Category: Cryptocurrency News

Chainlink’s LINK price is moving higher above the $7.25 resistance. The price is now consolidating gains and might aim for more upsides above $7.50. Chainlink price is showing positive signs above $7.25 against the US dollar. The price is trading above the $7.30 level and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support near $7.25 on the 4-hour chart of the LINK/USD pair (data source from Kraken). The price could restart its increase unless there is a close below the $6.95 support. Chainlink (LINK) Price Eyes More Upsides In the last LINK price prediction, we discussed the chances of more gains above the $7.00 level against the US Dollar. The price did remain stable and extended gains above the $7.25 level. The price even broke the $7.50 level. Chainlink traded as high as $7.56 and outperformed Bitcoin and Ethereum. Recently, there was a minor downside correction below $7.40. The price tested the 23.6% Fib retracement level of the upward move from the $6.60 swing low to the $7.56 high. LINK is now trading above the $6.50 level and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $7.25 on the 4-hour chart of the LINK/USD pair. Source: LINKUSD on TradingView.com If there is a fresh increase, the price might face resistance near $7.45. The first major resistance is near the $7.50 zone. A clear break above $7.50 may possibly start a steady increase toward the $8.00 and $8.20 levels. The next major resistance is near the $8.50 level, above which the price could test $8.80. Are Dips Limited? If Chainlink’s price fails to climb above the $7.50 resistance level, there could be a downside extension. Initial support on the downside is near the $7.25 level. The next major support is near the $6.95 level or the 61.8% Fib retracement level of the upward move from the $6.60 swing low to the $7.56 high, below which the price might test the $6.80 level. Any more losses could lead LINK toward the $6.60 level in the near term. Technical Indicators 4 hours MACD – The MACD for LINK/USD is losing momentum in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level. Major Support Levels – $7.25 and $6.95. Major Resistance Levels – $7.50 and $8.50.

Ethereum price is eyeing a recovery wave from $1,565 against the US Dollar. ETH could rise steadily if it settles above $1,600 and $1,620. Ethereum is attempting a recovery wave above the $1,580 level. The price is trading above $1,590 and the 100-hourly Simple Moving Average. There was a break above a major bearish trend line with resistance near $1,590 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a recovery wave if there is a close above $1,600 and $1,620. Ethereum Price Signals Recovery Ethereum’s price remained well-bid above the $1,565 level. ETH seems to be forming a base above $1,565 and is slowly moving higher, like Bitcoin. The price was able to recover above the $1,580 and $1,590 levels. There was a move above the 23.6% Fib retracement level of the downward move from the $1,669 swing high to the $1,565 low. Besides, there was a break above a major bearish trend line with resistance near $1,590 on the hourly chart of ETH/USD. Ethereum is now trading above $1,590 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,600 level. The next major resistance is $1,620. It is close to the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,565 low. A push above $1,620 might send Ether further higher and there are chances of a steady increase. Source: ETHUSD on TradingView.com The next major resistance is near $1,650 and $1,660. If the bulls succeed in clearing the $1,660 hurdle, the price could start a decent increase toward the $1,720 resistance. Any more gains might open the doors for a move toward $1,800. Another Drop in ETH? If Ethereum fails to clear the $1,620 resistance, it could start another decline. Initial support on the downside is near the $1,580 level. The next key support is $1,565, below which the price could test the $1,540 support. If the bulls fail to protect the $1,540 support, there could be a sharp decline. In the stated case, there could be a drop toward the $1,440 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,565 Major Resistance Level – $1,620

Crypto influencer Ben “BitBoy” Armstrong was released on bail around 8 hours after being booked by Gwinnett County police for loitering and simple assault.

Bitcoin price is consolidating above the $26,000 support. BTC could start a recovery wave if it clears the $26,500 resistance zone in the near term. Bitcoin is still consolidating above the $26,000 support zone. The price is trading below $26,400 and the 100 hourly Simple moving average. There is a major bearish trend line forming with resistance near $26,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a decent recovery wave unless there is a clear move below $26,000. Bitcoin Price Eyes Recovery Bitcoin price remained stable above the $26,000 support zone. BTC seems to be forming a short-term support base above the $26,000 level and is currently consolidating. Recently, the price made a recovery wave attempt above the $26,200 level. However, the bears remained active below the $26,500 level. They rejected the 50% Fib retracement level of the downward move from the $26,712 swing high to the $26,026 low. Bitcoin is now trading below $26,400 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $26,300 level. There is also a major bearish trend line forming with resistance near $26,300 on the hourly chart of the BTC/USD pair. The next key resistance could be near the $26,350 level or the 100 hourly Simple moving average, above which the price could revisit the $26,500 resistance or the 76.4% Fib retracement level of the downward move from the $26,712 swing high to the $26,026 low. Source: BTCUSD on TradingView.com To start a recovery wave, the price must settle above $26,500. In the stated case, the price could climb toward the $27,000 resistance. Any more gains might call for a move toward the $27,500 level. More Losses In BTC? If Bitcoin fails to start a fresh increase above the $26,300 resistance, it could continue to move down. Immediate support on the downside is near the $26,050 level. The next major support is near the $26,000 level. A downside break and close below the $26,000 level might start another major decline. The next support sits at $25,400. Any more losses might call for a test of $25,000. 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 near the 50 level. Major Support Levels – $26,050, followed by $26,000. Major Resistance Levels – $26,300, $26,500, and $27,000.

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Convicted fraudster Pablo Renato Rodriguez will also need to serve three years of supervised release after he finishes his 12 year imprisonment sentence.

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In a landmark verdict, Pablo Renato Rodriguez, the co-founder of AirBit Club, has been sentenced to 12 years in prison by US District Judge George B. Daniels.  According to the US Department of Justice (DOJ), Rodriguez, along with his co-conspirators, masterminded a sprawling global pyramid scheme that defrauded investors of millions of dollars through false promises of cryptocurrency trading and mining profits. Related Reading: XRP Ledger Developer Xumm Reveals “Infrastructure Overhaul,” More Than An Upgrade? AirBit Co-Founder Convicted For $100 Million Crypto Fraud Per the DOJ’s investigations, the elaborate scheme involved luring unsuspecting and often inexperienced investors into purchasing AirBit Club memberships with the guarantee of substantial returns.  However, instead of engaging in legitimate cryptocurrency activities, Rodriguez and his cohorts allegedly diverted the funds for personal gain while employing an intricate money laundering operation to conceal their ill-gotten profits. Rodriguez’s co-defendants, Gutemberg Dos Santos, Scott Hughes, Cecilia Millan, and Karina Chairez, have already pleaded guilty and await sentencing. The court has also ordered the forfeiture of the fraudulent proceeds, which include a staggering $100 million worth of assets, such as US currency, Bitcoin (BTC), and real estate. Describing Rodriguez’s actions as a flagrant exploitation of cryptocurrency for fraudulent purposes, US Attorney Damian Williams emphasized the importance of this case in deterring potential fraudsters from making false promises of lucrative cryptocurrency investments. Troubling Pattern Of Fraudulent Ventures According to court documents, Rodriguez and Dos Santos founded AirBit Club in 2015 and “aggressively” marketed it as a multilevel marketing club operating in the cryptocurrency industry.  The duo reportedly organized extravagant expos and presentations worldwide, enticing victims to invest in cash and providing them access to an online portal showcasing false investment returns.  As early as 2016, victims who attempted to withdraw funds encountered excuses, delays, and exorbitant hidden fees. The scheme’s architects, including Rodriguez, spent the defrauded money on luxury items, financed more expos to attract additional victims, and siphoned funds through a network of domestic and foreign bank accounts.  Related Reading: Bitcoin Spot Trading Volume Hit Six-Year Low – Is Investor Confidence Rising? According to the DOJ, Rodriguez’s attorney trust account, managed by Scott Hughes, played a crucial role in concealing the illicit proceeds of the AirBit Club scheme. Before AirBit Club, Rodriguez and Dos Santos were involved in another pyramid investment scheme called Vizinova, which led to a legal battle with the US Securities and Exchange Commission (SEC).  Hughes, an attorney representing Rodriguez and Dos Santos in the Vizinova case, later assisted them in perpetrating the AirBit Club fraud by removing negative information about both schemes from the internet. With Rodriguez’s sentencing, justice has been served to one of the key figures responsible for defrauding countless victims through AirBit Club. Featured image from Shutterstock, chart from TradingView.com 

Despite campaign finance charges being dropped in July, the prosecution has been granted permission to present evidence of Bankman-Fried’s political donations in his upcoming fraud trial.