Football superstar Cristiano Ronaldo faces a class-action lawsuit for allegedly participating in the sale of unregistered securities in partnership with crypto exchange Binance. The famous football player entered a multiyear partnership with the exchange to promote NFT collections tied to Binance’s NFT-focused arm. Continue Reading on Cointelegraph More
According to the United States Justice Department, HashFlare, which operated from 2015 to 2019, was a Ponzi scheme with hundreds of thousands of victims paying in a total of $575 million. The company claimed to lease hashing power for crypto mining. It also encouraged investment in a fake bank. If convicted in the United States, Turogin and Potapenko each face up to 20 years in prison. Continue Reading on Cointelegraph More
In prepared remarks for the Blockchain Association’s Policy Summit on Nov. 29, Adeyemo said the U.S. Treasury had called on Congress to allow sanctions in which an entity could be fully cut off from the U.S. financial system. The deputy treasury secretary said the move aimed to stop actors such as Hamas from “find[ing] safe haven within the digital asset ecosystem,” but also referenced U.S. authorities’ settlement with crypto exchange Binance.Continue Reading on Cointelegraph More
Edwards anticipates that the historic price floor of will reach $41,200 in just five months. He draws this takeaway from Bitcoin’s electrical cost, the raw energy cost of mining Bitcoin, which he believes will double overnight, possibly in April 2024.The Capriole Fund founder believes this certainty might cause inefficient miners to begin shutting down as the Bitcoin reward halves.Eleven years ago today, the first Bitcoin halving occurred. Subsequent halvings took place in 2016 and 2020, and the next one is expected in April 2024.According to Edwards, the electrical cost has bottomed out at +65% and +50% of pre-halving values in the last two halvings. If this happens again and the electrical cost bottoms out at +50% this time, Edwards predicts that Bitcoin’s historic price floor will be $41,200 in just five months.One of the most anticipated events on the Bitcoin calendar is the halving event, which occurs every 210,000 blocks and slows the rate of new currency issuance by 50%. The next BTC halving is set for a block height of 840,000; however, the actual date and time are unknown.Based on the current average block interval, Glassnode, an on-chain analytics start-up, anticipates a likely date of April 23, 2024.Expectations are rising ahead of this event, which has positive implications both before and after it. In prior cycles, Bitcoin had an yearly return profile of over 400% following the halving event. However, past results do not guarantee future outcomes.Bitcoin (BTC) was up 0.35% to $37,191 at the time of writing.This article was originally published on U.Today More
On the chart, we observe a robust upward trend, characterized by a series of higher highs and higher lows, indicating prevailing bullish sentiment in the leading up to the purchase. The 50-day moving average (MA) is positioned below the 200-day MA, and both are sloping upward, signaling sustained buying interest and a positive trend over the medium to long term.The momentous $25 million transaction is visible as a sharp upward price movement, breaking past the $38.5K resistance — a level that, prior to this event, had acted as a significant barrier to price advancement. This breakthrough is particularly noteworthy as it has occurred with high volume, adding credibility to the breakout and suggesting that there may be further upside potential.When such a large order hits, it can trigger a cascade of automated buy orders, such as stop-loss orders converting to market buys, and can activate trading algorithms that interpret the volume and price change as buy signals. This often results in a rapid and sharp increase in price, as evidenced in the provided chart.The Relative Strength Index (RSI), a momentum oscillator, also reflects the increase in buying momentum. Prior to the transaction, the RSI was already trending upward, hinting at increasing bullish momentum. Post-purchase, we would expect the RSI to venture into overbought territory, which can sometimes signal a temporary pullback or consolidation phase as the market digests the sudden move.After such a significant purchase, traders and analysts will be closely monitoring the price action for signs of consolidation or continuation. If the price manages to hold above the $38.5K level and establish it as a new support, it could reinforce buyer confidence and invite further investment into Bitcoin.This article was originally published on U.Today More
The regulatory body is collaborating with the National Telecommunication Commission (NTC) and the Department of Information and Communications Technology (DICT) to implement the access restrictions within the next three months. Moreover, the SEC has taken action against major online platforms, directing Google (NASDAQ:GOOGL) and Meta (NASDAQ:META) to halt advertising that promotes Binance’s services to the Philippine market.Under Republic Act No. 8799, entities that engage in securities transactions are required to hold a secondary license from the SEC. However, Binance has not registered as a corporation nor obtained the necessary licensing to operate within the Philippine jurisdiction. The SEC has issued a stern warning and has highlighted the possibility of pursuing legal action, which could result in significant fines or imprisonment, against individuals who facilitate or promote investment opportunities with Binance in the country.The SEC’s enforcement of these measures reflects a broader effort to regulate the cryptocurrency market and protect local investors from unauthorized and potentially risky financial activities. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
The bank’s analysis points to the U.S. potentially approving Bitcoin and Ethereum spot exchange-traded funds (ETFs) in the first quarter of 2024, which is expected to significantly boost institutional investment in the digital currency space. The approval of these financial products would mark a milestone for the cryptocurrency industry, providing easier access and potentially increasing investor confidence.Adding to the bullish sentiment, Bitcoin’s market capitalization has achieved a dominant 50% share of the total cryptocurrency market since April. This milestone underscores Bitcoin’s status as the leading digital asset, often viewed as a safe haven within the volatile crypto market.Miners’ behavior is also contributing to the positive outlook, with a notable reduction in the selling of mined Bitcoins. Reports indicate that miners have decreased their sales to approximately 80% in the last quarter of this year, suggesting a collective strategy of accumulation in anticipation of higher prices.The anticipated Bitcoin halving event, scheduled for late April 2024, is another pivotal factor in Standard Chartered’s forecast. Historically, halving events, which reduce the reward for mining new blocks and effectively constrict the new supply of Bitcoin, have been followed by significant price increases within the subsequent months.Furthermore, the forecast incorporates macroeconomic considerations, such as the recent decline in U.S. Treasury yields to 4.60%. Lower yields can make riskier assets like Bitcoin more attractive to investors seeking higher returns.Standard Chartered’s analysis presents a comprehensive view of the potential trajectory of Bitcoin’s value, intertwining market dynamics, regulatory expectations, and supply-side economics.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
According to a Nov. 29 Bloomberg report, Zipmex could raise the sum from 3.35 cents per dollar to 29.35 cents per dollar “contingent on the recovery.” However, major creditors are reportedly against the proposed scheme and demand an independent review of the company’s liabilities. Continue Reading on Cointelegraph More
