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Hey everyone, heads up! There's some big news coming in about Bitcoin. Peter Schiff thinks Bitcoin might drop back down to $20,000. If that happens, he says MicroStrategy, a big company that owns a lot of Bitcoin, could lose around $3.25 billion. Schiff also says MicroStrategy might be messing with Bitcoin's price. He said this after Bitcoin's price dropped to $60,065 when a cryptocurrency ETF didn't do as well as expected in Hong Kong.
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Terraform Labs and its co-founder, Do Kwon, are disputing the penalties proposed by the U.S. Securities and Exchange Commission (SEC). They argue that a fine closer to $1 million is more reasonable than the proposed $5.3 billion. The SEC's proposal includes damages of approximately $4.7 billion and a fine of $420 million for Terraform and $100 million for Kwon. However, the defendants' lawyers believe these amounts are too high. In a recent court filing, Terraform and Kwon's legal team advocated for a much lower penalty, suggesting that Terraform Labs should be fined no more than $1 million. The SEC charged Terraform and Kwon in February 2023 due to issues with the algorithmic stablecoin Terra USD (UST), which experienced a significant value drop in May 2022, resulting in losses of over $50 billion. A jury found Terraform and Kwon liable for civil fraud, alleging they misled investors. The SEC also accused Terraform and Kwon of violating federal securities laws by engaging in fraudulent activity related to Terraform securities trading. Additionally, Judge Jed Rakoff previously supported allegations that Terraform and Kwon offered and sold unregistered securities. Following the verdict, a Terraform spokesperson stated that the company is carefully considering its options and next steps in response to the legal proceedings.
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Binance is facing legal trouble in Canada and the Philippines, and Changpeng Zhao (CZ) could be sentenced to 36 months in prison according to U.S. prosecutors.
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What happened with $BTC last night and today? --------------------------------------------- The Hong Kong ETF, which was approved, started trading last night and boosted the price to $64,000. However, the trading volume was lower than expected, so it couldn't break the $64,000 resistance and dropped back to $62,000. A few hours ago, the Hong Kong ETF trading ended, but with low volume, people didn't see the expected results, and the price is now around $61,600. If it doesn't climb back above $62,000 during the day, we might see it drop to about $60,000. I anticipate a positive reaction at $60,000 because the lower point of the bollinger band aligns there on the daily chart, and it's an old support level. I predicted a decline in Q2 with the start of May, and that's still my expectation. However, instead of worrying, you can profit by trading smartly. Q2 might have lower activity, but sticking to your strategy patiently can lead to good accumulation. I'm also expecting increased activity and a significant upward movement, especially with $ETH in the fall. Currently, I'm in an $ETH long position to benefit from today's drop, but I plan to close it soon and open a short position again. Feel free to share your thoughts and expectations with me below. Best of luck to everyone!
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If you start with 10 coins and the market drops by 70%, you'll still have 10 coins. Even if the market goes up by 10 times, you'll still have 10 coins. Selling when the market is down means losing money, but if you hold when it's up, you won't make any profit. If your portfolio is in the red, staying calm and not selling everything will be okay.
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