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A Danish court today ruled that Nordea Bank Danmark A/S has the right to say whether its employees can invest in Bitcoin. The bank first introduced a policy prohibiting crypto purchases last year.

Denmark’s union for financial industry employees launched a subsequent legal challenge against the bank. However, a court yesterday decided that the risks associated with Bitcoin investment were sufficient to justify the clear invasion of personal privacy.

Court Sides with Nordea: Employees Can’t Buy Bitcoin

According to a report in Bloomberg citing the recent verdict of a Copenhagen labour court the Danish bank Nordea Bank Danmark A/S has won a legal challenge brought against it by the nation’s union for financial industry employees. The court sided with the financial institution and said that it had the right to prevent employees from buying Bitcoin or other crypto assets.

The court ruled that the risks associated with investing in cryptocurrencies justified the policy. Nordea originally used the same justification for it in January 2008 in the staff memo that informed employees of the change. The bank wrote at the time that potential links between Bitcoin and criminal activity and the lack of regulation surrounding the market risked discrediting Nordea if customers discovered that bank staff were investing in crypto assets.

The original memo, reported by NewsBTC at the beginning of last year, did exempt products financial products (like futures contracts) from the employee investment restrictions. Similarly, it allowed those employees already with exposure to digital currencies to keep their holdings.

Nordea Bank Danmark A/S is part of the Nordea Group, the largest financial group of Northern Europe. The Chief Executive Officer of the entire group, Casper von Koskull, is also known to be hostile Bitcoin. He’s previously called it an “absurd” construction that completely defies logic. Like many other critics of cryptocurrency, he also mentioned its use supposed use in financial crimes.

Despite Nordea being clearly averse to the supposed criminal risks of Bitcoin, Twitter-based crypto market analyst Rhythm (@Rhythmtrader) reminded followers that the very same financial institutional was raided earlier this year by authorities for none of than the crime of money laundering.

According to a report in Reuters from June, Nordea Bank Danmark A/S had been under investigation for the three years prior to the raid. The bank allegedly handled as much as $793 million of criminal funds, some linked to Russian criminals. Other banks from the region are also suspected of facilitating similar instances of money laundering, often via branches located in Baltic countries.

 

Related Reading: Bitcoin Bears Back as Sentiment Wanes, Will BTC Drop to $6,000?

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Rick D. , 2019-12-03 22:00:26

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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.

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

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