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United States think tank The Rand Corporation has taken a closer look at the dark web, where criminal activities are difficult to discover, monitor, and investigate for law enforcement.

On Nov. 20, The Rand Corporation, the Police Executive Research Forum, and the University of Denver on behalf of the National Institute of Justice released a report that dives into a variety of criminal aspects of the so-called dark web.

Dark web provides level of anonymity by using crypto

The report was compiled during a workshop where law enforcement practitioners and researchers identified 46 potential solutions that include the improvement of training for law enforcement, sharing information across jurisdictions, and investigating the gaps and shortcomings in current laws.

In regards to cryptocurrencies, the think tank found that the anonymity of the dark web is presenting law enforcement with significant challenges, as users with malintent are able to achieve a high level of anonymity by using cryptocurrencies, with the report singling out Bitcoin (BTC), Litecoin (LTC), or Monero (XMR). 

The report further points out that due to the large number of legitimate cryptocurrency users, especially for BTC, the difficulty increases for law enforcement agencies to properly identify and police the trading of illicit goods and services.

During the workshop, participants recognized that current methods used to identify suspects on the dark web largely rely on traditional techniques to which most officers already are accustomed. 

According to the report, the two main findings were that increased investment is needed in training and in the efforts which are aimed at improving information sharing across agencies, both within the U.S. and across international borders.

Dark web drug dealer ordered to forfeit $150,000 in Bitcoin

At the end of October, a U.S. court ordered Christopher Bania, who pleaded guilty to drug distribution, to give up almost 17 Bitcoin — worth roughly $150,000 at the time. Bania’s plea was to the single charge of possession of controlled substances with intent to distribute on the dark web, which carries a maximum sentence of 20 years in jail.

Cointelegraph By Joeri Cant , 2019-11-21 01:21:00 ,

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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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