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FBI’s detention of Virgil Griffith has shaken the cryptocurrency community. The technological expert has been charged with aiding North Korea in avoiding US sanctions by using cryptocurrency and blockchain.

Fabio Peitrosanti, an Italian entrepreneur and advocate of transparency and blockchain is ready to offer assistance in clearing the case against him.

The case drafted against him seems misdirected as Virgil did not invent or just discover the use of cryptocurrency to make borderless anonymous payments.

Nevertheless, the officials feel that the fact that he advocated the use of cryptocurrency and blockchain in a sanctioned US country promotes money laundering. Moreover, it also strengthens their technology that could be used in the military as well.

Furthermore, the FBI seems to have found a nail in the coffin in a particular text conversation with an unnamed individual. Apparently, he confirmed the individual’s suspicion related to a few blockchain transactions violating US sanctions.

In his recent tweet, Peitrosanti said he is looking to get in touch with Virgil’s Lawyers and family members to get involved in the preparation of defense for Griffith. He said,

I went in North Korea with Virgil. I am looking for contact with his family or lawyer as i read in the Affidavit a lot of sentences that i feel has been mis-used and mis-interpreted for the arrest warrant. I am willing to provide my testimony to prove his good faith.

Some of the other popular figures in the space are also condemning the case as an overreaction to a harmless thing. The Ethereum research scientist stands to spend up to 20 years in prison if found guilty in court.

How do you think that the case will affect Ethereum and crypto markets? Please share your views with us. 

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

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

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The FBI detention of Virgil Griffith has shaken the cryptocurrency community. The technological expert has been charged with aiding North Korea in avoiding US sanctions by using cryptocurrency and blockchain. 

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Nivesh Rustgi

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CoinGape

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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.

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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 , 2019-11-30 07:43:38 ,

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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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