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Bitcoin Price Rockets to $8,450 as Iran Attacks US Bases in Iraq

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On Tuesday Bitcoin price (BTC) continued the rally of the previous day by retaking $8,000 then pushing above the 200-day moving average for the first time since November 2019. The strong upside move also brought the digital asset above the long-term descending channel which formed on Jun. 25 and outside of today’s channel breach, Bitcoin had been pinned beneath the trendline since Oct. 26 when Chinese President Xi Jinping called for China to fast track the development and integration of blockchain technology.  

Cryptocurrency market weekly overview

Cryptocurrency market weekly overview. Source: Coin360

Many believe Bitcoin’s strong surge from $7,000 to nearly $8,500 has been heavily influenced by the rising tensions between the United States and Iran. In fact, the most recent push above $8,500 occurred as mainstream media reported that Iran had attacked United States troops stationed at two military bases in Iraq. 

More than a dozen missiles were fired at both bases and at the time of writing no casualties have been reported. Gold and oil prices also increased sharply, with spot gold price topping a 6-year high at $1,603.21 and gold futures rising 2% to $1,605.80. 

BTC, Gold, Oil and S&P 500 chart

BTC, Gold, Oil and S&P 500 chart. Source: YCharts

Crude oil price also surged 4% with West Texas Intermediate crude futures rallying to $65.65 and Brent crude rising to $71.75 per barrel. As commodities like gold, silver, and oil rallied, the Dow Jones Industrial Average futures dropped by 343 points and the S&P500 and Nasdaq futures also pulled back slightly. 

This shows that traders expect that the escalation between the two countries will negatively impact Wednesday’s open in traditional markets.

BTC USD daily chart

BTC USD daily chart. Source: TradingView

Bitcoin’s rally alongside assets like oil, gold, and silver is not a surprise to most traders as many believe the digital asset is correlated to the price action of commodities. Since Jan. 6, Bitcoin price has rallied 15% and traders will be closely watching to see if the asset to see if it can hold its recent gains above the 200-DMA and the descending channel. 

BTC USD 6-hour chart

BTC USD 6-hour chart. Source: TradingView

On the shorter timeframes, the rally is beginning to look a bit over-extended with the 6-hour relative strength index (RSI) punching above overbought territory at 84 and the same could be said for the Stochastic RSI. 

One positive is the strong move to $8,470 allowed the price to punch through the $8,100-$8,300 high volume node of the volume profile visible range (VPVR), so as the price pulls back an encouraging development would be to see $8,300 flip from resistance to a support level. 

If the bulls fail to hold $8,300, the price could pullback to $8,150 which is right along the main arm of the descending channel and near the 78.6% Fibonacci retracement level. 

Bitcoin weekly price chart

Bitcoin weekly price chart. Source: Coin360

The overall cryptocurrency market cap now stands at $217.7 billion and Bitcoin’s dominance rate has risen to 69.1%. Notable gainers amongst altcoins were Litecoin (LTC) with a 4.73% gain and Chainlink (LINK) with 10.04%.

Keep track of top crypto markets in real time here

Source: https://cointelegraph.com/news/bitcoin-price-rockets-to-8-450-as-iran-attacks-us-bases-in-iraq

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Craig Wright Allowed to Serve 16 Bitcoin Developers Over $4B of Stolen BTC

After getting approval by the Business and Property Courts of the High Court in London, Wright will go after Bitcoin developers over stolen BTC worth $4B.

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Craig Wright’s legal attempts to sue a dozen developers working on the networks of Bitcoin, Bitcoin Cash, Bitcoin Cash ABC, and Bitcoin SV have been approved. By tapping a law firm called ONTIER, the self-proclaimed Satoshi Nakamoto will go after the developers to make them recover over $4 billion of BTC supposedly stolen from his computer last year.

CSW Granted Permission to Go After Bitcoin Developers

CryptoPotato reported in late February when Wright and ONTIER announced plans to pursue legal action against the developers of Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), and Bitcoin Cash ABC (BCH ABC).

The firm acted on behalf of Tulip Trading Limited (TTL) – a Seychelles-based entity with Wright being the primary beneficial owner. In the statement, both parties claimed that Wright’s computer was hacked in 2020, and the perpetrators somehow stole his private keys to two addresses, which held over $4 billion in bitcoin.

Consequently, the law firm requested that the developers “enable TTL to regain access to and control of its bitcoins on the grounds that they owe Bitcoin owners both tortious and fiduciary duties under English law.”

Although their claims seemed a bit controversial, to say the least, the firm has been allowed to go forward and serve the developers, according to a statement made by ONTIER on May 12th.


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It reads that the firm has “commenced the process of serving legal proceedings on 16 Bitcoin developers.” The company was granted permission to serve them out of the jurisdiction by the Business and Property Courts of the High Court in London after 145-page application submission.

The statement highlighted once again that “Dr. Wright is the inventor of Bitcoin” and described TTL as the real victim in this case.

“Tulip Trading is, purely and simply, a victim of theft. The hacking was first reported to the police in February last year. TTL has not been granted permission to seek recovery of its access to and control of its digital assets from those in a position to remedy its loss. The fact that someone has stolen TTL’s digitally-held, encrypted private Bitcoin keys does not prevent developers from deploying code to enable the rightful owner to regain control of its bitcoin.”

To Help the Masses

As with the first statement in February, ONTIER and Wright asserted that if this case succeeds, it could help numerous others victims that have been hacked in the past.

“In what may prove to be a huge relief to many, a ruling in Tulip Trading’s favor would have considerable implications for those who have lost access to their Bitcoin or had coins stolen.”

This is far from being Wright’s first controversial legal endeavor related to the cryptocurrency industry. After claiming, without conclusive evidence, though, that he is indeed Satoshi Nakamoto, his lawyers recently warned two bitcoin-related websites to remove the asset’s whitepaper as he supposedly owns legal rights to the document and the Bitcoin name.

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Source: https://cryptopotato.com/craig-wright-allowed-to-serve-16-bitcoin-developers-over-4b-of-stolen-btc/

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Ethernity Chain Immortalizes Tony Hawk’s Last 540 Skate Trick With NFT

[Press Release – Los Angeles, California, 12th May, 2021] Iconic skater Tony Hawk will soon have his own NFT thanks to the Ethernity Chain platform. The new NFT collection will launch on Wednesday May 12 at 12PM ET and be available for 24 hours. Hawk recently performed what he insists will be HIS last ever […]

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[Press Release – Los Angeles, California, 12th May, 2021]

Iconic skater Tony Hawk will soon have his own NFT thanks to the Ethernity Chain platform. The new NFT collection will launch on Wednesday May 12 at 12PM ET and be available for 24 hours.

Hawk recently performed what he insists will be HIS last ever “540” skate trick, and the moment in time will be preserved for eternity as an authenticated NFT (aNFT). The winning bidder will also receive the actual skateboard and shoes used in the final trick.

The legendary skater’s last ever 540 constitutes just part of a coveted collection co-created by influential digital artist Ondrej Zunka, a boyhood fan of Hawk.

“Birdman” will also provide one of his own skateboards, modeled after the inverted handstand and represented as an aNFT. Ethernity plans to raffle the skateboard randomly to a buyer of the aNFT.

The collection is completed by Graffiti Wall, a colorful artwork featuring contributions from skating enthusiasts in the form of messages, drawings and slogans etched on a blank canvas.

“I spend a lot of time around skateparks and there’s always a lot of graffiti everywhere, so I made this public Graffiti Wall inviting friends, family and the public to add a note to Tony,” said Zunka.

“I’ve created a texture from all of these messages and projected them onto the ramps, so whoever participated is now part of these two NFTs.”

Ethernity, which is committed to bringing legendary figures, real world collectibles, and fan engagement to blockchain, recently released aNFTs of Muhammad Ali, Pelé and baseball star Fernando Tatlis Jr. As with Hawk’s collection, each auction also included physical collectibles such as custom baseball bats and gloves worn by the boxer.

About Ethernity

Ethernity is exploring applications for non-fungible tokens (NFTs) within the context of art and philanthropy. It provides a way for celebrities and public figures to endorse digital artwork created by renowned artists. Anyone can purchase each limited edition artwork, with a portion of the proceeds going to charitable causes that the celebrity supports. Ethernity was founded by early Bitcoin investor and NFT innovator Nick Rose Ntertsas.

Learn more: http://ethernity.io/

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Source: https://cryptopotato.com/ethernity-chain-immortalizes-tony-hawks-last-540-skate-trick-with-nft/

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Spring and Bondly NFT Partnership Unlocks Digital Potential for Creator Economy

[Press Release – 12th May, 2021, San Francisco, California] Spring (formerly Teespring) and Bondly, premiere NFT solutions provider that empowers the next generation of NFT creators, announced today their new partnership to enable Spring’s platform for creators to sell both digital and physical product creation, unlocking a new wave of digital potential for the creator […]

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[Press Release – 12th May, 2021, San Francisco, California]

Spring (formerly Teespring) and Bondly, premiere NFT solutions provider that empowers the next generation of NFT creators, announced today their new partnership to enable Spring’s platform for creators to sell both digital and physical product creation, unlocking a new wave of digital potential for the creator economy. Content creators will use Bondly technology on the Spring platform to create, mint and market NFTs.

In addition, Bondly will provide expertise to develop new digital experiences between creators and fans. More than $2 billion was spent on NFTs during the first quarter of 2021 — representing an increase of about 2,100% from Q4 2020*, so there is a lot of revenue that can be generated for individual creators. These new NFT capabilities will empower the creator to be the authentic creator of the initial digital product as well as rewarded for its creation.

Creators will now be able to simultaneously leverage Spring’s industry leading social integrations and combined with Bondly’s creation technology to sell NFTs, all accessible to fans globally at just the click of a button. Much like what they offer with their Digital Products, Spring will provide creators with a place to sell their NFTs, using their distribution channels to present fans with the opportunity to purchase them.

Bondly will power this next generation of digital collectibles and turn year-round fan engagement into a revenue center for influencers and others wanting to maintain ongoing fan interaction through embedded NFT perks and utilities. With the arrival of Web 3.0 which has been framed as the new ‘internet of value’, this value transfer has never been more clear than with the relationship between fan and creator. The partnership between Spring and Bondly will bring creators and fans closer together, as fans are now able to engage in a fandom that is exclusively between them and the creator via the sale of NFT’s on the platform.

Bondly opened the floodgates earlier this year, for mass NFT adoption by being the first to market with unique products in partnership with influencers and musicians and collaborations with gaming/collectibles creators. Bondly created and distributed YouTuber/Influencer Logan Paul’s first-ever limited-edition series of NFT collectibles for fans, generating $1.3M in NFT sales in the first 30-minutes.

And through Bondly’s core product, BONDSwap, singer, songwriter PelleK released and quickly sold out the first-ever NFT music album, earning $160,000. Two-time GRAMMY award-winning group and reggae royalty Morgan Heritage was the first reggae artist in history to introduce one new song and two digitally remastered titles via an NFT, along with rare digital art.

Spring’s platform enables creators to launch ‘social stores’ which allows creators to sell products via the social channels which have given them fame and followers, including TikTok, Instagram and YouTube. These successful partnerships resulted in explosive growth for the platform, with more than 450,000 verified creators signing up to the platform to build their socially integrated ecommerce stores as of January 2021.

2020 saw a spike of activity, with new creator growth exploding by 135%, alongside a 92% growth in the number of creators who are actively selling their products through the platform. Spring has seen more than 30 creators become millionaires as a result of selling on the platform.

CEO of Spring, Chris Lamontagne says:

“NFTs give creators the ability to produce and more importantly, own their digital creations. At Spring our goal is to put the power in the hands of the creator and that begins with ownership. This is an opportunity for creative people to sell their products on the internet in a way which has not been done before. Partnering with Bondly has been excellent, we have a shared vision of a creator economy combined with NFT capabilities at scale and both understand how truly powerful that can be.”

CEO of Bondly, Brandon Smith, said:

“Spring and Bondly are perfect partners because we see NFTs as a fan engagement tool and work to create tailored, perk-enabled NFTs to increase the market value for creators. We focus on quality first, so that each NFT will stand the test of time and maintain its value to the fan, ensuring their perception of each creator not only remains as good as before the sale, but also actually enhances how they feel about them.”

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Source: https://cryptopotato.com/spring-and-bondly-nft-partnership-unlocks-digital-potential-for-creator-economy/

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BitMEX Executives to Face Trial in March 2022

BitMEX’s former executives Arthur Hayes, Benjamin Delo, and Samuel Reed will face trial in March 28th, 2022.

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The executives of the derivatives trading platform – BitMEX – will face trial in March next year. The money laundering case will come 18 months after charges were first filed. The former members of BitMEX can face up to 5 years in prison and a $250,000 fine if found guilty.

The Trio Heads to Trial

Last year, US officials accused the CEO of the company Arthur Hayes, the co-founder Benjamin Delo, and the chief technology officer Samuel Reed of violating the Bank Secrecy Act. Moreover, the members of BitMEX were served with money-laundering charges.

On May 11th – 18 months after the first accusations against them – New York District Judge John Koeltl set the trial date for March 28th, 2022. Furthermore, Gregory Dwyer – BitMEX’s head of business development – also faces charges but will appear in court separately.

Even though the company’s headquarters are in the Seychelles, the US Department of Justice accused BitMEX of failing to apply anti-money laundering procedures while doing business with US-based customers.

Interestingly enough, the ex-CEO of BitMEX – Arthur Hayes – said that the exotic island was a more convenient place for business as it was much easier to bribe Seychelles’ authorities rather than the US ones. The former executives of the cryptocurrency exchange could face a maximum of five years in prison and a $250,000 fine.


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Where Was Arthur Hayes?

Attorney Jessica Greenwood told the court that Hayes has ”discussed a surrender date of April 6th, 2021 in Hawaii.” She added that ”the plan is to notify the Court in advance of that appearance and discuss logistics” around his submission.

As CryptoPotato reported, even after his remote announcement Hayes continued to reside abroad and explained that he would only visit the United States whenever has to face the trial in New York.

In the end, the former BitMEX CEO indeed turned himself in on April 6th, 2021. However, the officials released him on a $10 million bond pending the future court process.

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Source: https://cryptopotato.com/bitmex-executives-to-face-trial-in-march-2022/

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