While bitcoin price briefly hit above $4,000 last week, the crypto is now nearing overbought levels. And if it reaches that overbought territory, it could see further declines. In fact, when it hit a similar pattern in February, the crypto lost about 3 percent over two weeks.
“We are due another retest of the lows,” said George McDonaugh, chief executive of KR1, according to Bloomberg. “Normally, a market tries more than once to test the depths of despair — and so far we’ve only had one clear test, which hit around the $3,100 level.”
In other news, Facebook now has 22 blockchain-related job postings on its LinkedIn page.
The Next Web pointed out that it appears Facebook is mainly looking for blockchain pros in marketing, UX design, product management, software engineering, and legal. One positing is for a director of the technical accounts and SEC reporting team.
“The team plays a key role by determining Technical Accounting and SEC reporting implications with disruptive technology and initiatives including infrastructure and connectivity, blockchain, derivatives, leases, and new products,” the job posting reads.
A man in the U.S. is banned from trading because of his alleged involvement in a bitcoin scam.
According to CNBC, Daniel Todd Levine of Englewood, Colorado offered investors a chance to buy at a discounted bitcoin price that promised significant returns. Investors then transferred around $1.5 million to Levine’s brother, an American fugitive living in Europe, who allegedly ran away with the funds.
Levine signed a letter with the Financial Industry Regulatory Authority (FINRA) agreeing to the ban, but did not admit or deny any guilt in the bitcoin scam.
And CoinMarketCap.com, one of the biggest aggregators of crypto market data, said it will make changes due to concerns that the site reports fake volume for bitcoin, ethereum, XRP and more than 2,000 altcoins.
The news comes after Bitwise submitted a report to the Securities and Exchange Commission (SEC) saying that about 95 percent of the volume reported on CoinMarketCap is fake.
“Despite its widespread use, the CoinMarketCap data is wrong. It includes a large amount of fake and/or non-economic trading volume, thereby giving a fundamentally mistaken impression of the true size and nature of the bitcoin market,” according to the report.