Proof-of-Reserves Are at ‘Best Incomplete, at Worst Misleading and Deceptive’ Says Crypto Analyst Martin Hiesboeck
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The scam lures victims to download fake front-running bot software that swipes their assets once they try to initiate a transaction.
Ethereum spiked above the $1,300 resistance zone against the US Dollar. ETH is correcting gains, but it remains supported near $1,250 and $1,230. Ethereum gained pace for a move above $1,300 before the bears appeared. The price is now trading above $1,250 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $1,280 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct further lower towards the $1,250 and $1,230 support levels. Ethereum Price Eyes Another Increase Ethereum price extended its increase above the $1,250 resistance zone. ETH even spiked above the $1,300 resistance zone and settled above the 100 hourly simple moving average, similar to bitcoin. However, the bears were active abvoet the $1,300 resistance zone. Ether price traded as high as $1,309 before there was a downside correction. The price declined below the 23.6% Fib retracement level of the upward move from the $1,150 swing low to $1,309 high. Besides, there was a break below a major bullish trend line with support near $1,280 on the hourly chart of ETH/USD. The pair is still trading above $1,250 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,290 level. The first major resistance is near the $1,300 level. A close above the $1,300 resistance might send the price further higher. The next major resistance is near the $1,350 level, above which ether price might test $1,400. If the bulls remain in action above $1,400, the price could rise towards the $1,450 resistance zone. Any more gains might send the price towards the $1,500 resistance zone. Dips Supported in ETH? If ethereum fails to start another increase above the $1,300 resistance, it could start a downside correction. An initial support on the downside is near the $1,250 level and the 100 hourly simple moving average. The next major support is near the $1,230 level or the 50% Fib retracement level of the upward move from the $1,150 swing low to $1,309 high. If there is a break below $1,230, the price could test the $1,180 support. Any more losses could lead the price towards the $1,150 support. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now just below the 50 level. Major Support Level – $1,230 Major Resistance Level – $1,300 Featured Image by iStock
The Department of Justice’s U.S. Trustee overseeing FTX’s bankruptcy case has moved for the court to appoint an independent examiner.
The Galaxy Digital CEO alleges Sam Bankman-Fried and his cohorts perpetuated fraud and suggested they should be in jail.
While many crypto exchanges have seemingly embraced the use of proof-of-reserves (PoR) to showcase their transparency and reassure nervous users, crypto analyst Martin Hiesboeck insists such so-called proofs are susceptible to manipulation or misrepresentation. He added that PoRs alone are not a suitable method of verifying an exchange’s reserves because they do not “account for […]
Twitter ceo stating "impersonation" without clearly stating an account is made for parody will be removed: https://i.imgur.com/lUVCsNN.png https://i.imgur.com/eUjmJ7L.png – Fake statement in his twitter profile. I know the CEO of any major company has minimal time, so I'll just make this brief: Craig Wright has been trying to convince people that he is Satoshi Nakamoto,…
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Bitcoin price traded above the $17,000 resistance. BTC is correcting gains and might decline towards the $16,650 support zone in the near term. Bitcoin gained pace and cleared the $17,000 and $17,200 resistance levels. The price is trading above $16,650 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $16,980 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower towards the $16,650 and $16,500 support levels. Bitcoin Price Faces Bears Bitcoin price attempted a steady increase above the $17,000 resistance zone. It even broke the $17,200 level and settled above the 100 hourly simple moving average. However, the bears were active above the $17,200 level. A high was formed near $17,319 before the price started a downside correction. There was a move below the $17,000 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $16,000 swing low to $17,319 high. Besides, there was a break below a major bullish trend line with support near $16,980 on the hourly chart of the BTC/USD pair. Bitcoin price is still trading above $16,650 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $17,000 level. The first major resistance is near the $17,250 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,800 resistance. Source: BTCUSD on TradingView.com The next major resistance is near $18,800, above which the price could attempt a move towards the $19,500 zone in the near term. Dips Supported in BTC? If bitcoin fails to start a fresh increase above the $17,000 resistance, there could be more downsides. An immediate support on the downside is near the $16,800 level. The next major support is near the $16,650 zone. The 50% Fib retracement level of the upward move from the $16,000 swing low to $17,319 high is also near the $16,650 support. A downside break below the $16,650 support might call for a move towards $16,500. Any more losses might call for a test of the key $16,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $16,800, followed by $16,650. Major Resistance Levels – $17,000, $17,250 and $17,800.
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