GildCoin - Crypto News

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2023-10-02 17:53:02 Bankman-Fried Trial to Feature Customer, Investor, and Co-Conspirator Testimony

In a letter to the judge published Saturday, prosecutors laid out plans to call customers, investors, and co-conspirators to testify in next week’s trial of Sam Bankman-Fried. The former CEO of cryptocurrency exchange FTX faces charges of fraud and conspiracy for allegedly misusing customer funds.

Prosecutors say customer testimony will show that users deposited funds on FTX expecting the company would keep the assets safe and separate from its own funds.

“The testimony of actual investors regarding their expectations for how FTX would operate as a ‘custodian’ for its customers, as the defendant represented, is directly relevant to how a reasonable investor would have viewed those representations when made about a cryptocurrency exchange,” the letter states.

Finally, cooperating witnesses like Singh, Ellison, Wang, and Salame who pleaded guilty to conspiring with Bankman-Fried will explain their understanding of his instructions and statements. Prosecutors argue in the letter that this reveals how the scheme operated. The high-profile trial is slated to begin next Tuesday in New York federal court. Bankman-Fried faces up to 115 years in prison if convicted on all counts. Open / Comment

2023-09-29 17:13:01 Gold Hits Nine-Month Low as Bitcoin Climbs Amid Hawkish Fed Stance

Gold prices are wrapping up the week by plummeting to a nine-month low, with the price per ounce descending to $1,858 on Thursday. Transitioning into Friday, gold is changing hands at $1,870 per ounce, marking a decline of 2.8% over the trailing five days. Concurrently, bitcoin (BTC) prices leaped on Thursday, and have ascended by 1.5% against the U.S. dollar over the course of the week.

The Fed’s pronounced quantitative tightening coupled with elevated interest rates is propelling bond yields upward, thereby amplifying the vigor of the greenback.

Following a prolonged period of inversion, the spread between long- and short-term yields in bond markets has been reverting, albeit for unsavory reasons.

Economists at ANZ Bank suggest that the charm of gold returns may wane until the U.S. central bank makes a turn on interest rates. The allure of precious metals is thought to be poised for a resurgence next year, as the analysts at ANZ Bank forecast a diminishing vigor in the greenback’s strength.

Amid the descent of gold, bitcoin’s (BTC) price has ascended, breaching the $27K per unit mark on September 29. Open / Comment

2023-09-26 18:41:01 Ordinals Creator Casey Rodarmor Introduces ‘Runes,’ New Fungible Token Protocol for Bitcoin

Casey Rodarmor, creator of Bitcoin Ordinal inscriptions, introduced a new fungible token protocol named Runes in a blog post September 25, 2023. Although uncertain if it’s a “good idea,” Rodarmor believes a robust fungible token protocol could “bring significant transaction fee revenue, developer mindshare, and users to Bitcoin.”

On Monday, Casey Rodarmor, creator of Bitcoin’s Ordinals, wrote a blog post introducing a new fungible technology protocol named Runes. In the post’s opening, Rodarmor expressed uncertainty, saying he’s “not sure creating a new fungible token protocol for Bitcoin is a good idea.” He added that fungible tokens are “99.9% scams and memes.” However, he recognizes they’re here to stay and that developing a robust fungible token protocol for Bitcoin might be advantageous.

“If this protocol had a small onchain footprint and encouraged responsible UTXO management, it might serve as harm reduction compared to existing protocols,” Rodarmor said. “At least one of which, BRC20, is already quite popular, and has the undesirable consequence of UTXO proliferation.” Open / Comment

2023-09-23 18:04:01 Biggest Movers: SHIB Extends Gains, LINK Hits 5-Week High on Saturday

Shiba inu was a notable mover to start the weekend, as the meme coin rose for a second consecutive session. The surge comes despite the global crypto market cap mostly consolidating today. Chainlink also raced higher, hitting a five-week high.

Shiba inu (SHIB) continued to move away from a recent support point on Saturday, as the price rose for a second straight day.

SHIB/USD peaked at $0.000007391 earlier in the day, which comes following a low of $0.00000725 the day before. The move saw shiba inu distance itself from a floor of $0.00000710, moving closer to a ceiling of $0.00000760 instead.

As the price approaches this point of resistance, the 10-day (red) moving average also nears an upward cross with its 25-day (blue) counterpart.

In order to reach this point, bulls will first need to orchestrate a move beyond a ceiling of 44.00 on the relative strength index (RSI).

Chainlink (LINK) was another big mover to start the weekend, as the price surged to a multi-week high. After falling to a low of $6.73 on Friday, LINK/USD jumped to a peak of $7.13 earlier in today’s session.

As a result of the surge, chainlink climbed to its strongest point since August 15, when the price peaked at $7.42. From the chart, it appears that the rally led to a resistance level at $6.90 being broken, however, price uncertainty has begun to creep in.

LINK is now trading at $7.00, which comes as the RSI struggles to jump over a hurdle at 64.00 on the RSI. Open / Comment

2023-09-20 20:05:12 Biggest Movers: XRP, MATIC Move to Multi-Week Highs on Wednesday

XRP was a big mover on Wednesday, despite cryptocurrency markets mostly consolidating in today’s session. Traders have moved to secure recent gains, ahead of September’s Federal Reserve interest rate decision. Polygon was also in the green, hitting a two-week high in the process.

XRP, formerly ripple, was a notable gainer in today’s session, as the token raced to a multi-week high. Following a low of $0.5092 on Tuesday, XRP/USD raced to an intraday peak at $0.5233 earlier in the day.

As a result of the surge in price, XRP climbed to its highest point since August 31, when price peaked at $0.5285. Looking at the chart, the move came as the relative strength index (RSI) broke free of a ceiling at 48.00.

In addition to XRP, polygon (MATIC) also surged to a multi-week high on Wednesday, despite market uncertainty ahead of the Fed announcement. MATIC/USD peaked at $0.5486 earlier in today’s session, after rebounding from a low of $0.536 the day before.

The move pushed polygon to its strongest level since September 8, when the token reached a high of $0.5586. Earlier gains have since faded, and this appears to be due to the RSI failing to break out of its ceiling at the 49.00 mark.

Currently, price strength sits at 47.34, however momentum remains largely bullish, ahead of a potential moving average crossover. The 10-day (red) and 25-day (blue) trend lines are on the cusp of an upwards cross, which could trigger a fresh price surge. Open / Comment

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2023-09-17 20:08:01 Binance US CEO Is ‘Taking Deserved Break,’ CZ Seeks to Downplay Executive Exodus

Binance founder Changpeng Zhao has commented on the latest executive departures from his company’s American branch. The changes in the U.S. crypto trading firm’s management, including the release of its chief executive, followed similar developments at the global exchange.

“Brian Shroder is taking a deserved break after accomplishing what he set out to do when he joined two years ago. Under his leadership, Binance US raised capital, improved its product and service offerings, solidified internal processes, and gained significant market share, all of which helped to build a more resilient company for the benefit of customers,” CZ said in the post on Friday.

While expressing gratitude for Shroder’s contributions, Zhao explained that the crypto market is now in a different place than two years ago, when he joined Binance’s U.S. arm. He made a reference to the “rapidly evolving and increasingly hostile regulatory environment,” reiterated his call on followers to ignore FUD (fear, uncertainty, and doubt), and insisted:

Reed is an interim appointment, according to a company spokesperson who gave no specific reason for Shroder’s departure when announcing it this week. However, the shift comes amid increased regulatory pressure on Binance US which has resulted in shrinking market share and significant layoffs. Open / Comment

2023-09-14 19:15:09 Biggest Movers: TRX Rises to Strongest Point Since July, SOL Extends Gains

Tron was a big mover on Thursday, as recent reports suggest that the blockchain platform has been processing an average of 4.8 million daily transactions. The token has now surged higher for three consecutive sessions, and looks set to collide with a key resistance level. Solana was also in the green today.

Tron (TRX) rose to a multi-week high on Thursday, on the back of reports claiming that the blockchain sees nearly 5 million daily transactions. TRX/USD peaked at $0.08322 earlier in the day, which comes following a low of $0.08043 the day before.

As a result of today’s gains, tron has now risen to its highest point since July 30, when price traded at a high of $0.08395. From the chart, it appears that bulls are attempting to reach a ceiling at $0.08600, however a hurdle on the relative strength index (RSI) seems to be preventing this.

Price strength is currently tracking at 67.89, which is marginally below a ceiling at the 68.00 level. In order for bulls to capture their price target, this aforementioned resistance point will need to be broken.

Solana (SOL) rose for a third consecutive day on Thursday, as price moved closer to the coveted $20.00 mark. SOL/USD surged by as much as 5% in today’s session, hitting an intraday peak of $19.27 in the process.

This move comes a day after the world’s ninth largest cryptocurrency traded at a bottom of $17.96. Earlier gains in price have started to ease in the last few hours, after the RSI closed in on a ceiling of 43.00.

At the time of writing, it is at a reading of 41.05, with the token marginally below today’s high, sitting at $18.84. Although $20.00 is still clearly the short-term target, it will likely take a significant amount of bullish momentum to get there. Open / Comment

2023-09-12 18:19:02 Former FTX CEO Sam Bankman-Fried Allegedly Being ‘Extorted and Physically Harmed’ in Jail

Jeremy Lorenzo, aka “Poops,” has given more insights on the difficulties that former FTX CEO Sam Bankman-Fried is allegedly facing during his stay at Brooklyn Metropolitan Detention Center (MDC). Lorenzo shared that Bankman-Fried had computer code confiscated and that he might have been moved due to being “extorted and physically harmed daily.”

More details about the particulars of Sam Bankman-Fried’s (SBF) stay in the Brooklyn Metropolitan Detention Center (MDC) have recently been shared by Jeremy Lorenzo, aka “Poops.” Lorenzo reported last week that Bankman-Fried’s difficulties continue.

On September 6, Lorenzo reported that Bankman-Fried’s cell was searched by his CO and had some items confiscated.

Lorenzo, who came into the spotlight after being in a Twitter space where he and Martin Shkreli, aka “Pharma Bro,” shared information about how Bankman-Fried’s life had been going in prison, also stated that Bankman-Fried might have been moved from Brooklyn MDC due to several complications. Open / Comment