely considering it and making sure that we have that option. We are watching the market, and we are also having internal discussions on whether it makes sense for us at this point in time. We are certainly open to it.” – said Cameron.

Gemini, based in New York City, employs over 350 people. The exchange obtained a trust charter from the New York State Department of Financial Services shortly after its establishment and is licensed as a money transmitter in multiple US states.

Making a company public has been a hot topic within the cryptocurrency industry lately. Firstly, the largest US exchange Coinbase announced such plans with an estimated value of nearly $30 billion.

More recently, Bakkt, the Bitcoin futures trading platform owned by the Intercontinental Exchange, stated similar plans after a merger with a special acquisition company. Bakkt’s estimated enterprise value is at approximately $2.1 billion.

Gemini Releases A Credit Card With Crypto Rewards

The exchange also announced that it will launch a credit card that will provide users with cryptocurrency rewards. Dubbed Gemini Credit Card, it will enable up to 3% back in bitcoin and other digital assets. The rewards will be automatically deposited into the cardholder’s Gemini account.

The card comes after Gemini acquired Blockrize – a company specializing in building such products. The distribution will start later in the year, and the statement informed that there’s already a substantial waitlist with over 10,000 people requesting early access.

The card will work like traditional ones and will be available to US residents in every state while also accepted in merchants that accept regular cards.

“The Gemini Credit Card will make it easier for any consumer to invest in bitcoin and other cryptos without changing their existing behavior. Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases. We are excited to welcome the Blockrize team to Gemini and work together to continue to mainstream crypto.” – commented Tyler Winklevoss.

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Source: https://cryptopotato.com/following-coinbase-and-bakkt-winklevoss-gemini-reportedly-considers-going-public/

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FinCEN Extends Comment Window on Proposed Crypto Regulations

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With the initial deadline for comments long expired, FinCEN has decided to extend the comment period for its proposed controversial crypto regulation for an additional 15 days.

FinCen Sets New Deadline

The Financial Crimes Enforcement Network (FinCEN), an office of the U.S. Department of Treasury, announced the news of the extension via a press release on Thursday (Jan. 14, 2021). FinCEN’s earlier deadline was set on January 4, 2021.

Following the different requests for extension, it appears that FinCEN would not be hasty to implement the proposed regulation. The extension is beneficial for the industry, as affected entities can have time to analyze the proposal. Since the initial comment period, the bureau has received thousands of comments and is ready to receive more feedback.

An excerpt from the press release reads:

“FinCEN is providing an additional 15 days for comments on the proposed reporting requirements regarding information on CVC or LTDA transactions greater than $10,000[…] that involve unhosted wallets or wallets hosted in jurisdictions identified by FinCEN. FinCEN is providing an additional 45 days for comments on the proposed requirements that banks and MSBs report certain information regarding counterparties to transactions by their hosted wallet customers, and on the proposed recordkeeping requirements.”

The Proposed Regulations

FinCEN’s proposed crypto regulation required that cryptocurrency exchanges would keep records and verify “the identity of their customers if a counterparty uses an unhosted or otherwise covered wallet and the transaction is greater than $3,000.” Also, exchanges are expected to submit to FinCEN transactions that exceed $10,000.

However, the proposal saw pushback from the crypto community, with many saying that the rule was harmful to the industry. Companies like Jack Dorsey’s Square and Andreessen Horowitz opposed the rules, with Square noting that it could create unnecessary friction between crypto users and regulated entities.

Other comments noted that the original 15-days comment period was too short. As reported by CryptoPotato, days after FinCEN released its planned regulatory policy, U.S. crypto exchange Coinbase asked for an extension of the comment period.

According to Coinbase, the comment time frame was rushed and asked the bureau to instead consider a 60-day time frame. Also calling for an extension was a U.S. Senator and several members of Congress. The lawmakers also asked for an extension between 15-60 days to give concerned parties time to evaluate the proposed rule.

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Source: https://cryptopotato.com/fincen-extends-comment-window-on-proposed-crypto-regulations/

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Bulgarian Crypto Exchange Owner Sentenced To 10 Years in Prison for Laundering $5 Million

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A Bulgarian national was sentenced to serve ten years in prison after a major crypto-related fraud. Not long ago, the man was convicted in a transnational multimillion-dollar scheme to defraud over 900 American citizens.

An Auction Fraud That Victimized over 900 Americans

According to an official announcement by the United States Department of Justice, Rossen G. Yossifov, a 53-year-old man, had defrauded hundreds of American citizens during a well-masterminded illegal endeavor.

He managed and promoted the so-called RG Coins – a cryptocurrency exchange headquartered in Sofia, Bulgaria. Now, the US court has sentenced him for conspiracy to commit a Racketeer Influenced and Corrupt Organizations Act (RICO) offense plus a conspiracy to commit money laundering.

During the crime, Iossifov and his Romanian co-conspirators, part of the Alexandria Online Auction Fraud (AOAF) Network, engaged a large-scale online fraud. They organized a false auction that victimized at least 900 Americans during its course.

As CryptoPotato reported, Iossifov was officially charged with participating and dictating the international fraud a few months ago. 

Providing Favorable Crypto Exchange Rates To Victims

According to initial court documents, the scammers made everything seem legit, providing invoices with trademarks of reputable firms to their victims.

One of the primary ways to lure people into the scam was that the conspirators designed their scheme to cater to criminal enterprises by providing better exchange rates to the AOAF Network members.

The Romania-based fraudsters posted false advertisements to popularize online auctions for expensive goods and vehicles that did not exist. They had also established call centers to offer customer support to advise client questions and “alleviate concerns over the advertisements.”

When convinced, victims had to fulfill a payment. Domestic associates of the criminals would accept the money, convert them into cryptocurrency, and transfer them to foreign-based money launderers. As per the announcement, Iossifov was the final gear that facilitated the last stage of the scheme.

Some of the trial’s evidence revealed that, in less than three years, Iossifov had laundered nearly $5 million in cryptocurrency for just four of his partners.

“This represented over $7 million in funds defrauded from American victims. In return, Iossifov made over $184,000 in proceeds from these transactions”, read the official court publication.

Apart from Iossifov and the five co-operators, so far, 17 more members of the Romanian crime network will face court for their role in this scheme. Seven others have already faced sentences with verdicts between 30 to 96 months. Three of the members of the scam are fugitives.

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Source: https://cryptopotato.com/bulgarian-crypto-exchange-owner-sentenced-to-10-years-in-prison-for-laundering-5-million/

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