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- Crypto Saving Expert Newsletter - Issue 125
Crypto Saving Expert Newsletter - Issue 125
Good morning! Bitcoin soars to a new all-time high, while the rest of the market struggles to find direction, with mixed performances from gainers and losers this week! Let's dive in for a closer look at what is going on behind the scenes with bitcoin and the overall Web3 market. 👇
This week's issue will feature technical analysis of bitcoin, HYPE, ETH, and TRX as well as important dates and key news stories.
Table of Contents
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Bitcoin Positions For Expansion
Bitcoin recorded another new all-time high on Monday as the levels above seemingly opened up as targets.
Bitcoin
Bitcoin recorded a new all-time high of $107,803 on Monday. This occurred after the price found acceptance over $100,00, causing the price to grind higher and higher.
From here, there is nothing but blue skies above for bitcoin, which could see it head to $110,000-$130,000 next if euphoria begins to kick in.
As seen on the chart, Stonksy caught the move towards new highs perfectly on the 1-hour chart.
Sign up for a Stonksy plan today and begin benefiting from the indicator’s performance: https://www.stonksy.io/signup
Stonksy - HYPE
HYPE has taken the limelight the past week as it burst into the top 25.
The chart shows that Stonksy turned green at roughly $14 and has caught the whole move up to $26.
With HYPE being a newly launched token, there is no data indicating where this may stop, providing even more of an edge to Stonksy in identifying the start and end of the move.
Stonksy - ETH
Ethereum has turned green on the weekly chart for the first time since mid-2020.
This is significant as the last time this occurred, ETH ran significantly over the following year.
With Stonkys now green on the weekly, a move towards $6,000 and above could begin.
Stonksy - TRX
If you have not seen, Stonksy added automated support and resistance lines to its indicator recently.
This TRX chart shows how it can be highly beneficial to trading, particularly when the price is within a range.
This is the latest development by Stonksy and has proven extremely beneficial to users, providing even more of an edge in the market.
Sign up for a Stonksy plan today and begin benefiting from the indicator’s performance: https://www.stonksy.io/signup
Fear & Greed Index
The Fear and Greed Index remains within Extreme Greed as it scores 87.
This is no surprise, given bitcoin refuses to suffer a sizeable dip and continues to reach new highs.
The index will likely continue in this manner as long as the market remains on this upward trajectory.
Important Dates
Tuesday 17 November, 13:30 UTC - US Retail Sales
The retail sales data is published by the Census Bureau and comprises two pieces of data: the month-over-month (MoM) and the control group.
The MoM figure measures the monthly changes in retail sales, demonstrating consumer confidence to spend money in the economy. This figure is forecast at 0.5%, with the previous figure at 0.4%.
The second figure is the control group, which measures the entire industry sales and estimates the personal consumption expenditures (PCE) for goods. The control group data is not forecasted, but the previous data came in at -0.1%.
Wednesday 18 December, 19:00 UTC - Fed Interest Rate Decision
The Federal Open Markets Committee meeting occurs eight times a year. The Fed meets to discuss recent economic data and the strength of the US economy before deciding whether it should increase, decrease, or leave rates unchanged.
The Federal Reserve is composed of a Board of Governors that assists its Chair, Jerome Powell, in making interest rate decisions and steering the US economy.
At 18:00 UTC, the Fed will announce its interest rate decision. Afterwards, a press conference will begin at 18:30, where Powell will conduct a 30-minute speech before taking questions from the press.
The consensus is that the Fed will cut rates by 0.25%.
Friday 20 December, 13:30 UTC - Core Personal Consumption Expenditures (PCE)
The US Bureau of Economic Analysis releases the core PCE data, which measures the average amount of money consumers spend monthly in the economy.
PCE is released in two formats: month-over-month and year-on-year. The data also removes volatile products, such as energy and food.
The year-on-year data is forecast to come in at 2.9%, with the previous data at 2.8%.
Gainers
Losers
El Salvador and Argentina Partner to Boost Digital Asset Regulation
El Salvador and Argentina sign a historic crypto regulation partnership, sharing blockchain expertise and advancing digital asset frameworks. Learn how El Salvador is shaping global crypto collaboration.
El Salvador, a pioneer in bitcoin adoption, has signed a landmark digital asset agreement with Argentina and is negotiating similar partnerships with over 25 other countries. This collaboration seeks to strengthen regulatory frameworks, promote innovation, and advance global crypto adoption.
A Historic Digital Asset Partnership
On 11 December, Juan Carlos Reyes, President of El Salvador’s National Commission of Digital Assets (NCDA), announced the signing of a mutual collaboration agreement with Roberto Silva, President of Argentina’s National Securities Commission (CNV). The partnership aims to enhance both countries' digital asset regulation and technological innovation.
Reyes emphasised the strategic value of Argentina's robust blockchain ecosystem combined with El Salvador's technological expertise, calling it a "highly productive partnership."
“One of the most significant immediate benefits will be information sharing, particularly since we have Argentine companies registered in El Salvador.”
The agreement focuses on:
Information Exchange: Both countries will share expertise on crypto regulations, blockchain technologies, and market dynamics.
Regulatory Frameworks: El Salvador aims to refine its digital asset regulations while learning from Argentina’s innovative blockchain ecosystem.
Cross-Border Collaboration: As Argentine firms are already registered in El Salvador, deeper collaboration will streamline international crypto operations.
Expanding Global Crypto Partnerships
El Salvador is expanding its global reach by engaging in discussions with over 25 countries for similar agreements. Reyes acknowledged the unique regulatory approach El Salvador takes, noting that its Bitcoin-friendly policies often differ from traditional financial regulatory frameworks:
“We are currently in discussions with over 25 countries and anticipate many more agreements in the future. As a regulator, we recognise that our approach may be unconventional since we are not what they are used to — a central bank or other legacy entity.”
Building a Global Regulatory Network
To facilitate these international partnerships, El Salvador has assembled a specialised team of over 20 Bitcoin and blockchain experts tasked with managing international collaborations and providing regulatory guidance.
Reyes also urged regulators worldwide to adopt proactive approaches toward digital asset regulation, emphasising the risks of delaying policies:
“The longer you wait, the more challenging it becomes to implement effective regulations, and the greater the risk of scams and money launderers gaining control of the industry.”
Nearing More Agreements
El Salvador is already finalising two additional agreements with other countries, with Reyes reaffirming the government’s commitment to fostering international cooperation:
“Our experience has shown that cross-border knowledge sharing is essential for creating a safe and effective regulatory environment, and we encourage other regulators to prioritise this approach.”
Conclusion: A Global Vision for Crypto Regulation
As El Salvador continues to build a global digital asset network, its partnership with Argentina marks a critical step toward creating a unified regulatory approach. With cross-border collaboration at its core, El Salvador’s strategy may set a new global standard for digital asset governance and international crypto cooperation.
Texas Bitcoin Investor Sentenced for Cryptocurrency Tax Evasion
Discover how a Texas Bitcoin investor was sentenced to prison for failing to report $4m in crypto capital gains. Learn about the DOJ's landmark cryptocurrency tax evasion case.
A bitcoin investor from Austin, Texas, has become the first person criminally charged for failing to report capital gains on approximately $4m of cryptocurrency transactions.
DOJ Charges for False Reporting
According to the United States Department of Justice (DOJ), Texas resident Frank Richard Ahlgren III “falsely underreported the (realised) capital gains” from selling Bitcoin worth $3.7m between 2017 and 2019. In a 12 December report, the DOJ emphasised:
“All taxpayers are required to report any sale proceeds and gains or losses from the sale of cryptocurrency, such as Bitcoin, on a tax return.”
Timeline of Bitcoin Transactions
Ahlgren, who has been investing in Bitcoin since 2011, bought 1,366 BTC on the cryptocurrency exchange Coinbase in 2015 when Bitcoin was trading below $500. In October 2017, he sold around 640 BTC at an average market price of $5,807.53, generating proceeds of $3.7m, which he reinvested in real estate.
Tax Return Discrepancies Uncovered
Investigators discovered discrepancies in Ahlgren’s 2017 federal income tax return. The DOJ report noted:
“Ahlgren then filed a false 2017 federal income tax return that substantially inflated the cost basis of the bitcoins, thereby underreporting his true capital gain from the sale of bitcoins.”
Concealment Efforts and Additional Charges
Further investigations revealed that Ahlgren failed to report additional bitcoin sales totalling more than $650,000 in 2018 and 2019. Authorities found that he attempted to conceal the movement of funds through multiple wallet transfers, cryptocurrency mixers, and in-person cash transactions. The DOJ highlighted:
“Indeed, in May 2014, Ahlgren had blogged about his knowledge of mixers as ways to add anonymity to bitcoin transactions. In total, the tax loss from Ahlgren’s criminal conduct exceeded $1m.”
Legal Consequences and Sentence
Acting Deputy Assistant Attorney General Stuart Goldberg of the DOJ’s Tax Division stated that Ahlgren’s deliberate underreporting of cryptocurrency capital gains and attempts to hide fund transfers “earned him a two-year sentence.”
The DOJ described the case as “the first criminal tax evasion prosecution centred solely on cryptocurrency.” Acting Special Agent in Charge Lucy Tan of the IRS Criminal Investigation Houston Field Office affirmed that her team possesses the expertise and tools needed to trace both crypto and fiat transactions, adding:
“Ahlgren will serve time because he believed his cryptocurrency transactions were untraceable.”
In addition to a two-year prison sentence, Ahlgren was ordered to serve one year of supervised release and pay approximately $1.1m in restitution to the US government.
The Ponzi Pastor: Crypto Criminal Accused of Running $6m Ponzi Scheme Through a Church
A pastor in Washington state is accused of running a $6m crypto Ponzi scheme, targeting congregants and Spanish-speaking investors. Learn about the CFTC’s case and its broader implications.
The United States Commodity Futures Trading Commission (CFTC) has filed a lawsuit against a pastor in Washington state, alleging his involvement in a $6m cryptocurrency Ponzi scheme. According to the complaint, the scheme misled over 1,500 individuals, including members of his congregation, with promises of high crypto trading returns.
A $6m Fraud: The Allegations
The CFTC’s complaint, filed on 9 December in a Spokane federal court, accuses Francier Obando Pinillo, a pastor at a Spanish-language church in Pasco, Washington, of fraud and misappropriation. The alleged scheme operated under the guise of legitimate crypto trading platforms and services, including Solanofi, Solano Partners Ltd., and Solano Capital Investments.
From November 2021 to December 2023, Pinillo claimed to manage a “Solano ecosystem” that traded bitcoin, Ether, Tether, and other cryptocurrencies on behalf of clients. He promised participants monthly profits of up to 34.9% through automated trading bots and advanced software.
Additionally, the complaint claims Pinillo offered a staking service for popular cryptocurrencies such as Bitcoin, Ether, Solana, Tether, and Dogecoin, which he marketed as "guaranteed to generate profits."
How the Scheme Operated
Pinillo allegedly used social media and his position of trust as a pastor to attract participants to solicit investments, primarily targeting Spanish-speaking individuals. Participants were shown an online dashboard with fake account statements that suggested their investments were growing.
The scheme also included a 15% referral bonus, which encourages participants to refer others to the program, a hallmark of multilevel marketing (MLM) schemes.
However, the CFTC claims no actual trading or staking was occurring. According to the complaint:
● No automated trading bots existed.
● Customer accounts and profits were fabricated.
● All assets received, whether digital or fiat, were misappropriated by Pinillo.
“These representations and account statements were false,” the CFTC stated, alleging that the pastor targeted "unsophisticated customers" with little experience in crypto or commodity trading.
Abuse of Trust and Language Barriers
The CFTC emphasised that Pinillo’s solicitation efforts were almost entirely in Spanish, enabling him to exploit his position of trust within the local Hispanic community. By leveraging his role as a religious leader, Pinillo allegedly convinced individuals to invest in what turned out to be a fraudulent operation.
The CFTC’s Demands
The CFTC is seeking several penalties, including:
● Restitution: Full repayment to defrauded customers.
● Forfeiture: Confiscation of all funds generated through the scheme.
● Permanent Ban: A lifetime trading ban for Pinillo.
● Injunction: A permanent prohibition against similar future activities.
At the time of writing, there has been no response from Pinillo or any legal representation on his behalf.
Crypto Enforcement on the Rise
This lawsuit highlights the CFTC’s aggressive stance on fraudulent activity within the cryptocurrency industry. In 2024, the regulator collected a record $17bn in penalties, much of which stemmed from crypto-related enforcement actions.
Conclusion
The allegations against Francier Obando Pinillo underline the vulnerabilities in the cryptocurrency market, particularly among inexperienced investors. The case also underscores the need for regulatory oversight and investor education to prevent similar schemes.
As the CFTC pursues restitution and penalties, this lawsuit is a stark reminder of the risks associated with unregulated crypto investments and the importance of verifying the legitimacy of trading platforms and services.
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