Bitcoin Holds Above $27,000 as Fed Rate Decision Looms
Bitcoin managed to hold above the $27,000 mark after reaching its highest level since August 31. This surge came as U.S. rates traders predicted that the Federal Reserve would keep borrowing costs unchanged for the rest of the year. The leading cryptocurrency saw a jump to $27,220 on Monday, marking an almost 8% increase since the appearance of the bearish death cross pattern on its daily price chart a week ago. This rise after the bearish crossover of the 50-day simple moving average (SMA) below the 200-day moving average highlights the unreliability of this indicator. Bitcoin has since dipped slightly, trading at around $27,100. Other cryptocurrencies, such as Solana’s SOL and ether, also experienced minor gains.
FTX Sues Founder’s Parents for Fraudulent Transfers
FTX, a bankrupt crypto exchange, has filed a lawsuit against the parents of its founder and former CEO, Sam Bankman-Fried. The company aims to recover millions of dollars in fraudulently transferred and misappropriated funds. In the court filing, FTX requests damages, the return of any property or payment made to the parents, and punitive damages. The filing alleges that FTX Trading paid over $18 million, including taxes and fees, for Blue Water, a company owned by Bankman and Fried. It also claims that Bankman used his knowledge of tax law and the FTX Group’s corporate structure to transfer $10 million to himself and Fried from Alameda Ltd. funds.
Oak Grove Ventures Launches $60 Million Fund
Several prominent figures from the crypto and fintech industries have come together to launch Oak Grove Ventures, a new $60 million fund. The fund will focus on the intersection of Web3, artificial intelligence, and biotech. The Singapore-based team includes Sally Wang, formerly of Sino Global Capital, Ethan Wang, former tech lead of Libra, Shawn Shi, co-founder of Alchemy Pay, and Michael Li, a former VP of Coinbase. The goal of Oak Grove Ventures is to not only provide capital but also foster a community of innovators who share a passion for groundbreaking technologies.
Chainlink’s LINK Token Sees 14% Increase in 7 Days
Chainlink’s LINK token has experienced a 14% climb over the past week, outperforming the wider crypto market. On Monday, LINK reached $6.83, marking a 10% gain for the day. On-chain data reveals that four Chainlink wallets unlocked and transferred 18.75 million LINK, equivalent to approximately $117 million, over the weekend. Additionally, it was noted that one Chainlink wallet has been depositing LINK to Binance every three months since August 2022, totaling over 71 million LINK, valued at around $446 million.
In conclusion, Bitcoin remains steady above $27,000 as investors await the Federal Reserve’s decision on borrowing costs. FTX continues its legal battle to recover funds from its founder’s parents, while Oak Grove Ventures launches a $60 million fund to support innovative projects. Lastly, Chainlink’s LINK token demonstrates strong performance with a 14% increase in the past week.
Chart of the Day: Chainlink’s LINK token has seen a 14% climb over the past 7 days, outperforming the wider crypto market.