Canadian Police Call Bitcoin Expert Witness In $1.4 Million BTC Case

In a case against drugs, CipherTrace CEO David Jevans testifies as a Bitcoin expert

CipherTrace, a blockchain forensics company, makes headlines today for its role in the seizure of $1.4 million in bitcoins that may have been destined for illicit usage. In the resulting court case, David Jevans, CEO of CipherTrace was called upon to serve as the first ever Bitcoin expert witness.

As with any medium or store of value, those with specific intentions can use Bitcoin for illicit transactions. Thus, the “Darkweb” or online black market has created cause for concern for law enforcement, regulators and cryptocurrency speculators alike, because users can purchase and sell virtually anything using crypto without having to reveal their identity.

As the volume of illegal Bitcoin transactions rises, so does the demand for blockchain intelligence firms like CipherTrace.

CipherTrace played a pivotal role in convicting a suspect accused of using 288 bitcoins (valued at approximately $1.4 million today) to purchase a handgun and facilitate the sale of illicit drugs. In an Ontario court, the Bitcoin expert witness testified that his firm was able to trace transactions from dark web markets into the defendant’s account. Jevans reports:

“If I knew nothing about the case, other than being presented with the bitcoin addresses that Mr. Phan controlled, my analysis would indicate that this individual was dealing in drugs online,”

During the seizure, Canadian police also discovered $2.5 million in illegal narcotics, addressed envelopes, scales, and other drug trafficking paraphernalia.

Blockchain forensics groups like CipherTrace will likely continue to play a crucial role in thwarting cyber crimes in the future, according to the lead investigator on the case, Detective Dwayne King.

King said:

“I would have loved to have access to a tool such as CipherTrace when I originally conducted this investigation in May of 2015. The report prepared by Dave really was the pivotal piece in the Crown’s case for forfeiture.”

The courts are currently pursuing confiscation of all the defendant’s Bitcoins, among other legal consequences, while he argues that half of his digital assets should be retained since they were not realized through nefarious actions.

 

 

By Jalen Fargharson On Mar 6, 2019

 

David Ogden – Http://markethive.com/david-ogden

Bitcoin update -BTC bulls claws back some ground

• Bitcoin has reversed the losses of the previous week.

• Short-Term recovery needs a new stimulus.

A move above $3,800 ended in a sharp recovery that followed a strong sell-off on Monday. BTC/USD is changing hands at $3,823 at the time of writing, gaining over 3% in recent 24 hours. Also, the coin managed to claw back ground lost since the end of February. The trend remains positive, though a short-term bearish correction cannot be excluded.

Looking technically, DMA100 and DMA50 clustered in the area $3,680-$3,630 will continue to serve as formidable support for BTC. Now that the bears are in retreat, we may see an extended recovery towards $3,870-$3,900 area strengthened by 38.2% Fibo retracement levels (monthly and weekly).

A sustainable move higher will attract more speculative buyers and pave the way towards psychological $4,000. The ultimate resistance is created by $4,187-$4,200 area that encompasses February high.

On the downside, a return below $3,800 will upset the bulls. This development may lead to an extended sell-off with the aim at the above-said DMA100 at $3,680. If this strong barrier gives way, the next critical support at $3,630-3,600 will come into focus.

 

BTC/USD, 1D chart

 

 

Tanya Abrosimova

FXStreet

David Ogden – Http://markethive.com/david-ogden

Spanish Hotel chain launches pilot program to accept Bitcoin payments

“Casual Hoteles,” the Spanish hotel chain, has launched a pilot program to accept payments via Bitcoin and Amazon Pay.

The pilot program will begin at the Casual Málaga del Mar hotel.

The Spanish hotel chain, Casual Hoteles, has launched a pilot program to accept payments via Bitcoin and Amazon Pay. The chain operates hotels in several locations like Madrid, Valencia, Lisbon, and San Sebastián. The pilot program will begin at the Casual Málaga del Mar hotel under the guidance of the company’s blockchain project.

Casual Hoteles said that they are exploring the latest technological trends so that they can appeal to the modern, more technologically savvy customers:

“Casual Hoteles is committed to a relationship with its customers and other interest groups based on active listening to the market and the successive generation of added value, with the aim of anticipating their needs, exceeding their expectations and creating new formulas for tourism profitability.”

 

 

 Rajarshi MitraFXStreet

 

David Ogden – Http://markethive.com/david-ogden

Another Bitcoin Indicator Signals Price Bottom May Be Forming

A technical indicator that incorporates both bitcoin’s price and trading volume is signaling the cryptocurrency may have bottomed in December.

The money flow index (MFI), also known as the volume-weighted relative strength index, is used to identify buying and selling pressure and oscillates between zero to 100. A rising MFI indicates an increase in buying pressure, while a falling MFI is considered a sign of increasing selling pressures.

Essentially, the MFI validates or confirms price trends. Many times, however, the indicator diverges from the prevailing market trend.

For instance, BTC dashed hopes of a long-term bullish reversal with a break below $6,000 on Nov. 14 and hit a 15-month low of $3,122 on Dec. 15. The 14-week MFI also nosedived from the high of 43.00 in mid-November, confirming the sell-off in prices.

The indicator, however, bottomed out with a higher low at 22.00, contradicting the lower low in bitcoin’s price. That bullish divergence is widely considered an early warning of a bearish-to-bullish trend reversal. Supporting that argument is the fact BTC snapped its record six-month losing streak with a 10 percent gain in February and the MFI rose from 25 to 44.

Other indicators like the moving average convergence divergence (MACD) and the bearish crossover of the 50- and 100-week moving average are also signaling long-term bearish exhaustion. These tools, however, don’t incorporate trading volumes. The MFI, therefore, stands out as a more reliable technical tool.

That said, with a number of indicators pointing to bullish reversal, the probability of BTC picking a strong bid a year ahead of the mining reward halving appears high.

As of writing, BTC is trading at $3,785 according to CoinDesk data.

Weekly chart

As seen above, the MFI diverged in favor of the bulls in mid-December, despite BTC sliding to lows near $3,100. Further, it carved out another higher low at 25 at the end of January and is now rising toward the upper edge of the channel. A breakout on the MFI, if confirmed, would reinforce the bullish divergence witnessed in December.

When it comes to BTC, $4,190 is the level to beat for the bulls, as it is the high of the inverted bullish hammer carved out last week. That candlestick pattern indicates the bulls are beginning to test bears’ resolve to keep prices low – a sign the market is bottoming out.

A convincing move above $4,190, if backed by a rise in the money flow, could yield a rally toward the psychological resistance of $5,000.

The bullish case presented by the MFI would weaken if the February low of $3,328 is breached with high volumes.

 

Omkar Godbole

Mar 4, 2019 at 05:00 UTC

David Ogden – Http://markethive.com/david-ogden

A Look at the Top Headlines Across Bitcoin and Blockchain
 

Crypto Bear Market Caused Nearly 1 Million Bitcoin Mining ASICs in China to Hibernate but May Be Back Online Soon

The crypto winter has been strenuous for the entire industry, from investors to miners to exchanges. With such a stressed market, many companies had to shut down, resulting in almost one million mining ASICs being put into hibernation. However, there is a group of miners that want to bring all of those ASICs back.

United States Will Soon Have the First Digital Asset Bank, FreeRange, Thanks to a Wyoming Holding Company

Wyoming’s blockchain infrastructure has been evolving steadily over the last year and has been becoming the go-to place for companies in the United States. Based on recent legislation passed for special purpose banks, the opportunity has arisen for the first digital asset bank, which FreeRange is seeking to be.

COs 2017, Stablecoins 2018 and 2019 the ‘Crypto Intranet’ or Bankcoins or Corporate Coins

Ari David Paul took to Twitter over a series of posts to discuss the potential for a permissioned blockchain, which he also calls the crypto internet. Going after JPM Coin, Facebookcoin, and similar tokens, Paul attacks the lack of censorship resistance and depreciation resistance, among other issues. However, Bitcoin and decentralized cryptocurrencies could be necessary to the progress of these blockchains in the future.

Looking into the Polarity of Facebook Entering the Cryptocurrency Space: Intentions Become Talking Point

Though Facebook has been highly secretive about their alleged plan to enter both blockchain technology and cryptocurrency markets. However, concerns have arisen amongst the community, since Facebook has become involved in some unfortunate scandals that could inhibit their progress.

Ernst & Young’s Examination of Missing Funds from QuadrigaCX Continues Down the Rabbit Hole

The QuadrigaCX court case involves thousands of creditors that are missing close to $150 million in cryptocurrencies. Though statements from the CEO’s widow have consistently suggested that the missing funds were in cold wallets on his computer, a report from Bloomberg shows a much different narrative, claiming that the wallets have been empty for almost a year.

Crypto Analyst: Crypto Winter is Far from Over, Bitcoin Should peak in 2023

The investors of the cryptocurrency industry have been hopeful that the long winter of cryptocurrency would soon end, clinging onto the hope of new products and exchanges for institutional investors. However, one crypto analyst decided to break down some research, demonstrating his theory of exactly when the market will turn around. Unfortunately, that projection lengthens the winter by four more years.

Cryptocurrency Critics (Wrongly) Predict the Death of Bitcoin Where BTC Development Is Flourishing

Even though Bitcoin’s prices are down, their development of the network is flourishing, as well the networks of altcoins and related exchanges. However, opponents of the market are still digging their heels into the idea that BTC is on its way to its untimely end.

 

 

By Krystle M – March 3, 2019

David Ogden – Http://markethive.com/david-ogden

Bitcoin – Cup and saucer breakout on the horizon?

• BTC in the process of handle formation of the pattern.

• Bullish once handle consolidation completes, breakout likely soon.

Bitcoin, the largest cryptocyrrency by market capitalisation, after running up and breaking past the psychologically important $4,000 mark, gave up those gains and is now in the consolidation phase of the cup and saucer technical pattern, which is bullish for the poster boy.

 

BTC/USD is down two cents of a percent at $3,800 and trading in less than one percent range for the day so far. On the 480-minute chart of this largest coin, it has formed a cup and saucer technical pattern which is a bullish sign, once the consolidation phase is complete.

 

Consolidation phase is the formation of handle, which is final phase of this pattern, after completion of which, the crypto should head upwards and the breakout point would be recent high, $4,187 that is. Target after the breakout would be around $5,100 – exactly around the 200 days SMA and EMA.

 

BTC/USD 480-minute chart:

 

| 33 minutes ago

Manoj B Rawal Manoj B Rawal

FXStreet

David Ogden – Http://markethive.com/david-ogden

Bitcoin Use Will Explode In These Countries

In today's video we discuss which countries Bitcoin has the most potential in. These developing nations have little to no banking infrastructure so making the switch to cryptocurrencies such as Bitcoin makes the most sense. The opportunity for Bitcoin here is far greater than developed nations with established banks.

This episode is brought to you by Caleb and Brown, an award-winning cryptocurrency brokerage firm.

Their brokerage team provides simple and secure access to over 2000 cryptocurrencies for new and seasoned investors and traders like myself. I have used their services for more than a year and would highly recommend their service to buy, sell and for all end-to-end cryptocurrency services.

Date of Recording: Feb 28, 2018

David Ogden – Http://markethive.com/david-ogden

Bitcoin update – BTC is ready to finish the first green month in more than half a year

• Bitcoin is still rangebound, though the monthly momentum is positive.

• In the long run, we need to see a move above $5,000 to claim that the bear trend is over.

 

February proved to be the most successful month in the recent six months. The digital asset No.1 has been losing ground since August 2018, which is the most prolonged period of consecutive red months in the history of the asset. However, now BTC is 7% higher than at the beginning of February. While it is still too early to claim the reversal, this development might be interpreted as a positive signal and may eventually translate into a sustainable recovery above $4,000 in the coming weeks.

 

At the time of writing, BTC/USD is changing hands at $3,780, mostly unchanged on a day-over-day basis. Considering a large number of strong technical indicators clustered between the current price and $3,900 handle, the bulls will have a hard time making their way towards the above-said $4,000 resistance. However, once it is cleared, $5,000 will be back in focus.

 

According to Justin Sun, the founder of the 9th largest cryptocurrency TRON, Bitcoin will hardly be able to surpass this level in 2019. However, should it succeed, the upside momentum will gain traction, signaling that the year-long bear trend may be behind us.

 

On the downside, $3,600-$3,650 is the local support zone that will stop the sell-off for the time being. A push lower might increase the selling pressure with the next Ain at $3,300 and the lowest level of 2018 at $3,127.

 

BTC/USD, 1D chart

 

 

Tanya Abrosimova

FXStreet

David Ogden – Http://markethive.com/david-ogden

Bitcoin outdoes Paypal’s transaction volume second year in a row

• Bitcoin managed a $1.3 Trillion annual transactional volume in 2018 while PayPal did $578.65 billion.

• This was the second year in a row that Bitcoin outdid Paypal’s transaction volume.

For the second year in a row, Bitcoin managed to surpass PayPal’s in annual transactional volume. Within the given timeframe, PayPal recorded $578.65 billion worth of payment transactions, while Bitcoin did a staggering $1.3 Trillion. In 2017, Bitcoin had posted $543.52 billion more transactional volume than PayPal.
 

PayPal is expected to record higher transactional volume in the upcoming year after the World Bank estimated the remittance market to grow 3.7% to $715 billion in 2019. Bitcoin is also expected to enjoy a healthy 2019 after coming out of a year-long bear run. With the launch of regulated bitcoin derivate platforms like Bakkt and the SEC hopefully approving the first bitcoin-based exchange-traded fund (ETF), things look very positive.

 

Rajarshi Mitra Rajarshi Mitra

FXStreet

David Ogden – Http://markethive.com/david-ogden

 

Bitcoin Market Analysis: 24th February 2019

Today’s attempt by buyers to break through the price range of USD 4240-USD 4320 ended with big aggression on the part of sellers.

At hourly time frame, it is clearly visible that buyers did not make any effort to break through this price zone. Only as buyers approached this price zone – the volumes immediately decreased:

Now the price has stopped in the price zone of USD 3850- USD 3920. Looking at the length of the day candle, we think that the fall can continue up to USD 3500. In this case, it will be a final confirmation that the price is traded in the triangle from 15 December 2018. Buyers did not expect such an aggressive fall. However, buyers start to close their marginal positions during the growth:

Interestingly, during the fall, sellers close their positions as well, so they do not believe in the global continuation of the fall:

Therefore, at this moment, we do not expect the market to have a strong trend until the price goes beyond the triangle. The lower limit of the triangle is USD 3500, the upper limit is the price zone of USD 4240-USD 4320.

If we analyse the volumes on which the growth occurred then the local chart shows that they are enlarged. Though, if you do not take into account the consolidation volumes which were before growth and compare them with the volumes when the price was falling, then we can conclude that the volumes are significantly smaller:

If we analyze the structure of the waves, one can observe that each directed wave, up or down, consists of three smaller waves. According to the wave analysis, this only confirms the fact that the corrective wave continues to form ahead of the future impulse:

Therefore, with a high probability, sellers will test USD 3500. And if buyers find the strength to keep this price – the chance to continue the growth will remain high.

An interesting situation with an index of fear/greed. Before today’s fall, its value was 69. This is the highest figure for the whole year, starting from February 2018:

 

 

By Peter Posted on 25/02/2019 5 min read

David Ogden – Http://markethive.com/david-ogden