Bitcoin ended up six out of seven sessions last week but the downtrend has not reversed yet. Bitcoin price is above $20,000 currently. A glance at the daily chart reveals Bitcoin sideways trading continues currently after the price reversed its climbing as it approached the resistance line. A possible reversal back to rebounding will take it back to testing the resistance again.
Bitcoin is retreating after logging best weekly gain in three months - as is Etherium after hitting two-week high following successful completion of its second-to-last major Merge trial by switching to Proof-of-Stake on the Sepolia public test network. And while anticipation of another set of elevated US inflation readings this Wednesday weigh on financial markets, CoinLoan joined other crypto lenders such as BlockFi and Vauld in limiting user withdrawals, Three Arrows creditors claim founders fail to 'cooperate' in liquidation and Sol investors accused Solana Labs, Multicoin of violating securities law .
Estonia-based crypto lender CoinLoan announced last Monday it limited withdrawals to $5,000 per 24-hour period to avert a run on its funds. CoinLoan described the new limits as “provisional,” saying they will be lifted if market conditions allow.
Three Arrows Capital’s Virgin Islands fund creditors claim founders Su Zhu and Kyle Davies “have not yet begun to cooperate” with the liquidation proceeding “in any meaningful manner.” Lawyers for the creditors that visited Three Arrows’ Singapore office found it abandoned, according to court documents filed late Friday in New York. The creditors are seeking to freeze Three Arrows’ assets and are requesting the court to compel Three Arrows’ founders to list out the fund’s assets. A court hearing is scheduled tomorrow morning in New York.
California resident Mark Young filed a potential class-action lawsuit accusing key players in the Solana ecosystem of illegally profiting from SOL, the blockchain’s native token that, according to the suit, is an unregistered security. Multicoin, a major crypto venture capital firm that has invested heavily across the Solana ecosystem, allegedly “offloaded millions of dollars of SOL” onto retail after “relentlessly” promoting the token in spite of Solana blockchain’s tech issues.
