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Donald Trump shows concern about the $23.6 million worth Bitcoin [BTC] seized by ICE HSI

Ketaki Dixit

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Donald Trump re-tweets about the $23.6 million worth Bitcoin seized by ICE HSI
Source: Pexels

On 27th June, Immigrant and Customs Enforcement [ICE] Homeland Security Investigation [HSI] New York seized about 2000 Bitcoin [BTC] worth around $23.6 million. The Bitcoin [BTC]’s were seized during an operation launched by the ICE HSI against U.S darknet vendors.

The operation was led by the Homeland Security Investigation along with the U.S Attorney’s Office for the South District of New York who impersonated to be money launderers exchanging dollars for virtual currency on the Darknet market. The operation led to the identification of many Darknet vendors and the arrest of more than 35 vendors.

The Deputy Attorney General Rod J. Rosenstein says:

“Criminals who think that they are safe on the Darknet are wrong. We can expose their networks and are determined to bring them to justice. Today we arrested more than 35 alleged Darknet vendors. We seized their weapons, their drugs, and $23.6 million of their ill-gotten gains.”

According to the report, the operation led to the seize of around 2000 Bitcoin [BTC] and other cryptocurrencies which were approximately worth more than $20 million. They also seized Bitcoin mining devices, vacuum sealers and computer equipment along with various other things.

Donald Trump retweeting the news

Donald Trump retweeting the news

The successful operation has gained the attention of Donald J. Trump, the President of the United States of America. The re-tweet of the news shows both positive and negative response where one side is seen praising the ISE HSI and other still slamming the government for its decision which separates immigrant children from their family.

Karen, a Republican says:

“STAY THE COURSE ICE! Show these American Patriots what you can do! The American people are with you 💯% The left movement is dying.”

Stella, a Twitterati says:

“With money coming in like that, abolish what?”

Ryan Hill, a candidate running for Michigan’s 13th U.S. Congressional District says:

“Was this before or after they stole 2,000 crying, scared children from their parents…. Asking for a friend”

Marianne Hofer, a supporter of Donald Trump says:

“Well done, ICEgov! There’re just doing their jobs, and might I add, a damn good one at that! “



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Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.

Bitcoin

Bitcoin’s divisibility and transportability make it much more flexible than digital gold

Priya

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Bitcoin's divisibility and transportability make it much more flexible than digital gold
Source: Unsplash

Andreas Antonopoulos, the author of Mastering Bitcoin and a Bitcoin proponent, spoke about Bitcoin as a digital currency and whether it would be limited to being just that, in his latest Q&A session on Youtube.

The author was asked about the possibility of Bitcoin becoming the world’s reserve currency, a digital gold and whether other cryptocurrencies would be used as a day-to-day currency. To which, he said:

“I don’t know. I think it would surprise me, actually, if Bitcoin could only fit into the niche of ‘digital gold.’ Bitcoin has characteristics of divisibility and transportability that make it… much more flexible than digital gold.”

Antonopoulos stated that gold is not a good medium of exchanges, because of the difficulty related to verifying whether it is real. He also stated that the store of value is “heavy to carry”, adding that the more one tries to make it fungible and divides it into smaller pieces, the harder it gets to verify its authenticity. According to him, verifying gold in larger amounts, which are stamped by reputable third parties, is easier.

“Then the cost of storing and securing gold is so high that it is better done in a custodial manner, where you put it in a vault and have professionals guarding it. You [are left] with a little paper certificate [of ownership], which have other problems like hypothecation. [All of this] makes it difficult to use [gold] directly as a medium of exchange.”

This was followed by the author remarking that these problems are not prevalent in Bitcoin, even though there is “greater complexity” when it comes to securing the cryptocurrency. He went on to say that this would cause some pressure towards third-party custodians, however, if that pressure is going to be lesser in comparison to the current system, it would still be a “more decentralized future”.

“The ability to transport bitcoin very quickly, in very small amounts [or very large amounts], [including] with second-layer networks that are even faster [and smaller] at the level of microtransactions”

Moreover, the Bitcoin proponent thinks that Bitcoin could be a “very effective” medium of exchange and store of value, adding that the volatility would decrease through use and volume, wherein the currency would not be witnessing a major price fluctuation making it “less speculative in nature”.

“That doesn’t mean there won’t be other coins which [are used] for everyday currency. I think there will be [others]. I don’t think Bitcoin will be just digital gold. It may become a world reserve currency, but I think the concept of a unitary world reserve currency [would] no longer be relevant.”

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb on the bull after price stays locked down

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb the bull after price stay locked down
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The cryptocurrency market’s bearish woes do not seem to have waned with several popular coins seeing a continuous price downturn. Bitcoin [BTC], XRP, and Ethereum [ETH] have only enjoyed sporadic bullish spikes with a definite control being exerted by the bear.

1-hour

The one-hour BTC chart shows the gradual drop in prices. The support has been holding at $3214.17 while the resistance is maintained at $4160.21. The recent downtrend took the prices down from $3558.58 to $3367.97.

The Relative Strength Index shows a slight spike towards the overbought zone. This means that the buying pressure is increasing slightly more than the selling pressure.

The Bollinger band shows a clear divergence with the upper band and the lower band indicating an imminent sideways price movement.

The Parabolic SAR has been predominantly bearish with the markers staying above the markers. At the time, the SAR indicators were below the price candles which is a bullish sign.

1-day

The one-day chart for Bitcoin does not paint a better picture for the cryptocurrency with no uptrends in sight. The long-term support has been holding at3346.6 while the recent downtrend saw the price fall from $6262.97 to $3408.

The MACD indicator shows the MACD line and the signal line moving as a conjoined pair. Other than the bearish dip, the MACD histogram has been undergoing a lull.

The Chaikin Money Flow indicator is just below the zero line, which is a sign of the money flowing out of the market being more than the money coming into the market.

Conclusion

The above-mentioned indicators all point to an extended bear run with the prices still being clamped below the $4000 mark. With the year coming to a close, the predicted bull run does not seem to be occurring anytime soon.

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