Aurelia Butler

By Sam TobinLONDON (Reuters) -An Australian computer scientist who says he invented bitcoin told a London court on Tuesday he had never forged documents to try to prove his hotly-disputed claim, as he began his evidence in a legal battle over ownership of the cryptocurrency.Craig Wright says he is the author of a 2008 white paper, the foundational text of bitcoin, published in the name “Satoshi Nakamoto”.But the Crypto Open Patent Alliance (COPA) has taken Wright to court, it says to stop him suing bitcoin developers and to preserve the open-source nature of the world’s best-known and most popular cryptocurrency.COPA is asking London’s High Court to rule that Wright is not Satoshi. It says he has repeatedly forged documents to substantiate his claim, before changing his story when the alleged fabrications are spotted.Wright, however, denies relying on fake records and has blamed others, including former lawyers and associates, for any inauthentic documents.The 54-year-old began the first of six days of evidence on Tuesday at a high-stakes hearing which is the culmination of years of speculation about the true identity of Satoshi Nakamoto.COPA’s lawyer, Jonathan Hough, asked Wright: “Have you ever forged or falsified a document in support of your claim to be Satoshi Nakamoto?” Wright replied: “No.””Have you ever knowingly presented a forged or falsified document in support of your claim to be Satoshi Nakamoto,” Hough asked. Wright replied: “I have not.”Hough put numerous alleged forgeries to Wright, including an academic paper with handwritten notes which Wright has claimed prompted his decision to use the name Satoshi Nakamoto.COPA says the document contains a forged timestamp with numbers in visibly different fonts to make it look as if it pre-dates the bitcoin white paper.Hough said to Wright: “This is a document forged by you as part of the origin myth.” Wright said he did not forge the document, adding: “If I forged that document, it would be perfect.” More

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen told lawmakers on Tuesday that Congress should provide a federal authority to regulate stablecoin issuers and wallet providers to close gaps in consumer protection and financial stability protections.Yellen said during a U.S. House of Representatives Financial Services Committee hearing that the Financial Stability Oversight Council and the President’s Working Group on Financial markets have identified stable coins and the spot market for crypto-assets that are not securities as areas needing formal regulatory authority. More

Additionally, Powell’s admission to being in “risk management mode” to avoid acting too hastily or too belatedly, coupled with the expectation to dial back the policy rate this year if the economy evolves as projected.These remarks from Powell are critical for the cryptocurrency market because they indicate that the Federal Reserve is still striving to navigate the economy toward a state where inflation is under control without triggering a recession.The implications for risk assets, like cryptocurrencies, are significant. Cryptocurrencies are often viewed as a hedge against inflation and can be sensitive to interest rate changes, which influence the cost of capital and risk appetite on the broader market.If the Federal Reserve is successful in managing this economic balancing act, we could see a positive impact on the cryptocurrency market. On the flip side, if investors perceive central bank policies as too restrictive or not sufficiently preventative against inflation, it could lead to increased volatility and potential bearish trends for risk assets, including Bitcoin.A dial-back in policy rates might lead to an increase in risk appetite, potentially driving Bitcoin’s price to retest resistance levels. The next resistance stands near the $42,500 level, and a breach here could see Bitcoin targeting the $46,000 zone.This article was originally published on U.Today More

The distribution of this sell-off was as follows: 297,454 ETH ($656.5 million) moved to Coinbase (NASDAQ:COIN) Prime, 146,507 ETH to Paxos Treasury and smaller amounts of 7,800 ETH each, totaling $17.2 million, were transferred to FalconX and Coinbase. Despite this massive transfer, Celsius reportedly retains a reserve of 62,468 ETH, worth around $139 million.Such a colossal sale exerts immense pressure on Ethereum’s price and could significantly sway market sentiment. The immediate concern for investors and traders is whether Ethereum’s liquidity and market capitalization can absorb such a hit without triggering a broad market downturn.From a technical analysis standpoint, the massive outflow from Celsius is a bearish signal, likely to test Ethereum’s local support levels. A crucial support to watch is around the $2,000 price range, a psychological and technical support level, which, if breached, could see the price tumble to the next significant support at $1,800. This level has historically acted as a strong buy zone and may serve as a robust defense against further declines.Conversely, resistance levels have become more formidable due to the sell-off. Any potential recovery will have to confront the resistance at $2,200, which previously acted as a support level. A break above this could see Ethereum attempt to reclaim higher price levels, possibly testing the $2,400 resistance.The substantial sell-off initiated by Celsius has placed Ethereum in a problematic position. Although the Ethereum network’s fundamentals remain robust, the asset’s price resilience in the face of such a significant sell-off shows the actual state of the market.This article was originally published on U.Today More

The implications of this deflationary trend could signal an approaching rally for Ethereum. A deflationary supply inherently suggests that the available quantity of ETH is decreasing, which could lead to an increase in value per token, assuming demand stays the same or grows. This dynamic, combined with the Ethereum network’s continuous development and adoption, may set the stage for a bullish scenario.ETH/USD Chart by TradingViewAnalyzing the Ethereum chart, a crucial factor is the potential breakthrough of the 50-day Exponential Moving Average. Currently, Ethereum hovers just below this significant level, and a break above could confirm a shift in market sentiment, potentially igniting upward price movement.However, it is essential to acknowledge that Ethereum’s current market traction is relatively muted. Despite the burn and the deflationary state of supply, the lack of significant network activity or groundbreaking updates has kept the token from gaining substantial momentum. Even activities by Ethereum’s cofounder, Vitalik Buterin, which have historically influenced the market, seem to provide only a moderate push at best, under current conditions.The market awaits a catalyst that could reignite Ethereum’s dominance in the blockchain space. While the reduction in supply is a positive sign, without an accompanying increase in demand or network utility, the impact on price may be limited. This article was originally published on U.Today More

The report posits that allocating just 1% of the $250 trillion global investable asset base to Bitcoin could potentially drive its price to $120,000. However, the more noteworthy projection arises with a 19.4% allocation, forecasting a potential price of $2.3 million. While these figures may raise eyebrows, they underscore the evolving perception of Bitcoin as a legitimate asset class.Highlighting key catalysts for Bitcoin in 2024, the report places a spotlight on the upcoming halving, expected in April. This event, occurring approximately every four years, historically coincides with the initiation of a bull market. The forthcoming halving will reduce Bitcoin’s inflation rate from ~1.8% to ~0.9%, potentially influencing its value.Institutional acceptance also emerges as a crucial factor, with ARK anticipating a shift in perception from viewing BTC as a speculative instrument to recognizing it as a strategic investment in diversified portfolios. Notably, influential figures such as Larry Fink, CEO of BlackRock (NYSE:BLK), have signaled a change in stance toward Bitcoin’s potential as a “flight to quality.”This article was originally published on U.Today More