These days, Cryptocurrency is the most fascinating thing among most of the billionaires that leaves them becoming a crypto enthusiast. But the enthusiasm got too much for one of the bank manager in India. According to the reports of Business Standard, the manager of the private bank of India, Standard Chartered Branch, has got arrested. Why? He was found doing cryptocurrency scam through which he makes fake promises to fulfill the greed and need of investors of the digital asset. 

According to Live Mint, the name of the culprit is Sandeep Singh Dua and he had accepted at the time of inspection that he is involved in the scam. Seven other people were found connected to this scheme, and they were arrested as well. As per the reports were given by the authorities, the culprit has confessed that he was part of the racketeers’ gang. This type of gang uses fake shell companies to avoid the income tax and do the money transfer with the fake cryptocurrency made by them only, named as Kashhcoin.

Let’s move to the flashback and dig deeper into the facts. One victim of Kashhcoin had filed a complaint in August 2017, against the coin, claiming that he has been looted by $22,000, as he has invested this much amount of money in this fake coin. Authorities were since then investigating this case.

To grab the attention of investors, the gang has also conducted many promotional events as well as seminars at high-end hotels. The investigators found out that few Bollywood celebrities were also invited, but the reports didn’t show the name of those celebrities. Well, this isn’t something that has been done the first time. The previous year, a Bollywood actress, Sunny Leone and a host of other famous celebrities, were used to promote a Bitcoin scam of $300 in India.

Kashhcoin is a scam, it is known to many for a long time. In December 2017, for committing fraud work with nearly $8 million of cryptocurrency, a gang was found behind a Kashhcoin website. What website does that it makes fake promises to its investors that the 10 percent of their total money invested will be returned to them in the upcoming 5 years. 

The one, who didn’t get to understand the web spread by the gang, became its victim. These victims were then asked through the website itself to motivate their family members, relatives, and friends as well to invest in the coin and cherish its benefits. According to the reports of Times of India in 2018, Asif Ashraf Malkani was found to be the mastermind behind this scheme and the Kashhcoin, he got arrested.

Let’s get back to the present, the authorities seem to be still on the cleanup

 mission to breakdown and end this Kashhcoin story. It’s kind of obvious thing that the Kashhcoin isn’t lawful and so it is really bad for the health of the crypto world.

Last year, in the month of April, Reserve Bank of India which is India’s Central Bank has issued a directive through which it has withdrawn its support from all sort of cryptocurrencies. Though it doesn’t direct towards the ban of cryptocurrency in India, it had been a nightmare for the crypto traders who totally depend on the banks for their business.

The City Watchdog; the Financial Conduct Authority has proposed to ban the sale of cryptocurrency derivatives to British investors, branding them “unsuitable”. This move is expected to save investors as much as £234m a year, or losses of £641,000 per day. 

Derivatives are high-risk investments that could potentially be used by investors to gamble on the movement in the price of underlying assets, which include stocks, currencies or commodities, without owning them.

According to the FCA cryptocurrencies, such as Bitcoin, were not able to be reliably valued, which could lead to “extreme volatility” in their price, meaning they did not make a suitable asset for this type of investment.

 It also said there was “inadequate understanding” of cryptocurrencies by investors. These features mean retail consumers might suffer harm from sudden and unexpected losses if they invest in these products,” the regulator said.

It also referenced the prevalence of market abuse and financial crime in the secondary market for cryptocurrencies, such as cyber theft, as another risk attached to the contracts. The potential for a ban was first referenced in the UK Cryptoasset Taskforce final report in October last year.

The FCA’s Christopher Woolard said: “We will act when we see poor products being sold to retail consumers. These are complex contracts built on top of complex assets.”

It is the next step in a wider crackdown on derivatives after the regulator announced new rules earlier this week restricting how “contracts for difference” (CFDs) are sold, marketed and distributed to retail investors which will apply from August.

CFDs are a type of tradeable contracts that allow traders to speculate on whether the asset’s price will rise or fall. Previously, they could multiply their investments with borrowed money, a technique known as “leveraging”, although this was banned this week, meaning investors are no longer able to lose more than is held in their trading account.

The regulator also announced a permanent ban on “binary options”, a similar type of speculative trade based on a win/lose bet of whether an asset’s value goes up or down within a given period of time earlier this year.

On observing the trading activity on BKEX—a cryptocurrency exchange founded in 2018 and registered in the British Virgin Islands—something very odd is noticeable. Compare its transactions side-by-side with those of Binance, one of the largest crypto exchanges in the world, and you’ll notice BKEX’s trading history is a replica, printing the same numbers delayed by a few seconds. 

  According to CoinMarketCap, BKEX has $1.1 billion in daily volume, making it the 20th-largest exchange on the planet. Yet it seems to be simply copying Binance’s trade history and passing it off as its own, in perhaps the laziest attempt in history to fool people into thinking it’s a lively place to trade digital assets.  

A new report by Alameda Research, a 20-person crypto trading firm with offices in Hong Kong and Berkeley, California, reveals a clever set of tricks used by crypto exchanges to fabricate volume. In the wake of other reports on phony trades, including one by digital asset manager Bitwise indicating that 95% of all transactions are bogus, Alameda felt it could create better research by leveraging its trading data and experience. 

The startup was co-founded in 2017 by Sam Bankman-Fried, 27, an MIT alum and former trader at high-frequency trading outfit Jane Street. Gary Wang, 26, a fellow MIT grad and former Google software developer, is his co-founder. The firm has $100 million in assets, and over the past month, it has traded $1 billion a day on average, making it one of the largest crypto trading firms in the world.

Exchanges make money by charging users to trade, and they have many reasons to artificially inflate volume. More activity means a higher rank on the still-popular website CoinMarketCap, which can attract new users.

 Exchanges also charge fees to new cryptocurrency projects that want to get listed in their marketplace, and the perception of popularity helps them command higher rates. Since an exchange’s place of business is just a website or an app, and many located outside the U.S. are unregulated, it can publish any numbers it wants and call them trades. Meanwhile, CoinMarketCap continues to insufficiently vet exchanges’ transaction volume, often taking companies at their word and publishing dubious numbers

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According to Alameda’s research, another method exchanges use to juice their statistics is sneaking in large, fake transactions amid a flurry of smaller ones. CoinEgg, a Hong Kong-registered exchange that trades $1.1 billion a day reported by CoinMarketCap, recently employed this tactic with litecoin (LTC) trades. During a period when Alameda observed 15 different offers to buy and sell litecoin in a maximum quantity of 134 LTC, several trades printed as large as 2,000 LTC, as if a buyer appeared out of thin air. 

On LAToken, a Moscow digital exchange, Alameda saw bids and offers with a maximum size of 1.6 bitcoin in the order book. Implausibly, several trades sailed through at sizes up to 20 bitcoin. Among trading venues, there’s also the well-worn method of simply printing transactions that fall in the middle of the bid and ask prices, which Alameda’s research spotted in IDAX and Coineal.

Group of 20 or G20 is an international forum for the governments and central bank governors from 19 countries and the European Union (EU). The G20 was formed to discuss various international issues among prominent countries that gather every year for a summit. Many influential and powerful countries are part of the G20. This year, the G20 summit held in Osaka in Japan at the end of June sent shockwaves in the Crypto World due to an announcement. The announcement of the G20 was that is supported the new guideline of increased surveillance in the Crypto World.

G20’s Support For Stopping Illicit Trades

The G20 consists for countries like the US, the UK, China, Russia and many other prominent and powerful countries. So, the impact of the G20 is massive considering that the things it only supports become enforceable in many countries. The Financial Action Task Force or the FATF has come up with the new guideline that track user data of cryptocurrency exchange and transactions. This data would be collected by the regulators who are enabling the trade.

While this is already a common practice many exchange websites, this guideline has urged others to now start keeping track of this data. The data could contain the trader’s name, web address, physical address and many other things. While this would be considered as a breach of privacy, but it has been taken in the intention of ending money laundering and illegal trading. Many underworld organisation have been carrying out trade since the dawn of cryptocurrency and have never been caught due to the anonymity of cryptocurrency.

The G20 does not consider virtual assets like these a threat but just wants to end these malicious activities online. The FATF expects the exchange platforms to keep track of data and hand it over to them whenever required and in suspicious circumstances.

Impact of Enforcement of This Law

While most of the regular population is on board with this rule, the crypto community isn’t happy with this advancement. The storage of data of many tech companies like Facebook has led to many data breaches and leaks. It may be backed by advanced blockchain technology, but the community doesn’t feel safe as the past incidents of others have made them wary. The advent of Quantum Computing is just inviting trouble in the future as it would be a one stop place for a hacker to get data who had his hands on a QC.

The cryptocurrency market is full of uncertainty and surprises for everyone in the community and as well as to the other markets too. Two days ago Bitcoin was under the bearish correction and its price goes down below $10K. Everybody in the market thought that now the increase in the value for Bitcoin will be difficult. And for everyone’s surprise, the value of the Bitcoin went upward up to $11K just the next day.

The value of the Bitcoin gained 20% of the bullish increase in the market and on the other hand, the other currencies that too was going down two days ago are now experiencing the bullish movement in their prices too. Ethereum and Ripple are also going with the bullish sentiment of Bitcoin.

Bitcoin BTC/USD value status: Currently, Bitcoin is trading at a value of $11661.47 USD and its value is increasing by 3.88%. The market capitalization of the currency is $207,542,609,723 USD and the 24-hour volume of the currency is $28,490,136,971 USD. The ROI of Bitcoin is 8,518.97%. Clearly, the value of the Bitcoin is under the excellent bullish sentiment.

The next resistance level for the Bitcoin is $14K, then the next resistance for the value of Bitcoin is 17K and then the third resistance for the price of the Bitcoin is around the value of $19K if the bullish remains in action then Bitcoin will surely achieve this resistance levels. On the other hand, if the bearish correction overpowers the bitcoin’s value then the first support level is at the value of $10,670, further next is $9650 and the third resistance level is at the value of $9,174.

On MACD chart of Bitcoin display that the bear is disappeared from the chart and the short term price analysis stays bullish. The DMI also shows that bulls have defeated the bear. But some patterns are showing that bear can overtake in coming a few days and there are contradictions in two signal

Ethereum ETH/BTC value status: Yesterday, the ETH/BTC was trading at the value of 0.0265 and day before yesterday it was trading at the value of $0.028. The volatility is surge yesterday, but today the ETH/BTC is trading at this the value of 0.02538 and it is decreasing by -3.34%. The resistance levels of the ETH/BTC values are at 0.0268, second on 0.0278 and the third on 0.0291.

The bearish pressure the value of ETH/BTC will go down toward its support levels of 0.025, then next on 0.0228 and at the third value is at 0.020.

Ethereum price analysis ETH/USD: Ethereum currently is trading at the value of $295.64 USD and its value is increasing by 0.31%. The market capitalization of the currency is $31,562,117,176 USD and the 24-hour volume of the currency is $9,010,611,755 USD. ETH doesn’t experience the difficulties in staying above even it is not rising very high.

If the bulls go up then the resistance levels of the ETH/USD will be around the values of $306, the second value of resistance will be around $317 and the third stage of the resistance will be around $330. And if the value goes down from the current level then the main 3 support levels of theEthereum will be $290, further down $260 and the third support level will lie around the value of $250.

The MACD displays the bearish slope in the charts. The bearish side can easily and fast to increase on both market side. The bulls are displaying above the ADI on the DMI line. The pattern is forming where ETH/USD can take any direction, still, the bears are growing slowly.

Ripple Price Analysis XRP/USD: Currently, the Ripple is trading at the value of $0.397415 USD and its value is decreasing by -0.79%. The market capitalization of the Ripple is $16,916,592,463 USD and the 24-hour volume of the currency is $1,323,968,729 USD.

Ripple in the top three is the only crypto that is currently under the bearish pressure. But, however, if the bulls are able to come in action, the main three resistance levels of the XRP is around the values of $0.41, the next one is at $0.428 and the third resistance will be around the value of $0.441. If the value of the XRP goes further down then the first support level will be at the value of $0.389, which is close to current trading value. Then the next support levels will be around $0.0367 and the third support level will be at $0.344.

The MACD chart of the currency shows that it is under the bearish pressure and the opening between the lines and slopes displays the bearish sentiment. The XRP/USD stays at the same place as it was in the second week of May. The ADI line is also bearish and the DMI also shows the bearish movement above the bulls.

One can never deny the fact that Libra has been a buzzword in the entire market since a while now. After overcoming the major hurdles of investors, Libra is perhaps going to witness some more difficulties before its proper establishment.

This is perhaps inevitable because the Democrats of the House Financial Services Committee doesn’t seem much convinced with Facebook’s Libra project. This was officially noticed when the committee said: 

“If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger the U.S. and global financial stability.”

Therefore, on Tuesday the Committee has asked Facebook Inc to halt the plans for its crypto project Libra.

As far as the letter is concerned, it was meant for Facebook Chief Executive Mark Zuckerberg, CFO Sheryl Sandberg and David Marcus, CEO of Facebook’s Calibra digital wallet. The letter was issued with the proper signature of some imperative members of the committee like committee chair Maxine Waters, D-Calif., along with and Reps. Carolyn Maloney, D-N.Y., Lacy Clay, D-Mo., Al Green, D-Texas, and Stephen Lynch, D-Mass.

It has clearly been mentioned in the letter to Facebook, that it should completely stop implementing in its Libra plans until all the risks, as well as benefits, are examined by the regulators as well as Congress.

As far as the viewpoint of lawmakers is concerned, it can quite clearly be seen from their comments on the issue. They said:

“It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar. This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy,”

On July 02th, 2019, the cryptocurrency market was under the massive bearish correction. The bitcoin’s value falls down below the mark of $10,000 USD and were trading around the value of $9,700. All other cryptocurrencies and altcoins were also suffering from a similar fate. The bitcoin value suffered the correction of 30% in the cryptocurrency market.

Today, the time of yesterday’s correction has passed and now bulls are getting back in action again. The bulls are really coming back and just in few hour time, the currency gained an increase of around $1,800 USD. The currency’s value is increased by 20%, which shows that bulls are back with enormous power again. The value of the Bitcoin is now trading above the figure of $11k.

Bitcoin is enjoying bullish movement again, but it is alone that is enjoying the bullish sentiment. The other cryptocurrencies are also enjoying the powers of bulls. Ethereum, Ripple, Litecoin, Bitcoin Cash, Cardano, VeChain and TRON are also gaining a surge in their trading value.

Current Bitcoin Status: Currently, at the time of writing, Bitcoin was trading at the value of $11,087.84 USD and its value is increased by 9.44%. The market capitalization of the bitcoin is $197,309,159,118 USD and the 24-hour volume of the currency is $31,271,520,341 USD.
The market capitalization of the cryptocurrency market is around $318 billion, and the 24-hour volume of the crypto market is around $91 billion.

On the other hand, the second position cryptocurrency in the market, Ethereum is also experiencing the bullish sentiment and now it is currently trading at the value of $293.72 USD and its value is increased by 4.69%. While yesterday, it was trading at a value of $277.42. The market capitalization of ETH today is $31,352,734,661 USD and the 24-hour volume of the currency is $10,300,355,481 USD.

While Ripple is trading at the bullish value of $0.400450 USD and its value is increasing by 1.82%. The market capitalization of the currency is $17,045,804,730 USD and the 24-hour volume of the currency is $1,500,669,545 USD. Litecoin has also gained bullish movement and trading at the value of $120.37 USD and its value is surge by 3.62%. The market capitalization of the LTC is $7,522,792,126 USD.

According to the Bloomberg reports, the first crypto hedge fund that has been approved as the full scope alternative investment fund manager by the Financial Conduct Authority was none other than Prime Factor Capital. Although it has been approved by the UK supervisory body, the firm will abide according to the European regulations. It became the first industry that has been approved to invest exclusively in the asset class of cryptocurrency.

“Focus and determination leads to success.” It is strongly believed by the founders that only by focusing on single asset class and not many, the chances of moving ahead of all global competitors will increase and will become the most trusted authority in the cryptocurrency industry. Prime Factor’s chief operating officer, Adam Grimsley told Bloomberg, “Most vehicles for investing in cryptocurrencies are outside the scope of regulators and that’s a big problem in a market that has such a bad reputation.”

The most important thing among all that is required by the Prime Factor, is under the EU regulations, appoint a custodian who will ensure and checks the returns from the investors and the holdings of the fund. According to the statement given by the company, the funds are managed by the firm for the professional and institutional investors that include the high net worth of individuals, family offices and private wealth managers as well.

Also, Prime Factor has previously announced about the equity financing round with a European Fintech investor, Speedinvest and a talent investor, Entrepreneur First. Talking about the strategy of the firm for the investment, there is no official information available. The employees of Goldman Sachs, Deutsche Bank, Legal & General and Blackrock are under this team.

The CEO of the company, Nic Niedermowwe has published a report on their website whose title is “The Fallacy of Uncollateralised Stablecoins”, which talks about how uncollateralised stablecoins are challenging and has also taken that subject as the scalability of Bitcoin. Momentarily, the company hasn’t responded over the request.

The present scenario not at all seems to be in favour of Ethereum as the bearish trend of ETH doesn’t seem to end anytime soon.

Speaking about the present scenario, one can clearly witness the enormous hurdles being faced by Ethereum. This is so because although Ethereum recovered some of the amounts above $290 level against the US Dollar it terribly failed to cross the threshold of $300 and $302. Moreover, no proper close above the $302 level was observed. All these factors ultimately yielded in the decline in Ethereum below the $290 support.

IN-DEPTH ANALYSIS

Well, there is no denial in the fact that this debilitating condition of ETH price indeed needs some attention and analysis as to figure out what exactly is going on behind the scenes.

If observed closely it can clearly be seen that the ETH price seems to be facing enormous hurdles near the $295-$296 level. In fact, it’s even finding it difficult to hold gains above the broken trend line as well as $285.

Now in order to move into the positive zone, there is an imperative need for the price to settle above the $302 level plus the 100 hourly SMA.

Therefore it won’t be wrong to presume to that for ETH to make a decent recovery, it’s going to be really crucial for it to break the $296 as well as $300 resistance levels.

Vechain is a cryptocurrency and a blockchain platform that is looking to target the “Internet of Things”. This is evident from its extended use in industries like pharmacy, automotive and agriculture. Recently, its cryptocurrency called VET, saw a rise and it broke into the Cent Club (that is, the price of a single token worth at least 1 US Cent). Now, with this growth, it’s looking forward to a buyback to increase its net worth.

VeChain’s Direction for the Future Known

The sudden rise of a relatively stagnant crypto wasn’t any coincidence. The rise was due to some data leaked that stated Vechain getting in a partnership with Walmart. This, and also the news before it of a buyback had suspected investors and the price of the crypto token rose. Sunny Lu, the founder of VeChain, is looking for a buyback to raise the worth of the company to US $25 million. It told the community that buyers should be prepared for this sentiment.

The price of Vechain saw huge chains and it broke to $0.01 recently. The news of the buyback alone boosted the crypto by 15% to $0.009 and broke the Cent barrier by the leak of the Walmart partnership. While this drew the attention of the market for a short amount of time, it has settled back to its usual figures of $0.0079 and fluctuating at the time of writing this article.

Price Prediction Of Vechain – An Uncertainty

While the bulk of the market was bulling forward with the rise of Bitcoin recently, Vechain was minding it’s own business. And now, when some news relevant to it broke out it decided to make a move in the charts. This clearly shows that Vechain isn’t a crypto that easily gets influenced by market influence. It has managed to break to a US Cent only once before and it had the audacity to double its value to $0.02 but hasn’t been able to reach such heights again.

What the future holds for Vechain is something that it gets to decide. Not many Cryptos get this kind of privilege. While it could increase its price for a short period of time with distribution of the increased valuation like Tron did, or could actually invest in the company’s development to help it in the long run.