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Prosecutors accused FTX founder Sam Bankman-Fried of constructing a fraudulent empire “built on a lie” while his legal team blamed the fall of the bankrupt crypto exchange on his former romantic partner, and colleague, Caroline Ellison. Those were the highlights from opening statements on Oct. 4 as Bankman-Fried’s trial on fraud and conspiracy got underway in earnest. Assistant U.S. Attorney Nathan Rehn told the jury that just a year ago, it seemed like Bankman-Fried was living the high life, and was seen with people including former president Bill Clinton and former American footballer Tom Brady.  “But it was built on lies,” he said.  “He was committing a massive fraud, taking billions of dollars from thousands of victims.  He had started FTX. He told customers it was safe. But he was taking it and spending it.” The prosecution said Bankman-Fried misused customer funds, and funneled them into various investments and personal...

This week’s episode of Market Talks discusses how Bitcoin cycles are changing and how it could impact the upcoming halving. In the latest episode of Cointelegraph’s Market Talks , host Ray Salmond speaks with Jamie Coutts, a chartered market technician and crypto market analyst at Bloomberg Intelligence.  When asked whether Bitcoin’s (BTC) pre- and post-halving price action could differ from previous cycles due to a change in global monetary policy, Coutts said:  “I’ve been writing about this for most of the year. We do have some strong fundamentals in the space, but ultimately, what drives risk assets is liquidity. The longer that we have this tightening cycle, and if we start to see an uptick in unemployment and more stress in the banking sector, then there could be a bit more pain for risk assets like Bitcoin.”  Related: The future of BTC mining and the Bitcoin halving Despite the dim macroeconomic outlook, Coutts did suggest:  “We could be near the end. There is still a lot of u...

Senator Sherrod Brown lambasted crypto at a hearing on the oversight of the industry regulator, underscoring the powerful political support behind a crackdown on crypto by the Securities and Exchange Commission (SEC). “It seems like every day, before and after the collapse of FTX, there is another crypto scam, hack, or insider taking advantage of people,” said Brown, chairman of the influential Senate Committee on Banking, Housing, and Urban Affairs, on Sept. 12. “That’s because the problems we saw at FTX are everywhere in crypto – the failure to provide real disclosure, the conflicts of interest, the risky bets with customer money that was supposed to be safe. FTX was just the biggest and the ugliest.” Senator from Ohio. Chair of the Senate banking committee and avid backer of Gary Gensler. — Cryptocurrency News Channel (@goodfreephotos) September 12, 2023 The Ohio lawmaker praised Gensler’s work as SEC chair and launched a bl...

Join Our Telegram channel to stay up to date on breaking news coverage Alex Mashinsky, founder of bankrupt crypto lender Celsius, filed a motion to dismiss a case brought against him by the Federal Trade Commission (FTC).  Mashinsky was charged in July with multiple counts of fraud and market manipulation, when his lawyers labelled the charges against him “baseless.” They added that Mashinksy was looking forward to “vigorously defending himself in court.” Now they say the case should be dismissed. The allegations do not support a claim that Mashinsky knowingly made a misstatement to fraudulently obtain customer information from a financial institution, as is required under a 1999 law known as the Gramm-Leach-Bliley Act, his lawyers said in the filing, emphasizing that the charge fails to meet this criterion.  Celsius Had Already Declared Bankruptcy The lawyers pointed out that Celsius had already declared bankruptcy and reached a settlement a...

Join Our Telegram channel to stay up to date on breaking news coverage Meta has announced that social media users on Facebook and Instagram can post non-fungible tokens (NFTs) and other crypto assets to their cryptocurrency accounts by linking them to their digital wallets . Facebook and Instagram users can post NFTs using digital wallets Meta issued an update on May 10, saying that the 2.9 billion users on Facebook can now share their NFTs and digital collectibles on the social media platform. The announcement by the social media company also said that Instagram users based around 100 countries could also post digital collectibles minted on the flow network or from crypto wallets that support the Ethereum and Polygon blockchains. Meta also said that it would continue rolling out support for crypto assets on both Facebook and Instagram, adding that the initial plan was to give people the ability to post their digital collectibles on both Facebook and Instagram. The social ...

Join Our Telegram channel to stay up to date on breaking news coverage Customers on Fidelity could soon start buying Bitcoin through the brokerage platform supported by the company. If this service is launched soon, it could promote the institutional adoption of Bitcoin. Over the past year, there has been a notable rise in institutional investors flocking toward Bitcoin. Fidelity wants to offer Bitcoin to retail investors A report by the Wall Street Journal has said that customers of investment giant Fidelity could soon be able to purchase Bitcoin. Fidelity is a Boston-based investment firm that manages more than $34.4 million in retail accounts . It is also one of the largest fund manager s globally. The WSJ reported on Monday that Fidelity wanted to offer Bitcoin to individual investors, which could further promote the adoption of the world’s largest cryptocurrency. According to the journal, the company was yet to share the plans for this new offering with its clients...

Join Our Telegram channel to stay up to date on breaking news coverage Bitcoin hasn’t experienced a good day after hitting the bear bottom during the arrival of the crypto winter. The arrival of halving was expected, but the other regulatory conditions are playing major as the latest chart shows that Bitcoin drops below $19k. Bitcoin Price Performance Over the Last Month Bitcoin ended August showing major signs of recovery. It was able to stay above 21k levels for three days straight. It is no small feat as the world&rsquo ;s first cryptocurrency has everything pitting against it, from the high-power concerns to the announcement that the Merge update of the Ethereum was close. However, there was only so much the bulls could have done. As soon as the token entered September, it dropped below its $20k resistance – giving only a little reprieve by bouncing off only marginally. Bulls spent most of the early days of September trying to maintain the token above the 20k l...

Join Our Telegram channel to stay up to date on breaking news coverage What – The crypto industry has been battling with issues of hacks for years back. Why – While some platforms recovered a few stolen funds, most of the assets remained with the hackers. What Next – Some hacks and thefts in the crypto space have been linked to the notorious North Korean hacker group Lazarus.  One such hack occurred in Axie Infinity. In a recent event, Norway authorities seized some crypto assets stolen in the exploit.  Norway Agency Makes Its Biggest Seizure Of Crypto Assets Norway’s National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) disclosed a seizure of $6 million in crypto assets. According to its press release, Økokrim noted that this news seizure is the largest ever made. Further, the regulator stated that it seized the funds concerning the crypto exploits on Sky Mavis and Axie Infin...

Join Our Telegram channel to stay up to date on breaking news coverage The coming 24 hours bear immense weight for the entire cryptocurrency sector owing to several reasons. The macroeconomic happenings slated for this week could potentially induce significant shifts in the crypto market prices. Vital 24 Hours Imminent – Ripple Lawsuit and Hinman Papers Could Define Cryptocurrency Sector’s Future On Tuesday, June 13th, the US Securities and Exchange Commission (SEC) found itself under scrutiny during four separate events. However, the development with the most significant potential impact is the anticipated release of the SEC’s internal documents related to the Ripple case, known as the Hinman documents. The Hinman documents could provide critical insight into the classification of Ethereum (ETH) as a non-security, a point of contention currently under dispute by SEC Chairman Gary Gensler. Previously, at the onset of the Ripple legal case, the SEC had atte...

Join Our Telegram channel to stay up to date on breaking news coverage Bitcoin’s price bounced back up with the start of July, negating the price crash caused on the last day of June, when the US SEC rejected all spot Bitcoin ETF proposals. On June 30th, the coin crashed from $31,000 to $29,953 in mere hours. The price recovered quickly enough, although a resistance at $30.75k stopped it. The resistance kept the price from going further up throughout the weekend, July 1st and 2nd, as well as during the first half of Monday, July 3rd. However, later in the day, the resistance at $30.75k broke, and Bitcoin’s price skyrocketed to $31,350. After reaching this level, BTC price was briefly rejected, dropping to $31k, which started acting as a new major support level. With the start of Tuesday, July 4th, the price started growing up again, this time reaching $31,324 before it got rejected again. The coin briefly dropped to $30,900 before it recovered above $31k once more...

Join Our Telegram channel to stay up to date on breaking news coverage Ethereum (ETH) has formed a so-called ‘Death Cross,’ but history suggests it may not necessarily prove deathly for the cryptocurrency’s price. This Death Cross occurs when a short-term moving average crosses below a long-term moving average. In this case, it is the 50-day Simple Moving Average (red) and the 200-day SMA (green). The name comes as the crossover often triggers a bearish phase in the market in the long run. TradingView: ETH/USD 1-day chart With the Death Cross executed on the daily chart for the ETH/USD trading pair, a prolonged downside may be imminent and the price may drop below the psychological $1,000 level to the critical support of $882. This level, which is about 46% down from the current price level, has provided crucial support in the history of Ethereum’s price action. Ethereum Price Support from a Historical Perspective If we take a look at the extended dai...