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New York Judge Demands Tether To Produce Financial Records

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New York Judge Demands Tether To Produce Financial Records
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  • Katherine Polk Failla is the judge who presided over the case.
  • The Tether exchange’s Bitfinex, Bittrex, and Poloniex account information was also requested. 

Legal action was taken against the Tether (USDT) network because of allegations that it artificially inflated the price of Bitcoin [BTC] by releasing USDT. There has been a new development in this market manipulation litigation that has been going on for quite some time. Sadly, stablecoins didn’t do well this round.

Tether to Submit Documents

The request filed by Tether to prevent the publication of its financial documents was recently denied by a U.S. Judge in New York. As a result, the network must now generate several papers proving the credibility of USDT. General ledgers, balance sheets, income statements, cash flow statements, and profit and loss statements are included in this group. Additionally, the stablecoin provider must provide evidence of all cryptocurrency and alternative stablecoin transactions. It was also necessary to know the exact timing of the transaction.

Katherine Polk Failla, the judge who presided over the case, said that the plaintiffs “plainly explain why they need this information: to assess the backing of USDT with US dollars.”

The judge further stated:

“The documents sought in the transactions RFPs appear to go to one of the Plaintiffs’ core allegations: that the … Defendants engaged in crypto commodities transactions using unbacked USDT, and that those transactions “were strategically timed to inflate the market.”

The Tether exchange’s Bitfinex, Bittrex, and Poloniex account information was also requested.  Bitfinex and Tether settled a lawsuit with the New York Attorney General for a hefty sum of $18.5 million. The lawsuit that began in April 2019 and lasted for a total of 22 months has concluded. The company also confirmed that it will no longer provide trading services to New York residents.

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Litentry Breaks Out Of A Descending Triangle, Can Bulls Hit $1.2?

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Litentry Breaks Out Of A Descending Triangle, Can Bulls Hit $1.2?
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  • LIT price creates more bullish sentiment as price hold above daily EMA 
  • LIT looks more stable as bulls breakout of a descending triangle
  • The price of LIT could face major resistance at $1.2 

Litentry (LIT) has had a rough start to the year, but that could be shelved aside as the price looks more bullish recently against tether (USDT). Litentry (LIT) price has seen more of a downtrend in the bear market than an upside with the price struggling to regain the bullish structure and has failed each time with Bitcoin (BTC) price falling to a region of $18,700 affecting the price of the altcoin. (Data from Binance)

Litentry (LIT) Price Analysis On The Weekly Chart

The crypto market hasn’t had the best price movement in recent times, but this can not rule out that some crypto assets have continued to show great strength bouncing from their lows and breaking out of their downtrends to establish a bullish momentum.

Despite showing less price movement in recent weeks as the price continued to trade below the key resistance level of $0.7, preventing the price of LIT from rallying high.

The price of LIT closed the weekly price looking more bullish as bulls pushed the price to break the resistance at $0.7, setting up a more bullish price movement ahead of the new week for the price of LIT.

The price of LIT faced price rejection from a region of $0.75 from trending higher after the news from the Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) had a negative impact on the price of LIT. LIT price responded well as price rallied from a low of $0.55 with what seemed to be an area of interest for more buy orders. 

LIT’s price needs to break and hold above $1.2 for the price to rally to a higher region with more bullish sentiments; if the price of LIT gets rejected from this region, we could see the price retesting a region of $1-$0.8 acting as good support zones.

Weekly resistance for the price of LIT – $1-$1.2.

Weekly support for the price of LIT – $0.75.

Price Analysis Of LIT On The Daily (1D) Chart

Daily LIT Price Chart | Source: LITUSDT On Tradingview.com

In the daily timeframe, the price of LIT continues to look bullish as the price breaks out of a descending triangle after trading in a range of downward trends. 

After respecting the downtrend line, the price of LIT formed, and the trendline continued to act as a resistance for the price of LIT as it failed to break above the line despite several trials. But the price of LIT built more strength, with the price breaking the trendline to set up more bullish sentiment ahead of a rally to $1-$1.2 with a possible higher target.

The price of LIT trades at $0.9 above the 50 Exponential Moving Average (EMA). The prices of $0.7 correspond to the price at 50 EMA for LIT on the daily timeframe.

Daily resistance for the LIT price – $1-$1.2.

Daily support for the LIT price – $0.75-$0.7.

Featured Image From Toptrading, Charts From Tradingview 

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Top Crypto Price Gainers of the Past Hour

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Top 3 Privacy Coins To Consider This June 2022 For Investors
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  • Top 3 crypto price gainers are RSR, MKR, EGLD.
  • According to CoinMarketCap, RSR has gained by 6.70% during the last 24 hours.

For the past few months, the global cryptocurrency market has witnessed a tremendous downfall due to several reasons. The market cap value has declined by more than 70% from 3 trillion, which was recorded in November 2021. Currently the MarketCap is  $927.26B. Also the top cryptocurrencies, Bitcoin and Ethereum are down today. 

Let’s examine the top 3 crypto price gainers of the past hour.

Price chart of top crypto gainers (Source : CMC)

Reserve Rights (RSR)

The Reserve ecosystem’s volatile cryptocurrency is the RSR. Reserve Rights is a stablecoin platform with two tokens. The Reserve stablecoin (RSV), which is governed by a number of assets managed by smart contracts, is added by the RSR’s dual token arrangement. The Reserve Rights token (RSR), the second token, is used to maintain the RSV’s price at $1 through a system of arbitrage opportunities. 

The current price of RSR is $0.01018 with a 24 hour trading volume of $16,155,126. In the past 24 hours, RSR has increased by 6.70% as per CoinMarketcap. 

Maker (MKR)

The Maker protocol, which is built on the Ethereum blockchain, has a governance token called Maker (MKR). MKR was developed by makerDAO and released in 2015. Maker protocol and MakerDAO manage and provide the smart contracts ecosystem for DAI, one of the most popular stablecoins.

According to CoinMarketcap, MKR currently trades for $776.29 with a $42,438,021 24 hour trading volume. MKR has gained 3.74% during the past 24 hours.

Elrond (EGLD)

With a focus on scalability and cheap transaction fees, Elrond is a piece of software that tries to motivate a distributed network of computers to run a smart contract platform. It was established in 2017 and is supported by Elrond Network, a business based in Malta committed to the development of the project. The EGLD coin, which Elrond uses to communicate with applications, send transactions, and reward network actors, is the platform’s own cryptocurrency.

At the time of writing EGLD is trading at $49.15 with a 24 hour trading volume of $37,296,069. In the last 24 hour EGLD has increased by 2.25% as per CMC.

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Sega To Build First Blockchain Based Games

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Sega To Build First Blockchain Based Games
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