Monat: August 2025

• Bitcoin Cash price is near $590 having touched highs above $604 in the past 24 hours.
• While BCH is a mere 1% in 24 hours at the time of writing, it’s 18% higher in 30 days.
• Bitcoin Cash could break above critical resistance and eye the $1,000 level.

Bitcoin Cash (BCH) is not one of the flashy performers in the crypto market, with the coins’ 18% uptick in the past month small compared to peers in the top 100 cryptocurrencies by market cap.

However, as Ethereum makes headlines as it approaches its all-time high, Bitcoin Cash is also hovering around a critical resistance level having tested the $600 level.

This charge, fueled by a remarkable 30% surge in daily trading volume, could see BCH eye further gains towards the $1,000 mark. But what’s the technical outlook?

Bitcoin Cash retests key price level

The price of Bitcoin Cash is currently retesting a pivotal resistance zone, with its price hovering around the $600 mark.

Over the past 24 hours, BCH has touched highs of $601 across major exchanges, and shows resilience with prices remaining above $590 and ticking to highs near the July peak of $604.

The jump to $600 represents a notable move for BCH, as this allows buyers to test the upper boundary of a sell wall that has previously seen bears emerge strongly.

Notably, the 30% spike in trading volume speaks to the increased market activity, suggesting traders may be positioning for a potential breakout.

What’s next for BCH price: Can bulls reclaim $1,000 in 2025?

BCH price reached highs of $624 in December 2024 and last traded above $1,000 in 2021.

Looking at the technical picture for Bitcoin Cash, the overall outlook is optimistic, with bulls setting their sights on flipping $600 into a robust support level.

From here, a potential climb towards $1,000 is possible. In the short term, the supply wall is around $680 and $764 and above this, a flip to $1k and over will be more likely.

The broader market sentiment, with Fear & Greed Index trending in the “Greed,” zone, adds to this outlook.

BCH’s technical indicators also align with a bullish trend. Increased adoption that has investors buoyed amid favorable macroeconomic conditions, gives this altcoin a good chance of continuing higher.

However, traders may yet trade cautiously as profit taking a dump for major altcoins could dampen broader sentiment.

The upcoming inflation data, with Bitcoin’s correlation with stocks tight, could mean either a sharp surge or notable dump.

“BTC ’s correlation with equities has tightened since mid-July, mirroring US stocks’ rebound to near record highs. Attention now shifts to Tuesday’s CPI, expected to rise 10 bps to 2.8%,” analysts at QCP noted. “A softer CPI could cement odds of a September Fed cut, while a hotter print risks stalling the rally. Traders are hedging with demand for short-dated $BTC puts in the $115k–$118k range.”

The price of Bitcoin hovers around $118,500, while BCH trades near $590.

The post BCH looks to break key resistance as Bitcoin Cash volume jumps 30% appeared first on CoinJournal.

• Fenwick & West accused of enabling FTX’s $8B customer fund theft.
• The law firm is accused of designing fraud-friendly corporate structures.
• Fenwick & West denies wrongdoing, says actions were within legal scope.

The legal fallout from the spectacular collapse of cryptocurrency exchange FTX has now zeroed in on the Fenwick & West law firm.

Plaintiffs in a massive class action are accusing Silicon Valley-based law firm of being far more than a bystander in the $8 billion fraud that brought down Sam Bankman-Fried’s empire.

The plaintiffs allege that the prestigious firm not only knew about FTX’s misconduct but also actively shaped the structures that made it possible.

Spotlight on the Fenwick & West law firm

The class action, filed on Monday, is part of a multi-district litigation involving more than 130 firms linked to FTX, and it singles out Fenwick & West as the only one accused of knowingly participating in the fraud.

Plaintiffs say new evidence from Bankman-Fried’s criminal trial and the bankruptcy investigation reveals the firm played a “key and crucial” role in the exchange’s operations.

According to them, FTX’s massive misappropriation of customer funds could not have happened without Fenwick’s “substantial assistance.”

Court filings claim the firm designed corporate entities with no safeguards, enabling FTX to divert billions in customer assets to its sister trading firm Alameda Research.

Among the most controversial allegations is that Fenwick set up shell companies such as North Dimension to obscure transactions, drafted backdated agreements to justify illicit transfers, and approved intercompany loans secured by customer funds.

Claims of concealment and obstruction

Prosecutors and bankruptcy examiners have accused FTX executives of using disappearing messages on Signal to cover their tracks.

Plaintiffs now allege that Fenwick itself authored the encrypted communications policy that allowed those messages to vanish.

The firm is also accused of creating auto-deleting chat channels for executives and engaging in other practices that regulators later described as obstruction.

Nishad Singh, FTX’s former engineering director, testified that he personally informed Fenwick about the misuse of customer funds and false disclosures. He claims the firm responded not with warnings but with guidance on how to hide the wrongdoing.

Similar testimony from former Alameda CEO Caroline Ellison and co-founder Gary Wang supported the narrative that Fenwick was aware of the diversion of funds to cover Alameda’s losses.

Examiner’s findings raise the stakes

The independent examiner in the FTX bankruptcy case reviewed more than 200,000 documents, many directly related to the Fenwick & West law firm.

The examiner’s report concluded the firm was “deeply intertwined” in nearly every aspect of FTX’s misconduct. It also described “exceptionally close relationships” between Fenwick’s lawyers and FTX insiders, alongside evidence of the firm facilitating conflicted transactions that misused customer assets.

These findings have intensified scrutiny on the firm’s role in promoting FTX’s credibility to investors.

Plaintiffs argue Fenwick’s Silicon Valley reputation helped the exchange raise more than $1.3 billion from venture capitalists, despite internal knowledge of insolvency risks.

The amended complaint also adds state securities law claims in Florida and California, accusing Fenwick of promoting and facilitating unregistered sales of FTT tokens and yield-bearing accounts.

Fenwick & West denies wrongdoing

The Fenwick & West law firm has consistently denied all allegations, insisting it acted within the scope of its legal representation.

In its 2023 motion to dismiss, the firm argued that attorneys cannot be held liable for a client’s misconduct when their actions fall within their professional role.

The court has yet to rule on Fenwick’s latest bid to have the claims thrown out, and a request from plaintiffs to amend their complaint with fresh evidence is pending before US District Judge K. Michael Moore in Miami.

As the litigation unfolds, the case is being watched closely by the legal and crypto industries alike.

A ruling against the Fenwick & West law firm could set a precedent for attorney liability in the digital asset space, reshaping how law firms approach high-risk clients.

For FTX’s creditors, the outcome could influence how much more, if anything, can be recovered from the wreckage of one of the largest financial collapses in US history.

The post Fenwick and West law firm sued over alleged role in FTX’s multibillion-dollar theft appeared first on CoinJournal.