Bitcoin Price Analysis: BTC Bounce Back, Wells Fargo to Reimburse $575 Million

Dalmas Ngetich

1 year ago

2 mins read

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Latest Bitcoin News

Among other advantages, the blockchain is transparent, and once there is a registration, it’s easy to track all transactions related to that address. That’s why this technology is perhaps the most significant innovation of the 21st century. If traditional companies incorporate this technology, then talks of scams and other unscrupulous activities will be unheard of. This is because everything would be open and transparency on another level.

The opaque nature of bank operations is the reason why the third largest bank in the US, Wells Fargo was able to scam their customers for 15 straight years. As a result of their illegalities, the bank now has to pay a $575 million fine payable to all affected customers in all the 50 US States.

Interestingly, after an investigation, it was found that the bank employees did open credit cards and bank accounts using customers’ names without their approval. These were the same customers that the bank barred from buying cryptocurrencies using their credit cards because there are “multiple risks associated with this volatile investment.” In an announcement made on June 2018, the company’s spokesperson said:

“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency. We’re doing this to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry.”

Bitcoin (BTC) Price Analysis

At the time of press, BTC is down 1.4 percent against the USD in the last 24 hours. If anything, this is pretty stable, and it means prices are oscillating within a tight $150 or so trade range. Going forward, we shall maintain a positive outlook on this pair. As stated in yesterday’s BTC/USD trade plan, bulls are in control.

Notice that despite lower lows during yesterday’s NY session, there were sharp recoveries in the Asian session. We expect this to continue and the best approach, therefore, is for the aggressive type of traders is to load up on every undervaluation in the 1HR or 30 Min charts as long as prices are steady above Dec 28 lows at $3,700.

If not and there is degradation below this minor support line then prices could collapse towards $3,400 and even last year’s lows at $3,220.This is our shorter BTC/USD trade plan:

Buy: Spot, $4,100

Stop: $3,750, $3,900

Target: $4,400, $5,000

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.