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CEO of Bitmain's Rival Reportedly Arrested in China + More Crypto News 101
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Crypto Briefs is your daily bite-sized digest of cryptocurrency and blockchain-related news – keeping you up-to-date with under the radar crypto news from around the world.

Zuoxing Yang, founder and CEO of Chinese Bitcoin miner maker MicroBT, and former processor design director at now major competitor, Bitmain, is reportedly being held by local police since the end of October, Coindesk reported, citing local media and an unidentified source. The investigation is likely over allegations of intellectual property infringement by the firm related to the technology of its rival Bitmain, it added. Yang left Bitmain in 2016 after being denied an equity stake by Bitmain co-founders Jihan Wu and Micree Zhan. After Yang founded MicroBT, he was sued by Bitmain over patent rights, however, the case was dismissed, Bloomberg reported previously.

Regulation news

The Basel Committee, which includes banking regulators from the United States, Europe and Japan, said on Thursday it had agreed to publish a discussion paper on the prudential treatment of crypto assets, according to Business Reporter. The goal is to agree how much capital lenders should be setting aside to cover risks from any holdings of crypto assets.

South Korean prosecutors and police officers want the government to allow it to seize Bitcoin and other cryptocurrencies. Digital forensics specialists joined prosecution officials in a call for legal reform, claiming that the police have struggled to confiscate tokens due to a lack of legal clarity on the matter, per Decenter.

Anatoly Aksakov, the Russian parliamentarian in charge of drafting the country’s crypto laws, has stated that Moscow must establish a way to block criminals from using cryptocurrencies. Per the Duma’s Parliamentary Gazette, Aksakov stated, “We need to establish legislation that will allow [blockchain and crypto business] tools to develop, but at the same time block channels that exploit the criminal usage of these tools.”

On a similar note, the Russian Ministry of Internal Affairs is looking to develop a solution for seizing cryptocurrencies in criminal cases. RBC reports that the fact that tokens have no legal status is proving to be an obstacle for the police when fighting crime funded by cryptocurrencies. But the ministry is said to be teaming up with law enforcement agencies in a bid to have an appropriate legal framework in place by 2021.

Adoption news

Between 2016 and 2018 the share of Canadians who were aware of Bitcoin increased from 62% to 89% and those who owned bitcoin increased from 3% to 5%, the Bank of Canada said in its recent report. However, the share of past owners also increased, suggesting an influx of bitcoin owners who subsequently divested after the steep rise of prices in 2017. The main reason for owning bitcoin remains speculation, though this share decreased slightly since 2017. On the other hand, the share of Canadians who reported using bitcoin for transactions a few times a month or more increased, the bank added.

South Korean conglomerate LG‘s chemicals arm, LG Chem, will partner Volvo on a multi-national blockchain-powered cobalt sourcing incentive, reports ETNews. Volvo, LG Chem and other companies, including IBM, have announced a multi-month pilot project in the DR Congo. The cobalt will be sourced in the African nation and then sent to LG Chem’s South Korea-based cathode materials and battery plant.

Japan’s Tech Bureau is set to launch a blockchain-powered medical records platform, the company revealed in a press release. The company, a former crypto exchange operator, will use the mijin blockchain protocol, and has teamed up with Yokohama-based HealthCareGate for the project.

Exchanges news

Huobi is looking to make a USD 100 million investment that will see it open a crypto data center in Argentina. Per Clarin, the center will be the largest in Latin America. The news outlet also states that Huobi is aiming to begin peso trading on its platform by the end of November, and create some 100 jobs in Buenos Aires over the next two years.

Japan’s self-governing exchange group, the Japan Virtual Currency Exchange Association (JVCEA) has joined the International Digital Asset Exchange Association (IDAEA). The latter is an eight-member group of exchange bodies, and was launched at the V20 summit in Osaka this year. The JVCEA is the IDAEA’s second Japanese member, with the other being the Japan Blockchain Association. Per CoinPost, the JVCEA says the partnership will help members “explore a widely accepted framework for international cryptocurrency remittances.”

South Korean shopping mall aPM has announced that it will debut its new coin on Bitrex Global on November 14, per Joongang Ilbo. The company is thought to be targetting Chinese customers in particular, and has stated that 80% of its customers at its flagship Seoul outlet are Chinese. aPM stated that it was also hopefull of “announcing a listing on a reliable domestic exchange for South Korean users.”

Trademark news

After resolving previous disagreements over the future of the Zcash trademark, Electric Coin Company, the firm behind Zcash, has donated the trademark to the Zcash Foundation, a nonprofit that focuses on financial privacy. The agreement “provides a balance of power over what counts as “Zcash” or “ZEC,” while maintaining interoperability with standard legal and business frameworks,” the Foundation said.

Tim Alper , 2019-11-08 13:13:38 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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