A proposed settlement filed on October 16 could see FTX customers receive the majority of their lost funds by the second quarter of 2024.
The settlement comes after months of discussion between FTX debtors and creditor groups, including an unsecured creditors committee and a non-US customers committee.
In light of these recent developments with FTX, what is the best crypto to buy now?
If approved by the Delaware bankruptcy court, it would distribute an estimated $8.9 billion to FTX.com customers and $166 million to FTX.US customers.
“Together, starting in the most challenging financial disaster I have seen, the debtors and their creditors have created enormous value from a situation that easily could have been a near-total loss for customers,” said John J. Ray III, FTX’s CEO and chief restructuring officer.
The proposed settlement divides FTX assets into three pools, with one for FTX.com customers and another for US customers. Only these two pools are included in the customer repayment funds. FTX admits customers will likely not be fully repaid, with FTX.com users facing a greater percentage of losses.
The settlement also allows FTX to claw back funds from customers who withdrew over $250,000 in the 9 days before bankruptcy. Those customers would see their claims reduced by 15% of the withdrawn amount.
However, withdrawals under $250,000 would not be subject to reductions. Insiders, affiliates, and customers aware of FTX’s improper use of customer funds could also be excluded.
The proposed settlement comes as FTX founder Sam Bankman-Fried faces criminal fraud charges related to FTX’s collapse in November 2022. The settlement remains contingent on final approval by the bankruptcy court.
Given the current state of the cryptocurrency market, Solana, Bitcoin Minetrix, Bitcoin SV, Launchpad XYZ, and ApeCoin are making a strong argument as the best crypto to buy now thanks to their solid fundamentals and/or positive technical outlooks.
Bullish Momentum Building: Solana’s MACD Crossover Signals Potential
After a significant bounce of 9.21% off the 20-day EMA yesterday, SOL is currently in the throes of a potentially pivotal battle.
Traders are closely watching to see if SOL can stand its ground and break out from its immediate resistance zone of $23.90 to $24.76. This particular battle zone is interestingly in confluence with the Fib 0.382 level of $24.75.
The SOL price is currently at $24.06, up by a modest 0.46% so far today. The day’s price action paints a picture of indecision with SOL printing a doji candle, characterized by long price wicks on either side. This suggests that the market is contemplating its next move.
In terms of technical indicators, the 20-day EMA for the SOL price is $22.19, slightly above both the 50-day EMA of $21.50 and the 100-day EMA of $21.32. Typically, a short-term EMA crossing above a long-term EMA is seen as a bullish signal.
However, given the current state of play, prudence is recommended as the trend direction may not yet be firmly established.
The RSI currently stands at 65.84, a slight increase from yesterday’s 65.32. This metric tells us that SOL is not overbought despite recent gains and there is potential room for upward price movement before it enters overbought territory.
Adding further weight to the bullish case, the MACD histogram reading stands at 0.06, up from yesterday’s -0.03, indicating a recently formed bullish MACD crossover. This suggests that the momentum may be shifting in favor of the bulls, which could bode well for the SOL price.
However, market participants should also be aware of key support and resistance levels that are currently in play.
An immediate resistance zone lies between $23.90 and $24.76, in confluence with the Fib 0.382 level of $24.75. A clear breakout from this level could signal a bullish continuation for the SOL price.
On the flip side, the SOL price finds its immediate support between $22.23 and $22.63, which aligns with the Fib 0.5 level of $22.48.
This support zone is closely followed by the 20-day EMA at $22.19. If the SOL price were to fall, this support zone could potentially act as a springboard for a bounce back.
The SOL price is currently at a critical juncture. While technical indicators lean towards a bullish sentiment, traders should monitor the aforementioned support and resistance levels closely.
A decisive move either way could set the tone for the SOL price in the days to come.
Hassle-Free Bitcoin Mining with Bitcoin Minetrix’s Stake-to-Mine Model: The Best Crypto to Buy Now
Bitcoin Minetrix’s stake-to-mine model has created quite a stir. It allows individuals to gain easy, affordable access to Bitcoin mining credits simply by staking tokens.
This method eliminates the need for expensive equipment or depositing funds on cloud mining platforms, which can pose potential security threats.
The presale for Bitcoin Minetrix’s native token, $BTCMTX, has already raised over $1.6 million in about three weeks. The first presale round sold out, but the token remains available for purchase at $0.0111 before prices increase by 10% in the next round.
Bitcoin Minetrix seeks to provide a more sustainable and accessible approach to mining Bitcoin.
Conventional bitcoin mining uses massive amounts of electricity and requires powerful, specialized equipment that is noisy, takes up space, and can be complicated to set up and maintain. This has made it difficult for average investors to participate.
Instead, Bitcoin Minetrix will let its users earn credits to mine Bitcoin by purchasing and staking $BTCMTX tokens. The credits are received as non-transferable ERC-20 tokens, keeping assets secure. This cloud mining method avoids issues associated with at-home mining rigs.
Of the total token supply, 42.5% will fund Bitcoin mining operations, 35% will go toward marketing and promotion, 15% will be for community rewards, and 7.5% will provide staking rewards until mining is fully operational. An upcoming $30,000 airdrop will also build interest.
As climate change and energy use concerns grow globally, projects like Bitcoin Minetrix that offer more sustainable crypto mining models could pave the way for mainstream decentralized crypto mining.
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Bitcoin SV’s RSI Signals Overbought Territory: What’s Next for BSV Price?
Despite its significant 15.19% rally yesterday, the BSV price currently stands at $39.06, unchanged from the previous day. It is currently tussling with its immediate dynamic resistance level, creating a sense of uncertainty among traders.
The 20-day EMA for the BSV price is $34.79, slightly above the 50-day EMA of $33.69, and the 100-day EMA of $33.78. This formation typically suggests a bullish sentiment.
However, the BSV price remains in a crucial phase as it hovers near these EMA levels, indicating a possible tug-of-war between the bulls and the bears.
BSV’s RSI stands at 67.58, identical to yesterday’s figure. This RSI level is inching closer to the overbought territory, which may suggest that the BSV price is potentially due for a minor pullback or consolidation shortly.
The MACD histogram shows an increase to 0.30 from yesterday’s 0.10. This growing positive value indicates a strengthening bullish momentum. If this trend continues, it could provide the necessary push for the BSV price to breach its current resistance zone.
In terms of volume and market cap, Bitcoin SV is showing promising figures. The market cap has seen a modest increase of 1.23% to $754.8 million, while the 24-hour trading volume has surged by a substantial 83.10% to $237.8 million.
This surge in trading volume may indicate rising trader interest and could provide the impetus for further upward movement in the BSV price.
The BSV price is currently grappling with a horizontal resistance zone between $38.60 to $40.71, which also aligns with the Fib 0.5 level of $39.89. A successful break above this resistance could signal a continuation of the upward trend for Bitcoin SV.
Simultaneously, an immediate support zone is present between $33.95 to $36.11, which coincides with the Fibonacci 0.618 level of $35.99 and the 20-day EMA of $34.79. Should the BSV price fail to hold above this support zone, a downward trend could be imminent.
In the face of these mixed signals, traders should approach with caution. Continual monitoring of the BSV price action in conjunction with these technical indicators will be important. A decisive break or rejection from its current resistance zone could set the course for Bitcoin SV’s next significant move.
Leading the Way in Web 3.0: Launchpad XYZ’s Crypto Investing Solution
As cryptocurrencies and NFTs continue to gain mainstream traction, a new Web 3.0 platform called Launchpad XYZ seeks to make crypto investing more accessible.
The startup intends to provide comprehensive analytics, insights, and investment tools tailored for both new and experienced crypto investors.
Launchpad XYZ’s native utility token, $LPX, unlocks premium platform features and rewards. With the $LPX presale bonus of 13% ending soon, the project has already raised over $1.9 million at the set price of $0.0445 per token.
Investors have less than a day to take advantage of the presale’s 13% bonus offer.
One of Launchpad XYZ’s key features is a decentralized exchange for swapping tokens and trading NFTs. The platform will also enable fractional investing in high-value assets like real estate and luxury vehicles. Additional planned features include play-to-earn gaming analytics, exclusive ICO access, and $LPX staking rewards.
Under the guidance of CEO Terence Ribaudo, the project focuses heavily on simplifying crypto analysis. Launchpad XYZ will employ AI to generate a risk-reward score for investments based on over 400 data points. The proprietary system, called the Launchpad Quotient, seeks to help traders make informed decisions.
The roadmap outlines plans to launch a Web 3.0 wallet, token directory, play-to-earn gaming hub, and NFT screener over the next year. Launchpad XYZ ultimately intends to consolidate Web 3.0 opportunities into one trusted platform equipped with the tools and insights investors need to navigate the landscape.
With Launchpad XYZ still in its early stages, the presale offers a unique chance for crypto investors to gain early exposure. As the platform executes its roadmap and expands its simplification features, it seeks to become a leading solution for crypto and Web 3.0 investing.
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APE Coin Shows Signs of Recovery: Gains Nearly 9% in a Week
The APE price has seen increased volatility for the past week after falling below the key $1 level for the first time since its launch in March 2022. APE hit an all-time low of $0.993 on October 9 but has since bounced back, gaining nearly 9% so far over the past week.
The APE price is currently trading at $1.114, up 3.82% so far today as it attempts to break out from its 20-day EMA of $1.099.
The 50-day EMA for APE stands at $1.230 while the 100-day EMA is at $1.561, painting a picture of a coin still in a broader downtrend despite its recent gains.
The RSI has rebounded to 48.68 from yesterday’s oversold reading of 40.78, signaling APE may have more room left to run before becoming technically overbought again.
Meanwhile, the MACD histogram has ticked up to 0.009 from 0.005 yesterday, highlighting improving bullish momentum.
This upside move has also been accompanied by exploding volume, with 24-hour volume up 96.53% to $73.1 million. The market cap now stands at $410.9 million, a 4.28% increase so far today.
In terms of potential price barriers, APE faces immediate resistance at the previous support-turned-resistance zone of $1.059 to $1.104. This area aligns closely with the 20-day EMA, making it a key hurdle to overcome. Above this, the 50-day EMA around $1.230 would be the next target.
On the downside, immediate support comes in at the recent swing low of $0.994 to $1.026. This zone is bolstered by the $1 psychological level.
Overall, while ApeCoin has shown some signs of life after extreme oversold conditions, it still faces multiple tests to prove this bounce has legs. Remaining above the $1.00 support and conquering the 20-day EMA resistance point would be bullish signals.
Still, caution may be prudent until a decisive breakout above the 50-day EMA is achieved.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.