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01.09.202118:30 Forex Analysis & Reviews: 230K Onecoin bitcoins discovered in Seychelles. Ether breaks through $3,600

In the world of cryptocurrencies, things are quite good: bitcoin is confidently standing above the 200-day moving average, which adds confidence to investors, and ether has completely got close to another large mark of $3,600 and, apparently, is not going to give up momentum.

From the news, I would like to draw attention to a new financial investigation that was initiated by the Financial Crime Investigation Unit (FCIU) of the Seychelles Police in relation to a number of transactions related to the transfer of 230,000 bitcoins. According to reports, it is quite possible that these transfers are connected with the Onecoin pyramid, whose creators are accused of fraud. In addition to the investigation into the Onecoin Loot in Dubai and the transfer of crypto assets, it is expected that transactions with money and property worth $10 billion will be studied. The request from the FCIU to conduct an investigation followed the recent discovery of $500 million worth of funds in Onecoin's bank accounts in Dubai.

Exchange Rates 01.09.2021 analysis

According to Tania Potter, head of the FCIU legal department, the division received quite a lot of documents as part of the complaints. Some of which must go through a verification process to determine any transaction connections in the Seychelles. Upon completion of this procedure, a number of next steps will be taken, which will be announced later. "We see that the deceived people have invested in the platform, as well as in an international commercial company. We have a registered agent in the Seychelles, but it is difficult to prove transactions, as well as the fact that a crime was committed," she said in an interview.

One of the good news is FTX's announcement that it is acquiring exchange Ledgerx – a company working with cryptocurrency derivatives. Ledgerx is a popular and regulated cryptocurrency derivatives platform in the United States, which has held more than 10 million crypto options and swap contracts since 2017. In addition, Ledgerx claims that the derivatives platform was a pioneer in the development of bitcoin mini-contracts that allow less affluent market participants to trade. The financial terms of the transaction were not disclosed, and at the moment the acquisition transaction is under consideration by the regulator and is expected to be completed after the usual closing conditions are met.

"This acquisition marks an important milestone for our fast-growing U.S. business and is a key part of our strategy," said Brett Harrison, president of FTX US. The statement also says that now that the two companies are merged, the FTX cryptocurrency exchange can meet the needs of "both retail and institutional traders." Moreover, FTX is committed to building a strong relationship with US regulators, emphasizing that it will work closely with the CFTC.

As for the technical picture of bitcoin, it has not changed much over the past day. Its return to the $45,900 area will play a key role in the further short-term direction of the trading instrument. There is a 200-day moving average that has a big impact on institutional investors. A breakout of this range will push BTC to a minimum of $42,500, and there it is a stone's throw to $37,300. It will be possible to talk about a new upward wave of bitcoin after a real breakout of the resistance of $50,400 with the subsequent renewal of $54,400 and $58,000.

Exchange Rates 01.09.2021 analysis

Meanwhile, ETH has come close to the $3,600 mark and is preparing to storm it. Only such a scenario will send ETH to the highs of $3,890 and $4,120. It will be possible to talk about the formation of pressure on the ether only after overcoming the intermediate support of $3,330. Its breakdown will bring down the trading instrument to the lows of $3,040 and $2,700.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Jakub Novak,
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