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El Salvador's New Bitcoin Tracker Reveals Daily Buys

El Salvador's Bitcoin Office (ONBTC) has launched a site to confirm the nation's Bitcoin holdings, enhancing transparency. The site, a custom version of mempool space, verifies that the country buys one bitcoin daily.

• Main Points:

  • Transparency: ONBTC's site reveals El Salvador's Bitcoin holdings.

  • Daily Purchases: Confirms the government buys one bitcoin per day.

  • Current Holdings: Nearly 5,750 BTC, worth about $360 million.

  • Criticism Addressed: Responds to concerns about the secrecy of Bitcoin purchases.

  • President's Plan: Bukele vows to keep buying one bitcoin daily.

    

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• Detailed Insights:

  • Verification Efforts: The site provides details on El Salvador’s Bitcoin transactions.

  • Consistent Purchases: Shows the country adds one bitcoin per day, as stated by President Bukele.

  • Holdings Overview: El Salvador’s bitcoin reserves are about $360 million.

  • Addressing Concerns: The site counters criticisms of secretive Bitcoin buying.

  • Undisclosed Holdings: Some bitcoin reserves may be in other, undisclosed addresses.

  Related: Moving to El Salvador with Crypto

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Bitcoiner Predicts $95K BTC Price in Single Move

Bitcoin's price forecasts are heating up, with BitQuant suggesting a climb to $95,000, though the timing remains uncertain.

• Main Points:

  • Price Projection: BitQuant predicts Bitcoin will surge to $95,000 in a single move, emphasizing the inevitability of the climb.

    $95K will be achieved in just one move, and that is quite obvious. Will that move start today, tomorrow, or the day after tomorrow? I don't think anyone knows. If you can't relax now and wait for #Bitcoin to perform as expected, then it's better to leave the market to avoid the… x.com/i/web/status/1…

    — BitQuant (@BitQua)
    6:04 AM • May 15, 2024

  • Timing Uncertainty: While the price target is clear, the timing remains uncertain, leaving the exact start date of the surge unknown.

  • Technical Analysis: BitQuant's bullish outlook aligns with a "cup and handle" formation spotted by fellow commentator Mikybull Crypto, indicating a potential breakout to new highs.

  • Trader Confidence: BitQuant, known for accurate predictions, remains confident in Bitcoin's performance despite recent price stagnation.

• Detailed Insights:

  • Technical Analysis Confirmation: Mikybull Crypto's identification of a "cup and handle" formation reinforces BitQuant's bullish sentiment, suggesting an imminent breakout.

    

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  • Market Sentiment: Despite recent price stagnation, traders like Daan Crypto Trades remain optimistic, suggesting that low volatility often precedes significant price movements.

  • Hodler Caution: BitQuant warns of potential volatility ahead, advising holders to brace for turbulence in the market in the coming months.

    

    tradingview

  BTC/USD traded around $62,000 on the day, with forecasts suggesting potential for significant price movements ahead.

Indian Crime Officials Probed in Bitcoin Scam

Indian Crime Branch officers, including an Inspector General of Police (IGP), are under investigation for their involvement in a major Bitcoin scam.

• Main Points:

  • Investigation Initiated: A Special Investigation Team (SIT) is probing officers from the Indian Crime Branch, led by IGP Sandeep Patil, regarding discrepancies in a Bitcoin scam investigation.

  • Scam Details: The scam involves hacker Srikrishna Ramesh, who hacked a cryptocurrency exchange in 2017, stealing 60.6 Bitcoins worth ₹1.14 crore. He laundered the funds using cryptocurrency and traded 150 Bitcoins worth ₹5.5 crore.

  • Official Allegations: Former Crime Branch officers and a private cyber expert are charged with illegal activities, including manipulation of the investigation to cover up misappropriated Bitcoins.

  • Missing Bitcoins: Despite claims of recovering 31 Bitcoins, investigators failed to locate them, alleging manipulation of the Bitcoin core application.

  • Additional Accusations: The SIT is investigating Inspector Chandradhar for allegedly coercing a suspect to purchase Bitcoins to compensate for unrecovered funds.

  • Broader Context: This probe occurs amid a rise in cryptocurrency-related scams in India, with recent crackdowns by authorities seizing millions of dollars.

  Related: How Jimmy Zhong Took $3 Billion in Bitcoin and Hid for Almost 10 Years