The signals have all been pointing to a large downwards move for Bitcoin and it may have just initiated as BTC drops below $8k yet again. Could this be the move that spells the return of the bear market and crypto winter, or will Bitcoin cling to support for another day?Bitcoin Back in The $7k RangeWithin the past hour Bitcoin has fallen back below $8,000 for the fifth time this month. According to BTC prices hourly – Tradingview.comThe bearish signals have been mounting up as the month long consolidation period has drawn out. A big move has been expected as one usually follows the accumulation of these signals.As trader and analyst Josh Rager pointed out, historical volatility is descending to levels that would indicate a breakout.“With a slow sideways market, we’ll see descending HV that indicates a strong reaction in price action ahead and rise in volatility”Yesterday the popular analyst observed a Bollinger band squeeze which has also led to breakouts historically. He added that with price still below the 20 day moving average a downwards move has higher probability.Then there is the death cross on the daily chart which is about to form as the 50 day moving average falls below the slow 200 day. This one is more ominous as it spells a long term trend reversal which could be the end of this year’s rally and the return of crypto winter.That cross is likely to occur today or tomorrow if there is no upside momentum.Crypto Market Cap About to CrumbleAltcoins clearly have not been able to decouple from Bitcoin as it has corrected 42% from its peak this year. There has been no altseason and a sea of red is engulfing them all again today.The ‘Trading Room’ crypto twitter account has identified a trendline for total market cap that if broken could result in a massive dump below $200 billion.“This one Trendline is holding the entire Market’s fortune for next few weeks.”Closing all open Positions and staying flat until i see a clear bounce from this trendline. Will open SHORTS if the Treandline breaks downThis one Trendline is holding the entire Market’s fortune for next few weeks. Keep an eye#Bitcoin $BTC $Total MarketCap pic.twitter.com/0x1GYiLQNA— Trading Room (@tradingroomapp) October 23, 2019
After today’s losses total market cap is currently at $217 billion having dumped $7 billion on the day. It has not fallen below $200 billion since early May when things were clearly bullish for Bitcoin and its brethren.All altcoins are dumping today with Ethereum plunging below $170 in a 4% slide and XRP dropping back below $0.29 as momentum wanes.Bigger losses of over 5% are going on at Bitcoin Cash, BSV, Tron, Cardano, Chainlink and Tezos. If altcoins are losing this much before BTC drops below support, they will get obliterated when the big dump finally occurs.Image from Shutterstock
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Author: Martin Young
Facebook today announced it was partnering with the state of California to try and fix the state’s housing crisis. It’s promised $1 billion from its redoubtable coffers — which sounds generous until you realize it’s companies like Facebook that are both feeding the problem and feeling its effects.
According to Facebook CFO David Wehner, the company has committed to the amount, broken down into specific projects to improve the state. $150 million, for example, will go towards building affordable housing in the San Francisco Bay Area. It also wants to build “essential worker housing,” intended to “fund construction of housing on county-owned land for teachers and other essential workers, enabling them to live near the communities where they work.”
It’s not precisely a secret that the average person can’t afford to live anywhere near the major tech campuses. The last reported median home price in San Francisco is $1,466,900, and rents run into high four-figures. It’s simply not feasible for anyone who’s not making the big bucks. According to advocacy group Up for Growth, California is short 3.4 million housing units (nearly half of the nation’s total shortage of 7.3 million).
And the expense of the city may, in part, be contributing to the rise of homelessness. The homeless population in San Francisco is going up steadily — 17 percent in the last two years. A report from the New York Times suggests residents’ capacity for empathy is stretched to breaking point by the amount of inconvenience their homeless neighbors give them. Governor Gavin Newsom, who’s partnering with Facebook on its initiative, said in a statement, “State government cannot solve housing affordability alone — we need others to join Facebook in stepping up.”
It’s not as though Facebook gets nothing out of this, too — I’m sure they could use the good karma now that a major election is drawing near. According to the Wall Street Journal, CEO Mark Zuckerberg also told employees earlier this month that the company’s Menlo Park growth was stalling because workers can’t afford to live close to the office: “At this point, we’re growing primarily outside of the Bay Area. The housing prices are way up. The traffic is bad. There’s a lot that we are trying to do to help build more housing and alleviate some of the traffic constraints, but for the near term it’s going to be building up those other hubs.”
Google and Microsoft made similar pledges earlier this year. It remains to be seen how much these pledges will actually do to alleviate the problem — $1 billion sounds like a lot, but not when the amount of homes that need to be built with it number in the millions.
Facebook Commits $1 Billion and Partners with the State of California to Address Housing Affordability on Facebook Newsroom
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Author: Team E-crypto News
Ripple price declined recently after it failed to climb above the $0.3030 resistance against the US dollar.The price is currently trading below $0.2950, but it is holding the key $0.2850 support area.There was a break below a key bullish trend line with support near $0.2940 on the hourly chart of the XRP/USD pair (data source from Kraken).There could be a short term upward move, but the price might struggle to clear the $0.2950 resistance.Ripple price is correcting gains against the US Dollar and Ripple PriceLooking at the chart, ripple price is showing a few bearish signs below the $0.2950 and $0.2920 level. Having said that, the price could recover as long as there is no clear break below $0.2850.Technical IndicatorsHourly MACD – The MACD for XRP/USD is currently moving heavily in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.Major Support Levels – $0.2880, $0.2850 and $0.2800.Major Resistance Levels – $0.2920, $0.2950 and $0.3000.
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Author: Aayush Jindal
Crypto-based extortion – basically the process of using spam-flinging botnet armies to “ransom” dirty pictures and compromising information in exchange for bitcoin – has turned virtual crime into child’s play.
Speaking this week at the Advances in Financial Technology conference in Zurich, an international team comprised of researchers from the Austrian Technology Institute and security provider GoSecure sampled a population of email spam and found that the extortion process was quick, easy, and very lucrative.
Using public data hack info, the researchers found that a single instance of the popular Necurs botnet launched over 80 campaigns and in the 4.3 million emails surveyed by the team. In almost all cases the criminals had no incriminating information on the victims.
The team said that the botnet was surprisingly lucrative. By renting a botnet for $10,000 per month, the extortionists have been making at least $130,000. Compared to most extortion schemes, the spam campaign is incredibly simple, largely due to its employment of cryptocurrencies, said GoSecure’s Masarah Paquet-Clouston.
As such, the researchers expect crypto-backed email extortions to increase.
“If you look at traditional spam, it’s much more complicated … [crypto] extortion spam is much simpler,” Paquet-Clouston said.
Examples provided in the paper describe an email informing the victim that the hacker will release compromising personal information if bitcoin isn’t provided in a timely manner. For example, one email claimed the hackers were performing surveillance via malware:
“Hello! As you may have noticed, I sent you an email from your account. This means that I have full access to your account. I’ve been watching you for a few months now. The fact is that you were infected with malware through an adult site that you visited.”
Tracking the bitcoin addresses used and languages employed in emails allowed the researchers to further understand how botnets operate. For instance, whoever was behind the botnet charged certain nationalities higher prices than others, with English speakers topping out around $745 per recipient compared to Spaniards on the lowest end at $249.
The botnet reused bitcoin addresses over 3 million times and the researchers speculated the goal was to simplify payments.
Only 0.135 percent of bitcoin extorted could be traced to publicly verifiable wallets on exchanges, signifying the use of CoinJoins and other measures to mask transactions before off-ramping funds into fiat currency.
Knowledge about bitcoin and methods to track payments have lead botnet campaigns to other cryptos, the team said, particularly litecoin. Counterintuitively, privacy coins like monero and zcash are not being heavily used.
Hacker image via Shutterstock
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Author: William Foxley
Ethereum price is declining again after it failed to break $178 and $180 against the US Dollar.Bitcoin price is also moving down and it is likely to break the $8,000 support area.There is a key bearish trend line forming with resistance near $172 on the hourly chart of ETH/USD (data feed via Kraken).The pair remains at a risk of more downsides below the $170 and $168 support levels.Ethereum price is resuming its downtrend below $175 versus the US Dollar, similar to Ethereum PriceLooking at the chart, Ethereum price is clearly resuming its downtrend below $175 and $172. The price action is negative, suggesting more downsides below the $170 and $168 support levels. The next major stop for the bears may perhaps be $160.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone.Hourly RSI – The RSI for ETH/USD is declining and is well below the 40 level.Major Support Level – $168Major Resistance Level – $175
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Author: Aayush Jindal