Nigerian prison officials have reportedly refused to release Tigran Gambaryan’s medical records. A High Court judge has ordered Kuje Detention Centre prison officials to present Gambaryan’s legal representatives with the records by July 5. Yuki Gambaryan, the wife of the Binance employee, has urged Nigerian authorities to drop charges against her husband. Gambaryan’s Health Deteriorates […]
Bitcoin News
Biden Orders Chinese-Backed Crypto Mining Firm to Divest Land Near US Missile Base
President Joe Biden has issued an order that blocks Mineone Partners Ltd., a Chinese-backed cryptocurrency mining company, from owning land near Wyoming’s Francis E. Warren Air Force Base, which is a strategic missile base. This measure requires the divestment of land used for crypto mining and the removal of surveillance-capable equipment, citing national security risks. […]
Bitcoin News
Court Orders Binance to Hand Over ‘Comprehensive’ User Data to Nigerian Authorities
A Nigerian high court has ordered Binance to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data relating to all Nigerian traders on its platform. The EFCC alleges it has discovered instances of price discovery, confirmation, and market manipulation on the Binance platform. Binance Violates Nigerian Anti-Money Laundering Laws In a fresh development […]
Bitcoin News
Uniswap Introduces Wallet Extension and Limit Orders, UNI Jumps 83% in 30 Days
Uniswap Labs has unveiled a collection of new features designed to refine the trading journey for users of its decentralized exchange (dex). This collection encompasses the Uniswap browser extension, limit orders for precise trading strategies, and advanced data and insights for making well-informed choices. Uniswap Labs explained on Tuesday that the expansion aims to make […]
Bitcoin News
Cardano Bulls Come Out To Play: Buy Orders Dominate As ADA Price Soars
Cardano is currently riding on the back of a modest 3.76% gain in the past seven days with the cryptocurrency on its way to the .55 level which will define its short-term price trajectory. On-chain data shows that the bulls are working hard in the background to push the crypto toward this price point, as evidenced by the buy orders piling up.
Particularly, Cardano has experienced a surge in buy orders, tipping the bid-ask volume imbalance in the direction of the bulls. With so many buyers and so few sellers, the price of ADA has only one way to go.
At the same time, activity on the Cardano blockchain is exploding but the question remains whether this interest and optimism will continue to drive ADA prices up or whether the rally will run out of steam as some traders take profits.
Buy Orders Tip By 678% In The Way Of The Bulls
On-chain data show that Cardano bulls are currently out in full force, driving a huge imbalance in buy and sell orders that’s currently sending the bid volume outpacing ask volume by 678%. This strong imbalance tells the current bullish sentiment among Cardano investors.
The dynamic nature of the battle between buyers and sells means the imbalance can change at any time. If the spread narrows, it could signal that the rally is losing steam and a reversal may be on the horizon.
However, Cardano seems to be holding on, as indicated by this week’s price action. Presently trading at .5361, Cardano has shown incredible resilience to continue trading above the .50 price level throughout the week.
Price Targets For Cardano (ADA)
ADA is still down in a monthly timeframe, but many crypto analysts are hopeful on the crypto’s future price trajectory. The first step in establishing a very bullish run is a break over the psychological price resistance at .55 which it has tested in the past 24 hours. Failure to break over this resistance would either mean a continued range trading between .55 and .50 or a bearish breakout below .50.
According to crypto analyst Ali Martinez, ADA might continue consolidating until April before going on a sustained breakout past its current all-time high to reach by January 2025.
For Cardano to maintain this momentum, it is necessary for the cryptocurrency to continue demonstrating robust market fundamentals and meaningful advances within its ecosystem. Despite facing multiple criticisms,
Cardano remains one of the most actively developed blockchains, with a vibrant open-source community. According to founder Charles Hoskinson, Cardano’s main hurdle is not technological but human in the aspect of decentralized on-chain governance.
Featured image from Adobe Stock, chart from TradingView
Judge Orders Ripple to Comply With SEC’s New Discovery Requests Concerning XRP
A federal judge has ruled in favor of the U.S. Securities and Exchange Commission (SEC) and ordered Ripple to comply with the regulator’s post-complaint discovery requests concerning XRP. Ripple must also answer an interrogatory regarding the amount of XRP institutional sales proceeds it received after the SEC complaint was filed.
Judge Grants SEC’s Motion Against Ripple
On Monday, U.S. Magistrate Judge Sarah Netburn ruled in favor of the U.S. Securities and Exchange Commission (SEC) against Ripple Labs concerning XRP.
The securities regulator seeks an order compelling Ripple to produce “2022-2023 financial statements” and “post-complaint contracts governing ‘institutional sales.’” The SEC also wants the crypto firm to “answer an interrogatory regarding the amount of XRP institutional sales proceeds it received after the complaint was filed,” Monday’s court document details, adding:
The SEC’s motion is granted in full.
The court also addressed Ripple’s objections to the SEC’s motion. The crypto firm had argued that the securities watchdog’s requests are “untimely,” asserting that the agency “has failed to justify each of its requests on the merits.” Ripple also claimed that “the information the SEC seeks has no bearing on the court’s remedies determination.”
Regarding Ripple’s financial statements, the court document explains that “At this stage, the Court sees no basis to short-circuit that inquiry by denying access to readily available information that may be probative to the remedy stage.”
As for the post-complaint contracts, “The Court is not convinced that the production of these contracts will result in an improper or costly ‘mini-trial,’” as warned by Ripple. Regarding post-complaint XRP institutional sales proceeds, the judge ruled that “the SEC has made a sufficient showing that this information may assist the Court in fashioning its remedy,” noting that “Ripple must respond to the interrogatory.” The Court has set Feb. 12 as the deadline to complete the “remedies-related discovery.”
What do you think about the federal judge ordering Ripple to comply with the SEC’s requests concerning XRP? Let us know in the comments section below.
FTX Under New Scrutiny: Appellate Court Orders Independent Investigation
An independent examiner was initially barred from delving into the FTX bankruptcy case. However, the Third Circuit Court of Appeals in Philadelphia has recently overturned this decision, mandating that the defunct crypto exchange undergo an investigation by an external party. This ruling points out that such an inquiry may intensify oversight and inform prospective investors about the inner workings of these types of operations.
Court Mandates External Probe into FTX, Highlighting Potential Crypto Market Risks
The U.S. government has expressed a strong desire for an independent examination of the FTX debacle. When U.S. trustee Andrew Vara, overseeing the case, requested a third-party investigation, Judge John Dorsey rejected the plea. Consequently, the government escalated the matter to the Appellate Court, seeking to reverse this decision. Ultimately, the trustee’s efforts proved successful, achieving the sought-after objective.
The Third Circuit Court of Appeals in Philadelphia, in a verdict announced on Friday, now requires a court-appointed independent examiner to scrutinize the business and bankruptcy issues, ensuring that this party holds no ties with the debtors. The ruling raises concerns about FTX Group’s development of FTT and the manner in which FTX, along with its quantitative trading desk, Alameda Research, escalated the value of the exchange token.
This situation might signal “potential investors to undisclosed credit risks in other cryptocurrency companies,” as detailed in the decision of the Philadelphia Appellate Court.
Vara initially suggested the court-appointed independent examiner a month following FTX’s bankruptcy filing. Yet, John Ray III, the current CEO and restructuring leader of FTX, resisted this proposal. In February 2023, Judge Dorsey aligned with the debtors, rejecting the idea of a third-party examination.
The decision from the Philadelphia court indicates that an investigation conducted solely by the estate and its attorneys falls short of adequacy. This latest directive might hinder the estate’s current reorganization strategy, which intended to compensate customers based on the value of their crypto assets as of Nov. 11, 2022.
What do you think about the judge deciding that an independant examiner is needed for the FTX bankruptcy case? Share your thoughts and opinions about this subject in the comments section below.
Solana Saga Orders Scrapped As $30 Million BONK Token Package Overshadows Device’s Value
Solana (SOL) and its associated meme coin, Bonk (BONK), have witnessed remarkable surges in value, with SOL recording gains of over 71% and Bonk experiencing an astonishing 342% increase over the past 30 days.
The positive growth within the Solana ecosystem has resulted in a surge in demand for the flagship mobile device, Solana Saga. However, the Solana Mobile team recently addressed challenges in meeting the “overwhelming demand” and explained order cancellations and inventory management issues.
Solana Mobile Faces Inventory Mishap
Over the past month, SOL has seen a significant uptrend, inching closer to the 0 mark, a level not reached since April 2022. Additionally, Bonk has experienced an extraordinary surge reaching a trading value of .00001896.
Given these developments and the social buzz within the blockchain and its mobile device, the Solana Mobile team confirmed that their limited inventory of 20,000 devices worldwide has sold out, with both the US and EU markets experiencing high demand.
According to a recent statement on X (formerly Twitter), in the process of fulfilling orders, the Solana Mobile team encountered an “inventory management issue” with their third-party distributor. This issue resulted in an inaccurate representation of the available inventory.
Consequently, the team was unable to fulfill orders placed after the inventory was depleted. Additionally, orders suspected of suspicious activity, such as excessive device orders or payment risks, were flagged and subsequently canceled.
According to the announcement, the objective behind these measures is to ensure that as many users as possible can enjoy the Solana Saga mobile device.
Customers affected by the order cancellations have been promptly notified, and they will receive refunds within the coming days.
Solana’s DEX Volume Overtakes Ethereum And Arbitrum
The Solana ecosystem, together with its native token SOL, has recently achieved significant milestones. Notably, Solana’s 24-hour decentralized exchange (DEX) volume has exceeded that of Ethereum (ETH) and Arbitrum (ARB) combined, surpassing the billion mark.
Additionally, Solana has emerged as the third-largest altcoin (only behind BNB) by market capitalization. These achievements reflect the growing popularity and success of Solana within the cryptocurrency market.
According to Token Terminal data, SOL’s market cap (circulating) stands at .05 billion, reflecting a remarkable increase of 46.98%, flipping XRP’s market cap by over billion.
The revenue generated has also witnessed substantial growth, with an 80.43% increase to .39 million. Furthermore, SOL’s fully diluted market cap has reached .31 billion, showcasing a significant rise of 45.60%.
The revenue generated on the Solana platform, when annualized, amounts to an impressive .13 million, signifying a substantial increase of 94.75%.
Examining SOL’s financial ratios, the price-to-fully diluted ratio stands at 796.78x, indicating the market’s high expectations for future growth. However, this ratio has experienced a recent decrease of 19.3%.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin 65% Crash Possible? $54 Million In Buy Orders Pile Up At $12,000
Bitcoin is still trending at a reasonably high price, especially after falling below ,000 in 2022 following the FTX collapse. Given its rise since then, investors have turned bullish, expecting the start of another bull market. However, not all investors have bought into this bullish narrative for Bitcoin and this is evidenced by the amount of buy orders sitting at prices more than 65% below its current value.
4,500 BTC Bids At ,000
In an interesting turn of events, a developer has revealed a massive buy wall waiting in the expectation that the Bitcoin price will crash further. One X (formerly Twitter) user who goes by @tedstalksmacro took to the social media platform to reveal the massive buy wall.
According to the post, there were 4,500 BTC bids waiting at around 65% below the current price of Bitcoin. These Bitcoin bids came out to a total of million, going by the asset’s price at the time, and made up the largest buy wall at any price point for the cryptocurrency.
These 4,500 BTC bids at the ,000 mark suggest that these Bitcoin investors expect the price to keep falling. Now, if the Bitcoin price were to return to this level, it would mean an approximately 68% drop from the tight range of ,500 to ,000 that the price has been trading at.
Another X user pointed out that the buy wall did not recently appear. Rather, the 4,500 BTC bids have been standing for more than a year.
Why Investors Are Expecting Bitcoin To Fall
In response to Ted’s post, another X user, Luke Broyles, took to the platform to explain why there are so many bids for Bitcoin at ,000. According to Broyles, the bids are a result of a “big unit bias level” that investors developed during the FTX crash.
When the crypto exchange filed for bankruptcy in 2022 and the Bitcoin price dropped to ,000, the calls for a decline to ,000 had intensified. But of course, that never happened. However, not all investors have let go of the belief that this could still happen.
Broyles explains that “many people have either k or k saved up which would’ve made a nice comfy amount of coins at k.” Further adding that “Buying 2 coins at k sounded better than buying 1.5 in low teens.”
The crypto enthusiast posits that the market has already moved beyond this level, although some people have yet to accept it. “Lots of people still waiting for k… still yet to accept market has been reversing for over a year now,” Broyles concludes.
US Court Orders Collapsed BTC Investment Firm to Pay Over $1.7 Billion in Restitution for Forex Fraud
A United States Federal Court Judge has ordered the collapsed bitcoin investment platform Mirror Trading International to pay over .7 billion in restitution. Commodity Futures Trading Commission director of enforcement Ian McGinley said the CFTC will not hesitate to go after fraudsters who target U.S. citizens. The Commission again warned that court rulings are not a guarantee that victims will recover all their funds.
Forex Fraud Allegations
United States Federal Court Judge David A. Ezra recently ordered the now-defunct South African bitcoin investment platform Mirror Trading International (MTI) to pay over .7 billion in restitution. The order, which stems from the Commodity Futures Trading Commission’s (CFTC) June 2022 complaint, was issued after the judge determined that MTI had committed forex fraud.
According to the Commission’s Sept. 7 press statement, MTI, which is presently in liquidation, was also found liable for “registration violations and failure to comply with CPO [commodity pool operator] regulations.” Meanwhile, the statement further revealed that Judge Ezra’s order had resolved the CFTC’s case against MTI.
As previously reported by Bitcoin.com News, the same U.S. Federal Court had previously issued a default judgment against the former MTI CEO Johann Steynberg. In addition to the restitution, the court also imposed a civil monetary penalty of .73 billion — the highest in CFTC’s history.
CFTC to Go After Fraudsters ‘Wherever They May Be’
Commenting on the court’s latest ruling, the Commission’s director of enforcement Ian McGinley said both the default judgement and the settlement with MTI demonstrate the CFTC’s resolve and willingness to take the fight to fraudsters. McGinley also warned that his organization will not hesitate to go after fraudsters who target U.S. citizens.
“Whether a scam involves fictitious electronic trading ‘bots’ or Bitcoins, as this action involving a South African entity shows, we will pursue the scam artists wherever they may be,” the CFTC official warned.
However, just as it cautioned when the default judgment against Steynberg was issued, the CFTC again warned that court rulings are not a guarantee that victims will recover their funds. The Commission said this is primarily because the accused may have “misappropriated, either directly or indirectly, all the Bitcoin they accepted from the pool participants.”
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