Category: Cryptocurrency News

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Coinbase chief legal officer Paul Grewal has once again called for a mandamus to compel the SEC to respond to the firm’s crypto rulemaking petition.

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The trial against FTX co-founder Sam Bankman-Fried took an intriguing turn as Zac Prince, the CEO of defunct crypto lender BlockFi, provided testimony in a Manhattan federal courtroom.  Prince’s appearance provided valuable insights into the intricate relationship between BlockFi, FTX, and Alameda Research. BlockFi’s Bankruptcy Rooted In Alameda And FTX According to a Bloomberg report, Prince revealed that BlockFi had substantial exposure to Alameda and FTX, estimated at around $1 billion, at the time of BlockFi’s failure in November 2022.  Prince asserted that if the loans to Alameda were still in good standing and the funds on FTX were available, BlockFi would not have filed for bankruptcy. This statement suggests that BlockFi’s financial troubles were closely tied to the collapse of Alameda and FTX. Related Reading: Have Traders Moved Past Dogecoin? Transactions Plunge 98% Since June Prince’s testimony diverged significantly from Caroline Ellison, the government’s star witness, who portrayed Bankman-Fried as the mastermind behind a fraudulent scheme using FTX customer funds for speculative trading at Alameda.  Prince’s account positioned BlockFi as a victim of Bankman-Fried’s alleged schemes, claiming that BlockFi made loans to Alameda based on misleading balance sheets.  Defense lawyers sought to emphasize that BlockFi willingly provided the loans to Alameda, with knowledge of the associated risks. Creditors Accuse BlockFi Of Inadequate Due Diligence Prince discussed BlockFi’s due diligence process regarding Alameda’s collateral, comprised of tokens affiliated with FTX. The judge requested plainer terms during Prince’s explanation, prompting an analogy using car loans.  Per the report, the prosecution questioned the adequacy of BlockFi’s due diligence, as creditors accused the company of failing to recognize warning signs before offering substantial loans to Alameda. Prince’s testimony highlighted that providing “unaudited balance sheets” is an industry norm for borrowers seeking loans. The defense sought to establish that BlockFi knew the risks of lending to Alameda and acted within industry norms. Zac Prince’s testimony in the trial against Sam Bankman-Fried provided a deeper understanding of the intertwined relationships within the crypto industry. BlockFi’s exposure to Alameda and FTX and its subsequent bankruptcy offered insights into the potential repercussions of alleged fraudulent activities.  Related Reading: Man Makes A Fortune With $22 In Bitcoin: 3 Altcoins For October 2023 That Can Do This The differing narratives presented by the prosecution and defense underscore the complexities of the case. As the trial unfolds, the court will continue to examine the details surrounding BlockFi’s lending practices and the extent of Bankman-Fried’s involvement in the alleged schemes. It is important to note that BlockFi can no longer be utilized for crypto-related activities, as the company declared bankruptcy and suspended withdrawals in November 2022. The bankruptcy filing indicates that BlockFi owes between $1 billion and $10 billion to over 100,000 creditors. Featured image from NBC, chart from TradingView.com

Bitcoin, the leading digital asset in terms of market cap and adoption, recent activity on its price chart has led to speculation and predictions about its future trajectory.  Acclaimed cryptocurrency trader, known as Mags on the X (formerly known as Twitter) platform, recently shared his analysis on Bitcoin, suggesting a significant price surge for Bitcoin soon. Related Reading: Will October Be Bitcoin’s Golden Month Again? A Dive Into A Decade Of Bullish Trends The Bitcoin ‘Head And Shoulders’ Insight According to Mags, Bitcoin’s journey to a $70,000 price tag is foreseeable. His deduction stems from observing an inverted ‘Head and Shoulders’ pattern on Bitcoin’s price chart. Notably, this is a predictive tool in technical analysis that indicates potential price reversals based on prior movements. Mags highlighted that Bitcoin’s price is currently at the so-called ‘neckline’ of this pattern. If the pattern holds and Bitcoin breaks out from this neckline, it could be a bullish indicator for the flagship cryptocurrency. #Bitcoin is going to $70,000 ?? BTC is forming a massive Head and Shoulder pattern on the inverted chart price is currently testing the Neckline The Technical target of the pattern, if measured from the neckline, is around $70,000 pic.twitter.com/owLPorGK5j — Mags (@thescalpingpro) October 13, 2023 Mixed Reactions In The Community Sergey Stolyarov, a user on X, expressed skepticism over the said pattern’s significance. In Stolyarov’s view, the construction and structural reasons don’t qualify the observed pattern as a ‘Head and Shoulders.’ Stolyarov added that such formations could be discerned at any time and any part of the Bitcoin chart, implying the ubiquitous nature of pattern formation in volatile markets. Related Reading: Bitcoin Eyes Turnaround: Could A New All-Time High Be On The Horizon? Analyst Predicts Another user criticized Mag’s interpretation of Bitcoin’s price chart, emphasizing that a genuine “Head and Shoulders” pattern exists on the regular chart that predicts a price decline to 20,000. The user noted: nope – bitcoin actually formed a picture head and shoulders on the NOT inverted chart but you were so biased that you have to hunt for head and shoulders that it’s a shitty one on inverted bitcoin chart so you don’t have to look at the head and shoulders. It is also very large and points to a target of 20,000 short term. However, while some users sided with Mags, others took a more critical approach. Resham Singh, another member of the X platform, voiced appreciation for Mags’ analytical approach, deeming it “impressive.” Singh seemed to align with Mags’ projection, hinting that such a price movement would mark a milestone for Bitcoin. Featured image from Unsplash, Chart from TradingView