Day: July 18, 2023

Bitcoin price is ‘stuck’ at $30K — Here are 3 reasons why

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Bitcoin (BTC) has spent almost a month at or near $30,000, but this is no coincidence, new analysis claims. In one of its Quicktake market updates on July 17, on-chain analytics platform CryptoQuant highlighted three key factors keeping BTC price action in the same place. Bitcoin speculators in the driving seat Bitcoin has rebuffed any attempt at a breakout for weeks on end, making casual one-year highs but always falling lower afterward. For CryptoQuant contributor Axel Adler, this has roots — among other things — in speculative trading. Short-term holders…

Marathon shareholders file lawsuit against company’s top management

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A United States-based crypto mining company, Marathon Digital, heads to court, as its shareholders allege that CEO Fred Thiel, alongside other top executives, committed a breach of fiduciary duties, unjust enrichment and waste of corporate assets.  A shareholder complaint against Fred Thiel and nine other Marathon executives was filed in the United States District Court of Nevada on July 8. The company executives are being sued on the basis of five claims. Among them are violations of the U.S. Exchange Act, breach of fiduciary duties, unjust enrichment, and waste of…

Judge orders Ripple and SEC to schedule possible settlement conference

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Judge Sarah Netburn has ordered Ripple Labs and the United States Securities and Exchange Commission (SEC) to agree on three mutually convenient dates for a potential settlement conference days after she ruled that XRP is not a security. This order pertains to Judge Torres’s recent decision on the cross-motion for summary judgment. However, it is essential to clarify that the judge is simply suggesting a settlement conference if both Ripple and the SEC believe it would…

Bankrupt Celsius to spend $24M from GK8 sale on legal expenses

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Bankrupt cryptocurrency lending firm Celsius has requested the court to grant relief in the motion related to the distribution of funds from its sale of the self-custody platform GK8. On July 17, the Celsius Network’s debtors submitted a filing stating that its Series B holders have agreed on a settlement to distribute $25 million from the proceeds of GK8’s sale. The agreement was reached between debtors, the creditors’ committee and the initial consenting Series B preferred holders. According to the document, the shareholders proposed allocating $24 million for legal expenses and…

Healthy competition welcome — Polygon zkEVM lead

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An environment of healthy competition is being fostered between the Ethereum ecosystem’s top development firms building zero-knowledge Ethereum Virtual Machines (zkEVMs) to scale the network, according to one of Polygon’s co-founders. Jordi Baylina, technical lead of Polygon Hermez zkEVM, spoke to Cointelegraph ahead of the start of EthCC in France. With builders from across the Ethereum ecosystem converging on Paris, zero-knowledge proof (ZK-proof) scaling tools are set to be a major focal point. Polygon’s zkEVM uses ZK-proofs to reduce transaction costs and increase the throughput of the Ethereum network, while…

Bitcoin holds steady above $30,000 as selling pressure intensifies

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin (BTC) has remained above $30,000 for the past month despite market indicators suggesting weakness. All that while, miners have been trying to liquidate their holdings. The broader cryptocurrency market gained $70 billion in less than five hours after a US judge ruled in favor of Ripple and XRP on July 13. The Bitcoin price rose to $30,800 on July 13 but fell below $30,000 twice in the past week, dropping to as low as $29,685 on July…

COIN CEO Brian Armstrong to Meet New Democrat Coalition Members About Crypto Legislation: Bloomberg

The meeting will concern “digital-asset legislation and related issues including tax, national security, privacy and climate,” the report said. Recently, lawmakers from the House and Senate have introduced separate bills in an attempt to bring clarity to crypto regulation, though the reality of a divided Congress means it’s unclear whether such efforts will bear fruit. Source

MOON Rockets 170% as Speculations Around Reddit’s Rule Change Pushed Community Tokens Higher

Note that community points have always been tradable, but it’s troublesome to trade those through the Reddit app, per ONG. “It’s easy to send CPs to other Reddit users from the app, but to trade them, one has to export the private key from the Reddit wallet and import it into a crypto wallet. Then trade the CPs on an Arbitrum Nova DEX,” ONG said in a tweet thread. Source

Thodex CEO sentenced to Turkish prison for failure to submit tax documents

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Three months after Faruk Fatih Özer — the founder and former CEO of Thodex — was detained in Türkiye, he received a prison sentence of seven months and 15 days for failing to submit documents requested during the trial. Thodex was once one of the biggest crypto exchanges in Türkiye before it suddenly shut down and Özer fled to Albania. Following a Red Notice by Interpol, Özer was extradited back to Türkiye to be held responsible for the investors’ roughly $2 billion worth of cryptocurrencies. While Özer maintained innocence throughout…