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Bitcoin Explodes Towards $12,000 as Altcoins Plunge; What Analysts are Saying

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  • Bitcoin has been sucking the air out of altcoins for the past few hours, with its price rallying significantly as Ethereum and other altcoins all sell-off
  • This rally has sent it up towards $12,000, which mark fresh highs since its decline from its $12,400 yearly highs first began
  • It does appear that bulls are currently setting their sights on a move past $12,000
  • Unlike Bitcoin’s previous rally – which came about in tandem with that seen by altcoins – this one has come about at the expensive of altcoins
  • One analyst believes that BTC’s smaller counterparts are all incredibly weak at the moment and poised to see further weakness going forward

Bitcoin and the entire cryptocurrency market are beginning to witness heightened volatility once again.

Today, BTC has pushed up towards $12,000 in a sharp move that came about unexpectedly. This move sucked a significant amount of capital away from altcoins, causing many to plunge as BTC rallied.

The price action seen as of late is clearly bullish, and Bitcoin is showing signs of breaking its correlation to the global equities market.

One analyst expects the benchmark cryptocurrency to see further upside, but he notes that altcoins are growing incredibly weak.

Bitcoin Rallies Towards $12,000 as Consolidation Phase Ends

Throughout the past two weeks, Bitcoin had been caught within a tight consolidation phase as its price traded between $11,200 and $11,600.

This firm trading range has since been broken, and BTC is now on the cusp of pushing past its key $12,000 resistance.

At the time of writing, Bitcoin is trading up just over 1% at its current price of $11,900. This is around the highest price it has been since it first declined below $12,000 months ago.

Analyst: Altcoins Express Continued Weakness as BTC’s Strength Mounts

Bitcoin’s current uptrend is occurring during an all-around bloody day for the crypto market, as many altcoins have shed a significant amount of their value as BTC pushes higher.

One analyst believes BTC will see some choppy price action before it can break $12,000.

“Now back to chopping around for a bit, maybe have some bears call for doom again. BTC is looking really good, alts are looking really weak. And we didn’t even properly break out yet,” he said.

Bitcoin Altcoins

Image Courtesy of Cryptorangutang. Source: BTCUSD on TradingView.

The coming few days should shine a light on the long-term significance of this latest push higher.

It should also elucidate whether or not altcoins will continue bleeding as Bitcoin rallies.

Featured image from Unsplash.
Charts from TradingView.

Source: https://bitcoinist.com/bitcoin-explodes-towards-12000-as-altcoins-plunge-what-analysts-are-saying/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-explodes-towards-12000-as-altcoins-plunge-what-analysts-are-saying

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Hackers Donate Stolen Bitcoin Worth $20,000 to Two Non-Profit Organizations

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In what seems to be a case of black hat hackers masquerading as the internet’s self-professed Robin Hoods, two charitable organizations have received mysterious bitcoin donations from a cybercriminal group.

The generous gesture is worth 0.88 BTC (around $10,000), with the donating hackers wanting to “make the world a better place.”

Hacking Corporations To Give Back To The Society?

As per the latest report published by BBC, this altruistic act of benevolence coming from online perpetrators has left cyber-crime experts puzzled. And why not? This Robin Hoodesque act move is a first and doesn’t at all follow the MO (read modus operandi) pattern of Darkside hackers.

Two charities – The Water Project and Children International, have indeed received bitcoin donations worth $10,000 (0.88 BTC) each. The online robin hoods shared the receipts for the same on the dark web.

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hackers_donating_image
Receipts of Hackers Donating 0.88 BTC to Two Charities (each).

Children International has expressed objection towards this donation and has said that they will not accept it. Speaking to BBC, a spokesperson representing the non-profits said:

If the donation is linked to a hacker, we have no intention of keeping it.

The hackers probably knew that the charities would not approve of their ‘giving back to the society’ gesture. In a recent blog post, they wrote:

We think that it’s fair that some of the money the companies have paid will go to charity.

No matter how bad you think our work is, we are pleased to know that we helped changed someone’s life. Today we sended (sic) the first donations.

What Do The Cyber Crime Experts Think Of This Bitcoin Donation?

For experts like Brett Callow, this act of hacker benevolence didn’t add up. He says that the concrete motivation for slipping a part of ransomware bounty to charities is not clear at all. The intentions of the hackers behind this act are equivocal and unusual.

What the criminals hope to achieve by making these donations is not at all clear. Perhaps it helps assuage their guilt? Or perhaps for egotistical reasons they want to be perceived as Robin Hood-like characters rather than conscienceless extortionists.

Whatever their motivations, it’s certainly a very unusual step and is, as far as I know, the first time a ransomware group has donated a portion of their profits to charity.

Hackers Used The Giving Block To Donate BTC

As per the revelation, hackers leveraged the cryptocurrency donation facilitating platform, The Giving Block (TGB), to make the bitcoin donations. Because the platform allows anyone with BTC/crypto (ETH, LTC) funds to donate anonymously. Data reveals that 67 charities use the firm’s service to receive bitcoin and crypto donations.

It turns out that TGB was not really aware of the source of these bitcoin funds. In an interview regarding the matter, TGB assured to return the donated BTC to their rightful owners. If they found out that hackers made those donations. They said:

We are still working to determine if these funds were actually stolen.

If it turns out these donations were made using stolen funds, we will of course begin the work of returning them to the rightful owner.

TGB added:

The fact they used crypto will make it easier, not harder, to catch them.

Anonymous Donations From Illicit Sources Point To Money Laundering: Chainalysis

Philip Gradwell, a cryptocurrency investigator working with Chainalysis, also commented on this case. He said that anonymous BTC/crypto donations are questionable, as they pave the way for rampant money laundering. Especially if bad actors make those donations.

He impressed upon the fact that law officials have developed a certain proficiency in tracking the movement of crypto funds from wallet to wallet. But it is quite difficult to figure out who actually owns the wallet. And that’s why Philip feels that:

All crypto-currency businesses need a full range of Anti-Money Laundering measures including a Know Your Customer (KYC) program of basic background checks, so that they can understand who is behind the transactions their business facilitates.

As for non-profit organizations, they despised the idea of hackers making donations from ill-gotten funds. They would not be comfortable and would never ‘knowingly’ accept funds from spurious sources. That’s what they told BBC.

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Source: https://cryptopotato.com/hackers-donate-stolen-bitcoin-worth-10000-to-two-non-profit-organizations/

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Ripple Price Analysis: XRP Crashes To 3-Month Low Against Bitcoin, What’s Next?

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XRP/USD – Bulls Remain Inside Symmetrical Triangle Pattern

Key Support Levels: $0.237, $0.23, $0.228.

Key Resistance Levels: $0.251, $0.261, $0.271.

XRP has not been outperforming over the past seven days, but it remains inside the boundaries of a symmetrical triangle. The coin failed to break the upper boundary last week, which caused it to head into the support at the lower boundary.

It rebounded at the lower boundary but has struggled to remain above the 100-days EMA at around $0.243. XRP spiked higher yesterday and over the past hours, but the bears have banded together to suppress the price beneath the 100-days EMA.

The next direction for XRP will be dictated by the direction in which price breaks the symmetrical triangle, as shown in the following chart. A break toward the upside would result in XRP heading higher toward $0.26, but a break to the downside could see XRP heading back toward $0.215.

xrpusd-oct20
XRP/USD Daily Chart. Source: TradingView

XRP-USD Short Term Price Prediction

Looking ahead, the first level of resistance is located at the 100-days EMA. Above this, resistance lies at the upper boundary of the triangle, at around $0.251, where the bearish .382 Fib Retracement level lies.

Above this, resistance is located at $0.261 (bearish .5 Fib Retracement), $0.271 (bearish .618 Fib Retracement), and $0.28 (1.414 Fib Extension).

On the other side, the first level of support lies at the lower boundary of the triangle. Beneath this, support lies at $0.237 (200-days EMA), $0.23, and $0.228 (.618 Fib Retracement).

From a technical standpoint, the Stochastic RSI has produced a bullish crossover signal in oversold territory, which could lead to some positive momentum.

XRP/BTC – Is XRP Heading Beneath 2000 SAT?

Key Support Levels: 2050 SAT, 2022 SAT, 2000 SAT.

Key Resistance Levels: 2100 SAT, 2142 SAT, 2200 SAT.

XRP struggles heavily against Bitcoin after it dropped beneath the 2100 SAT level today to create a fresh 3-month low at the 2057 SAT level. The last time XRP/BTC was at that low was on July 28, 2020.

At the start of October, XRP attempted to push higher against BTC but was stalled by the 200-days EMA at around 2400 SAT.

From there, XRP headed lower throughout the month to reach 2057 SAT today, and it is likely to head further still.

xrpbtc-oct20
XRP/BTC Daily Chart. Source: TradingView

XRP-BTC Short Term Price Prediction

Looking ahead, the first level of support lies in the 2050 SAT area (downside 1.414 Fib Extension). Following this, support lies at 2022 SAT, 2000 SAT, and 1975 SAT.

On the other side, the first level of resistance now lies at 2100 SAT. Above this, resistance is expected at 2142 SAT, 2200 SAT, and 2250 SAT.

Both the RSI and Stochastic RSI are in extremely oversold territory, suggesting that the sellers are slightly overextended at this point.

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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/ripple-price-analysis-xrp-crashes-to-3-month-low-against-bitcoin-whats-next/

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