News that Iran has launched drones toward Israel’s airspace is affecting global markets and sending Bitcoin’s (BTC) price plummeting. Iran says it has launched dozens of drones and the Israeli military says it expects them to arrive in a matter of hours, reports the Associated Press. News of the imminent launch sent the implied open […]
The post Dow Futures Drop, Bitcoin Price Plummets As Iran Launches Drones Toward Israel appeared first on The Daily Hodl.
A May 3 filing to the United States Bankruptcy Court brings new objections to a motion that aimed to redact customer identities.
Four media outlets in the United States have continued efforts to get the identities of non-U.S. FTX customers revealed, filing new objections to a previous motion to seal their identities.
Bloomberg, Dow Jones, The New York Times and the Financial Times first filed a motion objecting to FTX and the Official Committee of Unsecured Creditors being authorized to redact and withhold customer information on Jan 11.
While the court previously had heard similar arguments by the four firms, the May 3 filing made a new objection to the Committee’s motion to seal the identities of non-U.S. customers.
The media outlet's most recent argument is that there is no legal basis to redact the names pursuant to non-U.S. data privacy laws.
The media giants argued that under section 105 of the Bankruptcy Code — the provision which grants the bankruptcy court judicial power — there is no part that permits foreign law to override the right of access to information under U.S. constitutional and statutory law:
“At bottom, Movants desire to avoid ‘enforcement of the public disclosure requirements of U.S. bankruptcy law’ [...] furnishes no basis for sealing.”
“The law of the United States — constitutional and statutory — guarantees the public a strong presumptive right to inspect bankruptcy filings. That right cannot be abrogated by a party’s assertion of legal obligations under foreign law,” the media firms added.
The first argument raised — which was claimed in an earlier filing — was that the names of FTX’s creditors do not constitute “confidential commercial information.”
The second — also raised in an earlier filing — is that such disclosure wouldn’t subject the creditors to “undue risk.”
Related: FTX has recovered $7.3B in assets, will consider rebooting exchange
FTX and the committee have until May 4 at 4:00 pm Eastern Time to submit an objection.
The hearing date for the filing will take place on May 17 at 1:00pm.
Magazine: Can you trust crypto exchanges after the collapse of FTX?
Macroeconomist Henrik Zeberg is predicting both Bitcoin (BTC) and US stocks are on the verge of a massive upswing. Zeberg tells his 109,900 Twitter followers that he believes Bitcoin will soon break out from the $28,000 level and cross $30,000. Zeberg shares a chart from crypto-focused hedge fund Swissblock that indicates Bitcoin is oversold and […]
The post Major Uptrend About To Accelerate for Bitcoin (BTC) and Stock Market, According to Economist Henrik Zeberg appeared first on The Daily Hodl.
Equities, precious metals, and cryptocurrencies have been on a tear during the last three weeks of 2023, and all eyes are now focused on the next Federal Open Market Committee (FOMC) meeting, which is 11 days away. On Friday, Federal Reserve governor Christopher Waller said that he favors a quarter-point benchmark rate increase at the […]
The media’s lawyers argued the public’s right to know Bankman-Fried's sureties outweighed their privacy and safety rights, but Bankman-Fried’s lawyers strongly disagreed.
Eight major media companies including Bloomberg, The Financial Times and Reuters have demanded public disclosure of the two individuals responsible for guaranteeing FTX former CEO Sam Bankman-Fried's $250 million bond.
In a Jan. 12 letter addressed to New York District Court Judge Lewis Kaplan, attorneys from Davis Wright Tremaine LLP — acting on behalf of the media giants — argued that “the public’s right to know Bankman-Fried's guarantors outweighed their privacy and safety rights.”
Media organizations looking to persuade the judge to unseal the identities of Bankman-Fried's guarantors include the Associated Press, Bloomberg, CNBC, Dow Jones, The Financial Times, Insider and the Washington Post.
In making their case, the media’s lawyers used case precedent from Ghislaine Maxwell’s Dec. 2020 case — where the bond guarantors' names weren’t revealed — to argue that Sam Bankman-Fried’s financial crimes were not as serious as Maxwell’s involvement in Jeffery Epstein’s child sex traffic ring scandal:
"While Mr. Bankman-Fried is accused of serious financial crimes, a public association with him does not carry nearly the same stigma as with the Jeffrey Epstein child sex trafficking scandal.”
According to a Jan. 12 report from Reuters, Bankman-Fried’s lawyers previously argued that Bankman-Fried's sureties should be kept under wraps as Joseph Bankman and Barbara Fried — the parents and co-signers of Bankman-Fried’s $250 million bond — have received ongoing physical threats since FTX's catastrophic collapse in early November.
Related: Sam Bankman-Fried: ‘I didn’t steal funds, and I certainly didn’t stash billions away’
If the guarantor’s names were revealed, there would be a “serious cause for concern” for the safety and welfare of those two people, Bankman-Fried’s lawyers argued.
On Jan. 3, Bankman-Fried pleaded not guilty against all eight criminal charges related to the shock collapse of his former cryptocurrency exchange FTX, which includes wire fraud and violations of campaign finance laws among other charges.
Equities, precious metals, and cryptocurrencies shined on Wednesday following Federal Reserve chairman Jerome Powell’s speech at the Brookings Institution in Washington. The crypto economy increased 3.11% to $860 billion, while the top four stock indexes jumped between 2% to 5% higher on Nov. 30. Stocks, Crypto, and Precious Metal Markets Jump Higher Against the Greenback […]
The U.S. Federal Reserve introduced another jumbo rate hike on Wednesday, Nov. 2, 2022, by hiking the federal funds rate (FFR) by 75 basis points (bps). The American central bank said on Wednesday that the hike aims to curb inflation and the Fed says “recent indicators point to modest growth in spending and production.” U.S. […]
A classic bearish reversal pattern suggests pain ahead for the ETH/BTC pair despite Ethereum's milestone Merge event.
Ethereum's native token Ether (ETH) has been forming an inverse-cup-and-handle pattern since May 2021 on the weekly chart, which hints at a potential decline against Bitcoin (BTC).
An inverse cup-and-handle is a bearish reversal pattern, accompanied by lower trading volume. It typically resolves after the price breaks below its support level, followed by a fall toward the level at a length equal to the maximum height between the cup's peak and the support line.
Applying the theoretical definition on ETH/BTC's weekly chart presents 0.03 BTC as its next downside target, down around 55% from Sept. 16's price.
Alternatively, the ETH/BTC pair could nevertheless deliver some large gains in the years to come.
On the weekly log chart, the ETH/BTC pair is painting a potential cup-and-handle since January 2018. In other words, a rally toward 0.5 BTC in 2023 is on the table, up more than 520% from current price levels.
Unlike its inverse counterpart mentioned above, cup-and-handles are bullish reversal patterns with their upside targets located at levels equal to their maximum height when measured from their breakout point.
Veteran analyst Tom Bulkowski notes that these patterns have a 61% success rate of meeting their upside targets.
For instance, the cup-and-handle pattern that formed on the Dow Jones chart during the Great Depression of the 1930s and 1940s — wherein the cup took nine years to develop and the handle another four years — reached its upside target in the 1950s, as shown below.
Potentially, ETH/BTC could now be in the handle stage of a similar cup-and-handle pattern, as shown via the shaded purple descending channel area in the chart below.
The pair awaits a breakout move above the pattern's resistance level of 0.08 BTC. For now, it has been fluctuating lower inside the handle range, eyeing a pullback toward its lower trendline at around 0.05 BTC after testing the upper one as resistance this week.
Ethereum's potential to overtake Bitcoin by market capitalization has been commonly dubbed as "the flippening."
Ethereum is competing with Bitcoin to become the so-called "inflation hedge," according to Joshua Lim, head of derivatives at Genesis Trading. Lim cited Ethereum's EIP-1559 update from August 2021 that introduced a fee-burning mechanism into its protocol.
Related: Academic research claims ETH is a ‘superior’ store of value to Bitcoin
According to Ultrasound.Money, Ether's supply growth now stands at minus 1.43% per year. In other words, the token could be becoming "disinflationary" with time. Lim argues that it makes Ether an attractive alternative to Bitcoin among institutional investors.
12/ can BTC remain king going fwd? only time will tell if the ETH narrative post-Merge is strong enough to overthrow the status quo
— Joshua Lim (@joshua_j_lim) August 29, 2022
in the meantime, expect BTC to continue to trade like a funding asset and preferred hedging instrument for the entire asset class
But many argue against the flippening narrative, including Rahul Singh, the co-founder of Defi platform FINtokens. He told Cointelegraph Bitcoin would continue existing as a "digital gold" while Ethereum would become an "Internet 2.0" project.
Never Ever...
— AskToRahulSingh©️ (@AskToRahulSingh) July 13, 2022
B'coz#Bitcoin in Digital Gold
&#Ethereum is Internet 2.0
So,
There's a lot of difference between Digital Asset Values, &
Digital Soft. Values
As of September 2022, Ether's market cap is $175 billion compared to Bitcoin's $372 billion.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Wall Street’s major indexes closed the day in red on Tuesday, alongside cryptocurrencies, and precious metals like gold and silver taking some percentage losses. The leading crypto asset bitcoin dropped 5.87% under the $19K region, while the second largest crypto asset ethereum shed 8.7%. Gold’s nominal U.S. dollar value per troy ounce slipped by 0.50%, […]
Following Jerome Powell’s hawkish commentary at the annual Jackson Hole Economic Symposium, major stock indexes, cryptocurrencies, and precious metals slid significantly in value. Over $240 billion was erased from the crypto market and the Crypto Fear and Greed Index continues to slide lower, edging toward “extreme fear.” Furthermore, the chief strategist at bubbatrading.com, Todd ‘Bubba’ […]