Cryptocurrency

Political Donations and Pardons: The Case of Sam Bankman-Fried

Friday. December 27 at 3:00 AM

1 min. read

BeInCrypto previously highlighted concerns surrounding Sam Bankman-Fried potentially receiving an early release through a presidential pardon. Influential figures like Elon Musk have hinted at this possibility. Bankman-Fried, the former FTX founder, donated $5.2 million to pro-Biden super PACs in 2020, making him a significant Democratic donor. There is a historical trend of political donors receiving favorable treatment in terms of convictions and pardons. Given this, there is speculation about President Biden considering clemency for Bankman-Fried. Despite facing serious charges related to wire fraud and money laundering, his sentencing was viewed as lenient considering the magnitude of his crimes. Critics argue that his associates seek clemency in exchange for stolen campaign contributions. While the connection between donations and pardons is not always straightforward, past cases raise concerns about the influence of wealth in legal outcomes.

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Japan Strengthens Oversight on Crypto Exchanges

Friday. December 27 at 6:00 PM

Japan's Financial Services Authority (FSA) is enhancing internal audit processes at financial institutions, including crypto exchanges, to align with global regulatory standards. The FSA plans to address industry gaps through roundtable discussions involving key industry players like the Japan Cryptocurrency Exchange Association. Recent monitoring reports by the FSA revealed weak audit practices among firms, leading to plans for revised guidelines with enhanced auditing measures. The agency also issued warning letters to unregistered exchanges, emphasizing the importance of customer protection and regulatory compliance. Despite a cautious stance on Bitcoin integration into reserves, Japan remains a digital asset-friendly nation with ongoing efforts to reform crypto taxation laws. The country's approach reflects a commitment to consumer protection and regulatory compliance in the crypto space. Stay informed with daily updates on X for the latest developments in the crypto industry.

Cryptocurrency

Record Bitcoin Options Expiry Marks End of 2024

Friday. December 27 at 12:00 PM

The market is concluding 2024 with the largest Bitcoin options expiry ever, totaling $18 billion in Bitcoin and Ethereum contracts. This event signals potential excitement and surprises for traders and investors. The Bitcoin options expiry includes 88,537 contracts, four times more than the previous week, while Ethereum options total 796,021, 4.5 times higher than before. The expiring Bitcoin options are valued at a record $14.38 billion, with Ethereum options at $3.7 billion. The increasing value of expiring options indicates traders' profit expectations and demand for risk hedging. Both Bitcoin and Ethereum have specific maximum pain prices and put-to-call ratios, reflecting market sentiment and hedging activities. Analysts are closely watching this expiry to gauge market direction as 2025 approaches. It is essential for readers to verify information independently before making any decisions based on this news.

Cryptocurrency

Bitcoin Price Crash: Social Media Sentiment as a Predictor

Friday. December 27 at 11:00 AM

Bitcoin experienced a significant crash, wiping out the gains made during the Christmas rally. The drop from nearly $100,000 to around $95,000 in just one day may have been influenced by social media sentiment. Analytics firm Santiment highlighted the importance of 'Social Dominance,' which tracks the percentage of social media discussions related to top cryptocurrencies. Posts about price targets like $90,000, $100,000, and $110,000 reflected varying sentiments - bearish, neutral, and bullish respectively. The Social Dominance for the $110,000 target surged during the recent rally, indicating bullish optimism. However, historical trends suggest that excessive hype often leads to price reversals. Previous spikes in Social Dominance coincided with Bitcoin price declines. The latest rally's failure to sustain gains aligns with this pattern, with Bitcoin currently trading around $96,100, down nearly 4% in the past week.

Cryptocurrency

Analyzing Cardano's Market Trends

Friday. December 27 at 10:00 AM

Cardano (ADA) has experienced a gradual price decline since early December, hitting a monthly low of $0.86. This downward trend has left ADA investors anticipating a challenging start to the new year. Despite this, market indicators point towards a potential buying opportunity for those with a long-term perspective. Cardano's MVRV ratio suggests a potential buy opportunity, currently falling within the -13% to -26% range, historically seen as an accumulation zone for ADA. Buying Cardano at these levels could lead to positive returns, given its past resilience in similar situations. However, challenges lie in Cardano's high Network Value to Transactions (NVT) ratio, indicating a bearish trend due to weak on-chain demand. While ADA's price may consolidate between $0.87 and $1.00 in the short term, failure to hold $0.87 as support could push it down to $0.77, delaying any recovery. Investors should carefully consider these factors before making decisions.

Cryptocurrency