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• New York Attorney General Letitia James filed a lawsuit against the KuCoin cryptocurrency exchange for offering unregistered securities in the state.
• United States Securities and Exchange Commission (SEC) chair recently indicated that all digital assets apart from Bitcoin are unregistered securities.
• The founder of the crypto-law.us, John E Deaton, filed a class action lawsuit claiming that Ethereum is not a security with over 1,000 supporters, 57 from NY.

New York Attorney General Claims Ethereum is a Security

The New York Attorney General Letitia James has recently filed a lawsuit against the KuCoin cryptocurrency exchange for offering unregistered securities in the state. This marked the first time that a regulator claimed in court that Ethereum – the second largest digital asset – is an unregistered security. Moreover, this was further reaffirmed by US SEC chair who stated that all digital assets apart from Bitcoin are considered unregistered securities.

Class Action Lawsuit Against NYAG’s Claim

In response to these claims, John E Deaton – founder of crypto-law.us – filed a class action lawsuit claiming that Ethereum is not a security. This class action has gained over 1,000 supporters so far with 57 of them being residents of New York State itself.

Cryptocurrency Market Fearful Of System Failure

The filing of this case comes amid increased fear amongst investors about potential banking system failure following $25 billion bailout by Federal Reserve during the weekend. Moreover, Ethereum price broke out of multi-week logarithmic downtrend which began in late 2021 and currently stands at $1,735 per token as of writing this article.

Dapps Run on Ethereum Network Could Be Affected Too

Apart from investors worrying about their investments getting classified as unregistered securities; most successful decentralized applications (Dapps) run on top Ethereum network and hence could also get caught up in this classification process if it happens to be true iin future.

Conclusion

To conclude; while it remains unclear whether or not Ethereum will end up being classified as an unregistered security; we can hope for clarity on this issue soon enough when more information becomes available to us in near future regarding this case by New York Attorney General’s Office against KuCoin exchange and other similar cases related to cryptocurrencies and digital assets regulations across different states within United States or elsewhere around globe too!

• FTX Derivatives Exchange has filed a $9 billion lawsuit against Grayscale Investments.
• The lawsuit seeks to unlock value for shareholders of the Grayscale Bitcoin and Ethereum Trusts.
• The move could potentially fuel massive liquidations that could upset the market.

FTX Files Lawsuit Against Grayscale

FTX Derivatives Exchange has filed a billion-dollar lawsuit against Grayscale Investments, the largest trust provider in the crypto ecosystem. FTX and its sister firm Alameda Research are seeking an injunctive relief to unlock $9 billion or more in value for shareholders of the Grayscale Bitcoin and Ethereum Trusts.

FTX Bankruptcy & Creditors

FTX, led by its Founder and former Chief Executive Officer Sam Bankman-Fried, filed for bankruptcy last November and locked up more than $8 billion in assets belonging to more than 100,000 creditors. Since then, FTX has been trying to find funds wherever it can with proposed sales such as Ledger X, Embed Technologies, FTX Europe, and FTX Japan all pending approval.

Accusations Against Grayscale

The new lawsuit is yet another attempt by FTX to free up some funds. According to the announcement, FTX accuses Grayscale of charging exorbitant management fees totaling more than $1.3 billion over two years as well as tactically preventing investors from being able to redeem their trust which caused the shares to trade at a 44% discount to net asset value (NAV). If successful in court, FTX expects potential payouts of up to $550 million from reduced management fees and access granted by Grayscale for users to access their trusts again.

Maximizing Recoveries for Creditors

John J Ray III, Chief Executive Officer & Chief Restructuring Officer had this to say regarding FTX’s goals: „We will continue to use every tool we can to maximize recoveries for FTX customers and creditors.“ He continued “Our goal is to unlock value that we believe is currently trapped within these trusts.“

Potential Crypto Crash?

The outcome of this legal battle remains uncertain but if successful it could help bolster reserves at FTX while simultaneously freeing up billions of dollars worth of assets on the market – something which could potentially trigger a crypto crash given enough liquidity flowing into or out of the ecosystem suddenly..

• Elon Musk recently tweeted about Dogecoin, causing a 6.6 percent price surge and a 2.5 percent increase in Shiba Inu.
• According to the Blockchain Research Lab study, there was an average of 3 percent price range on each of the 47 events after a tweet by Musk.
• The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872, but could not test its key resistance level before recording its first retracement as seen in the chart.

Elon Musk’s Tweet

Twitter CEO Elon Musk recently tweeted about Dogecoin (Doge), causing a fair increase in the price of the meme coin in the last 24 hours. In a statement that is believed to be an apparent joke, Musk Tweeted: „High time I confessed I let the Doge out.“ There was an image attached to this post with the inscription „It was me, I let the dogs out.“ Following this tweet, Dogecoin responded with a 6.6 percent sharp increase with Shiba Inu surging by 2.5 percent as well.

Effect Of Elon Musk On Crypto

The Blockchain Research Lab conducted a study on how Elon Musk’s moves affect crypto prices and found that there was an average 3 percent price range on each of his 47 events following his tweets. It also observed that whenever there is an immediate and large spike in price, it is followed by another 45-minute spike afterward as well.

Dogecoin Price Movements

The 24-hour move for Dogecoin has been within ranges of $0.0832 and $0

• Analyst Pentoshi believes that Polygon (MATIC) will attain an all-time high (ATH) price against Bitcoin (BTC) within the next 14 days.
• Pentoshi is confident that MATIC has the capacity to unseat Bitcoin with regards to all-time high performance.
• The analyst maintains that a bearish correction is not out of the equation, despite MATIC looking extremely bearish.

Polygon Poised to Overtake Bitcoin

Analyst Pentoshi believes that Polygon (MATIC) will attain an all-time high (ATH) price against Bitcoin (BTC). He is confident in MATIC’s ability to overtake Bitcoin in terms of all-time high performance and attain this milestone within 14 days before the Polygon zkEVM upgrade rolls out.

Pentoshi’s Prediction

Pentoshi, a popular cryptocurrency analyst fond of sharing his predictions and technical analysis of crypto on Twitter, is confident that Polygon (MATIC) has the capacity to not only increase its value significantly but also unseat Bitcoin. According to Pentoshi’s tweet, the takeover could be recorded this week or in the following week.

Bearish Correction Possibility

In addition to his tweet, the analyst maintains that a bearish correction is not out of the equation, despite MATIC looking extremely bearish. However, he concludes that chart is still very promising.

Mass Adaptation Imminent

The sentiment shared by analyst Pentoshi has since spurred on an interesting conversation in the cryptocurrency twitter space and Mass adaptation for Polygon seems imminent. The upcoming zkEVM mainnet launch is a major catalyst for a bullish run as market players are also hurrying to short their positions.

Conclusion

All in all, it appears as though Polygon may soon overtake Bitcoin with regards to all-time performance if things go as predicted by Pentoshi and other analysts alike. While some corrections may be imminent, there’s no doubt that mass adoption for MATIC is inevitable given its strong showings during times of crypto market bearishness and upcoming upgrades which should further propel its growth potential even further.

• RenQ Finance (RENQ), Polkadot (DOT), and Dogecoin (DOGE) are great options to invest in this month.
• Dogecoin (DOGE) is backed by Elon Musk’s assertions and its value has significantly surged over the past month.
• Polkadot (DOT) is becoming a popular hub for new chains, while RenQ Finance (RENQ)’s first stage of presale has had a blockbuster start.

Investors Bet On RenQ Finance (RENQ), Polkadot(DOT), and Dogecoin (DOGE)

According to market experts, cryptocurrency investors should explore new projects like RenQ Finance (RENQ), Polkadot(DOT), and Dogecoin(DOGE) to invest in this month. All three coins have seen considerable surge recently.

Dogecoin Gains Considerable Boost

Dogecoin(DOGE)’s value has significantly surged due to a recent research study that showed it was the only meme coin that decreased its carbon footprint in 2022. Elon Musk’s assertion that Dogecoin(DOGE) is superior for performing transactions has sparked more interest in the coin, leading to an increase in price.

Polkadot Has Increased Trade Volumes

The Polkadot(DOT) multichain network bridges existing blockchain networks into one integrated network with para-chain customization allowing independent operation from parent chain. Recently, SubSocial Chain architectural framework was transferred from Kusama to Polkadot(DOT). The network has seen increased interest from MantaPay and other protocols, leading analysts to speculate an upside swing soon.

RenQ Starts Its Presale Very Impressively

RenQ Finances'(RENQ) first stage of presale has had a blockbuster start as many crypto investors rush to buy tokens. It is the only all-in-one Defi Platform that provides each and every DeFi product under one roof.

Follow Us For The Latest Crypto News!

>Follow us for the latest crypto news! RenQ Finance (RENQ) is a decentralized ecosystem that provid

Ethereum (ETH) Price Rally

• Ethereum (ETH) is trading close to $1,700 for the first time in five months.
• ETH is currently facing strong resistance at $1,680 and forming an ascending triangle pattern.
• Profit-taking has jumped to a two-year high recently, showing bearish sentiment of traders.

Ethereum Reaches $1,700

Ethereum (ETH) made a strong move at the price of $1,700 for the first time in five months on Thursday, February 2nd. However, it failed to hold above this level and is now facing strong resistance around $1,680. The world’s second-largest cryptocurrency has had a solid run since January with its price increasing by 40 percent over this period.

Technical Analysis

On the technical chart, ETH is currently forming an ascending triangle pattern with the profit-taking jumping to a two-year high recently. This shows that traders are not expecting any immediate positive price action here despite the overall improvement in investor sentiment towards ETH. Analysts expect ETH could reach $1,800 or even higher this month if it breaks past the current resistance levels of $1,680.

Futures Premium Indicators

Looking at the Ethereum futures market data shows that traders have failed to enter into neutral-to-bullish 4 percent threshold which could indicate bearish sentiments among investors as they take profits and reduce their exposure to ETH. Currently there exists 3.5 percent premium which is only a moderate improvement from two weeks ago levels.

Conclusion

Despite its recent surge past $1,700 mark for the first time since September 12th 2020 Ethereum couldn’t sustain above these levels and continues facing strong resistance at $1680 currently due to negative newsflow and profit taking activities among investors turning up bearish sentiment in markets recently as seen from derivatives data points as well as futures premiums indicators suggesting caution for retail investors before making any new investments here at least until mid February when ascending triangle pattern deadline passes by.

• Shiba Inu (SHIB) has been exchanging hands at $0.00001153 and is 0.43 percent down.
• Lead developer Shytoshi Kusama recently confirmed that trillions of SHIB coins will be reportedly burnt with the release of the Layer 2 platform Shibarium.
• The crypto tracking platform Whale Alert recently detected a single transfer of 3,312,307,240,798 Shiba Inu meme coins.

The Shiba Inu community has been eagerly awaiting the launch of its Layer-2 scalability network Shibarium for some time now. Lead developer Shytoshi Kusama recently confirmed on discord that with the release of Shibarium, trillions of SHIB coins will be reportedly burnt. This would help address one of the main issues holding back Shiba Inu from performing well – the massive supply and the decline in the burn rate of the memecoin.

Currently, Shiba Inu (SHIB) has been exchanging hands at $0.00001153 and is 0.43 percent down. On Thursday, the SHIB price rallied by 4 percent, however, failed to continue the momentum.

The crypto tracking platform Whale Alert recently detected a single transfer of 3,312,307,240,798 Shiba Inu meme coins between anonymous crypto addresses. This is an indication that the SHIB price could be on the rise as the burn rate of the memecoin increases.

The Shiba Inu community is looking forward to the beta launch of Shibarium, which has been teased quite a few times recently and is expected very soon. With the launch of Shibarium, it is expected that the SHIB price could reach $0.01, as the burn rate of the memecoin increases and the supply shrinks.

So far, the SHIB price is still trading down from last week’s high of $0.00001273 when the SHIB price had jumped 20 percent in a day. Follow us for the latest crypto news and updates regarding the Shiba Inu cryptocurrency.

• The US GDP for Q4 2022 came out better than expected at 2.9%, suggesting investor optimism for the economy.
• The Bitcoin (BTC) price has been on a positive uptrend, breaking past all-three costs basis for the first time since 2019.
• The Bitcoin Fear and Greed Index has jumped to 55/100, entering into the Greed zone while easing the contagion risk of the market.

The United States economy recently unveiled its GDP data, showing that the economy has continued to grow, albeit at a slower pace than the third quarter. The GDP during Q4 2022 stood at 2.9 percent exceeding the market expectation of 2.6 percent, which has been seen with a sense of optimism. The positive GDP number hints at investor optimism and could support the Bitcoin rally going ahead.

The BTC price has been on a positive uptrend since the beginning of the month and has already increased by 33 percent. It has also recently surged past $23,000, however, it seems to be a resistance zone for now.

The Bitcoin Fear and Greed Index has also jumped to 55/100, entering into the Greed zone for the first time since March 2022. This has eased a bit the contagion risk from the market. The Bitcoin bulls have been showing quite a bit of activity due to the positive movement in the market.

Overall, the better-than-expected GDP numbers for the US economy in Q4 2022 could be a bullish sign for Bitcoin and the entire crypto industry. As the data points towards investor optimism, it could further support the Bitcoin rally and the whole crypto market going ahead.