Connect with us

Bitcoin

The US Justice Department Investigates: Who Stands Behind the Price of Bitcoin (BTC)?

Published

on

Bitcoin

Bitcoin is the first and original digital currency that started the entire craze with blockchain technology. Almost 10 years ago, an anonymous hacker known under the alias Satoshi Nakamoto launched this crypto as the first digital coin ever. A couple of years later, there came new coins which followed by having over 1500 ICOs issued and launched over the mentioned period. As we all know, all currencies have their dev teams and CEOs, however, Bitcoin doesn’t.

So, how come its price has spiked up to the previous record of around 20.000$ per one unit, if Bitcoin can be marked as an abandoned project with over forty different forks derived from its system as basically, anyone with the matching tools can create a fork out of Bitcoin, and that is how we got Bitcoin Private, Bitcoin Cash, Bitcoin Gold, and even Bitcoin God and Bitcoin Pizza.

As much as crypto enthusiasts appreciate the first coin ever to be launched, the Department of Justice in the United State is interested in finding out who is behind the price of Bitcoin. That is why they have announced an investigation that would be conducted in the following period in order to trace the person or a team who stands behind the price of Bitcoin.

The US Justice Department: Is Bitcoin Going Under Pump-and-Dump?

Almost anyone who is following up with the crypto market knows about a notorious market scheme called pump-and-dump.

Apparently, some holders have acquired this technique in order to have their holding units pumped up to the maximum in the market with having a price that is usually off the charts of the realistic price of the given coin.

Once the pumping part is done and the coin has reached a flattering value, the pumpers then dump their coins, which means that they are selling the coins that have been pumped, and then selling them back to the interested traders while collecting profit.

Moreover, the US Justice Department believes that the signs of spoofing and possibly wash trades could also be discovered in the process of the mentioned investigation.

Spoofing is another way of pumping the market value of a certain coin. This is conducted in a way that a holder of a certain coin, in this case, BTC, goes ahead and opens an active trade.

The great turn out of events that makes up for spoofing lies in the fact that the active trade is never meant to be. So, a holder can open a trade, which consequently affects the price of the given coin to rise up, while the trade never actually occurs, which is considered to be a fraudulent action.

That is exactly why the US Justice Department is trying to come to the bottom of this story, which should allow them to discover the great mystery of who stands behind the price of Bitcoin.

Canada and the United States Investigating Beyond Bitcoin: Operation Crypto Sweep

The US Justice Department along with the Securities and Exchange Commission (SEC) and The Government of Canada are joining forces with a single project called Crypto sweep.

While SEC is conducting their own investigation on different ICOs that are suspected of violating securities laws, the SEC is in support of the newly announced project Crypto sweep, that way supporting the US and Canada in their investigation.

Besides from announcing an investigation on who stands behind the price of Bitcoin, the US Department of Justice is going to partner up with Canada with the goal of battling toxic ICOs and scam coins.

The US Justice Department will notify the public on their future progress regarding the Bitcoin investigation as well as their progress on Crypto sweep whether they joined their forces with Canada in an attempt to stop all fraudulent actions in the crypto market.

How is Bitcoin doing at the Current Moment?

Bitcoin has definitely seen better days, as we can see it at a pretty low price in oppose to its value in April and at the beginning of May.

As BTC is now worth around 7500$ per one unit, many reporters are linking this massive fall to the most recent announcement from the US Justice Department that there will be an investigation revolving around Bitcoin, however, if you go ahead and check the stats on CoinMarketCap or Coin Gecko, you will easily notice that the price of BTC went down before the original announcement.

Following the latest change in the market, BTC is up by barely over 1% at this moment, on May 26th, which means that the first crypto ever and number one on the global coin ranking list can be traded at the price of 7560$ per one unit, as it lost over 15% of its value in the course of the last month.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Victoria Pickering via Flickr

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

Published

on

As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

Continue Reading

Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

Published

on

Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

Continue Reading

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

Published

on

Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

Continue Reading

Press Release