PakGazette: Check out PakGazette’s selection of the top three stories from the past day.
The US government could sell 69,000 BTC
The US government has been allowed to liquidate 69,370 Bitcoins seized from the Silk Road market. The plaintiffs (Battle Born Investments Company, First 100, and 1st One Hundred Holdings) attempted to stop this app while filing a separate lawsuit aimed at revealing the identity of “Individual X,” a hacker who helped confiscate Bitcoins stolen from Silk Road for the US government. This hacker was allegedly threatened by imprisoned Silk Road founder Ross Ulbricht. The plaintiffs wanted to rely on the Freedom of Information Act (FOIA) to reveal the identity of the hacker, but the United States District Court for the Northern District of California ruled in favor of the government. This means that the government can proceed with the liquidation of the confiscated fortune. However, the sell-off may negatively impact Bitcoin prices, which are already struggling to gain momentum.
Price defends the main Bollinger Bands level: Bullish?
XRP price faced a major test yesterday, January 9. After a recent 6.2% drop earlier in the week, the asset found a bottom at the 20-day moving average, which serves as the median in the Bollinger Bands. indicator. After briefly closing above this median, XRP saw a 4.51% rally, but this was interrupted by news of the US Department of Justice’s approval to sell Bitcoin seized on the Silk Road; The announcement sparked a market-wide sell-off, sending the price of XRP back down. Despite this, XRP has managed to stay above the median Bollinger Band, maintaining a bullish outlook; However, it is possible to retest this level, which would mean a new drop of 1.48%. If this retest is successful, it would be more likely to reach the upper Bollinger Band at $2.51, offering potential for significant gains.
Gensler criticizes cryptocurrencies before his departure
In the final days of his tenure as chairman of the US SEC, Gary Gensler reiterated his concerns about the crypto industry, arguing that it is “riddled” with bad actors. During his recent appearance on Bloomberg Television, Gensler noted that the public is well informed about Bitcoin, which makes up 80% of the market value. However, he also noted that there are between 10,000 and 15,000 companies that lack fundamental support, stating that they are largely driven by sentiment rather than fundamentals. The president expressed skepticism about the survival of many of these projects, comparing them to venture capital investments and adding that there are also a fair number of “pump and dump schemes.” Speaking about his upcoming departure, Gensler said it was “a great privilege” to lead the SEC. Despite the attention he attracted for legal actions in the crypto space, Gensler emphasized that such efforts comprised only about 5% of the SEC’s overall enforcement activities.
