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Police Hit CEO of ‘Top 3’ South Korean Exchange with Assault Wrap 101
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South Korean cryptocurrency exchanges are enduring a torrid week – with the CEO of what media outlets are calling a “top-three” crypto trading platform facing assault and extortion charges.

Per Maeil Kyungjae, police in Gangnam, Seoul, have charged the unnamed exchange’s CEO, who for legal reasons, is being identified by the police by his surname, Choi, with attacking and threatening number of current and former exchange employees.

At least two other exchange employees were also charged. The case has been handed over to the prosecutor’s office.

Police say the incident took place in February this year, when Choi discovered that an employee, named by the authorities only as B, had been trading on the exchange platform. Although the exchange reportedly had no policy preventing employees from opening accounts on the platform, the CEO believed B may have been using insider information to make personal gains.

Police say that Choi refused to let B leave the company building for 10 hours, threatening B and eventually attacking B with his fists. Choi eventually succeeded in forcing B to transfer some USD 17,000 worth of funds to the exchange.

Choi, say police, also made threats of violence to another two employees he also suspected of insider trading, coercing them to hand over several thousand dollars worth of fiat and cryptocurrencies.

Police have charged Choi and other unnamed exchange employees with blackmail and violent conduct. The media outlet claims that the platform in question is a “top 3”-tier, market-leading exchange.

Most of South Korea’s top cryptocurrency exchanges are based in the affluent Gangnam district, including Upbit, which appears to have lost millions of dollars’ worth of Ethereum tokens yesterday in a mysterious incident.

Tim Alper , 2019-11-28 11:52:52 ,

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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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