Category: Economic World News

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Bitcoin on Friday suffered a circa 1 percent loss against the US Dollar owing to an extended bearish correction.

The BTC/USD pair is now trading at 6340-fiat, 2.70 percent down from the November’s top at 6516-fiat. The 100-period simple moving average resistance discussed in our previous analysis has fared strongly for the fourth time. The strong pullback action from that level could undoubtedly allow the price to form downside targets towards 6203-fiat, vital support in the medium-term.

A breakout action above 100-period SMA puts sights towards the 200-period SMA in red. If we are anywhere below the level, the possibilities of strong pullbacks will linger.

USD has posted gains as expected against the major currency counterparts, reaching its 16-month high on Friday. Its correlation to bitcoin is visible in today’s trading session, verifying that macroeconomic factors could play a significant role in deciding the next direction of the digital currency these days.

BTC/USD Intraday Analysis

We are forming a Head and Shoulder Pattern on the 4H charts, according to which we are already near the neckline of the formation. A breakdown action from here could have us put a short position towards 6293-fiat, our interim downside target. As we put our strategy into play, a stop loss order just 4-pips above the entry point will protect our position from bias reversal losses.

A bounce back from neckline 6336-fiat will have us switch to intrarange and enter a long position towards 6380-fiat. In case the price attempts a pullback from 6380-fiat, we will enter a short towards 6336-fiat. In both the positions, we’ll maintain a 2-pip stop loss order in the opposite direction of the price action.

Likewise, a breakout action near-term will come into play after the BTC/USD pair breaks above 6380-fiat. Should that happen, we’ll enter a long position towards the 6500-6520 area while maintaining a stop loss just 4-pips below the order to define our risk strategy.

Trade safely!

Featured Image from Shutterstock. Charts from TradingView.

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According to Korean blockchain news provider Blockchain ROK, newcomer exchange Pure Bit has effectively exit scammed with at least 13,000 in investor Ethereum in hand.

As evidence of the scam, BROK points to the fact that the exchange’s CEO has changed his name on popular Korean social media network Kakao to “I’m sorry” in the “high formality” fashion of the Korean language.

🇰🇷 – New Korean exchange Pure Bit just pulled an exit scam claiming 13,000ETH from its investors as we speak. Kakao channels are emptying and the site has been pulled.

This is why we can’t have nice things. Karma comes back hard when you screw this many people over. pic.twitter.com/GDkjiz1gAq

— Korean Cryptocurrency & Blockchain News (@BlockchainROK) November 9, 2018

The Pure Bit Facebook page has disappeared, and most of its other public-facing contact options are also gone.

Pure Bit was apparently raising funds in the same fashion that Binance did to fund its exchange. However, few web results are returned when searching for details of the actual ICO. Luckily, the internet is forever, and Archive.org retains a recent copy of the Pure Bit website.

The Pure Bit ICO was similar to other crypto exchanges that been have funded through the ICO model: token holders would be rewarded with some of the crypto exchange’s profits, and exchange fees paid with the token would be heavily discounted.

The Google Translation of the original page reads [formatting edited]:

“Pure coin (PURE) is PureBit’s own coin on the exchange. You can get a portion of the exchange’s return just by having a PURE COIN. In addition, the transaction fee will be paid back to PURE COIN. If you pay the fee with PURE COIN, 30% commission will be discounted. PURE COIN will be incurred 100% on the same day.

“In other words, PURE COIN is a 3rd generation mining coin that includes dividend + mining + incineration. The PUREBIT exchange pre-sells the PURE coins for smooth initial operation when the exchange opens.”

Blockchain ROK says that over 13,000 ETH (nearly $3 million) was collected in the ICO, which has now disappeared. It appears the funds were not locked in a smart contract, as is the design of several legitimate ICOs.

CCN will report more details of this incident if and as they become available.

Featured Image from Shutterstock

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GenfDie Schweizerische Nationalbank will ihren geldpolitischen Krisenmodus noch nicht verlassen. „Einige Zentralbanken haben damit begonnen, ihre Geldpolitik allmählich zu straffen. Für die SNB ist es jedoch noch zu früh, um einen solchen Schritt in Betracht zu ziehen“, sagte SNB-Direktoriumsmitglied Andrea Maechler am Donnerstag laut Redetext auf einer Veranstaltung in Genf.

Zwar entwickle sich die Wirtschaft in der Schweiz gut. Die Inflation sei aber weiterhin niedrig. „Zudem ist der Franken hoch bewertet, und die Lage am Devisenmarkt bleibt fragil.“

ParisIm Prozess wegen Beihilfe zur Steuerhinterziehung haben die französischen Staatsanwälte für die Schweizer Großbank UBS eine Geldbuße von 3,7 Milliarden Euro gefordert. UBS habe bewusst Konten für Kunden gehalten und verwaltet, die Steuern hinterziehen wollten, argumentierte Staatsanwalt Serge Roque am Donnerstag. Ein anderer Staatsanwalt – Eric Russo – sagte: „Steuerhinterziehung ist nichts anderes als Diebstahl an der Öffentlichkeit.“

FrankfurtDie Deutsche Pfandbriefbank (pbb) hebt ihre Prognose für 2018 erneut an. Sie rechnet nun mit einem Gewinn vor Steuern von 205 bis 215 Millionen Euro, nach zuvor 175 bis 195 Millionen, wie die pbb am Donnerstag mitteilte. Zugleich dämpfte das Nachfolgeinstitut der in der Finanzkrise geretteten Hypo Real Estate (HRE) die Erwartungen an das kommende Jahr.

Die Markt- und Wettbewerbsbedingungen in der gewerblichen Immobilienfinanzierung würden 2019 noch anspruchsvoller werden. Zudem erwartet die pbb höhere Kosten für die Refinanzierung ihres Kreditgeschäfts sowie zusätzliche Investitionen und regulatorische Aufwendungen.