The Bitcoin price rose above USD 23k earlier today and was trading just above USD 23,500 at the time of writing. The largest cryptocurrency by market capitalization is finally moving above the key $22,000 resistance, albeit only briefly. Altcoins, on the other hand, also rose strongly, but delivered a mixed relative performance. More on that later.
In other news, controversial cryptocurrency lender Celsius and his lawyers recently made a surprising revelation in court. They claimed that the Celsius users lost rights to their crypto when they signed up with the company under the Terms of Service (ToS). It essentially tries to establish that the money that the company has lost does not belong to the users and they have no claim to it. This is sure to shake up the company’s investors and perhaps its legal defenses. More on that later.
Singapore’s financial watchdog has said it will not recognize Terra (LUNA) and 3AC associations. The regulator has finally opened up the case as these two organizations have been part of massive loss-making events for crypto users.
Crypto exchange Crypto.com has been legally licensed in Italy. The exchange is aggressively looking to expand its business in Europe and the Middle East, as revenues from other areas are falling significantly. The approval in Italy was granted by the Organismo Agenti e Mediatori, also known as OAM, and which the company touts as a major breakthrough. However, it remains to be seen how effective it will be in the Italian market.
Brad Sherman, a member of the US House of Representatives, has stated that the SEC’s latest move to enforce its jurisdiction over crypto exchange Poloniex is akin to going after the small fish and leaving the big ones alone. He made these comments at a recent House Committee on Financial Services hearing. He also compared the situation of the XRP token and the role of exchanges in promoting it, wondering why the latter is not being prosecuted and the former is.
Brazilian Ultimate Fighting Champion (UFC) player Luana Pinheiro has become the first major female athlete to receive her full salary in Bitcoin. When asked about this, she shrugged off the possibility of price volatility, saying she is a long-term investor.
ApeCoin, the cryptocurrency behind Yuga labs’ NFT sensation, may rise in the near future, according to some experts. They believe the coin will see a 45% price increase by September 2022. However, the ongoing bear market may spoil the bullish party for ApeCoin.
The US Federal Bureau of Investigation (FBI) has once again warned the public against investing in fake crypto scams and avoiding online advertisements related to them. The federal law enforcement department has previously spoken out about crypto scams and wants to speak out again and warn users.
Bitcoin price rises above $23k
Bitcoin is currently trading around $23.5k. The cryptocurrency finally made some gains after a month or so of mega losses.
The last 24 hours started with the BTC rate around $21.5k. it stayed flat for a while before starting to gain value early in the morning. It rose above $22k to as high as $22.6k before losing steam and falling back below the main resistance. For a while it seemed that the crypto had had the bullish movement of the day, but in the evening the price started to rise again. It moved quite comfortably above $23k, positioned above the main resistance and looking ahead. It trades around $23.5ki at the time of writing.
Bitcoin is now above the major resistance at $23k and turning north. The price is positioning itself for a bullish end to this month, but it remains to be seen how far it can actually go. The next resistance is $25k.
Bitcoin’s total market cap was around $444 billion and its share of the crypto market was 43%.
Altcoins Post Mixed Profits
Other cryptocurrencies posted mixed gains as the crypto market entered a weak bullish phase with the victory of BTC’s $22k resistance. Big winners were Ethereum (ETH, 7.6%), Binance Coin (BNB, 6.5%), Ripple (XRP, 4.4%), Cardano (ADA, 8.8%), Solana (SOL, 14, 1%), Dogecoin (DOGE, 6%), Polkadot (DOT, 8.4%), Polygon (MATIC, 4.3%), Shiba Inu (SHIB, 9%), Avalanche (AVAX, 12%) and Litecoin (LTC, 4%).
In other news…..
Celsius declares that Crypto belongs to the company and not users with a destructive claim
Financially troubled crypto-lending platform Celsius has stated in court that according to the Terms of Service (ToS), the crypto the company loses belongs to the company, not the users who deposited it. This surprising claim has dampened the hopes of users to get their hard-earned money back.
Now Celsius has opened this Pandora’s box and claims that the money belongs to the company. It has already filed for bankruptcy. This means that the company is trying to hide behind a vague clause in the terms of service to hide their incompetence. The company is currently hundreds of millions of dollars in debt.