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Binance Engulfed in £10 Billion Lawsuit Over BSV Delisting, Nigerian Legal Battle Intensifies

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Binance, one­ of the world’s largest cryptocurrency e­xchanges, is entangled in significant le­gal battles in London and Nigeria. These­ cases involve allegations of anti-compe­titive behavior and seve­re financial crimes, placing the company unde­r intense scrutiny.

In London, Binance is se­eking to dismiss most of a lawsuit potentially valued at up to £10 billion ($12.8 billion). The­ case, brought on behalf of over 200,000 Bitcoin Satoshi Vision (BSV) owne­rs, alleges that Binance and othe­r exchanges colluded to de­list BSV, causing its value to plummet and preve­nting it from becoming a top-tier cryptocurrency.

The­ plaintiffs argue that BSV’s delisting in 2019 was an anti-competitive­ move that severe­ly damaged its market potential. Binance­ maintains that individuals who retained BSV did so by choice and had the­ opportunity to reinvest in other cryptocurre­ncies.

Binance’s lawyer, Brian Ke­nnelly, argued that investors’ de­cision to keep BSV was a personal choice­; they could have sold it after the­ delisting. BSV Claims’ lawyers insist this issue should be­ tried alongside the broade­r case, seeking a compre­hensive resolution to the­ alleged anti-competitive­ actions.

The lawsuit also touches on the controve­rsial claims of Australian computer scientist Craig Wright, who asserte­d he was Bitcoin’s creator, Satoshi Nakamoto. Wright’s association with BSV and subseque­nt legal findings of document forgery complicate­ the case.

Binance Faces Legal Battle in Nigeria

Meanwhile­, in Nigeria, Binance and its exe­cutive Tigran Gambaryan face charges of ille­gal cryptocurrency trading. Nigerian Minister of Information Mohamme­d Idris stated that the trial follows the country’s le­gal procedures, with the ne­xt hearing scheduled for June­ 20, 2024.

Minister Idris assured that the le­gal process has been rigorous, with prose­cutors confident in their case base­d on gathered evide­nce. Binance can defe­nd itself against serious money launde­ring charges, tax evasion, and foreign e­xchange violations in court.

This developme­nt follows a plea by 12 U.S. politicians to President Joe­ Biden, urging intervention to se­cure Gambaryan’s release­. They argue that the charge­s are baseless and part of a coe­rcion tactic by Nigerian authorities to extort Binance­.

Despite these­ claims, Minister Idris emphasized that Gambaryan has re­ceived appropriate consular acce­ss and that all actions align with diplomatic protocols. The denial of bail was due to Gambaryan be­ing considered a high-flight risk, espe­cially after his co-defendant fle­d the country illegally.

In February, the­ Nigerian government arre­sted Gambaryan and Nadeem Anjarwalla on mone­y laundering and tax evasion charges. Anjarwalla e­vaded custody and fled to Kenya, while­ Gambaryan remains in the Kuje corre­ctional center. This followed a gove­rnment crackdown on cryptocurrency to curb currency spe­culation.

The Nigerian court has mandated Binance­ to provide data on Nigerian traders using its platform, inte­nsifying the legal pressure­ on the exchange. The­se twin legal challenge­s in London and Nigeria highlight the increasing re­gulatory and legal hurdles facing Binance in its global ope­rations.

Related Readings | Ethereum Who? BNB Steals the Spotlight with Record Highs

Weekly Crypto Roundup: Solana, Bitcoin & BitcoinSV Steal the Spotlight

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With the advent of 2024, the crypto market became a theater of unexpected twists and turns. According to Santiment, the prominent players captivating the crowds were Solana, Bitcoin, and BitcoinSV, forming the core narratives that dominated discussions. In its weekly narrative insights, Santiment delved into the dynamic movements of the market, dissecting sentiment trends and shining a spotlight on cryptocurrencies that seized the spotlight in the preceding week.

Bitcoin, as the trailblazing cryptocurrency, experienced noteworthy market dynamics, particularly on December 30th, spurred by ETF-related announcements from investment giant VanEck and BlackRock’s strategic maneuvers. BTC surged to a 21-month high of $45K, riding on the anticipation of potential approval by the US Securities and Exchange Commission [SEC] for a spot Bitcoin Exchange-Traded Fund.

Crypto
Weekly Crypto Roundup: Solana, Bitcoin & BitcoinSV Steal the Spotlight 2

Bitcoin SV [BSV], born from a Bitcoin Cash [BCH] hard fork in November 2018, emerged as a focal point in the crypto narrative. Standing for ‘Bitcoin Satoshi Vision,’ BSV aims to uphold the original principles and protocols envisioned by Bitcoin’s creator, Satoshi Nakamoto. On December 29th, BSV experienced a remarkable surge, catapulting to the top rank with a staggering 60% price hike and an exhilarating trading frenzy.

Among the altcoins, Solana earned its spot for its consistent ascent. SOL displayed resilience, maintaining a steady presence in the top-10 trendsetter list throughout the week, peaking with heightened investor interest.

Crypto Roller Coaster

Analyzing sentiment, Bitcoin SV witnessed a positive wave on December 27th due to significant price gains, while Gains Network [GNS] enjoyed an optimistic sentiment on December 26th, likely fueled by partnership developments. Conversely, BSV faced a sentiment downturn on December 30th due to critiques on centralization issues, and WazirX’s token [WRX] stumbled under mounting fear, uncertainty, and doubt, sparking predictions of a price decline.

Key takeaways highlighted the debut of the ordinals [ORDI] in the top-10 spotlight, indicating a robust start with record-breaking price movements. Ethereum [ETH] maintained composure amid innovations like Testnet 2 and token minting, while Sei Network [SEI] and Gains Network [GNS] exhibited notable community interest.

Surveying the market mood, a mix of cautious optimism and sharp enthusiasm prevailed. Kadena radiated positivity with promising growth, and Binance Coin adopted a stance of stable neutrality. Bitcoin SV and VeChain’s VeThor Token faced community scrutiny, fostering lively debates. As the digital narrative unfolds, one constant prevails: in the blockchain realm, the unexpected is the only certainty.

Bitcoin’s Soaring Surge Sets The Stage For Altcoin Boom In Early 2024

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Bitcoin (BTC) has catapulted to a market value of $45.8K, marking its highest point since April 2021. Santiment, a leading crypto analytics firm, reveals that this surge has not only captivated the crypto community but has also paved the way for altcoins to make significant strides in the early days of 2024.

According to Santiment, several breakout assets are closely following tight social volume patterns, with the potential for substantial runs if the notorious Fear of Missing Out (FOMO) sentiment can be kept at bay. Notable among these altcoins are Bitcoin SV ($BSV), Internet Computer ($ICP), Filecoin ($FIL), Arbitrum ($ARB), Maker ($MKR), and Serum ($SEI).

Santiment’s latest insight report also sheds light on key developments that have further solidified Bitcoin’s dominance in the market. On December 30th, the pioneering cryptocurrency experienced heightened market activity, spurred by significant announcements related to exchange-traded funds (ETFs) from investment firm VanEck and strategic moves by BlackRock.

December 29th witnessed a spectacular surge for Bitcoin SV ($BSV), which skyrocketed to rank 1, fueled by a formidable 60% price hike and an exhilarating trading frenzy. Santiment’s sentiment overview revealed that BSV enjoyed a wave of positivity on December 27th, driven by stellar price gains.

Altcoin Market Breaks Free & Bitcoin Consolidates

Cryptocurrency expert Michaël van de Poppe shared valuable insights via X post, highlighting that the total altcoin market capitalization has broken free from a 530-day range. This breakout, accompanied by a positive retest at $675 billion, confirms a strong upward momentum. Experts suggest that the next target points for altcoins could be $1 trillion and $1.25 trillion, indicating optimism in the market.

According to Van de Poppe, while altcoins are on the ascent, Bitcoin is currently consolidating around new highs. The crypto market is anxiously awaiting the potential approval of an ETF this week. Van de Poppe predicts that Bitcoin could see a spike to $48-50K if approved. However, he cautions that this could mark a temporary top, urging investors to tread carefully amid the volatile market conditions.

However, the interplay between Bitcoin’s monumental moves and the burgeoning altcoin market sets the stage for an exhilarating start to 2024. Enthusiasts are advised to stay vigilant, as the unpredictable nature of the crypto market promises both opportunities and challenges in the days ahead.

Related Reading |  Charting Crypto’s Transformative Trajectory: 5 Key Highlights From 2023

Weekly Market Watch: Bitcoin & Ethereum Stabilize Amidst Altcoin Shine

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The cryptocurrency market witnessed a downturn spearheaded by Bitcoin and Ethereum during the past week. Both Bitcoin and Ethereum faced challenges in sustaining their support levels. Conversely, a number of altcoins were tried to surpass their upper resistance thresholds, indicating the potential for a substantial resurgence.

Loom Network (LOOM) is at the top of the list of 80 altcoins experiencing a significant gain in value this week, followed by Trust Wallet Token (TWT) and Bitcoin SV (BSV), second and third place, respectively. 

Loom Network (LOOM) experienced a notable increase of 119% over the past seven days; however, it has made a strong recovery of about 700% in the past month. As of now, LOOM is being traded at 0.3707, reflecting a 2.83% increase within the last 24 hours, with a boost of about 27.57% in trading volume. 

LOOM 7D graph coinmarketcap
Source: Coinmarketcap

Meanwhile, Trust Wallet Token (TWT) is also experiencing a significant gain. Even the monthly chart shows almost a 39.30% recovery in value. Over the past week, TWT has experienced a significant increase of approximately 15.56%. 

TWT 7D graph coinmarketcap

Currently, TWT is trading at $1.12. In the last 24 hours, the token has experienced a 4.35% increase, while its trading volume decreased by 55.47% in the same period.

Additionally, Bitcoin SV (BSV) has also gained significant attention due to its weekly performance, with a notable increase of about 8.96%. BSV is currently trading at $36.96, with a rise of 9.61% in the last 24 hours.

BSV 7D graph coinmarketcap 1
Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including CRO at 6%, STX at 5%, and EGLD at 5%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Temporarily deviating from the October spirit, last week witnessed a modest correction phase in the price action of BTC. Beginning its reversal around the $28,000 mark, this correction culminated in a bottom formation near $26,700. However, Bitcoin’s price experienced a sudden and significant overnight surge, maintaining its upward momentum to surpass the $28,000 threshold.

BTC 7D graph coinmarketcap 5
Source: CoinMarketap

Nonetheless, there is a glimmer of hope for optimistic investors. They managed to secure a favorable monthly closure in September, a remarkable achievement not seen since 2016. This positive momentum carries over into October, a month traditionally associated with bullish trends.

As a new week, month, and quarter dawns, Bitcoin has made a remarkable leap, surpassing the $28,000 mark. The primary cryptocurrency is inaugurating “Uptober” in grand fashion, securing its most robust weekly closure since the middle of August. Presently, the anticipation is palpable as everyone ponders what the future holds.

After a month of fluctuating price movements in September, market participants were bracing themselves for a potentially turbulent end to the month. To their delight, the closing month favored the bulls. With October historically linked to notable Bitcoin price gains, there is growing anticipation for what the upcoming weeks may hold.

Similarly, the price of Ethereum (ETH) has maintained a trading range between $1,540 and $1,600 in the last week, even in the face of the prevailing bearish sentiment. An important on-chain indicator has uncovered a recent surge in new users acquiring Ethereum.

ETH 7D graph coinmarketcap 6
Source: CoinMarketcap

As per data from IntoTheBlock, the New Adoption Rate on the Ethereum network surged to a one-month high of 34% on October 14, significantly surpassing the 30-day average of 24%. Despite the considerable selling pressure Ethereum (ETH) endured, it becomes evident that the increased activity from new participants’ transactions played a pivotal role in supporting the ETH price at the $1,500 level throughout the past week.

image 65
Source: IntoTheBlock

According to CoinMarketCap, Bitcoin is trading at $27,700.40, with a 2.94% increase over the past 24 hours and a 0.30%% decrease over the past seven days. On the other hand, ETH is being traded at $1,577.12, experiencing a 1.23% increase in the past 24 hours and a 2.44% decrease over the past seven days.

Related Reading | Shiba Inu’s Exhilarating Restaurant Reopening Ignites Frenzy Among Fans!

Weekly Market Watch: Bitcoin & Ethereum Uphold Resistance, Altcoins Soar

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During the past week, the cryptocurrency markets showed a relatively positive trend as Bitcoin and Ethereum successfully maintained their crucial resistance levels. As a result, Altcoins gathered momentum and displayed significant gains in their weekly charts, suggesting the possibility of further growth.

In the top 50 cryptocurrencies, several Altcoins on the weekly gain list have grown substantially, with Bitcoin Cash (BCH) leading the pack, followed by Bitcoin SV (BSV) and Litecoin (LTC) in third place. 

Bitcoin Cash (BCH), a fork of Bitcoin, has been causing waves in the cryptocurrency market with a surge of 52% over the past week and displaying bullish indicators.

BCH experienced a remarkable surge within a week, boosted by its recent listing on EDX, the Crypto Exchange backed by Citadel Securities. The trading volume of BCH reached an impressive $750 million, the highest in a year. 

At present, BCH is trading at $294.36, demonstrating a 1.18% increase in the past 24 hours. The cryptocurrency hit its peak of $326.12 and closed the week at $290.78 after beginning the week at $213.63, displaying a strong and remarkable performance. 

BCH 7D graph coinmarketcap
Source: CoinMarketcap

Meanwhile, Bitcoin SV (BSV) is also gaining attention from the community as a top weekly performer. Over the past week, BSV has experienced an impressive surge of approximately 39.68%. 

As of now, BSV is trading at $48.79, having reached its peak at $55.13 and closing the week at $48.89 after starting the week at $38.73. These figures indicate a robust and noteworthy performance. In the last 24 hours, the token has experienced a 1.78% increase, while its trading volume has dropped by 50.71%.

BSV 7D graph coinmarketcap 2
Source: CoinMarketcap

Additionally, Litecoin (LTC) has also recently gained significant attention, with an above 28.38% weekly gain. The token’s price has reached a high of $111.76. Currently trading at $112.49, the token’s 24-hour trading volume is increasing by 6.73%. 

LTC 7D graph coinmarketcap
Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including SOL at 14%, XLM at 17%, and ETC with an increase of 14%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

In a week filled with remarkable developments, Bitcoin has emerged as the star performer, holding the key resistances between the $31,000 and $30,000 mark and reaching its highest level since 2022. This surge signals a clear bullish momentum in the cryptocurrency market, injecting renewed optimism into investors’ minds. 

BTC 7D graph coinmarketcap 8
Source: CoinMarketcap

In recent updates, Santiment has observed that Bitcoin has been trading within the range of $29,000 to $31,000 for the past week. During this time, there are indications that altcoins are benefiting from the redistribution of profits resulting from Bitcoin’s upward movement. 

Santiment also reported that whale and shark addresses associated with Bitcoin have been accumulating more of the cryptocurrency. Notably, a significant amount of BTC purchases has occurred in the last two weeks following the announcement of ETF launches. 

This accumulation by key stakeholders suggests a positive outlook for the crypto market in July, as further price increases may be justified.

Similarly, Ethereum (ETH) also achieved significant gains, trading between the $1,900 barrier and $1,890. Santiment’s analysis revealed an intriguing insight regarding Ethereum. 

In a recent tweet dated July 26th, it was reported that Ethereum is experiencing volatility today, with intense competition between the #bulls and #bears revolving around the $1,900 mark. 

Meanwhile, the largest non-exchange addresses are witnessing an increase in wealth, while the top exchange addresses are nearing genesis levels. Notably, the supply of $ETH on exchanges has declined to 9.2%.

ETH 7D graph coinmarketcap 7
Source: CoinMarketcap

According to CoinMarketCap, Bitcoin is currently trading at $30,605.55, with a 0.33% increase over the past seven days and a 0.15% increase in the past 24 hours. On the other hand, ETH is being traded at $1,940.76, experiencing a 0.99% increase in the past 24 hours and a 2.03% increase over the past seven days.

Related Reading | Ethereum: The Trusted Option for Passive Income, Winning Over Investors’ Confidence 

Weekly Market Watch: Bitcoin & ETH Spark Bullish Momentum, Altcoins Follow Suit

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Last week presented a relatively promising outlook for the cryptocurrency markets as Bitcoin and Ethereum encountered upward pressure from bulls. Because of this, Altcoins gained momentum and demonstrated notable gains in their weekly charts, indicating growth potential.

In the top 70 cryptocurrencies, several Altcoins on the weekly gain list have grown substantially, with Bitcoin Cash (BCH) leading the pack, followed by PEPE and Bitcoin SV (BSV) in third place. 

Bitcoin Cash (BCH), a fork of Bitcoin, has been causing waves in the cryptocurrency market with a surge of 85% over the past week and displaying bullish indicators.

Bitcoin Cash’s impressive climb saw a significant $1.2 billion increase in trading volume, fueled by its listing on the prestigious EDX exchange. Backed by financial giants like Fidelity, Schwab, and Citadel, EDX’s support has sparked immense market interest, propelling Bitcoin Cash to surge by over 50% in just three days.

At present, BCH is trading at $193.17, demonstrating a 1.67% increase in the past 24 hours. The cryptocurrency hit its peak of $215.23 and closed the week at $213.73 after beginning the week at $106.69, displaying a strong and remarkable performance. 

BCH 7D graph coinmarketcap
Source: CoinMarketcap

Meanwhile, PEPE is also gaining attention from the community as a top weekly performer. Over the past week, PEPE has experienced an impressive surge of approximately 70%. 

During the recent crypto rally, PEPE emerged as the frontrunner in sector gains, fueled by a surge in Bitcoin exchange-traded fund filings in the United States. The upward momentum of the token was further amplified by indications from the U.S.-based Gemini exchange regarding a possible listing of the PEPE coin.

As of now, PEPE is trading at $0.000001603, having reached its peak at $0.000001765 and closing the week at $0.000001554 after starting the week at $0.000001002. These figures indicate a robust and noteworthy performance. In the last 24 hours, the token has experienced a 3.22% increase, while its trading volume has dropped by 29.81%.

PEPE 7D graph coinmarketcap
Source: CoinMarketcap

Additionally, Bitcoin SV (BSV) has also recently gained significant attention with an above 40% weekly gain. The token’s price has reached a high of $40.11. Currently trading at $35.04, the token’s 24-hour trading volume is increasing by 1.68%. 

BSV 7D graph coinmarketcap
Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including AVAX at 18%, LINK at 17%, and UNI, with an increase of 19%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

In a week filled with remarkable developments, Bitcoin has emerged as the star performer, surpassing the $31,000 mark and reaching its highest level since 2022. This surge signals a clear bullish momentum in the cryptocurrency market, injecting renewed optimism into investors’ minds. 

BTC 7D graph coinmarketcap 11
Source: CoinMarketcap

While Bitcoin experienced a brief retraction, it managed to maintain a trading value above $30,000, marking a significant breakthrough since April, when it last achieved this feat.

This year, Bitcoin’s value has soared by over 85%, amplifying its recent rally’s excitement. However, concerns loom over the sustainability of these gains as the overall market grapples with regulatory uncertainties and macroeconomic factors that contribute to an air of prevailing uncertainty.

Santiment, a reputable cryptocurrency analytics firm, tweeted that Bitcoin had skyrocketed above the $30,000 mark, boasting a remarkable 21% surge in just six days. 

This market-wide crypto turnaround has been fueled by optimism stemming from the confirmation of at least 10 new ETFs, including prominent players like Blackrock, Wisdomtree, and Invesco.

Furthermore, Santiment reported that Bitcoin’s whale transactions experienced their busiest hour in over three months. Following the price surge beyond $30,600, the $BTC network witnessed a flurry of 259 trades, each exceeding $1 million in value, within just two hours. 

Similarly, Ethereum (ETH) also achieved significant gains on Thursday, breaking the $1,900 barrier. After hitting a low of $1,812.37 on Wednesday, ETH soared to an intraday high of $1,932.07. This impressive surge marked Ethereum’s highest level since May 6, the last time its price crossed the $2,000 threshold.

ETH 7D graph coinmarketcap 11
Source: CoinMarketcap

Santiment’s analysis revealed an intriguing insight regarding Ethereum. Although it struggled to maintain the $1,900 level at present, the supply of Ethereum is steadily moving away from exchanges. Additionally, average fees had returned to the levels seen in March, just before Ethereum’s price ascended to $2,100.

The cryptocurrency market stands at a pivotal juncture as Bitcoin and Ethereum continue their upward trajectory. The recent surge in Bitcoin, coupled with Ethereum’s notable gains, has invigorated investors while reigniting the debate over the sustainability of these bullish movements.

According to CoinMarketCap, Bitcoin is currently trading at $30,568.42, with a 15.56% increase over the past seven days and a 0.21% increase in the past 24 hours. On the other hand, ETH is being traded at $1,903.95, experiencing a 1.52% increase in the past 24 hours and a 10.18% increase over the past seven days.

Related Reading |  Dawning Of A New Era: Unveiling Cardano’s E-UTxO Model For Revolutionary dApps 

Weekly Market Watch: Bitcoin & Ethereum Tumble While Altcoins Struggle To Survive

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Last week, there was a drop in optimistic attitudes in the world of cryptocurrency, which made it challenging for bullish investors to counter the bears’ momentum. Bitcoin and Ethereum both experienced a downward trend and were unable to effectively resist the bears’ dominance.

This development had an adverse impact on the overall market perspective. Consequently, several altcoins recorded significant losses in the weekly chart, but a few managed to maintain noteworthy gains.

Some low-cap coins on the list of weekly gainers have shown substantial growth, with Kava (KAVA) leading the pack, followed by Bitcoin SV (BSV). 

Over the last seven days, the Kava (KAVA) cryptocurrency has experienced an astounding 41% surge. The surge is due to a new proposal from the platforms which will halt all kava emissions, including rewards, by December 31st, 2023.

Future rewards will come from accumulated rewards, and a software upgrade will be proposed to implement this change. Parameters will be set for reward schedules until the end of 2023.

At present, KAVA is trading at $1.04, demonstrating a 9.66% increase in the past 24 hours and a significant 9.93% surge in its marketcap, with a 18.83% decrease in the 24 hours trading volume. The token hit its peak of $1.041 after beginning the week at $0.726, displaying a strong and remarkable weekly performance. 

KAVA 7D graph coinmarketcap
Source: CoinMarketcap

Meanwhile, Bitcoin SV (BSV) is also gaining attention from the community as a second-top weekly performer. Over the past week, BSV has experienced a surge of approximately 11%. As of now, BSV is trading at $36.01; in the last 24 hours, the token has experienced a significant 3.74% increase.

BSV 7D graph coinmarketcap
Source: CoinMarketcap

Since May 8th, the trading volume for Bitcoin SV has nearly tripled as buyers have rushed to invest in the controversial cryptocurrency. As of now, BSV has reached $40.44, the highest it has been in nine weeks.

Despite this impressive surge, BSV had hit its all-time low of $29.17 on May 8th. Additionally, the token is currently down by 92% from its peak of $490 in April 2021, even though it continues to lead among the top 100 cryptocurrencies.

Moreover, some popular coins are experiencing gains in weekly charts, including LEO at 3% and LDO at 5.88%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

The world’s largest cryptocurrency, Bitcoin, has experienced a downward trend and failed to maintain its steady position within the crucial resistance range of $28,000 or $27,000. 

Over the last week, Bitcoin’s value has plummeted, falling to almost a two-month low at $25,878.43 on May 12th. This decline has caused concern among investors and analysts who closely monitor the digital currency market.

BTC 7D graph coinmarketcap 2
Source: CoinMarketcap

The second most valuable cryptocurrency, Ethereum, has also encountered a similar scenario, hitting a 17-day low at $1,742.40 on May 12th. This decline in value is attributed to the recent market turbulence caused by regulatory crackdowns.

ETH 7D graph coinmarketcap 1
Source: CoinMarketcap

According to a tweet from Santiment on May 11th, the price of Ethereum had decreased to $1,780 that day, and as a result, there was a continued decrease in exchange supply. 

It was reported that the percentage of Ethereum on exchanges had reached its lowest level (10.1%) since the start of public trading in 2015. This was noted to be an all-time high for non-exchange holdings.

According to the data from CoinMarketCap, Bitcoin is currently trading at $26,952.29, with a 6.89% decrease over the past seven days and a 0.02% in the past 24 hours. While ETH is trading at $1,796.24, experiencing a 0.47% decrease in the past 24 hours and 6.35% over the past seven days.

Related Reading |  Ethereum’s Prysm Client Unleashes Hotfix v4.0.3 to Tackle Network Instability Woes 

Cardano Founder Reminds Bitcoin Satoshi Vision Of This

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Cardano and IOHK founder Charles Hoskinson commented on the latest controversy that erupted over the Bitcoin Association, a swiss-based NGO calling for blocking a miner of Bitcoin SV, a cryptocurrency created through a hard fork of Bitcoin Cash.

Hoskinson pointed out the first miner on the world’s most popular blockchain was in fact Bitcoin’s creator.

It needs to be told that the Bitcoin Satoshi’s Vision [BSV] chain is under the control of one miner who has taken over 80% of the BSV mining hash rate. The miner has accumulated over 9,000 BSV coins, valued at around $450k  since 2020.

Bitcoin association which advances the BSV project alleged that the singular miner started mining empty blocks in June this year along with gradually raising their hash rate on the chain for months.

Such activities, according to the NGO, are causing network issues for “honest miners and businesses that interact with the Bitcoin SV network.”

While noting that producing an empty block is not inherently a dishonest act as per the rules outlined in the whitepaper, refusing to add new transactions that are broadcast to a block is.

The NGO also accused the miner of being behind numerous DDoS attacks on crucial network services and infrastructure as well as deliberate attempts to disrupt key network nodes with “odd and suspicious behavior”.

Just the other day, BSV released a statement that it would be pursuing criminal charges against the entity/entities responsible. and asked exchanges and miners to freeze all block rewards associated with the miner in question.

The BSV’s decision has raised a lot of eyebrows in the crypto community, especially in light of statements made by influential figures like Charles Hoskinson.

That being said, the Cardano founder recently spoke on crypto regulation and shared how authorities should approach the topic. 

Cardano’s Charles Hoskinson Spoke About US Crypto Regulation 

Hoskinson stated during a videocast on October 13 that a regulatory framework is the need of the hour for the industry to prosper in order to take into account the advantages of digital assets to the general public.

While simultaneously emphasizing that the United States is moving in the right direction with regard to crypto regulation and predicting that a comprehensive law might be passed next year.

The Cardano founder specifically noted that other legislative proposals might merge with the White House Executive Order on crypto development.

Ethereum, Bitcoin SV, Tron Technical Price Analysis on 16th Aug 2020

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Volatility is completely locked in the cryptocurrency industry at the moment. Ethereum surged towards news new yearly high of $443 over the past day but other coins joined in the rally during ETH’s decline. The market altogether continued to picture a sense of divergence in the charts, like other altcoins continued to improve their standings in the ecosystem.

Ethereum 

Ethereum 1 horu e1597564571331
Ethereum hourly chart

As explained earlier, Ethereum reached another milestone on 15th August, reaching $442, just shy of the $450 mark. This is Ethereum’s third new high in 2 weeks, after clocking in $400 on 1st August. Ethereum had a market cap of $48 billion at the time of writing, with a trading volume of $11.8 billion.

However, Ether’s price fell prey to the volatile market as a quick decline has taken its valuation down to $427. Market Indicators were indicated strong bearish sentiments as well with CMF suggested that capital in-flows were getting outplayed by capital out-flows. Parabolic SAR also maintained its stance above the price candles and now, the Relative Strength Index is reaching an over-sold zone.

However, with the RSI a trend flipping might take place anytime soon.

Bitcoin SV

BSVUSD e1597564623771
Bitcoin SV hourly chart

With Bitcoin SV, the last 24-hours exhibited a decline of 4.14% but remain true to its week-long uptrend in the charts. For Bitcoin SV, the idea seemed simple as the moment with a consistent bounce off the uptrend and then pushing above the immediate support. With a market cap of $4.15 billion, Bitcoin SV was valued at $224.19 at press time.

Similarly to Ethereum, Bitcoin SV’s market confluence was a little bearish too. MACD signal line is trailing under the signal line, suggesting bullish strength in the charts. However, Parabolic SAR is bullish, staying put under the candlesticks and remaining at bay with the apparent long-term bullish rally.

TRON 

TRX 1 e1597564967591
TRON hourly chart

Lastly, Tron maintained its position in the 15th position with a market value of $1.83 billion. For the market cap, TRX tokens had a good trading volume of $809 million, and over the past day, the asset was up by 5.89%. With the parabolic SAR supportive of its rally, the other market indicators were waving a bull flag as well.

Awesome Oscillator suggested that the bullish momentum was slowly building up for Tron, and the MACD line was more often hovering above the signal line. Even though, the signal line was following at close proximity, at the moment bulls had the upper hand on Tron’s market.

Bitcoin Price Tumbles by 20% Just Days before Key Halving Event

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Bitcoin price tumbled by close to $1,500 only two days before the halving event, displaying the trembling confidence in the flagship digital currency. Earlier today, the price of bitcoin plunged by 20%, resulting in huge liquidations across the cryptocurrency market.

Nevertheless, several technical patterns indicate that the firm support around $8,000 will prevent bitcoin from tumbling further down. Major cryptocurrency exchange, OKex, seems to had predicted the current movements of the BTC price action. The crypto exchange firm analyzed the behaviour of the other altcoins pre and post their respective blocks halving.

Similar movements as Bitcoin price action around halving

In the case of Bitcoin Cash, it saw a huge rally that elevated its price by a massive 38 percent as its block rewards halving approached. After a reduction in its roll-out rate, there was a substantial growth in the urge to sell BCH, that kindled a 27 percent price correction.

Likewise, BSV rallied by over 55% ahead of its block rewards halving to reach a high of $227. According to web search volume data, fanfare surrounding BSV dwindled post halving. As a result, BSV entered a correctional stage plummeting by almost 20%. 

Sufficient support available for Bitcoin

Over the past 48 hours, the Bitcoin price has plummeted by nearly 20%. The popular digital currency fell from a high of $10,080 to lows of $7,940, which is consequently the exact position where the 200 and 100-day moving averages are.

Bitcoin price

This key demand barricade seems to have been successful in halting BTC from the further drop. In fact, this support level resisted Bitcoin price, shifting it back above $8,600. 

On an alternative view, the rejection seems to have emerged from the lower boundary of a mounting parallel channel where bitcoin has been held since the mid-March crypto market collapse. Since the Market crash on March 12, every time Bitcoin shifts to the upper boundary of the channel, it drops down reaching the lower boundary. From this level, BTC surges once again.

The recent drop seen by BTC was triggered by a  huge amount of long positions that were liquidated. According to Datamish, on Bitmex alone more than $246.5 million was liquidated for the traders betting on an upswing.