Sam Bankman-Fried, der ehemalige CEO und Gründer der insolventen Kryptobörse FTX, plädierte bei einer Anhörung am 22. August auf „nicht schuldig“ in Bezug auf die Betrugs- und Geldwäschevorwürfe.
Bitcoin price prediction: A very dangerous pattern is forming
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Bitcoin price has formed a double-top pattern on the daily chart.
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It has also formed a bearish flag pattern on the four-hour chart.
Bitcoin price remained in a tight range this week as concerns about the industry continued. The BTC/USD pair was trading at 26,000, where it has been in the past few days. Similarly, the BTC/GBP was stuck at 20,522, which was much higher than last Friday’s low of 19,762.
Bitcoin flash crash
Bitcoin and other cryptocurrencies continued plunging last week as concerns about the industry rose. As it dropped, Bitcoin moved below the important support at $28,300, where it failed to move below in July.
There are numerous reasons for the crash. Technically speaking, Bitcoin formed a double-top pattern, which is one of the most accurate bearish signs in the market.
At the same time, analysts cite the performance in the derivatives market. Data compiled by CoinGlass showed that open interest worth over $2.5 billion was cleared in a few hours.
This perforance is notable since implied volatility in the options market had crashed to an all-time low earlier tis month. This volatility has now somewhat recovered following the recent plunged.
As shown below, cumulative volume delta (CVD) has been in the green in the past few days. Weighted open interest has risen while aggregated liquidations have remained substantially low.
Looking ahead, the next likely catalyst for Bitcoin price will be the upcoming meeting at Jackson Hole in Wyoming. This is an annual meeting of central bank officials from around the world. Jerome Powell and other officials will talk about the current state of the economy and the potential actions.
Bitcoin price forecast
The 4H chart shows that the BTC/USD pair has been in a strong bearish trend in the past few months. The chart shows that Bitcoin has moved below the 50-period and 25-period exponential moving averages (EMA).
Most importantly, Bitcoin price has formed a bearish flag pattern. In price action analysis, this pattern is usually a bearish sign. Therefore, there is a likelihood that Bitcoin price will have a bearish breakout in the coming days, with the next level to watch being at $25,000.
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Cryptocurrencies face more slump, but Shiba Memu shines on presale
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Shiba Memu presale has raised over $2.2 million
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Increasing risk-off sentiment is hurting the rest of the sector
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Shiba Memu could return by up to 1,000%
The past week has been a bloody period for cryptocurrencies. A more than 10% loss takes Bitcoin to slightly above $26,000, while Ethereum is back to below $1,700. The losses reflect an increasing risk-off mood, with the US dollar gaining strengths. But does that mean investors are giving up on the sector? Shiba Memu (SHMU), an upcoming meme cryptocurrency, has witnessed high demand. With over $2.2 million raised, the presale illustrates interest in high-potential crypto projects.
Risk-off sentiment and what it means for crypto
Appetite for high-risk appetite has cooled off lately, thanks to sector concerns and macro developments. Sector risks have been underlined by falling Bitcoin volume on exchanges. This follows reports that Elon Musk’s SpaceX has sold its Bitcoin holdings.
Meanwhile, the US dollar, which has an inverse relationship with Bitcoin, has been gaining. The most notable contributor is expectations that the Fed will hold its hawkish monetary policy. Ahead of this week’s annual Jackson Hole meeting, analysts have been sounding higher rates.
The expectations of hawkish policy reflect elevated inflation rates. Although the July consumer price index eased to 3.2%, it remains outside the band Fed considers appropriate. The US central bank has a 2% inflation target, with July readings above it. As such, the projection of a hawkish stance has spooked crypto markets ahead of the meeting.
Shiba Memu defies the risk-off mood
Shiba Memu is a new crypto project that aims to be self-sustainable in the meme space. This has attracted demand as the native token, SHMU, carries a use case that outwits its meme peers. In particular, investors may be attracted to Shiba Memu’s AI angle. The project utilises AI capabilities such as machine learning and predictive analytics to self-market itself.
Shiba Memu can also engage with its users through an AI-led application. A robotistic dashboard lets users ask the robot questions, give feedback, and provide suggestions. The use cases are expected to make Shiba Memu a unique user-led platform. In the future, there is no limit on what Shiba Memu can achieve with its AI application.
As investors shun risky holdings like Bitcoin, they could shift attention to Shiba Memu. A project of its nature is yet to unlock value, explaining the high demand. SHMU doesn’t rank on the same risk profile as the greenback. However, it gives investors an excellent alternative to mainstream assets. This could explain the fast-selling presale.
Shiba Memu carries a meme vibe
Whenever meme cryptocurrencies are mentioned, eyebrows are raised. They are assets that have shown huge promise to deliver up to 10 times due on pure online chatter. Shiba Memu is a meme cryptocurrency and reawakens similar thoughts. Investors expect huge gains once the value of this token is unlocked after listing on exchanges.
The meme vibe is also brought out in Shiba Memu’s price dynamics. The price of the cryptocurrency increases every day at 6 PM GMT.
For example, the price of the token is $0.022150. That compares to a price of $0.011125 when the presale was launched. The presale ends after eight weeks at a SHMU price of $0.0244. It means investors that bought the token at the initial stage will see the value of their holding double. The trend gives investors a meme vibe as these tokens are known to be always on the move.
Should you invest in Shiba Memu now?
Obviously, Shiba Memu’s presale is near its conclusion. Investors that missed a chance to buy at the initial stages can still do so now as the price is low. The value of SHMU could increase exponentially after listing. It means investing now allows investors to benefit from potential price increases.
Predictably, Shiba Memu could return up to 1,000% once listed. Highly subscribed projects have risen by more than the prediction. This gives Shiba Memu a realistic chance to rise by similar margins.
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Kryptowährungen verstärken finanzielle Risiken in Schwellenländern: BIZ-Bericht zeigt erneut Skepsis
Die Zentralbanken der Vereinigten Staaten, Kanadas, Mexikos und Brasiliens haben auf die Risiken von Kryptowährungen hingewiesen, aber dennoch vor zu strenger Regulierung gewarnt.
BlockFi challenges FTX and Three Arrows Capital’s $5 billion recovery claims
- FTX is attempting to collect funds that BlockFi withdrew from FTX.com and others paid as interest by Alameda.
- BlockFi has however described FTX’s investment as a “gamble” that BlockFi creditors shouldn’t be held responsible for.
- Three Arrows Capital argue that BlockFi’s efforts to block their claims may violate the previously granted bankruptcy pause.
Bankrupt crypto lender BlockFi is attempting to thwart attempts by FTX and Three Arrows Capital (3AC) to collect billions of dollars exchanged between the companies before their demise last year. In a court filing made on Monday, BlockFi asserted that FTX and Three Arrows Capital are not entitled to the $5 billion they are requesting. BlockFi is accusing the two companies of victimising it.
In the filing, BlockFi wrote that the doctrine of “unclean hands” should be applied in order to prevent future unfairness to the creditors of BlockFi’s estates.
Effect on repayment to creditors
The ongoing tussle might have a substantial impact on how much is paid back to each creditor in the individual bankruptcy cases of BlockFi, FTX, and Three Arrows.
BlockFi, which is already in the liquidation process, has raised concerns that the legal battles with FTX, Three Arrows, and other crypto companies may have a $1 billion negative influence on the repayment of its clients.
FTX claims
In its defence, FTX has stated that its main goal is to recoup loan repayments and collateral that were given to BlockFi prior to the company’s bankruptcy filing in November 2022.
Along with other preferential payments, FTX is attempting to collect the $90 million that BlockFi withdrew from FTX.com and the $400 million that its trading company, Alameda Research, paid back in loan interest.
However, the $400 million, according to BlockFi, wasn’t covered by a typical loan arrangement. Instead, BlockFi claimed it was an unsecured, 5-year term with interest rates far lower than the market average, and repayments weren’t required until the company would presumably mature.
The investment by FTX was described by BlockFi as a “gamble” that BlockFi creditors shouldn’t be held responsible for.
Three Arrows Capital claims
As one of the main creditors, Three Arrows has also asserted that BlockFi owes them more than $220 million through the liquidators acting on their behalf.
Under bankruptcy law, businesses have the right to reverse transactions that favoured some creditors over others in the months leading to filing for Chapter 11.
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