Court Rules BAYC NFTs Are Not Securities
Court Rules BAYC NFTs Are Not Securities
A U.S. federal judge in the Central District of California dismissed a 2022 class-action suit, finding that Yuga Labs’ Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs) do not meet the Howey test for securities. The ruling concluded plaintiffs failed to show a common enterprise or a reasonable expectation of profits tied to Yuga Labs’ […]
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Analyst: Cash-to-Crypto Exchange Market Reaches Billions in Russia
The gray cash‑to‑crypto exchange market in Russia moves billions, with Moscow serving as the main hub. Alexey Korolenko, executive director of Cifra Markets, says that while the government has cracked down on some activity, it is difficult to close all trading offices. Russia Moves Billions in Cash-to-Crypto Operations, Analyst Estimates While Russian authorities have recently […]
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Solana Price Slips Below $230, But Analyst Says Next Major Resistance Still At $245
The Solana price had a relatively better performance than most large-cap crypto assets in September, posting a double-digit gain in the past month. The altcoin has made an even stronger start to October, enjoying the opening days of the month with an over 10% price jump so far. It is worth mentioning, though, that the Solana price somewhat struggled going into the weekend, which has seen the loss of the $230 mark. However, the latest on-chain data suggests the SOL token might only be taking a break, as it has yet to encounter the next major obstacle to its continuous ascent. Sustained Upward Run Hinges On $245 Resistance: Data In an October 4 post on the X platform, crypto analyst Ali Martinez shared an on-chain insight into the next significant resistance for the Solana price. According to the popular online pundit, the price of SOL is likely to face major resistance around the $245 price over the coming weeks. Related Reading: XRP Price Completes 7-Year Double Bottom Amid Prep For Moonshot To $19 This on-chain verdict is based on the SOL UTXO Realized Price Distribution (URPD) metric, which measures the volume of a particular cryptocurrency that was bought at a specific price level. These price levels act as support and resistance levels for Solana, as they represent the cost basis of different investors. It is worth mentioning that the strength of an on-chain support and resistance level typically depends on the number of investors who have their cost basis at the specific price level. According to Martinez, the next such level is around the $245 region, where more than 5.9 SOL tokens were acquired. This level is considered the next major resistance for the Solana price, as it is above the current spot value. The $245 zone is seen as a significant supply wall, as several investors—who have been underwater for long—are likely to dump their assets as soon as they break even or move into profit, thereby putting significant downward pressure on price. Ultimately, the return of the Solana price to its current all-time high of $293 could be in jeopardy if it fails to clear the major supply wall around $245. As observed in the highlighted chart, the SOL would likely not be facing any significant barrier on the path to the record-high price. Can Solana Price Surge 100%? Interestingly, Martinez projected in a separate post on X that the Solana price could travel to as high as $520. However, the altcoin would need a weekly close above the long-term resistance around $260 to embark on this upside rally. A run to $520 would represent an over 110% surge from the current price point. As of this writing, the Solana token is valued at around $228, reflecting a nearly 2% dip in the past 24 hours. Related Reading: Bitcoin, XRP Testing Key Resistances And Could Turn Messy Again – Here’s Why Featured image from Jakub Porzycki/Getty Images, chart from TradingView
Aster Dominates Record $1.4 Trillion Perpetuals DEX Trading Volume in September
Perpetual DEX trading volumes topped $1.43 trillion in September, a nearly 50% month-over-month increase. Aster led with more than $670 billion, while Hyperliquid and Lighter crossed $100 billion each. Perp DEX Volumes Break $1.4 Trillion in September, Led by Aster and Hyperliquid Perpetual decentralized exchanges (Perp DEXs) recorded a historic milestone in September, with monthly […]
Bitcoin Breaks the Ceiling: $125K Shattered in ‘Uptober’ Frenzy
At 6:45 a.m. CAT on Oct. 5, bitcoin ( BTC) definitively shattered its previous ceiling, carving out a new, historic all-time high of $125,725, according to Bitstamp prices. This momentous breakout confirms the powerful, month-long anticipation that has gripped the crypto market since the calendar turned. Driven by potent bullish sentiment—and validating the widely-touted “Uptober” […]
FTX’s Sam Bankman-Fried Calls Handing Firm Over To New CEO ‘His Biggest Mistake’ — Details
Sam Bankman-Fried, founder and former CEO of the now-defunct cryptocurrency exchange FTX, tagged the decision to hand over the firm to a new leader during the bankruptcy saga his “single biggest mistake.” According to the former crypto executive, this move deterred him from saving the company from collapsing at the last minute. ‘I Could […]