Skip to content Skip to sidebar Skip to footer

Tough times lies ahead of Nordea bank employees. The Danish bank with assets under management (AUM) exceeding $350 billion and one of the top 20 largest banks in Europe-and the world, is free to bar its employees from investing in Bitcoin-and other cryptocurrencies, reports Bloomberg.

Advertisement

FTX Exchange

This is after a Copenhagen court ruled in their favor, effectively justifying the bank’s previous claims that Bitcoin and digital assets are far too risky due their unregulated nature. Their previous circular also mentioned that Bitcoin is a tool for facilitating criminal activities, including money laundering.

Bank’s Win Could be short-lived

With a net income exceeding $3.2 billion and over 30,000 employees, the court ruling is a blow to aggressive employees who would otherwise do their due diligence and invest in one of the decade’s high potential asset is frowned upon by most banks. Bitcoin, unlike banks, operations are anchored on disintermediation and complete decentralization.

On chain transactions are cheap and global, meaning the recipient can receive funds in a couple of hours. Although banks and the political class reiterate that BTC and privacy coins are agents of criminal activities, the scale of bank fines prove otherwise.

Advertisement


Betmatch

The bank’s union chairman, Kent Petersen, has since filed a suit, opposing the court decision.

“We filed suit because of the principle that everyone obviously has a private life and the right to act as a private individual. It was important for us and our members to establish what rights managers have. In this case, it was more far-reaching than what we find to be appropriate.”

Nordea Bank Penalized in 2017

Case in point, in May 2017, Nordea Bank booked a €95 million provision in anticipation of a fine, joining the likes of Danske Bank and Swedbank, for their alleged involvement in money laundering. The booking was partly an acknowledgement for their weak enforcement of KYC and AML rules.

Then, its CEO Casper von Koskull, in a statement said:

“Harmonisation of antimoney-laundering rules and supervisory practices is necessary, and we would support the creation of an EU-level agency, with the purpose of combating money laundering and financial crime.”

Summary

Over 30,000 Bank Employees Barred from Buying Bitcoin (BTC)

Article Name

Over 30,000 Bank Employees Barred from Buying Bitcoin (BTC)

Description

Nordea bank employees is free to bar its employees from investing in Bitcoin and cryptocurrencies following a court ruling.

Author

Dalmas Ngetich

Publisher Name

CoinGape

Publisher Logo

cryptocoach

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.

Disclaimer
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.



Share on Facebook



Share on Twitter



Share on Linkedin



Share on Telegram

Dalmas Ngetich , 2019-12-03 15:57:48 ,

Source link

Leave a comment

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

Source link