Monat: Dezember 2023

• Federal Judge Rakoff rules $LUNA and $MIR as securities, finding Terraform Labs violated U.S. laws.
• SEC trial, scheduled Jan 29, 2024, centres on Terra’s UST stablecoin collapse and $25M alleged fraud.
• Jump Trading’s involvement adds complexity; the SEC insists Judge Rakoff, not a jury, decides securities status.

In a recent legal development, Federal Judge Jed Rakoff ruled in favour of the U.S. Securities and Exchange Commission (SEC) against Do Kwon and Terraform Labs. The judgment asserts that Terraform violated U.S. securities laws by selling unregistered securities, specifically LUNA and MIR tokens.

This decision sets the stage for a trial scheduled to commence on January 29, 2024, shedding light on alleged fraudulent activities and the involvement of the SEC.

LUNA and MIR tokens deemed securities

In the summary judgment, Federal Judge Jed Rakoff sided with the SEC in the case against Do Kwon and Terraform Labs. The ruling established that Terraform failed to register LUNA and MIR tokens as securities, concluding that the company violated U.S. securities laws. This aligns with the SEC’s stance that cryptocurrencies, including LUNA and MIR, should be classified as securities, subject to the agency’s regulation.

Judge Rakoff’s decision restricts the SEC’s regulatory authority to LUNA and MIR, marking a significant point in the ongoing legal battle. The charges stem from the collapse of Terra’s UST stablecoin in 2022, with the SEC alleging that a fraudulent security offering raised $25 million.

Jump Trading’s role and SEC’s position

New evidence presented by Jump Crypto adds complexity to the case. Jump Crypto, believed to have manipulated TerraUSD, allegedly profited $1.28 billion. The SEC claims Terra loaned tokens to the U.S. trading firm Jump Crypto further entwining the lawsuit with market manipulation accusations.

In a noteworthy move, the SEC has requested that Judge Rakoff determine whether Terraform offered and sold unregistered securities, arguing against a jury decision. The agency contends that the classification of securities is a legal matter for the court, not a factual question for a jury.

While the civil trial progresses, Do Kwon remains in a Montenegro prison, after successfully appealing his extradition to the U.S. for criminal charges. As the legal saga unfolds, the trial’s outcome will have implications for classifying and regulating cryptocurrencies, particularly LUNA and MIR, in the ever-evolving landscape of financial markets.

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• Hut 8 says it will manage mining operations for MiningCo at five sites under a four-year contract.
• The digital asset miner will oversee 122,000 miners with 12 EH/s of computing capacity and over 300 MW of energy.
• The announcement follows the US bankruptcy court’s approval of Celsius Network’s reorganization plan.

Hut 8 Corp, a digital asset miner headquartered in Miami, Florida, will manage the mining operations of MiningCo, a newly created mining company approved by the US Bankruptcy Court for the Southern District of New York in view of the Celsius Network LLC reorganization plan.

The plan allows Celsius to transfer its mining operations to MiningCo. It’s part of Celsius Network’s bankruptcy proceedings.

Hut 8 to provide managed services under 4-year contract

As CoinJournal reported, US bankruptcy judge Martin Glenn approved the restructuring plan that allows Celsius Network to pivot its operations fully to Bitcoin mining.

In its announcement today, Hut 8 said the court’s approval of the reorganization plan the company had sponsored allows it to manage operations for MiningCo at five sites. Hut 8 will also oversee 122,000 miners with 12 EH/s of computing capacity and over 300 MW of energy.

This just in 📰➡️ our reorganization plan filed in the Celsius Network LLC bankruptcy proceedings was approved. This means providing end-to-end managed services for five sites in Texas, overseeing ~12 EH/s computing capacity (122,000 miners) and more than 300 MW of energy.

Read…

— Hut 8 (@Hut8Mining) December 29, 2023

As granted by the court, Hut 8 will manage MiningCo’s mining operations under a four-year managed services contract.

Commenting on the approval, Hut 8 president Asher Genoot said:

“The mining plan that was presented to the creditors and the courts is strong and sound, and we look forward to proceeding with construction imminently at the Cedarvale, Texas site, and managing four additional sites once the process closes in the first quarter of 2024.”

Hut 8 will use the opportunity to grow its managed services business. The company also hopes to help build equity for Celsius’ creditors through MiningCo, Genoot added.

Apart from the four Texas locations at Rebel, East Isle, Style and Garden City (cumulatively having 87 MW), Hut 8 will also manage services at Cedarvale, Texas, MiningCo’s fifth site. 

Celsius struck a mining deal with US Bitcoin Corp in August, and selected the company which recently combibed its business with Hut 8 as the provider of end-to-end development services at Cedarvale.

Hut 8 will thus oversee the site’s design and development, which when completed, will have roughly 66,000 miners and offer more than 215 MW of energy. 

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• Meme Moguls (MGLS) has accelerated its presale as more participants bet on the new meme-based assets platform.
• Increaased investment in MGLS comes as one trader reportedly turns 1 SOL ($62 at the time) into $2 million as they traded a Solana-based meme coin.
• MGLS is priced at $0.0025 and in stage 3 of the presale.

In one spectacular moves in the crypto market, a savvy trader turned a modest $62 into a fortune as their bet on a Solana-based meme coin returned over $2 million. The trader’s jackpot isn’t isolated as more and more regular traders become adept at spotting gems across the market.

One of those likely to grab more attention as the crypto market flips bullish is Meme Moguls – a new token set to bring the benefits of trade-and-earn to the increasingly profitable meme coins sector.

Huge win as meme trader 1.5 SOL into $2 million

An on-chain analytics platform has alerted the crypto community to the exploits of one trader that managed to turn 1 Solana (SOL) into millions of dollars after trading a Solana-based meme coin.

According to details shared by Lookonchain on December 27, the trader had used 1 SOL (worth about $62 at the time) to buy Silly Dragon (SILLY).

The transaction, initiated five minutes after SILLY opened trading, was for 43.1 million SILLY tokens and in 22 days, they had seen their bet grow to over $2 million worth of the meme coin. After cashing out $528k, the trader held over 9.7 million of the meme token (worth about $1.5 million).

Can regular traders make such money on meme coins? Recent rallies for Bonk (BONK), Pepe (PEPE) and other tokens have returned staggering profits for many traders. 

Earlier this year, one PEPE trader reportedly made $1.02 million from a $250 investment, while another invested $4,410 and saw it return $1 million.

While major losses have also occurred in the crypto market, it could be argued that the chances of an opportunity of a lifetime are also there. Due diligence is critical and the initial investment doesn’t have to be all that one owns.

Meme Moguls: Play, trade and earn with meme coins

Meme Moguls is a new meme-based platform offering a stock market-style trading exchange. At its core, Meme Moguls is designed to offer earn opportunities to meme coin traders.

Powered by the ERC-20 token MGLS, Meme Moguls is an exchange whose ecosystem leverages an innovative play-to-earn game to give users the opportunity to earn from all the trending meme coins.

Whether it’s Dogecoin, Shiba Inu, Bonk or other meme coin making waves in the market, traders will have a chance to put their trading skills to test as they earn MGLS. The combination of gaming, trading and meme power, with no buy or sell tax, could be a game-changer. 

This might see Meme Moguls trending as one of the best play-to-earn platforms to add to the tag of being one of the hottest presale projects today.

Meme Moguls presale

As noted above, Meme Moguls is currently in stage 3 of its presale. Its potential to redefine meme coin trading via P2E gaming has seen over $1.1 million raised as of December 29. 

This phase of the roadmap offers crypto enthusiasts a chance to be early birds ahead of its official launch in 2024. 60% of the total 3 billion token supply is available during the presale.

With MGLS as the governance and in-game currency for the ecosystem, its importance means it could become increasingly valuable to holders.

According to details on the presale page, the early offer has MGLS priced at just $0.0025, making this potentially a great entry point. Analysts are also tipping this token for a possible 100x move when Meme Moguls goes live.

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• Bitcoin is above $42k as bullish sentiment around spot Bitcoin ETFs increases. 
• Will the outlook for BTC and top altcoins be replicated by privacy coins Monero and Zcash? 
• Could Memeinator outperform the two coins?

Monero (XMR) and Zcash (ZEC) have lagged other top altcoins over the past several months, with XMR and ZEC up just 3% and 2% respectively over the last 30 days. The tokens were also trading lower on December 29 after a major exchange announced it will delist spot pairs for these privacy coins.

Despite this, could the overall bullish sentiment across crypto ahead of a spot Bitcoin ETF approval by the SEC lift Monero and Zcash? Is the impending nod also a bullish catalyst for Memeinator (MMTR)? Here’s an outlook for each.

Crypto outlook as market awaits spot Bitcoin ETF approval

While the SEC has approved multiple futures and spot Bitcoin ETFs are already listed in other markets, its still a waiting game in the United States.

Sentiment and anticipation are however at a new peak heading into 2024. This is because the US securities regulator has held several meetings with applicants, including BlackRock, ARK 21Shares and Grayscale over the spot ETF filings.

The anticipation is that the first batch of spot Bitcoin ETF approvals will come before January 10, 2024 – the deadline for the final decision on the ARK 21Shares proposal. With just days to the expected approval and further catalysts for crypto aligning, Bitcoin (BTC) price is finely poised above $42k.

Analysts say the potential nod for the US market’s first spot Bitcoin ETF could be the trigger for massive demand pressure for BTC. Prices across the sector could benefit from the overall sentiment to trade higher.

Monero (XMR) price prediction

Monero and Zcash are the two top privacy-focused cryptocurrencies in the market. On Friday, crypto exchange OKX announced it will be delisting spot trading pairs for XMR and ZEC among other privacy coins.

In the market, Monero (XMR) has seen an uptrend of sorts since September. However, its performance over the past month has largely been ranged as bulls fail to break above year-to-date highs of $186. Currently at $172, XMR might have to reclaim the YTD high area as support to build momentum for a run above $200.  

Zcash (ZEC) price prediction

Zcash (ZEC) recently saw its creator and founder of the Electric Coin Co. Zooko Wilcox step down as the company’s CEO. Like Monero, it also will be delisted from OKX in January 2024.

The price of ZEC has declined by about 9% in the past 24 hours. According to data from CoinGecko, Zcash price is down 22% over the past year. Currently at just under $30, ZEC/USD is 99% off its all-time high above $3,191 reached in October 2016.

The short-term outlook for Zcash is thus likely to continue on a bearish trajectory – most likely amid further scrutiny from regulators. However, should the ZEC price cross above $45, bullish momentum could see it target the $100 area. The next major targets would be $200 and the last bull market’s peak above $320.  

Memeinator (MMTR): A new token aimed at meme dominance

Memeinator (MMTR) is a new meme token looking to break into the top meme coin world by capturing a $1 billion market cap. The Memeinator’s goal is to overtake the weak and worthless meme tokens by offering its community real utility.

According to the AI-powered project’s whitepaper, the genuine utility will be via an innovative game, staking and unique NFTs. Integration with top dApps and offering access to DeFi opportunities also looks to be a recipe that could see Memeinator challenge top tokens like Shiba Inu, Bonk and Dogecoin.

The project is currently in presale and attracting huge attention, with over $2.5 million raised so far. At the current presale price of $0.0166, investors who enter before the next stage (11) will see this value jump by 65% when the token lists after stage 20 with MMTR priced at $0.0292.

MMTR price might rally hard from then, particularly with the broader bull market likely in full swing later in the year.

The post Monero, Zcash, Memeinator price prediction ahead of Bitcoin ETF approval appeared first on CoinJournal.

• FTX Exchange bankruptcy and customer claims turmoil.
• FTT’s price rollercoaster: bullish momentum, bearish setbacks, technical signals.
• Pullix emerges as a DeFi alternative: PLX token’s Trade-to-Earn model.

A recent court filing has revealed that FTX is seeking approval to repay customer claims in US dollars, sparking debates among creditors. Meanwhile, FTT’s unpredictable journey adds intrigue to the bankrupt crypto exchange.

Amid this chaos, a hybrid cryptocurrency exchange Pullix is attracting crypto enthusiasts with its ongoing PLX token presale.

FTX Token’s rollercoaster ride

The FTX Token (FTT) has embarked on a rollercoaster ride in recent months, characterized by volatility and uncertainty. After a brief consolidation phase, the token showcased resilience by breaking out of its range, resulting in a notable 60% surge. However, the bullish momentum faced a setback as the price encountered resistance at $6 and succumbed to a bearish influence.

Technical indicators, such as the Moving Average Convergence Divergence (MACD), depict ongoing price action, signalling a potential continuation of market fluctuations. The looming possibility of a Death Cross, as indicated by the Cross EMA 50/200 Day, and the resistance of FTX’s proposed repayment plan adds an element of caution for investors navigating the FTT landscape.

FTX bankruptcy drama unfolds: customer claims

Amid the FTT’s price turmoil, the FTX exchange is grappling with bankruptcy proceedings, prompting scrutiny from creditors. A recent court filing reveals FTX’s controversial proposal to appraise customer claims in US dollars, based on cryptocurrency prices as of the bankruptcy date, November 11, 2022. However, creditors argue that the proposed values significantly undervalue their digital assets, igniting a legal battle over the valuation of crypto claims.

The FTX 2.0 Coalition, representing a group of creditors, urges affected customers to contest the undervalued compensation plan. The court’s decision, anticipated by the January 11 deadline for filing objections, will significantly impact the course of FTX’s legal proceedings and set precedents for crypto-related bankruptcy cases.

FTX Token (FTT) price prediction

As FTX token holders navigate the uncertainties, analysts provide a glimpse into potential price scenarios for FTT as 2023 comes to an end. The technical analysis suggests that if bulls manage to push the price above the resistance level of $4.0396, FTT could target upper resistance levels at $4.5550 and $5. Conversely, a bearish scenario could see the price testing support levels at $3.4550 and $2.8934 if bears dominate the market.

The intricate dance between bulls and bears, coupled with the dynamics of technical indicators, sets the stage for a critical period in FTT’s price trajectory. Traders and investors keenly await developments that will shape the token’s future in the crypto market.

Pullix emerges as a decentralized trading alternative

Amidst the chaos surrounding FTX, Pullix emerges as a potential game-changer in the decentralized trading space. The platform’s unique approach aims to bridge the gap between centralized and decentralized exchanges, tackling liquidity issues that have hindered DeFi’s growth. Offering institutional, liquid, and slippage-free trading, Pullix distinguishes itself with a commitment to user security and a hybrid DeFi model.

The PLX token, Pullix’s native cryptocurrency, introduces a “Trade-to-Earn” concept, allowing users to earn instant rewards for trading and providing liquidity. Unlike traditional exchanges, PLX token holders benefit from a revenue-sharing mechanism, earning a fixed passive income by contributing to automated market makers. With an innovative approach to liquidity provision and a community-driven ethos, Pullix presents itself as a compelling alternative in the ever-evolving crypto landscape.

Conclusion

In the unfolding narrative of FTX’s financial woes, FTT’s price dynamics, and Pullix’s emergence, the crypto community is presented with a variety of investment opportunities. They can choose to follow FTT price prediction or dive into the new PLX token currently in the presale stage.

However, whichever opportunity they decide to grab, they must remain vigilant, navigating the intricate crypto landscape where volatility and innovation go hand in hand.

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