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Nexo co-founder calls financial crimes allegations ‘absurd’

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Nexo co-founder calls financial crimes allegations ‘absurd’

Nexo co-founder calls financial crimes allegations ‘absurd’ Liam ‘Akiba’ Wright · 2 hours ago · 1 min read

A Nexo spokesperson said the investigation and raid were politically motivated and linked to the Ukraine-Russia war.

1 min read

Updated: January 12, 2023 at 1:11 pm

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Cover art/illustration via CryptoSlate

Nexo’s co-founder and managing partner Antoni Trenchev confirmed that authorities are present at one of Nexo’s offices in Bulgaria following local reports that the Sofia office was raided in relation to “financial crimes.”

Trenchev told CryptoSlate that “Bulgaria is the most corrupt country in the EU” and called the allegations “absurd” as Nexo is  “one of the most stringent entities with regards to KYC/AML.”

Trenchev said the nature of the investigation is related to a non-customer-facing part of the business. He added:

“They [authorities] are inquiring about a Bulgarian entity of the group that is not customer facing but only has operational expense related functions – payroll, customer support, back office.”

Meanwhile, a Nexo spokesperson said the investigation and raid were politically motivated and linked to the Ukraine-Russia war.

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The spokesperson said:

“Since the onset of the war in Ukraine we have helped raise millions for the victims there and restricted clients from Russia and sanctioned regions.”

They added that the exchange was facing backlash for its pro-Ukraine stance in a country where opinion on the matter is extremely divided.

The uncertainty around the situation coincides with a fall in the price of Nexo’s native token NEXO — which is down 5% on the day as of press time.

Community concerns

Trenchev previously told CryptoSlate during an interview that Nexo had “acquired licenses that were not required to stay ahead of the regulatory game.”

However, Nexo has been a continued target of criticism from the crypto community in relation to potential insolvency. However, so far the exchange has not shown any signs of collapse and continues to trade and support withdrawals for all customers as of press time.

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Why Solana’s [SOL] recent gains might be undercut by this metric’s findings

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Why Solana’s [SOL] recent gains might be undercut by this metric’s findings

  • ‘Overvalued’ Solana’s indicators seemed to indicate the arrival of market bears 
  • On the contrary, SOL’s demand across the derivatives market increased

TK Ventures and CoinWire’s data revealed that Solana [SOL] is now the most overvalued blockchain. This was determined using the market capitalization/TVL metric. When a network’s market cap to TVL ratio is above 1.0, it means that the network is overvalued, which can result in a price correction. As Solana’s MKC/TVL value was 17.5, the probability of increased selling pressure can be considered to be high. 

According to the MKC/TVL ratio, @solana seems to be overvalued compared to other blockchains.

What is your opinion on this statement?

✨ Read Crypto Report 2022 below to gain more informationhttps://t.co/uHdBOBVQiC pic.twitter.com/59Z8OrEIrt

— Solana Daily (@solana_daily) January 30, 2023


Read Solana’s [SOL] Price Prediction 2023-24

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However, Solana’s recent price action tells us a different story. According to CoinMarketCap, SOL registered daily gains of over 6%. At the time of writing, it was trading at $25.55 with a market capitalization of more than $9.4 billion. 

The bears are here

While the price action has remained dynamic, Solana’s daily chart revealed the arrival of the bears, which might cause a trend reversal. For instance, the Relative Strength Index (RSI) registered a slight downtick near the overbought zone. The Money Flow Index (MFI) went close to the neutral zone – A bearish finding.

Moreover, the MACD revealed that the bears were in a battle with the bulls. Considering the aforementioned indicators, it seemed more likely for the bears to gain an advantage in the market. 

Source: TradingView

More reasons to be concerned 

Not only were the market indicators bearish, but Solana’s NFT ecosystem also registered a decline over the past week. CryptoSlam’s data revealed that Solana’s total sales value in the last seven days was 27.52 million – 27% lower than the figures for the previous week. Interestingly, despite the fall in sales, the total number of transactions rose last week. 

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SOL’s on-chain metrics also raised alarm bells as they too looked to align with the sellers’ interest. Positive sentiments around Solana fell over the past week, reflecting the investors’ lack of trust.

Furthermore, SOL’s 4-week price volatility declined sharply, something that might restrict SOL’s price from going up in the coming days. Nonetheless, SOL’s demand in the Futures market increased as its Binance funding rate spiked. The network’s development activity also hiked, which by and large is a positive signal.

Source: Santiment

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Analysis

Bitcoin closes 4 consecutive weekly green candles for first time since August 2021

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Bitcoin closes 4 consecutive weekly green candles for first time since August 2021

Bitcoin closes 4 consecutive weekly green candles for first time since August 2021 Liam ‘Akiba’ Wright · 2 hours ago · 2 min read

The longest bear in Bitcoin history or a perfectly timed bottom from past halving cycle trends.

2 min read

Updated: January 30, 2023 at 2:18 pm

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Cover art/illustration via CryptoSlate

Bitcoin closed the week strongly with a fourth consecutive green candle for the first time since August 2021. Four weeks of positive momentum during a bear market is extremely rare.

The last time printed four consecutive green candles during a bear market was during the COVID-19 crash recovery of May 2020. Prior to that, any time four weekly candles closed green during a bear market, the bottom of the cycle had already been made.

BTC-USD

However, following the weekly close, Bitcoin did begin a retracement, with the price down 3.6% from the local high as of press time.

Bitcoin soared to $24,000 over the weekend as it made a second attempt to break the resistance level which has held since August 2022. However, as of press time, it has fallen to around $23,000, signaling a weekly red candle.

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Further, the weekly candle also marked a higher high on the chart as Bitcoin continues its upward momentum. The year-to-date chart below illustrates Bitcoin’s strong start to 2023.

Year to date BTC-USD

Throughout Bitcoin’s history, four green weekly candles have never been followed by a new cycle low during similar times in the having cycle. For example, Jan 30 is 994 days since the last halving in May 2020, and previous cycle lows came after 994 days in 2015 and 889 days in 2018. The current cycle’s low came 924 days after the last halving, which lies within the historical range.

Therefore, either Bitcoin’s low this cycle has been and gone at $15,530, or this is the longest bear market in Bitcoin’s history. Moreover, an uncertain global macroeconomic environment looms over the financial sector, with Bitcoin primed for its first test of a potentially deflationary world economy.

At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is down 1.73% over the past 24 hours. BTC has a market capitalization of $446.36 billion with a 24-hour trading volume of $26.74 billion. Learn more ›

BTCUSD Chart by TradingView

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Bitcoin On-Chain Analysis

Market summary

At the time of press, the global cryptocurrency market is valued at at $1.05 trillion with a 24-hour volume of $55.09 billion. Bitcoin dominance is currently at 42.50%. Learn more ›

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Bitcoin

Can February see Bitcoin [BTC] do a January? The odds are…

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Can February see Bitcoin [BTC] do a January? The odds are…

  • Bitcoin’s MVRV ratio and NUPL have not yet hit a strong accumulation zone
  • The coin’s UTXO may need to break out of its resistance to sustain January’s momentum while U.S interest rates could also affect BTC’s demand

Bitcoin’s [BTC] 43% hike in January surely brought rays of hope to investors dampened by 2022’s market display. In fact, it was one of the best first month performances of the coin in about ten years. However, on-chain data revealed that enthusiasts looking to accumulate more of the king coin might not find it challenging to pick out a guaranteed buying opportunity in February. 


Read Bitcoin’s [BTC] Price Prediction 2023-2024


Playing second fiddle in the second month?

According to On-chain Edge, a pseudonymous CryptoQuant analyst, expecting a replica of BTC’s performance in February could be a stretch. The analyst’s viewpoint was based on the Market Value to Realized Value (MVRV) ratio.

The MVRV ratio displays possible buying prospects due to the market capitalization and realized capitalization trend. However, On-chain Edge pointed out that the MVRV ratio was 1.16, at the time he published. Since it was not below a value of 1, the prevailing BTC position might be considered shaky as one to potentially make significant gains.

Source: CryptoQuant

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Besides the MVRV ratio condition, the analyst also focused on the state of the Net Unrealized Profit/Loss (NUPL). This metric is laser-focused on the market cap and realized cap difference. Hence, also revealing whether the Bitcoin network is in profit or loss. The analyst noted,

“​​The increase in unrealized profits over the last few weeks has led to a dramatic rise in the NUPL value, which is currently at 0.14, higher than before the FTX crash.”

While this could be considered a move in the positive direction, there is also a resistance that could draw back the NUPL’s improvement. 

At press time, the NUPL’s 0.14 value meant buying at the current BTC price remains risky. Meanwhile, a consistent increase would mean difficulty in re-entering an excellent buying zone. The analyst then concluded that investors could either wait on the next buying chance or hope for a significant breakout.

Source: CryptoQuant

January’s momentum could stay alive if…

While the data mentioned above means that a price reversal could be on the cards, bullish possibilities are also not down and out. Yonsei_dent, who dropped his two cents on the matter, was at the forefront of this opinion. 

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According to him, the six to twelve months Unspent Transaction Output (UTXO) Age bands could have a say in the coin’s trend.

Source: CryptoQuant

Yonsei_dent used the 2021 bull market and early 2022 bear condition as an illustration. The analyst mentioned that it is necessary to consider the UTXO due to its influence on BTC’s support and resistance. He wrote, 

“If the market price reaches the Realized Price (6m~12m), that level can act as a resistance zone. If it breaks out clearly at that level, it will build momentum into the bull market.”

Moreover, the release of the interest rates by the U.S Federal reserves could also impact BTC’s February trajectory. In fact, according to CME Group, there is a high chance of the Fed raising interest rates. This, in turn, could cut down investors’ palate concerning Bitcoin demand.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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