GM fellow Asterials. Today markets are green so our portfolios are feeling a bit more healthy! But always remember to take your profits! Unrealised gains are not profit yet 🤗

Let’s go through what we would be going through today🔥

• 📈Bitcoin & Ethereum is up by ~2%.

• 🏧Binance resumed Bitcoin withdrawals

• ⚖BlockFi claims against FTX

• 💸SEC Seeks to Slash Crypto Firm LBRY's $22M Fine to Just $111K

Bitcoin & Ethereum up by 2%

1// Bitcoin Analysis

📈 Bitcoin (BTC) analysis firm Skew predicts a potential retest of the $28,000 price level based on technical indicators and price patterns forming in the market.

Skew highlights the importance of the $27.2K level as a critical support and resistance point.

📉 The analysis suggests that the price is likely to retest the four-hour and one-day Exponential Moving Average (EMA) trend, which could signal potential market reversals.

Oscillators indicate some bullish momentum, and the confirmation of this would be the Relative Strength Index (RSI) moving above 50 and the price closing above the previous four-hour low.

2// Ethereum Analysis

Ethereum's price has hit a critical juncture at the 100-day moving average of $1760, making it a crucial support level to watch.

A breakdown here could trigger a significant drop in price. Following a period of consolidation, Ethereum's price has declined and touched the 100-day moving average, but there is no clear direction as yet.

At present, Ethereum's price is at two important levels: the 100-day moving average at $1748 and the $1.6K support region.

Despite the recent uptrend, the metric has been declining, suggesting that there is not yet significant selling pressure. Overall, the mid-term outlook for Ethereum remains bullish.

Binance resumes Bitcoin Withdrawals

After a second break, Bitcoin (BTC) withdrawals from Binance, one of the biggest cryptocurrency exchanges in the world, are once again being processed. Both pauses happened in less than eight hours' time—the first one sooner.

To avoid similar events in the future, Binance has modified its fees.

The number of unconfirmed transactions hit a record high prior to the second stoppage, which contributed to the halt. By incorporating withdrawals through the BTC Lightning Network, Binance is tackling congestion issues.

The number of unconfirmed transactions is starting to decrease down, but it's still above 430,000, so there is some good news.

We had a few people on Twitter talking about this in a Space recently. Here is a link so you can re-listen in.

BlockFi claims against FTX

In the latest developments in the BlockFi-FTX-Alameda legal battle, BlockFi's claims against its commercial counterparties are expected to have a significant impact on the recoveries of clients and creditors.

The projected impact of the litigation is over $1 billion, which is a considerable amount that could benefit clients waiting for their funds to be returned.

However, the success or failure of the litigation remains to be seen and will play a crucial role in determining the final amount of recoveries.

As part of the ongoing legal battle, BlockFi has

• Frozen approximately $355 million in crypto on FTX and

• Provided a loan of $671 million to Alameda Research.

While this legal battle continues, a U.S. Bankruptcy Judge has ruled that BlockFi custodial wallet users can be returned nearly $300 million in owed funds. The liquidation plan filed aims to return non-estate digital assets held in client wallet accounts, providing some relief to BlockFi users.

However, the final outcome of the legal proceedings remains uncertain.

SEC Seeks to Slash Crypto Firm LBRY's $22M Fine to Just $111K.

The Securities and Exchange Commission (SEC) of the United States is attempting to get the $22 million sentence issued on cryptocurrency company LBRY reduced to just $111,614.

This price cut follows a New Hampshire judge's ruling that LBRY had broken the law by offering its native LBC coin for sale in November without first registering with the SEC.

The SEC's suggestion to lower the fine is based on LBRY's financial state and close to bankruptcy.

LBRY might be "enjoined" until it implements its intentions to dissolve the firm and burn LBC tokens, as asked by the SEC to mitigate the punishment, if the reduced sentence is enforced.

This case has broader implications for the crypto industry, similar to Ripple Labs' defence against SEC charges regarding the XRP token. LBRY's potential injunction, if imposed, could set a precedent for other crypto firms in violation of securities laws.

The outcome of this case will be closely monitored by the industry.

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.