2023/02/20 (174.037) Technical Analysis

BITCOIN Is Currently Trading Above 22875 BTC
This Break-Out Need To Be Confirmed Through This Week

More than 10,000 bitcoins disappeared
Terraform Labs Founders Involved in Cryptocurrency Scandal
Terraform Labs founder Do Kwon transfers 10,000 Bitcoin to Swiss bank amid fraud allegations

The allegations say that Kwon and his team transferred more than 10,000 bitcoin (CRYPTO: BTC) from their failed project into a so-called “cold wallet” and then took the assets to a Swiss bank, according to a report by Bloomberg. The funds were then converted to cash, with over $100 million in fiat currency withdrawn from the bank since June 2022. The case has shed light on the murky world of stablecoins, which are digital currencies meant to retain a fixed value and are often pegged to the US dollar or some other fiat currency. Kwon created the stablecoin TerraUSD, which was intended to remain constant at $1 through a combination of algorithms and trader incentives involving a sister token called Luna. In May 2022, the TerraUSD system collapsed, triggering the cryptocurrency market crash that caused investors to lose more than $2 trillion.

Kwon is currently a cryptocurrency fugitive, his whereabouts unknown
South Korean authorities have issued an arrest warrant for him and he is the subject of an Interpol Red Notice. The country has asked Serbia for support, where Kwon is believed to be hiding. The case has highlighted the challenges for regulators in the cryptocurrency industry. The lack of transparency and regulation in this sector makes it difficult to hold individuals accountable for fraudulent or criminal activities. Kwon has denied any wrongdoing, and neither he nor Terraform Labs have responded to requests for comment on the lawsuit.

Bitcoin whale transfer of millions makes the market tremble
Bitcoin whales move massive amounts of Apex cryptocurrencies

A new Whale Alert report reveals that a super-rich Bitcoin (CRYPTO: BTC) whale has moved 5,500 BTC worth $135 million to an undisclosed wallet.
Bitcoin trading hits new highs at $24,558 per coin. Blockchain.com reported that multiple addresses were used to complete the transaction with a combined fee of around $15.61. At the time of writing, BTC was trading at $24,558, up 3.3% over the past 24 hours and 13% over the past seven days. Whale Alert also mentioned other bitcoin transactions from unknown wallets to major crypto exchanges. Around 1,515 BTC worth $35.96 million were transferred from Binance to the unknown wallet. Likewise, 1,205 BTC worth $30.02 million were transferred to Gemini from an anonymous wallet. Last week, Whale Alert reported a large $123 million bitcoin transaction originating from Gate.io and sent to an unidentified wallet. The amount sent was 5,278 BTC.

Bitcoin climbs to six-month high – whales in focus
Earlier this week, blockchain analytics platform Santiment stated that investors should keep a close eye on BTC whale behavior. “Bitcoin has surged to a six-month high, surprising bearish sentiment among traders. With prices jumping above $24,200 for the first time since August 14, 2022, watch out for whale addresses increasing as a sign of increased confidence from major players,” Santiment tweeted to watch bitcoin.

Big Names Drive Bitcoin Price Up!
Bitcoin isn’t a steak, it’s just a sizzle”: Peter Schiff on O’Leary, Cuban and celebrities playing in the crypto mania

Schiff has warned investors that the price of bitcoin will eventually drop to $0, which he reiterated in a recent interview with bitcoin bull Anthony Pompliano.
Fraud and the Fed’s role in increasing the money supply have been cited by Schiff as reasons for the Bitcoin price surge. “If you have easy money and some sort of casino-like environment, you’re going to have more of it, more of the scam,” Schiff said. Schiff added that Bitcoin has elements of pyramid schemes, Ponzi schemes, and other illegal activities. “In my line of business, they sell the sizzle, not the steak. The problem with bitcoin is that there is no such thing as a steak, just a sizzle.“ In the interview, Schiff said that celebrities contributed to the unsustainable rise in Bitcoin price. With millions of followers on Instagram and TikTok, Schiff said influencers, celebrities and athletes are the perfect target for companies paying them to promote their cryptocurrency products. “So did Kevin O’Leary,” Schiff said, referring to FTX. Schiff added that both O’Leary & Cuban changed their minds about cryptocurrencies after getting paid to use them.

Gold or Bitcoin: Which is more popular with celebrities?

Pompliano asked Schiff if celebrities promote gold more than bitcoin, citing rappers who wear gold chains or have gold teeth and former President Donald Trump, who has a gold toilet and room. “When rappers wear their bling, they’re not promoting it as an investment, they’re promoting it to show off their wealth,” Schiff replied. Schiff told Pompliano that Bitcoin is being sold as a get-rich-quick investment and is being promoted much more heavily than gold. “No gold company had a Super Bowl commercial.” Schiff said his son asked ChatGPT to name the biggest gold bull and Schiff came up with it himself. Schiff told Pomplinao that there is no famous person associated with gold. “Gold isn’t nearly as hyped as bitcoin.” When asked about his son investing in bitcoin, Schiff said that Spencer Schiff is 20 years old and doesn’t know any better, while adding that children have a rebellious side. “The younger generation always thinks they know something their father or grandfather didn’t know. Schiff said many people investing in Bitcoin will learn their lesson the hard way.“