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Virgil Griffith, the entrepreneur who was arrested in on 29th November at the Los Angeles airport, has been released on bail until the trial.

Brian Klein, the lawyer of the crypto and blockchain educator tweets,

I now represent Virgil Griffith and am very pleased that today the judge found that he should be released from jail pending trial.

The defense is preparing to fight against all charges imposed by the Federal dept. on Griffith. According to Klein, the defense is looking forward to the trail “when the full story can come out.”

Su Zhu, the CEO/CIO of Three Arrows Capital, points out that Klein is an excellent lawyer and provides Griffith with a good chance. Brian Klien settled’s case against the SEC for their EOS security offering.

Vitalik Refuses to Throw Griffith ‘Under the Bus’

Vitalik Buterin, the co-founder of Ethereum, notes that Virgil was warned about his visit by his peers at the Ethereum Foundation. However, Virgil went ahead with it regardless, while the Foundation had absolutely no role in his visit. Vitalik said,

it was Virgil’s personal trip that many counseled against

Also Read: Italian Co-worker Offers to Testify in US Court for Virgil Griffith

Nonetheless, Vitalik also refuses to throw Virgil “under the bus.” He expresses support for him and all talks about Virgil’s virtues and thought processes. According to Vitalik,

I don’t think what Virgil did gave DRPK (Democratic People’s Republic of Korea) any kind of real help in doing anything bad. He *delivered a presentation based on publicly available info about open-source software*. There was no weird hackery “advanced tutoring.”

Where did he go wrong?

According to US laws, a person needs to obtain the permission of the Federal Government to share any kind of goods, services, or technology with sanctioned nations.

Moreover, during his visit, Virgil has discussed ways that could promote help in money laundering and evading sanctions.

Hence, it seems like Virgil chose the wrong country to share his knowledge about crypto. The FBI appears to have a case that looks to set an example for people who are holding ties with North Korea. The charges against him reveal,

Despite that the U.S. Department of State had denied GRIFFITH permission to travel to the DPRK, GRIFFITH presented at the DPRK Cryptocurrency Conference, knowing that doing so violated sanctions against the DPRK

However, viewing adversity in his negligence can come under extreme nationalist behavior, which is also harmful to globalization. Many would confirm that Virgil’s presentation was completely harmless. Regardless, he seems to have broken the geopolitical laws of the US. Now, how sternly the judge feels about it will decide his fate.

Do you think Virgil will be let off with a warning, or he will face prison time? Please share your views with us. 


Crypto Educator, Virgil Griffith Released on Bail till Trial, Is he Guilty of Negligence?

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Crypto Educator, Virgil Griffith Released on Bail till Trial, Is he Guilty of Negligence?


Virgil Griffith, the entrepreneur who was arrested in on 29th November at the Los Angeles airport, has been released on bail until the trial. 


Nivesh Rustgi

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

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Nivesh Rustgi , 2019-12-03 05:06:11 ,

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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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