Bitcoin (BTC) Demand Could Stem From Increasing Bank Scandals
- Bitcoin prices consolidating but bullish
- Obscure banks real culprits in money laundering
- Transactional volumes drop below average
Findings indicate that centralized global banks are agents of money laundering and not Bitcoin or cryptocurrencies as peddled by mainstream media. With high transparency level of public blockchains as Bitcoin’s, the native coin, BTC stands to be the money of the web further pumping prices up.
Bitcoin Price Analysis
From the very inception, Bitcoin as tech is adapting. With a slew of accusations that the global, decentralized “new money” is anonymous and therefore a perfect vehicle for criminals to launder money, it is time that is finally binning these fables.
Meant to by-pass traditional financial set-ups, replace third parties include banks and wrest control financial institutions, Bitcoin as an innovation and platform is finally getting traction. Sleuths are proving beyond reasonable doubt that the tech is pseudonymous therefore traceable. Because of this property, it is therefore easy to track any abnormal activity—may it be attempts of money laundering or pure theft.
Add that to all the filters and prerequisites imposed by regulators on facilitators as exchanges—involved in crypto to fiat or vice versa conversion– it is virtually impossible to transact huge amounts without Crypto Whale notifying the whole world.
However, that is not the case in centralized systems. Latest news is that the Organized Crime and Corruption Reporting Project (OCCRP) and a Lithuanian news outlet, 15min.lt, has uncovered an intricate money laundering web composed of major western banks including Citi Group and Deutsche Bank with an express purpose of siphoning $8.8 billion out of Russia.
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Our charts point to bull—at least in the short-term. Up 1.9 percent in the last week, Bitcoin (BTC) prices are stable and likely to edge higher in days ahead. As mentioned in our Bitcoin trade plans, aggressive traders can find loading opportunities in lower time frames as long as BTC prices are unhinged above $3,500.
Because of accumulation, demand for the coin is expected to rise, and to that end, momentum could shift from neutral to bullish quickly. All the same, the only time conservative, risk-averse traders can load up is once prices clear $4,500.
Ideally, this upswing must be in the company of high participation levels confirming bulls of the week ending Dec 23. After that, Bitcoin (BTC) bulls can aim for the moon with targets at $6,000.
Volumes are low averaging 8k by Mar 6 close. Even so, we are net bullish, and any bar complementing Mar 5 bull bar must generate enough momentum to pump above Feb 24 bulls. Backing that bull bar must be high volumes—exceeding Feb 24 bar of 36k and preferably those of Feb 18—37k.
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