Welcome back to our blockchain blog, where we bring you the latest updates from the world of cryptocurrencies and blockchain technology. In today’s post, we will discuss the recent developments surrounding the price of Bitcoin SV (BSV), the intriguing revelations from the FTX and Binance controversy, and Coinbase’s expansion plans in Europe, specifically in Ireland. So, let’s dive in!

Bitcoin SV (BSV) Shows Promising Signs, Aims for $56:

Over the past four days, the price of Bitcoin SV (BSV) has been on a steady rise, reaching a new 100-day high. Breaking above the $40 resistance level that has been holding since July, BSV is displaying strong bullish tendencies. The price action has formed an ascending support trendline, creating an ascending triangle pattern, which is considered highly optimistic by market analysts.

Supporting this positive sentiment, the Relative Strength Index (RSI) is currently above 50 and steadily increasing. This indicates a continuing bullish trend for Bitcoin SV. The projected price target for the top of the breakout sits around $56, suggesting further potential gains for the cryptocurrency.

FTX-Binance Controversy Sheds Light on Misuse of Customer Funds:

During a court hearing, it came to light that FTX, a bankrupt crypto exchange, used customer funds to repurchase its stake held with competitor exchange Binance. Binance CEO Changpeng Zhao revealed that his company received over $2.1 billion in Binance USD stablecoins and FTX’s FTT tokens as part of the repurchase.

To investigate this matter, the US Department of Justice has enlisted the help of an accounting professor to trace billions of dollars between Alameda and FTX as part of an ongoing trial involving Sam Bankman-Fried. The professor testified that user deposits were reinvested into various ventures, including businesses, real estate, political contributions, charity, and the repurchase of Binance’s shares in FTX. As a result, the relationship between the two exchanges has significantly deteriorated over time.

Coinbase Seeks Ireland as Its European Hub for Compliance with MiCA:

In a strategic move to comply with the forthcoming European regulatory framework, Coinbase, a prominent cryptocurrency exchange based in the United States, has selected Ireland as its primary European hub. By operating under a unified regulatory framework and the supervision of one national regulatory authority, Coinbase aims to effectively serve the 450 million people and 27 countries within the European Union.

Coinbase’s decision to establish a strong foothold in Ireland is driven by the country’s supportive environment for fintech companies. With existing licenses and registrations in multiple European countries, the exchange believes that consolidating its operations in Ireland will streamline compliance efforts and enhance their ability to offer secure and reliable services to European customers.

With Bitcoin SV (BSV) displaying a bullish pattern and targeting a new high at $56, crypto enthusiasts eagerly await its future performance. Meanwhile, the FTX-Binance controversy continues to unfold, revealing the misuse of customer funds and strain in the relationship between the two prominent exchanges. On the other hand, Coinbase’s strategic move to establish its European hub in Ireland demonstrates a commitment to comply with upcoming regulations while efficiently serving a vast EU market.

Stay tuned for more updates from the blockchain world as we continue to bring you the latest news and developments shaping the future of cryptocurrencies and decentralized technologies.