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Cryptocurrency payment startup C Labs has hired former United States government official Jai Ramaswamy to oversee the company’s compliance strategy.

On Nov. 26, Coindesk reported that Ramaswamy had joined C Labs, the company responsible for Celo, which is an open platform that makes financial tools accessible to anyone with a mobile phone.

Ramaswamy’s credentials

Also a former managing vice president at major credit card company Capital One, Ramaswamy will reportedly oversee the company’s strategy on global regulations, risk and compliance. Ramaswamy said that he is interested in helping C Labs understand its overall risk profile.

His LinkedIn profile further reveals that before being hired by C Labs his previous stint at Capital One, Ramaswamy worked as the global head of anti-money-laundering (AML) at the Bank of America. 

Prior to that position, he was the chief of the asset forfeiture & money laundering section at the U.S. Department of Justice (DOJ), where he led the department’s efforts to monitor virtual currencies used by criminal organizations and prosecute facilitation of criminal activity by exchanges.

As Cointelegraph reported in February, Celo hired fellow payment network Circle’s Chuck Kimble. Kimble was involved in the company’s stablecoin launch as head of strategic partnerships.

Celo secured $30 million for stablecoin-based smartphone payment plans

In April, Celo raised $30 million from well-known crypto investors Polychain Capital and Andreessen Horowitz. The blockchain platform will use an in-house digital token and stablecoin to facilitate cross-border payments, primarily focusing on the unbanked using smartphones. Co-founder of Celo, Rene Reinsberg, said at the time:

“We see big potential in letting people — directly on their smartphone — access basic financial services […] We are based on blockchain technology but for the average end user we try to abstract that away, to make the experience as easy as any other mobile app.”

Cointelegraph By Joeri Cant , 2019-11-27 01:04:00 ,

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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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