PK Press Club – Discover PK Press Club’s selection of the three main stories from the past day.
69,000 BTC could be sold by the US government
The US government has been authorized to liquidate 69,370 Bitcoins seized from the Silk Road market. The plaintiffs (Battle Born Investments Company, First 100 and 1st One Hundred Holdings) sought to suspend this application while pursuing a separate lawsuit seeking to reveal the identity of “Individual to confiscate Bitcoins stolen from Silk Road to the US government. This hacker was allegedly threatened by the imprisoned founder of Silk Road, Ross Ulbricht. The plaintiffs wanted to rely on the Freedom of Information Act (FOIA) to disclose the hacker’s identity, but the United States District Court for the Northern District of California ruled in favor of the government. This means that the government can liquidate the confiscated wealth. The liquidation could, however, have a negative impact on Bitcoin prices, which are already struggling to gain momentum.
the price defends the major level of the Bollinger bands: bullish?
XRP price faced a significant test yesterday, January 9th. After a recent 6.2% decline earlier this week, the asset found a floor at the 20-day moving average, which serves as the median within the Bollinger bands. indicator. After briefly closing above this median, the Silk Road; the announcement led to a market-wide sell-off, pushing the price of XRP down again. Despite this, XRP managed to hold above the middle Bollinger band, maintaining a bullish outlook; however, a retest of this level is possible, which would result in a further decline of 1.48%. If this new test proves successful, it would be more likely to reach the upper Bollinger band above $2.51, offering the potential for significant gains.
Gensler criticizes crypto ahead of release
As he is in the final days of his tenure as chairman of the US SEC, Gary Gensler has reiterated his concerns about the crypto industry, arguing that it is full of bad actors. During his recent appearance on Bloomberg Television, Gensler emphasized that the public is well informed about Bitcoin, which constitutes 80% of the market value. However, he also pointed out that around 10,000 to 15,000 companies lack fundamental support, saying they are largely driven by sentiment rather than fundamentals. The president expressed skepticism that many of these projects would survive, likening them to venture capital investments and adding that there are also a number of “pump and dump schemes.” Speaking about his upcoming start, Gensler said it was “a great privilege” to lead the SEC. Despite the attention he has received for crypto enforcement actions, Gensler pointed out that these efforts represent only about 5% of the SEC’s overall enforcement activity.
