The U.S. Supreme Court has struck down Chevron deference, a doctrine that allowed federal agencies broad discretion in interpreting ambiguous statutes. This decision is seen as a pivotal shift towards greater regulatory clarity and judicial oversight, especially impacting the digital assets sector. Supreme Court Overturns Chevron Deference, Paving Way for Regulatory Clarity in Digital Assets […]
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Ripple CEO Hails Latest Court Ruling ‘a Big Win’ — Calls His Lawsuit Baseless Troll Attempt
Ripple CEO Brad Garlinghouse says the latest court ruling on Ripple’s securities lawsuit “is a big win.” He stressed that “absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security.” The Ripple executive slammed allegations of misleading statements about his XRP position, stating that the […]
Bitcoin News
Ripple Clarifies XRP Is Not a Security After New Court Ruling
Ripple’s chief legal officer has clarified that a California district judge has dismissed all allegations that Ripple violated federal securities laws. He stressed that District Judge Analisa Torres’ ruling regarding the non-security status of XRP “stands undisturbed.” New York’s ‘Ruling That XRP Is Not a Security Stands Undisturbed’ Following the ruling by the U.S. District […]
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Landmark Ruling: Crypto Dealings Not Illegal in India, Says High Court
The Orissa High Court in India ruled that cryptocurrency dealings are not illegal under Indian law. This decision arose from a case involving individuals accused of fraud through a Ponzi scheme. Justice Sasikanta Mishra clarified that cryptocurrency is not considered money under the Prize Chits and Money Circulation Schemes (Banning) Act or a deposit under […]
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Australian Securities Regulator Appeals Federal Court Ruling Favoring Finder Wallet
The Australian securities regulator has said it will appeal the federal court’s dismissal of its civil penalty proceedings against Finder Wallet Pty Ltd. The regulator launched penalty proceedings against the crypto firm on Dec. 15, 2022, just days after Finder Wallet withdrew its Earn product. Product Finder Lacked the Necessary License or Authorization The Australian […]
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US Court of Appeals Reverses Lower Court’s Ruling in Favor of Binance
The United States Court of Appeals has reversed a lower court’s ruling dismissing U.S.-based users’ damages claim against Binance. Aggrieved users will once again attempt to prove that their claims do not constitute an “impermissible extraterritorial application” of U.S. securities law. ‘Impermissible Extraterritorial Application’ of Securities Law The U.S. Court of Appeals has revived a […]
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Economist Peter Schiff Says Gold Price Not Rising Fast Enough, Condemns Civil Ruling Against Donald Trump
Peter Schiff, a U.S. economist and gold advocate, has attributed the lacklustre performance of gold mining companies to the rising inflation rate, which contrasts with a largely static gold price. Schiff maintains that the U.S. inflation rate would have been even higher if the U.S. Federal Reserve had not increased interest rates. The economist also […]
Bitcoin News
Supreme Court Ruling Bolsters Australian FTX Creditors’ Prospects for Full Recovery
The prospects of Australian creditors of the crypto exchange FTX getting all their money back recently received a boost after a judge ruled that only those who initiated Australian dollar withdrawal requests are entitled to a share of the million recovered. Australian investors with crypto-to-crypto withdrawal requests will have to wait for the completion of bankruptcy proceedings in the U.S.
Australian Dollar Withdrawal Requests
A recent ruling by the Victorian Supreme Court in January has increased the likelihood of Australian creditors of the crypto exchange FTX getting all their money back, a report has said. In his ruling, Judge Patricia Matthews clarified that only those who initiated Australian dollar withdrawal requests — about 747 investors — qualify for full reimbursement.
According to a report in the Australian Financial Review, the million collected by the advisory and investment firm Korda Mentha is sufficient to pay back all the 747 investors. The suggestion that Australian investors are set to be made whole follows reports that FTX has prioritized repaying creditors over reviving the platform.
Meanwhile, the Supreme Court judge ruled however that Australian investors with crypto-to-crypto withdrawal requests will have to wait for the completion of bankruptcy proceedings in the U.S. FTX lawyer Andrew Dietderich said he is optimistic that all creditors will be made whole.
“There is still a great amount of work, and risk, between us and that result. But we believe the objective is within reach, and we have a strategy to achieve it,” Dietderich reportedly told a U.S. judge.
In another development, the FTX creditor committee lawyer, Kris Hansen, reportedly emphasized that all reimbursements will be calculated based on prices prevailing at the time of the bankruptcy filing. This stance means that the remarkable surge in the value of cryptocurrencies such as bitcoin (BTC) and Solana (SOL) — which has soared by more than 600% since November 2022 — will not directly translate into higher payouts for creditors.
While this decision has frustrated some creditors, a U.S. judge has ruled that FTX’s reimbursement proposal adheres to legal standards and is above board.
What are your thoughts on this story? Let us know what you think in the comments section below.
Bitcoin Technical Analysis: A Collision of Signals and Macro Decisions Ahead of Fed Ruling
Over the past 60 minutes, bitcoin’s trading value has fluctuated between ,525 and ,715, demonstrating a dynamic price range. Its 24-hour price swing extends from a low of ,340 to a high of ,853. Currently, bitcoin boasts a market capitalization of 4 billion, coupled with a relatively modest 24-hour trading volume of .33 billion. In the last 24 hours, the leading digital currency has seen a 2.4% dip, somewhat mitigated by a 5.9% rise over the week, underscoring the unpredictable nature of current market sentiment.
Bitcoin
As of Wednesday, the market mood remains predominantly pessimistic, swayed significantly by actions from entities such as the Grayscale Bitcoin Trust (GBTC). Nevertheless, several analysts perceive these present price levels as opportune moments for investment, with expectations of an imminent market rebound. Historically, bitcoin’s ability to swiftly bounce back from 20-30% drops is often regarded as an opportune moment for savvy investment decisions.
Today’s Federal Open Market Committee (FOMC) meeting, where the Federal Reserve’s decision is highly anticipated, stands as a pivotal event that could markedly sway BTC’s market this week. Moreover, the expected rise in Bitcoin’s mining difficulty next week and the forthcoming block subsidy halving in April are poised to play influential roles in shaping the economic landscape of crypto this year.
A detailed examination of bitcoin’s oscillators on Wednesday shows a neutral to slightly bearish trend. The relative strength index presently sits at 52, Stochastic at 85, and the commodity channel index is at 60. Meanwhile, the momentum indicator points to negative sentiment at 992, contrasting with the moving average convergence/divergence (MACD) level, which highlights bullish signals at -181. These conflicting indicators suggest a market teetering on equilibrium, with potential shifts looming.
The current moving averages (MAs) offer a more optimistic perspective. The market is still radiating positive vibes as indicated by the short-term exponential moving averages (EMAs) and simple moving averages (SMAs) for 10 and 20 days. However, there’s a noticeable split in the 30 and 50-day SMAs, revealing bearish trends, while their EMA equivalents continue to reflect bullish sentiments. This discrepancy underscores the prevailing uncertainty in the market.
Upon analyzing the 1-hour, 4-hour, and daily charts, a recent upward trend is evident, originating from roughly ,879 on Jan. 22, and reaching a peak near ,853 on Jan. 30. Yet, this upward momentum appears to be reversing, as indicated by a rise in bearish volumes. The 1-hour chart offers a detailed snapshot of this volatility, whereas the 1-day chart reveals a more extended downtrend from the 2024 high of ,048, recorded on the day the spot bitcoin exchange-traded funds (ETFs) were approved.
Bull Verdict:
Given the current market dynamics and technical indicators, there’s still a bullish case for bitcoin. The bullish signals from short-term moving averages, combined with bitcoin’s historical resilience and potential for recovery, support a positive outlook. Anticipation of favorable outcomes from key events, like the Federal Reserve decision and the impact of mining adjustments, could further bolster bullish sentiments.
Bear Verdict:
Conversely, the bearish perspective is grounded in the market’s recent volatility, negative market sentiment, and mixed signals from oscillators. The divergence in longer-term moving averages and the presence of bearish candlestick patterns on the charts signal a potential downturn. Additionally, external market pressures and uncertainties surrounding upcoming events could exacerbate bearish trends.
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What do you think about bitcoin’s market action on Wednesday? Share your thoughts and opinions about this subject in the comments section below.
Former SEC Official Predicts ‘Big Win’ for SEC in Terra Lawsuit — Expects Continued Rejection of Ripple/XRP Ruling
The U.S. Securities and Exchange Commission’s former head of internet enforcement has predicted a “big win” for the SEC in the lawsuit involving Terraform Labs. The ex-SEC official also expects District Judge Jed Rakoff to keep rejecting the ruling by District Judge Analisa Torres regarding Ripple and XRP.
Stark: ‘Expect a Big Win for the SEC’
Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark shared some predictions regarding the regulator’s actions against crypto firms in a lengthy post on social media platform X on Monday. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years.
The former SEC official wrote:
Prediction: Expect a big win for the SEC in the SEC/Terra litigation and a gracious (yet scathing) rebuke of the recent SEC/Ripple decision.
Stark noted that both the SEC and Terraform Labs “have now filed dueling summary judgment motions, each seeking an early victory about whether crypto tokens are securities.”
In the SEC lawsuit against Terraform Labs and its co-founder Do Kwon, Judge Jed Rakoff of the United States District Court for the Southern District of New York (SDNY) rejected District Judge Analisa Torres’ ruling regarding Ripple and XRP. “The court rejects the approach recently adopted by another judge of this district in a similar case, SEC v. Ripple Labs Inc.,” Judge Rakoff said in August.
The former SEC internet enforcement chief continued:
My take is that famed securities law expert Judge Jed Rakoff, who is presiding over the SEC/Terra matter, is chomping at the bit to (politely) label the Ripple decision by fellow SDNY Judge Analisa Torres as both aberration and abhorration.
Stark believes that for SEC lawyers, Judge Rakoff is “arguably considered the most respected and experienced securities law jurist not only in the SDNY but perhaps in the entire U.S. federal court system.” The ex-SEC internet enforcement chief concluded:
The stark reality is that Judge Rakoff already repudiated and spurned Judge Torres’s decision and it seems inevitable that he will do so again, not just at the summary judgment phase, but also anytime in the future when addressing the application of securities laws to digital assets.
What do you think about the predictions by former SEC internet enforcement chief John Reed Stark? Let us know in the comments section below.