US Navy engineer and wife sentenced to 20 years in prison after trying to sell classified information to a foreign country in exchange for Crypto
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The story between cryptocurrency exchanges Binance and FTX has quickly unfolded and caused havoc in the crypto market, here’s a breakdown of where it began and where it is now.
According to reports, FTX CEO Sam Bankman-Fried asked investors for emergency funding to cover an $8 billion shortfall during a Nov. 9 investors call.
Bitcoin price declined over 15% and even traded below $16,000. BTC remains at a risk of more losses if it breaks the $15,000 support zone. Bitcoin remained in a bearish zone after the FTX collapse and declined below $16,000. The price is trading below $17,500 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $16,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if it stays below the $16,500 and $17,000 levels. Bitcoin Price Tumbles Bitcoin price remained in a bearish zone after it settled below the $20,000 support zone. Binance opted out to bail FTX, resulting in an increase in selling pressure. BTC declined below the $18,500 and $17,000 levels. The crypto market is bleeding and many altcoins such as ethereum, bnb, ripple are down over 15%. Bitcoin price also gained bearish momentum and traded below the $16,000 support level. The price traded as low as $15,555 and is currently consolidating losses. It is trading below $17,500 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $16,500 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $16,400 level. The first major resistance is near the $16,650 level. It is near the 23.6% Fib retracement level of the recent decline from the $20,671 swing high to $15,555 low. Source: BTCUSD on TradingView.com A clear move above the trend line resistance and $16,675 might start a decent recovery wave. The next major resistance is near $18,000 or the 50% Fib retracement level of the recent decline from the $20,671 swing high to $15,555 low, above which the price could test the $20,000 zone. More Losses in BTC? If bitcoin fails to start a recovery wave above the $16,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $15,800 level. The next major support is near the $15,500 zone. A clear move below the $15,500 support might push the price further lower. In this case, the price may perhaps decline below the $15,000 support zone. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 30 level. Major Support Levels – $15,800, followed by $15,500. Major Resistance Levels – $16,500, $16,675 and $18,000.
Neither FTX CEO Sam Bankman-Fried nor any FTX official has provided its users with clarity as to why FTX’s website was taken down.
The European Commission is going to present a legislative proposal for a digital euro in the near future, President of European Central Bank Christine Lagarde has indicated. EU legislators are expected to define the new currency’s legal tender status and determine its privacy features. EU Commission to Propose Legislation for Eurozone’s Digital Currency Authorities in […]
CEO Changpeng Zhao (CZ) gave statements to clarify the air amid the FTX ordeal and circumstances surrounding its acquisition by Binance. On Tuesday, FTT, the FTX native token, went to ruins with over 73% decline. It happened after the exchange liquidated its Ethereum holdings to mitigate its insolvency crisis. Before the crisis became known, the CEO of FTX, Bankman-Fried, debunked rumors of the firm’s financial pressure. He said the firm’s asset remains okay, and there was no threat of insolvency. Related Reading: Bitcoin Bloodbath Takes Crypto To New Bear Market Lows | BTCUSD November 8, 2022 However, yesterday, Bankman-Fried went on Twitter to reveal FTX’s financial ordeal. He pleaded with Binance to assist them in navigating through the overwhelming withdrawal requests. Binance CEO CZ later announced that Binance would acquire the embattled crypto exchange. However, today, the CEO announced again, stating that the supposed acquisition was not a planned decision. He noted that acquiring FTX is not good for any crypto firm, hence not a win for Binance. FTX Crash Would Increase Scrutiny On Crypto Exchanges By Regulators Despite Binance’s previous ties with FTX, the move for its acquisition was rather sudden. According to Changpeng Zhao, he talked with Bankman-Fried in less than 24 hours leading to news of the FTX acquisition. The Binance CEO explained that FTX’s fallout would place the crypto space on regulators’ radar. Furthermore, CZ said the difficulty in obtaining a license in the global crypto market would increase. He emphasized the need for transparency about company assets and reserves. Changpeng Zhao’s advice is in line with Coinbase CEO Brian Armstrong’s advice for public audit and transparency in the industry. Further in his statement, CZ placed importance on product quality. Given the current market condition, he encouraged his employees to focus on creating valued products for users instead of asset prices. Despite FTX’s liquidity issues and concerns about how it could affect potential buyers, CZ revealed plans for fully acquiring the crypto exchange. The CEO acknowledged that the crypto exchange is in a serious liquidity crisis, and the acquisition is a form of assistance to cover FTX’s debts. Peep Into Market After FTT Crash The news of FTX’s crash saw the crypto market in massive loss as assets’ prices dropped, with an overall 10% decline. FTT has recorded a total decline of 83% over the last seven days. Its price currently records a 77% 24-hour decline from the Monday price of $22. The token sells at above $2, with a 24-hour trading volume of $3,197,341,326. Related Reading: Bitcoin Price: Can Cyclical Tools Predict The Next Bubble? | BTCUSD November 7, 2022 The FTT issue has exerted a cascade effect on the crypto market, as Bitcoin price went down by 10% in the last 24 hours. BTC now trades at $16,151 in the past 24 hours, while Ethereum is down by 23.49% and trading at $1,135. featured Image From Pixabay, Charts From Tradingview.com
Finally, a transparency move – See CDC CEO twitter feed (@kris) as of an hour ago. Retyped below: 'We share the belief that it should be necessary for crypto platforms to publicly share proof of reserves and crypto.com will be publishing out audited proof of reserves' 'This is a critical moment for the entire industry.…
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Cryptocurrencies understood to have exposure to Sam Bankman-Fried, FTX, and Alameda Research appear to have been impacted the most.
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