Check out U.Today’s selection of the top three news stories over the past day.
69,000 BTC could be sold by U.S. government
As an analyst, I’ve been following the recent developments regarding the Bitcoins seized from the Silk Road marketplace by the U.S. government. Initially, entities like Battle Born Investments Company, First 100, and 1st One Hundred Holdings attempted to halt the enforcement of liquidating these Bitcoins while they pursued a separate lawsuit to unmask “Individual X,” a hacker who helped forfeit Bitcoin stolen from Silk Road to the U.S. government. This hacker was allegedly threatened by Ross Ulbricht, the jailed founder of Silk Road.
The claimants aimed to use the Freedom of Information Act (FOIA) to disclose the hacker’s identity, but unfortunately, the United States District Court for the Northern District of California ruled in favor of the government. Consequently, the U.S. government can now proceed with liquidating the confiscated Bitcoin fortune.
It is important to note that this liquidation may have a significant impact on Bitcoin prices, which are already grappling with difficulties in gaining momentum.
XRP price defends major Bollinger Bands level: Bullish?
On January 9th, the cost of XRP underwent a substantial test. Following an initial drop of 6.2% at the start of the week, the asset reached its lowest point at the 20-day moving average, which acts as the midpoint in the Bollinger Bands indicator. After momentarily surpassing this midpoint, XRP saw a rise of 4.51%, but this increase was halted by news about the U.S. Department of Justice’s authorization to sell confiscated Bitcoin from Silk Road, triggering a market-wide sell-off and causing XRP’s price to drop again. Nevertheless, XRP has managed to stay above the midpoint in the Bollinger Band, suggesting a bullish sentiment; however, another test of this level might occur, potentially leading to a decline of 1.48%. If this test is successful, it would increase the likelihood of reaching the upper Bollinger Band at $2.51, offering potential for substantial profits.
Gensler slams crypto ahead of his exit
As his term as Chair of the U.S. Securities and Exchange Commission (SEC) nears its end, Gary Gensler has once again voiced his concerns regarding the crypto industry, stating it is filled with questionable actors. In a recent interview on Bloomberg Television, he mentioned that the public is generally informed about Bitcoin, which makes up around 80% of the market value. However, he also highlighted approximately 10,000 to 15,000 ventures without solid foundations, claiming they are primarily driven by hype rather than sound fundamentals. Gensler expressed doubts about the longevity of these projects, likening them to venture capital investments and warning about “pump-and-dump schemes.” When discussing his upcoming departure from the SEC, he called it an honor to serve in that position. Despite receiving attention for legal actions in the crypto sector, Gensler clarified that such activities represented only around 5% of the SEC’s total enforcement initiatives.
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2025-01-10 18:51