This Week in Crypto – Bitcoin Hoax, Chinas Cashless Payments, BTC Drop Soon? Bitcoin Trading a Hoax

Bitcoin Trading a Hoax

New research throws even more doubt on the legitimacy of bitcoin trading. A report by Bitwise shows that 95% of BTC spot transactions are distorted by unregulated trade.

This ties in with the Wall Street Journal’s concerns that it is too easy to manipulate the market.

Bitwise, an asset manager, reported meeting with the SEC to discuss its own application, and part of the process was to submit an analysis that could help regulators reduce noise.

The Bitwise head said people were taking a look at cryptos and telling the market was messy. It was because they were looking at fraudulent data. Eliminate this mess, and this should leave a well-refereed market.

This analysis showed that 71 out of 81 exchanges were wash trading, where the same stock was bought and sold to generate activity. This equates to approximately $ 6 billion in BTC volume.

The SEC pointed out that manipulation was the main reason for rejecting applications for ETFs.

Cryptocurrency platforms do not use the same monitoring tools as stock exchanges, warned SEC chairman Jay Clayton, and the end result is investors do not see the real and fair price of Bitcoin.

Chinas Cashless PaymentsChinas Cashless Payments Show BTC is Freedom

China is known for its high technology adoption rate. Of the more than one billion smartphones worldwide, two-thirds are in China.

These Chinese smartphones are popular for their cashless payments, ranging from street vendors to large stores.

WeChat is popular for these payments, and this can be done by the Chinese at will. Now, it has been said that the Shenzhen traffic police can impose fines directly to the citizens WeChat accounts for jaywalking.

To top it off, facial recognition is being used to extract fines without asking questions. Pedestrians who break the rules are named and shamed on giant screens.

This can be done with AI and CCTV to highlight these jaywalkers. Not only this, but they are registered on a government website.

Although the name and shame have reduced the numbers of the 14,000 captured in Shenzhen, the new technology is advancing.

This will inform the person by text message and, within 20 minutes, they will be charged the amount of the fine. Also, if they are repeat offenders, their credit rating will be affected.

It is for this reason that citizens are looking towards Bitcoin, because if it goes too far, then the government will have control over the wealth of its citizens.

New Zealand Shooter Names Bitcoin

The New Zealand Mosque shooter stated in his so-called manifesto. He made money through investing in a crypto Ponzi scheme called BitConnect.

Brenton Harrison Tarrant, the neo-Nazi terrorist, took credit earlier for murdering 50 civilians in Christchurch.

He made a claim as part of his meme-laden internet-baiting statement. This had the intention of causing speculation to his influences and his motives.

One other YouTuber was mentioned in this manifesto. Pewdiepie who was earlier named as one of the world’s most influential people. At the mention of his name, Pewdiepie expressed anger at the killer using his name. Unfortunately, it is up to the public how they look at this association.

With this comes the association of Bitcoin with a terrorist attack, and not only this, it highlighted it was a Ponzi scheme.

It is well known that terrorists use crypto as a means of transferring funds and bypassing the law.

Just as BTC payments are coming to more major retailers, it faces another setback. The problem for many is that every time BTC is mentioned, it will be related back to this horrifying attack.

China Prefers Smart ContractsBTC Downgraded. China Prefers Smart Contracts

The CCID in China (Centre for Information and Industry Development) has recently updated the crypto rankings. BTC fell while ETH, TRX, and EOS filled the top 3 spots. They looked at 3 factors creativity, basic tech, and applicability.

Top scorers in the basic tech (accounts for 64% of overall score) were EOS, Tron, Stem, Gxchain, and Bitshares. ETH was mentioned, but the Constantinople upgrade wasn’t enough to carry ETH to the top of the rankings.

Applicability is based on the level of the public chain support for practical applications and comprises 20% of the score. The top 5 were Ethereum, NEO, Tron, Nebulas, and Ontology.

In the section for creativity which gives 16% of the overall score, and for which they are scored on continuous innovation. The top 5 of the most important were BTC. ETH. Litecoin and Lisk.

Straight up digital currency offerings are not as popular as smart contract platforms. To show this, BTC dropped down from 13th to 15th while Bitcoin Cash dropped out of the top 30.

BTC movementIs There Another BTC Drop Coming?

BTC has been trading less than 1% upward of its current price, while through the week it held at just over $4,000. Attempts to break away and rise have failed on a few occasions. Its crucial new resistance level is set at around $4,200.

There is a touch of negativity due to the lack of upward momentum. Large price swings generally happen on weekends, so any time now there may be changes.

BTC isn’t showing any signs of strength, and if it doesn’t move quickly, it may reach a drop of around $3,900.

If BTC does drop below $4,000, then these lower levels will be further strengthened because there will be a significant psychological effect on the resistance levels, and breaking above these could prove very difficult.

Currently, all analysts and traders are paying a close on the BTC movement. It could make or break, and whatever happens, could set the ground for the following week where it will be really tested.

The time is here to gain more insight into the BTC movement, and then it will be a case of seeing how the market reacts, and how it affects all the other cryptos that are hanging in the balance in their own respective spaces.

 

 

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