Prosecutors Seek 10-Year Jail Sentence for Karpeles Over Mt. Gox …

Former Mt. Gox CEO Mark Karpeles has run into trouble in the Japanese legal system, and prosecutors are pursuing a 10-year jail sentence for alleged embezzlement during his tenure at Mt. Gox. According to a local Japanese news outlet, Karpeles is under indictment for embezzling 341 million yen ($3 million USD) of customer funds into his own personal account. The indictment apparently also alleges that Karpeles “manipulated data on his company’s trading system to pad the balance.” As Mt. Gox was based in Tokyo, it has been the responsibility of…

Bitcoin Price Charts Indicate Glimmer of Hope for Corrective Rally

Bitcoin’s (BTC) struggle to build a notable bounce could end if prices beat key resistance above $3,600. The leading cryptocurrency by market value fell to 15-month lows near $3,200 last week, pushing the 14-week relative strength index (RSI) below 30.00 for the first time since 2015. So, with bitcoin so extremely oversold, a recovery rally cannot be ruled out – more so because there is evidence of bargain hunters challenging the bears’ resolve to push prices lower. For instance, BTC posted a three-day candle on Dec. 8 that closed below…

Bitcoin Oversold on Weekly Price Chart for First Time in Four Years

A key long-term bitcoin (BTC) price indicator is reporting oversold conditions for the first time in almost four years. The widely followed 14-week relative strength index (RSI), which oscillates between zero to 100, is currently seen at 29.80 – a level last seen in January 2015. An asset or a cryptocurrency is considered to be oversold if the RSI is holding below 30.00. On the other hand, an above-70 reading indicates overbought conditions. Essentially, the under-30 reading on the 14-week RSI indicates that the recent heavy selling from the highs…

Not Everyone Wants a Bitcoin ETF

While many traders eagerly await a potential bitcoin exchange-traded fund (ETF), some of the cryptocurrency’s most passionate advocates are lukewarm at best about the prospect of such an instrument. Twitter is flush with users like crypto entrepreneur Jonathan Hamel posting about how an ETF would bring an “epic” inflow of institutional capital to the ecosystem – that is, “billions” of dollars in new investments. But if you talk to early adopters and veteran technologists in the bitcoin community, you’ll hear resounding indifference, if not queasiness. “I don’t think an ETF…

Crypto News | EOS Surges and Ripple Exec Not Phased by Bull Market

In today’s edition of crypto news, we’ll cover why EOS is surging and the details behind why a Ripple executive isn’t phased by the current crypto bear market. EOS Surges as Other Coins Fall EOS is currently leading the top 40 cryptocurrencies for total market gains this weekend. The world’s seventh-largest cryptocurrency project has received a wave of criticism as of late for its lack of decentralization. This weekend, EOS jumped up more than 16%. At this time, it remains unclear why the coin surged so much. Coinbase is exploring the…

Bitcoin Faces Drop Towards $3K After Brief Price Bounce

Bitcoin (BTC) still has the potential to drop towards $3,000, despite a minor bounce from 15-month lows seen on Friday. The leading cryptocurrency by market value picked up a bid at $3,210 three days ago –  a level last seen in September 2017. The ensuing corrective bounce, however, seems to have run out of steam, as bitcoin is currently trading at $3,470 on Bitstamp – down 4 percent from yesterday’s high of $3,633. It’s worth noting that prices are currently down more than 80 percent from the record high of…

Cherry on Top: Bitcoin ABC, Bitmain, Ver Target of Suit Following BCH Split

As if the drama surrounding the recent Bitcoin Cash split needed a sequel, the vaudevillian sideshow has reached a new stage: the legal arena. A suit spearheaded by United American Corporation (UnitedCorp), a telecom company with a little-known blockchain subsidiary, BlockNum, is taking legal aim at Bitmain and its cofounder Jihan Wu; Bitcoin.com and its CEO, Roger Ver; Kraken and its CEO, Jesse Powell; and others. The suit “is seeking injunctive relief,” alleging that the defendants engaged in “collusion for the purpose of control of the [Bitcoin Cash] network.” The…

U.S. SEC Delays Decision on VanEck’s Bitcoin ETF Until February 2019

The U.S. Securities and Exchange Commission (SEC) has postponed its decision to approve or disapprove the VanEck/SolidX bitcoin exchange-traded fund (ETF). Per an official document published by the agency, the new deadline to review the VanEck proposal has been shifted to February 27, 2019, which the regulator claims would afford it the time needed to review the potential rule change further. The SEC stipulates that the commission must either approve or disapprove a proposal no later than “180 days after the date of publication of notice of the filing of…

A Tough December All Around

The cryptocurrency market is taking a tumble again today, marking another crypto downturn for what has been a tough December. BTC has fallen another 11% in the last 24 hours. It had previously fallen 8% only one week ago today. At the time of writing, the world’s largest coin is selling for $3,287 USD. Cryptocurrency Downturn Ripple and Ethereum, the second and third largest cryptocurrencies by market value, have also declined in the last 24 hours. And the losses are great; XRP fell 10.16% and Ethereum an even bigger 15.56%…