In a social media post, Mark Karpelès, the former CEO of the now-defunct cryptocurrency exchange Mt. Gox, provided a status update on the recent situation. He assured followers that “everything is fine with MtGox” and revealed that the trustee is currently moving coins to a different wallet in preparation for a distribution that is expected […]
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Bitcoin Is Fine As Long As It Holds Above $49,000: Analyst
Despite Bitcoin’s 13% drop in the past week, which saw it break below the psychological ,000 level and drop 20% from its all-time highs, one analyst on X remains resolute.
Drawing from the weekly chart, the trader maintains a bullish outlook, saying the coin will shake off weakness in the coming session. This aligns with bulls for the better part of Q4 2023 and Q1 2024.
Bitcoin Is Falling, Losses ,000
Bitcoin is under intense liquidation pressure, struggling against the deluge of sellers. Earlier today, BTC broke below ,000, melting below April 2024 lows.
This dump confirmed sellers of April 13, signaling a possible start of a bear formation that may see BTC lose ground, peeling back February and March 2024 gains.
Nonetheless, the analyst maintains that the uptrend will remain as long as Bitcoin stays above the ,000 to ,000 support zone, soaking up all selling pressure. This assessment, based on candlestick arrangement, can serve as a reassurance to BTC holders. The trader maintains that despite the sell-off, panic is unwarranted at this point.
Referring to the Elliott Wave Principle, a technical analysis indicator, the analyst points out that the coin is simply pausing. For those with a more aggressive trading strategy, the dip, ideally towards the above support zone, could present an opportunity to buy on dips in anticipation of Wave 5.
Currently, the analyst notes Bitcoin is in Wave 4, a stage that will take approximately the same time as Wave 2. Then, prices dumped after a brief rally, peaking in May 2023. However, prices rally in Wave 3, pushing prices below ,000 to fresh all-time highs, peaking at ,800.
The drop from all-time highs to spot rates, looking at the Elliot Wave Theory, could indicate that prices are in Wave 4 before the eventual leg up, ending at Wave 5.
What’s Next? Will BTC Breach 0,000 In Wave 5?
Even so, when BTC will bottom up remains to be known. As things stand, the analyst said traders should watch two exponential moving averages (EMAs) of the 21 and 50 periods. A retest of these dynamic levels could offer support, preparing traders to buy on dips in anticipation of the final Wave 5.
However, the analyst didn’t lay out the next possible target even from the chart. Still, if Wave 3 is around the same length as Wave 5, Bitcoin has a strong chance to surpass 0,000 after the current volatile price action ends.
Binance Set to Re-Enter Indian Market With $2 Million Fine Settlement
Binance and nine other foreign crypto exchanges were originally blocked in India due to non-compliance with the country’s Anti-Money Laundering (AML) regulations, but Binance is set to return after a four-month absence by paying a -million fine, according to The Economic Times. The Indian Financial Intelligence Unit (FIU) mandated that foreign crypto exchanges, including Binance, […]
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Worldcoin Faces $1.2 Million Fine In Argentina For Law Violations; WLD’s Price Reacts
In recent months, Sam Altman’s open-source protocol Worldcoin (WLD) has faced increasing legal challenges as Portugal and Spain cracked down on its biometric data collection practices. Argentina has joined the list, issuing an indictment against Worldcoin after detecting allegedly abusive clauses in user contracts.
Worldcoin Faces Legal Scrutiny In Buenos Aires
Buenos Aires authorities have identified discrepancies between Worldcoin’s reported data handling practices and findings from provincial inspections, raising concerns about the storage and deletion of biometric data and potential infringements on user rights.
The Ministry of Production, Science, and Technological Innovation of the province of Buenos Aires ordered the indictment of Worldcoin following an investigation by the Provincial Directorate for the Defense of Consumer Rights.
The investigation revealed the inclusion of “abusive clauses” in the company’s accession contracts, which were allegedly in violation of the National Consumer Protection Law.
Undersecretary Ariel Aguilar, responsible for Commercial Development and Promotion of Investments in the province, expressed concerns about the lack of transparency surrounding Worldcoin’s data processing procedures.
Aguilar questioned whether biometric data was being stored or immediately deleted, the existence of databases storing personal data of Argentine users, and the complexity of the contracts and operation of the entire system.
The province’s inspections uncovered multiple violations in the adhesion contracts, including the “Terms and Conditions of Use,” “Privacy Notice,” and “Data Consent Form.”
Notably, the company failed to display signs indicating the minimum age requirement of 18 for accessing the service, potentially leading to the scanning of the personal data of minors.
Contradictions In Worldcoin’s Handling Of Biometric Data
Contradictions were also found between the company’s reported use, protection, and storage of biometric data collected from the faces and eyes of Argentine users. It appears that this private information is being stored in Brazil.
Additionally, abusive clauses were identified that allowed the company to interrupt the service without providing any repair or refund.
The contracts also allegedly forced users to waive collective redress claims and subjected them to foreign laws, specifically those of the Cayman Islands, with disputes to be resolved by arbitration in California, United States, violating Argentina’s Civil and Commercial Code. Worldcoin now faces potential fines of up to 1 billion pesos or .2 million.
The company had been operating in various cities in Buenos Aires. Worldcoin collected personal biometric data, such as iris and facial scans, in these locations through its Orb technology device.
In exchange, users were offered the World App financial application on their phones and received cryptocurrency from Worldcoin’s native token, WLD.
Unexpected Upswing
Despite facing increasing legal scrutiny in recent months, including the latest development in Argentina, the token associated with the Worldcoin protocol, WLD, has experienced an unexpected surge of 2.6% within the past 24 hours, currently trading at .80.
However, when examining key metrics, it becomes evident that the overall market correction has impacted WLD. CoinGecko data reveals that WLD’s trading volume in the last 24 hours amounts to 9,113,250, indicating a decrease of 7.10% compared to the previous day.
Additionally, WLD has witnessed a significant decline of over 58% from its all-time high of .74, reached on March 10.
Moreover, the token’s market capitalization has experienced a notable decrease. Since its peak of .4 billion recorded on March 17, the market cap has fallen below the billion-dollar level, currently standing at 0 million as of the time of writing.
Featured image from Shutterstock, chart from TradingView.com
Convicted UK Woman Found With $4B in BTC, the SEC Seeks $2B Fine From Ripple, and More — Week in Review
A London woman has been convicted for money laundering, having been found with over .3 billion in bitcoin, which she converted into physical assets. The SEC is seeking a nearly billion fine from Ripple Labs in a landmark XRP lawsuit, a move Ripple’s CEO deems unprecedented. The activation of a dormant bitcoin wallet, known […]
Bitcoin News
SEC Asks Judge to Fine Ripple $2 Billion in XRP Case — Ripple CEO Says ‘There Is Absolutely No Precedent for This’
The U.S. Securities and Exchange Commission (SEC) is seeking nearly billion in fines from Ripple Labs in the ongoing XRP lawsuit. “There is absolutely no precedent for this,” exclaimed Ripple’s CEO regarding the billion fine. “We will continue to expose the SEC for what they are when we respond to this.” SEC Wants […]
Bitcoin News
Crypto Lender Genesis Agrees to $21 Million SEC Fine, Funds to Await Bankruptcy Claim Settlements
Genesis Global Capital has settled with the U.S. Securities and Exchange Commission (SEC) and agreed to pay a million civil penalty. The SEC further disclosed that the regulator will “not receive any portion of the penalty until after payment of all other allowed claims by the bankruptcy court, including claims by retail investors in […]
Bitcoin News
Binance Claims Ignorance of $10 Billion Fine Imposed by Nigerian Government
Binance, a leading cryptocurrency exchange, has denied allegations made by a Nigerian government official that it is facing a billion fine. While Binance maintains its commitment to fostering a positive relationship with the Nigerian government, it firmly states that it will not succumb to pressure to pay for the release of its detained executives. […]
Bitcoin News
Report: Nigerian Government Imposes $10 Billion Fine on Binance
The Nigerian government has reportedly slapped the cryptocurrency exchange Binance with a billion fine. According to a Nigerian government official, Binance is being punished for causing the local currency’s recent plunge against major currencies. Binance’s Alleged Influence on the Exchange Rate The Nigerian government is reportedly demanding a billion fine from the crypto […]
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FTC Slaps Crypto Lender Celsius With $4.7B Fine for Deceiving Consumers and Mismanaging Deposits
On Thursday, following the U.S. Securities and Exchange Commission (SEC) suing the insolvent crypto lender Celsius, the Federal Trade Commission (FTC) divulged a settlement with the firm and imposed a .7 billion fine for “duping consumers.” Nevertheless, the penalty will be deferred to enable Celsius to return its remaining assets to consumers in bankruptcy proceedings.
FTC’s Settlement to Be ‘Suspended to Permit Celsius to Return Its Remaining Assets to Consumers in Bankruptcy Proceedings’
The now-defunct crypto lender Celsius has incurred a fine from the FTC for allegedly hoodwinking investors and “squandering billions in user deposits.” The company contended that it possessed “more than enough” assets to safeguard customer deposits, but according to the FTC, this was a spurious claim. The platform and its affiliated entities are indefinitely barred from managing customer assets, and three executives have been charged.
Per the FTC, the case against Alexander Mashinsky, former CEO and co-founder of Celsius, along with his fellow co-founders Shlomi Daniel Leon and Hanoch “Nuke” Goldstein, will advance in federal court since they haven’t reached a settlement. The FTC disclosed that these individuals, who held pivotal positions in the company, have opted not to settle the matter extrajudicially.
“Celsius touted a new business model but engaged in an old-fashioned swindle,” Samuel Levine, the director of the FTC’s Bureau of Consumer Protection stated. “Today’s action banning Celsius from handling people’s money and holding its executives accountable should make clear that emerging technologies are not above the law.”
The FTC’s complaint against Celsius succeeds the SEC lawsuit lodged against the bankrupt crypto lender. “Defendants made numerous false and misleading statements to induce investors to purchase CEL and invest in the Earn Interest Program,” the SEC lawsuit issued an hour before the FTC press release states. In this specific litigation with the U.S. securities watchdog, Celsius is named alongside former CEO Mashinsky.
What do you think about the FTC’s complaint against Celsius and three executives? Share your thoughts and opinions about this subject in the comments section below.