Bitcoin SV Price Is Rejected at Significant Support Level
The breakup of the $171 price level may propel the price to the resistance level of $198 provided the $185 level does not hold. Failure to break up the $171 may lead to the continuation of price ranging movement.
Bitcoin SV price is rejected at the significant support level. BSV has tested the support levels of $152 twice; the first touch was on September 03, the price pulled back. The bears pushed the coin down to test the same level on September 21, the bearish momentum was not enough to break down the support level of $152. This scenario makes the level to be a significant level for the traders. The price is pulling back at the moment to test the $171 resistance level.
The BSV is sluggishly crossing over the two dynamic resistance level, struggling to break up the resistance level of $171. The breakup of the $171 price level may propel the price to the resistance level of $198 provided the $185 level does not hold. Failure to break up the $171 may lead to the continuation of price ranging movement. However, traders should watch the support levels at $152, $134, and $130 in case the price breaks down the $152 level.
BSVUSD is bullish in the 4-hour chart. The coin is testing the resistance level of $171 the third time. The price action in the 4-hour chart is forming a short “W” pattern, which is a bullish chart pattern. The price may break out at the current testing resistance level and it may place the price at $198 level.
BSV is trading around the 9 periods EMA and 21 periods EMA at $171 level. The two EMAs are close to each other indicating low volatility in the market. The relative strength index period 14 is pointing up which connotes buy signal.
Ledger wants to help MicroStrategy secure its $400m Bitcoin treasury
Ledger is mostly known for its consumer-facing hardware wallets, but since last year, a number of enterprises have also begun to use Ledger Vault, according to the company’s vice president of product, Jean-Michel Pailhon. This product is focused on providing custody solutions to enterprise clients. In fact, the Ledger team is currently trying to sell MicroStrategy on the advantages of its product.
MicroStrategy is a business intelligence company that made a splash in August 2020 by converting a large portion of its treasury into Bitcoin (BTC). More recently Square, who just acquired $50 million worth of Bitcoin, developed an in-house open-source SubZero framework to secure its assets.
Pailhon said that both employ HSMs, or Hardware Security Modules, for the management of digital assets. HSMs have been used for decades for securing critical data and are generally considered invulnerable. Though SubZero may be a great framework, Pailhon opined that its best suited for tech companies like Square that know how to deploy and manage HSMs. He said that Ledger will set these up for its clients, and that “they don’t necessarily need to know how it works. They just need to use the solution.”
We asked Paihon to walk us through onboarding a company like MicroStrategy. He said that one of the first steps would be to decide how many people will be involved in authorizing transactions, a typical setup would require 2-of-3 signatures; where perhaps, the CEO, chief financial officer, and general counsel hold one signature each. All the private keys would be stored on an HSM. At the same time, parts of the private keys may be stored in several physical vaults.
When a company officer wants to initiate a transaction, he would log into Ledger Vault and input the desired transaction. Then, a notification would be sent to all three signatories. To approve it, they would have to log in and connect their Ledger Blue hard wallet to their computer. Finally, they would enter their unique Ledger Blue pin to sign the transaction. There is also an additional layer of protection, which involves one of the signatories choosing to abort the transaction altogether, provided that the minimum number of signatures had not yet been authorized.
Pailhon elaborated that though Ledger provides the backend and takes care of the HSM infrastructure, the client acts as its own custodian. This may present a problem as some companies may be required by law to use a regulated custodian. He explained that this does not present a real challenge though:
“If you need a regulated custodian, you can ask a regulated entity to become one of the signees in the transaction process.”
Meanwhile, MicroStrategy has not named its Bitcoin custodians, though it publicly acknowledged the associated risks:
“While we hold the bulk of our BTC assets with established cryptocurrency custodians, a successful security breach or cyberattack could result in a partial or total loss of our BTC assets in a manner that may not be covered by insurance or indemnity provisions of our custody agreements with those custodians.”
The Silk Road Balance Sheet Discrepancy: Bitcoin Worth $4.8 Billion Still Missing | Featured Bitcoin News
The original Silk Road marketplace has been shut down for well over seven years now and to this day, 444,000 bitcoin worth $4.8 billion is still missing. Just recently, a report focused on those funds discusses one of the market’s biggest mysteries and how people have seemingly forgotten about this massive stash.
A number of people understand that the Silk Road marketplace was shut down by global law enforcement (LE) in October 2013 and LE subsequently arrested Ross Ulbricht shortly after. Individuals are also familiar with the 173,991 BTC ($1.9B) from the Silk Road coins that were seized and later auctioned by the U.S. Marshalls.
However, the public is not wholly aware of the estimated 444,000 BTC ($4.8B) missing from the Silk Road and a recent study from mysteryarchive.com discusses the lost coins at length.
“What many people don’t know about the Silk Road story, is that the balance sheet does not add up, and everybody just seems to be okay with this fact,” the mysteryarchive.com report notes. The author further adds:
Generally speaking, you don’t close a case with $4.8B just unaccounted for and this remains the Silk Road’s greatest mystery as nobody can answer this simple question.
The findings discuss how the U.S. federal agents managed to seize the 173k BTC and that it’s quite possible the rest of the funds were stored on another computer. 144k BTC out of the seized stash was found on Ulbricht’s laptop, which gave LE full access to the “Mastermind” dashboard and a list of SR payroll expenses from 2011 to 2013.
Mysteryarchive.com stresses that “another computer seems likely, as it is common practice to not put all your wealth in one place.” The report is not the only account of the hundreds of thousands of Silk Road BTC still missing from the darknet marketplace.
In 2015, news.Bitcoin.com shared an account from the alleged Silk Road mentor, ‘Variety Jones,’ who told a tale about an estimated 300,000 to 400k BTC stash. According to Jones, a rogue FBI agent dubbed ‘Diamond’ was harassing him with an attempt to obtain the hoard of Silk Road coins LE never seized.
“My back of the envelope calculations for SR [Silk Road] show that there was easily close to 400,000 BTC that wasn’t accounted for yet,” Jones wrote at the time. “I certainly don’t have it, it’s gotta be somewhere, and Diamond (the rogue FBI agent) is certainly willing to move heaven and earth to get the passphrase for it.”
Jones had said the rogue LE official was trying to extort him and the agent was also making “an average of $1,000,000 a month, committing felonies with wild abandon, just because he can.” Variety Jones, whose real name is Roger Clark, was arrested in Thailand in December 2015.
Oddly enough, Clark wasn’t charged for his association with the Silk Road (SR) or his crimes until the end of January 2020. Moreover, two rogue federal agents working with the SR investigation stole thousands of bitcoins acting as double agents.
The recent report details that the missing stash of hundreds of thousands of SR bitcoins may have been lost during the Mt Gox breach. A number of studies over the years have shown a great deal of bitcoins from the darknet marketplace might have found their way into the now-defunct Mt Gox exchange.
Alongside this, Homeland Security Investigations (HSI) agent Jared Der-Yeghiayan discovered interesting connections between Mt Gox and the SR marketplace. A summary of Der-Yeghiayan’s account was published on Freeross.org in a story called “Silk Road Case: The Real, Untold Story.”
“Der-Yeghiayan had identified multiple accounts belonging to the Silk Road operators that contained bitcoins worth millions of U.S. dollars,” the Untold Story study’s author notes.
The crypto community may never find out where this stash of BTC went, and can only speculate on how much really went missing. The mysteryarchive.com report concludes that it is noteworthy that Mark Karpeles (CEO of Mt Gox) helped LE with the federal investigation into the SR marketplace. Moreover, the author adds that Karpeles was also once a lead suspect in the case and was accused of being the SR leader at one point as well.
What do you think about the mysterious missing SR bitcoins? Let us know what you think about this story in the comments below.
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Author: Featured by Jamie Redman