A Bitcoin advocate who has changed his name to “Nobody” was first in line to file his candidacy for Mayor of Keene on Aug. 21. The town in the state of New Hampshire, United States, has been dubbed Crypto-Mecca for its positive attitude towards Bitcoin and cryptocurrency.

“Nobody” tells the truth

Throwing a curveball into the usual election process, “Nobody” aims to provide an alternative to the major candidates. One of these, city councillor, Mitch Greenwald has already welcomed “Nobody” to the mayoral race, saying that his campaign was needed.

In a campaign poster seen online, Nobody proclaims:

“Vote for Nobody. Nobody will keep election promises. Nobody will listen to your concerns. Nobody will help the poor & unemployed. Nobody Cares!

If Nobody is elected, things will be better for everyone.
Nobody tells the truth”

Crypto-Mecca

Formerly known as Rich Paul, “Nobody” is a long-time Keene resident, who loves cannabis, cryptocurrency and freedom. Keene has seen a rapid rise in cryptocurrency use, due to its community of libertarian activists.

Forbes dubbed the town Crypto Mecca due to its evangelization of digital currencies.

On a larger stage, U.S. Presidential candidate, Andrew Yang, recently vowed to implement blockchain voting in future US elections in he wins in 2020.

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Two Canadians of Indian origin were charged in the United States with a $233,220 Bitcoin (BTC) fraud using a fake HitBTC account on Twitter.

Scammers posed as HitBTC customer service on Twitter

Karanjit Singh Khatkar, 23, and Jagroop Singh Khatkar, 24, of Surrey, British Columbia, allegedly stole 23.2 Bitcoin from a woman in the U.S. state of Oregon, Indian publication The Week reports on Aug. 23, citing charges filed with the federal court.

According to the report, the defendants used a fraudulent Twitter account named @HitBTCAssist to trick victims into believing they represented customer service from Hong Kong-based crypto exchange HitBTC from October 2017 until August 2018.

Using the fake HitBTC account, the alleged scammers reportedly convinced the woman to pass them her login data to take over her email, HitBTC and Kraken accounts.

Using the information, the defendants transferred over 23 BTC from the victim’s HitBTC account to Karanjit’s Kraken, who in turn sent nearly 11.6 in stolen Bitcoin to Jagroop’s Kraken account, the report notes.

Multiple charges

Now the two alleged criminals are facing various counts, including one count each of conspiracy to commit wire fraud and money laundering, five counts of wire fraud, three counts of aggravated identity theft and multiple counts of money laundering. 

While Karanjit was reportedly arrested upon arrival at McCarran International Airport in Las Vegas in July 2019, Jagroop still remains at large.

Earlier this month, major global crypto mining hardware supplier Bitmain accused a crypto project of falsely using its name to promote a product dubbed Mangocoin and sale a product dubbed “Bitmain Cloud Miner.”

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Craig Wright, the Australian entrepreneur who controversially says he’s bitcoin’s anonymous inventor Satoshi Nakamoto, has made another attempt to cement that claim in the public domain.

On Thursday, Wright posted the bitcoin white paper on the scientific journal hosting site, SSRN, citing himself as the author on Aug. 21, 2008.

The SSRN (formerly the Social Science Research Network), is a repository and international journal for the sharing of scholarly research. The service is owned by major publishing house Elsevier, and allows paper authors (or those claiming to be) to upload pdfs of their work.

The hosting site does not peer-review papers that are uploaded, according to its website. Uploads are reviewed by SSRN staff “to ensure that the paper is a part of the scholarly discourse in its subject area.” It also asks authors to self-certify that the information submitted is correct.

Wright’s posting of the bitcoin white paper, the authorship of which has yet to be conclusively proven, comes after he filed registrations with the U.S. Copyright Office to support his claim of authorship over the original bitcoin code and white paper in May.

Soon after the news caused uproar in the bitcoin community, the Copyright Office released a statement to dispel the notion that it had officially “recognized” anyone as the inventor of bitcoin.

“As a general rule, when the Copyright Office receives an application for registration, the claimant certifies as to the truth of the statements made in the submitted materials. The Copyright Office does not investigate the truth of any statement made,” the office said at the time.

Similarly, Wright’s posting of Satoshi’s white paper on the SSRN is unlikely to give his claim to have invented bitcoin any more validity, but seems to be an attempt to populate the web with authoritative-looking instances of his claim.

Some commentators have further claimed that the metadata of the paper posted by Wright has been altered to display a different date of creation.

Craig Wright image via CoinDesk archives

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View

  • Bitcoin’s recovery from $9,755 to $10,255 seen in the last 24 hours lacks volume support and could be short-lived.
  • Supporting the case for a drop back to $9,755 are the rising-wedge breakdown on the hourly chart and a bearish candlestick pattern on the 3-day chart.
  • Wednesday’s rising-wedge breakdown on the 4-hour chart is still valid and favors a drop to $9,467 (Aug. 15 low).
  • Bearish pressures would weaken if prices print a UTC close above the bearish lower high of $10,956. A weekly close (Sunday, UTC) above $12,000 is needed for bullish revival.

The path of least resistance for bitcoin (BTC) remains to the downside, despite a price bounce to $10,200 seen in the last 24 hours.

The top cryptocurrency by the market value found bids below the widely-followed 100-day moving average support at $9,900 on Wednesday and rebounded to a high of $10,255 earlier today.

Investors may feel tempted to call a bullish move, as a similar recovery from sub-100-day MA level seen on Aug. 15 was followed by a $1,000 rally to highs above $10,900 by Aug. 20.

The latest price recovery, however, looks unsustainable due to lack of volume support, as seen in the chart below.

Low-volume bounce

In the above chart, the green bars represent buying volumes and the red bars represent selling volumes.

The green bars seen in the last 24 hours are smaller compared to the red bars observed during the price drop $10,600 to $9,755.

Put simply, the buying pressure remained weak as prices rose from $9,755 to $10,255. A low-volume bounce is often short-lived.

Also, the cryptocurrency has dived out of a rising wedge – a bearish reversal pattern which indicates the corrective bounce from $9,755 has ended and the bears have regained control.

As per technical theory, the price seen at the beginning of a rising wedge formation becomes the minimum downside target once a breakdown is confirmed. So, a fall back to $9,755 could be on the cards.

A rally to $10,550-$10,600 could be seen if prices break above the wedge’s high of $10,255 with decent volumes. The outlook, however, will remain bearish as long as prices are held below $10,956.

Daily and 4-hour charts

BTC’s bounce from the 100-day MA support seen on Aug. 15 ended up charting a bearish lower high (shallow bounce) at $10,956 on Aug. 30 (above right).

So, $10,956 is the level to beat for the bulls in the short-term.

The case for a drop to $9,467 put forward by the rising wedge breakdown on the 4-hour chart (above right) earlier this week will remain valid as long as prices are held below $10,807 – the high of the candle confirming the breakdown.

3-day chart

BTC created a bearish outside bar candlestick pattern in the three days to Aug. 20. A bearish outside bar appears when a specific period’s price action engulfs the preceding period’s high and low.

That candlestick pattern marks a continuation of the selloff from the high of $12,325 reached in the first week of August.

All-in-all, the probability of BTC falling to the recent low of $9,467 in the short-term seems high. The outlook as per the three-day chart would turn bullish if and when prices find acceptance above the trendline connecting June and July highs.

As of writing, BTC is changing hands at $10,140 on Bitstamp, representing a 1.5 percent gain on a 24-hour basis.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; charts by Trading View

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