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The Crypto Basic
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Leading asset management firms BlackRock, Fidelity and VanEck have put Bitcoin on their homepage.
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A recent court filing by US prosecutors claims the impact of Do Kwon’s #Terra LUNA collapse may have extended to millions of investors. Terra founder Do Kwon’s trial has not kicked off properly, and the US prosecutors are already releasing big statements. One of which is the latest assertion from Daniel Gitner, US Attorney, that the 2022 Terra collapse affected millions of users. In a filing with a New York District Court on January 6, US prosecutors estimated the number of well-meaning investors exposed to the Terra fallout two years ago. Per the disclosure, the number of entities affected by the collapse exceeded hundreds of thousands and could run into millions. Weighty Legal Proceedings on the Cards Terraform Labs’ co-founder, Do Kwon, will be embroiled in a lengthy legal case following the latest disclosure. Kwon was allegedly involved in the capitulation of the project’s algorithmic stablecoin, TerraUSD. The stablecoin depegged in 2022, sparking the notorious crash of the network’s native token, LUNA. As a result, the implosion wiped out over $40 billion from the cryptocurrency market and catalyzed a series of bankruptcy filings from major digital asset firms considerably exposed to the ecosystem. Meanwhile, with the case still new, the prosecutors stated that converging victims of the fallout for a fair trial was unrealistic due to the large number. However, the government proposed creating a website to update affected entities on the legal process. Furthermore, the prosecuting council will allow victims exposed to the $40 billion wipeout to participate in the legal process. Interested parties can come forward and testify against Do Kwon and Terraform with evidence. #CryptoNewsCommunity
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"Michael Saylor Announces Plan to Burn Bitcoin Keys After His Death as Pro-Rata Contribution"
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#Bitcoin has finally surpassed the psychological $100,000 mark, riding a seven-day bullish streak. Peaking at $102K, will the BTC price continue to $106,888, or is this a trap for bulls at a crucial resistance point? Bitcoin Price Analysis With seven consecutive bullish candles on the daily chart, BTC has reclaimed the six-figure price milestone. Last night’s 4.02% surge formed a massive bullish engulfing candle, breaking through the key threshold. The BTC price trend reached a 24-hour high of $102,760, hitting the price target as predicted in our previous article. However, the substantial overhead supply has led to a minor pullback, with the current Bitcoin price sitting at $101,637. This pullback is testing the broken resistance trendline of a rising channel pattern. The overnight recovery resulted in a bullish breakout of the rising channel, but the short-term pullback raises concerns about a potential bearish reversal. This could be a bullish trap for traders betting on the breakout rally. The overnight surge has pushed the 4-hour RSI line into the overbought zone. Additionally, the bullish gap between the 50 and 100 EMA lines has widened after the recent crossover. #cryptonewstoday
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"SEC Appeal Brief on Horizon—Pro-XRP Lawyer Encourages Optimism"
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With Bitcoin crossing into the $100,000 territory, altcoins are following through with the bullish trend. #Vechain shows significant potential among the top performers after its 3.43% jump last night. Vechain Price Analysis In the daily chart, the VET price action displays a pullback phase in motion. The pullback comes after the massive surge of November and early December 2024. This led to a more than 323% price surge, from $0.01890 to a peak of $0.080. However, bullish exhaustion has pushed Vechain prices below the $0.050 psychological level. The VET price trend found crucial support near the $0.040 psychological level. After stabilizing at this support level, buyers regained confidence, setting the stage for a potential recovery. Following a double-bottom reversal, VET has risen to its current price of $0.05201. By reclaiming the 50-day and 20-day EMA lines, VET is now challenging the resistance at $0.05425. The positive alignment of the critical EMA lines strengthens the bullish outlook. Furthermore, the recovery run last week, which saw a gain of more than 20%, has pushed the RSI above the halfway mark. As a result, the technical indicators maintain a positive outlook for Vechain. #CryptoNewsFlash Vechain Price Chart
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