Wa Wa Wee Wah what a week it’s been in crypto! We've had some steady green days over the past week bringing extra attention to our marvelous cryptic world.
So let's take a look at what's in store for this edition of Wizardia Weekly news!
- Sam Bankman-Fried update
- PayPal Faces SEC Action Related to PYUSD Stablecoin
- Binance and Visa Cancel Partnership in Europe
- Price Action Report and Technical Analysis
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Sam Bankman-Fried Update:
October 26th, 2023: The prosecution calls former FTX employee John Ray III to the stand.
Ray testifies that he was hired to clean up FTX after Bankman-Fried resigned in November 2022. He says that when he took over, FTX had a "massive hole" in its balance sheet.
Ray states that Bankman-Fried had been using FTX customer funds to fund his own personal expenses and to invest in other companies.
October 27th, 2023: The prosecution calls former FTX investor Nishad Singh to the stand.
Singh testifies that Bankman-Fried misled him about the financial health of FTX. He says that Bankman-Fried told him that FTX had a "secret sauce" that allowed it to make huge profits without taking on much risk.
October 28th, 2023: The defense begins its cross-examination of John Ray III.
The defense tries to cast doubt on Ray's credibility and to suggest that he is biased against Bankman-Fried.
Ray stands by his testimony, saying that he has no personal vendetta against Bankman-Fried and that he is simply telling the truth about what he found when he took over FTX.
October 31st, 2023: The prosecution calls a former FTX employee who worked on the company's trading desk to the stand.
The employee testifies that Bankman-Fried and other executives would often place trades that were not in the best interests of FTX customers, wregularly trade against FTX customers, and also use customer funds to prop up the price of FTX's own token.
November 1st, 2023: The defense begins its cross-examination of the former FTX employee who worked on the trading desk.
The defense tries to suggest that the employee is lying and that Bankman-Fried never engaged in any wrongdoing.
The employee stands by her testimony, saying that she is telling the truth about what she saw and heard while working at FTX.
November 2nd, 2023: The prosecution rests its case. The defense has not yet begun its case.
The trial is expected to resume on November 7th, 2023.
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PayPal Faces SEC Action Related to PYUSD Stablecoin
The SEC has issued a subpoena to PayPal in connection with its investigation into the PYUSD stablecoin. PYUSD is a stablecoin that is pegged to the US dollar.
The SEC is investigating whether PayPal is properly backing PYUSD with US dollars.PayPal has not yet commented on the SEC's investigation.
The SEC's investigation into PYUSD is part of a broader crackdown on stablecoins. The SEC is concerned that stablecoins are not properly regulated and that they could be used to facilitate fraud and other illegal activities.
The SEC's action against PayPal is a significant development in the cryptocurrency industry, and it is one that companies operating in this industry should pay close attention to.
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Binance and Visa Cancel Partnership in Europe
Binance has announced that it will be canceling its partnership with Visa in Europe. This means that Binance Visa cards will no longer be available to users in the European Economic Area (EEA) by December 20, 2023.
The decision to cancel the partnership is reportedly due to regulatory pressure. Binance has been facing increased scrutiny from regulators around the world in recent times.
The cancellation of the Binance Visa partnership is a significant blow to the cryptocurrency industry in Europe. Binance is one of the most popular cryptocurrency exchanges in the world, and its Visa card was a popular way for users to spend their cryptocurrency in the real world.
However, there are still a number of other ways for cryptocurrency users in Europe to spend their cryptocurrency. Cryptocurrency users in Europe can use a cryptocurrency debit card from another exchange such as crypto.com, use a cryptocurrency payment processor, or use their cryptocurrency to purchase gift cards.
Price Action & Technical Analysis Report
“Very Nice, I like”.
Precisely what you would expect to hear from Borat this week regarding the bullish vibe penetrating the cryptosphere. Let’s take a look into the price action and brief technical analysis of both BTC and ETH.
Bitcoin
Price Action
Bitcoin (BTC) has traded in a relatively narrow range since October 26, 2023, consolidating between the $33,000 and $35,000 levels. The price has made several attempts to break above $35,000, but has been met with resistance each time.
On November 2, BTC is currently trading at $36,798.63, which is above all of the major moving averages.
Technical Analysis
The technical analysis for BTC is bullish. The price is above all of the major moving averages, and the MACD and RSI indicators are both trending upwards.
The next major resistance level for BTC is at $38,000. If the price can break above this level, it could reach the $40,000 level.
The next major support level for BTC is at $35,000. If the price falls below this level, it could reach the $33,000 level.
Overall, the price action and technical analysis for BTC are bullish. The price is above all of the major moving averages, and the MACD and RSI indicators are both trending upwards. The next major resistance level for BTC is at $38,000, and the next major support level is at $35,000.
Ethereum
Price Action
ETH has traded in a relatively narrow range since October 26, 2023, consolidating between the $1,500 and $1,700 levels. The price made several attempts to break above $1,700, but was met with resistance each time.
On November 2, ETH is currently trading at $1,847.63, which is above all of the major moving averages.
Technical Analysis
The technical analysis for ETH is bullish. The price is above all of the major moving averages, and the MACD and RSI indicators are both trending upwards.
The next major resistance level for ETH is at $1,900. If the price can break above this level, it could reach the $2,000 level.
The next major support level for ETH is at $1,700. If the price falls below this level, it could reach the $1,500 level.
Overall, the price action and technical analysis for ETH are bullish. The price is above all of the major moving averages, and the MACD and RSI indicators are both trending upwards. The next major resistance level for ETH is at $1,900, and the next major support level is at $1,700.
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Ryan Turnbull
Introducing Ryan Turnbull, a passionate Australian Chief Vibe Officer at Wizardia. Among many things, Ryan builds Wizardia’s community, creates captivating live streams, forms partnerships with other web3 projects, and produces engaging video and blog content. With his expertise, Ryan introduces crypto gaming to both masters and beginners, fostering a vibrant, exciting and supportive environment.
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