New York Attorney General Letitia James made headlines today by filing a lawsuit against cryptocurrency firms Genesis Global, Digital Currency Group (DCG), and Gemini.
The lawsuit accuses the firms of defrauding investors of more than $1 billion.
With the recent news from the New York Attorney General, what is the best crypto to buy now?
The action by the Attorney General comes amid ongoing scrutiny of the crypto industry, following the downfall of Sam Bankman-Fried's exchange FTX last year, which had a domino effect on several significant companies in the sector.
Attorney General James asked the court for investor restitution and the return of alleged ill-gotten gains. She is also seeking to ban Genesis, DCG, and Gemini from engaging in the financial investment industry within New York State.
Central to the lawsuit is the "Gemini Earn" program, a partnership between Gemini and Genesis. This program permitted customers to lend cryptocurrency assets like Bitcoin to Genesis.
According to the lawsuit, Gemini, operated by the Winklevoss twins—who gained fame from their legal skirmish with Meta Platforms' Mark Zuckerberg—promoted this program as a low-risk investment.
However, Attorney General James alleges that internal analyses conducted by Gemini indicated that Genesis was financially unstable.
The Attorney General also claimed that Genesis' loans were insufficiently secured and highly concentrated with a single entity, Alameda, a crypto hedge fund previously run by Bankman-Fried, which has since gone under.
Despite these internal findings, Gemini did not disclose this crucial information to its investors.
The lawsuit brings to light previous conflicts between Genesis and Gemini, particularly concerning the "Gemini Earn" program. Additionally, Genesis, which applied for bankruptcy protection earlier this year, counts Gemini as its largest creditor.
The lawsuit also includes charges against Genesis' former CEO Soichiro Moro, DCG, and its CEO Barry Silbert, accusing them of concealing more than $1.1 billion in losses.
The action by the New York Attorney General adds another layer of complexity to the challenges facing the cryptocurrency industry, especially following the bankruptcy of FTX and the resultant sector-wide turmoil.
Yet some optimistic voices suggest more robust platforms like Rollbit Coin, Meme Kombat, Radix, Launchpad XYZ, and Render are some of the best crypto to buy now amid the ongoing upheaval thanks to their solid fundamentals and/or upbeat technicals.
RLB Price Prediction: Bulls Push for Breakout Amidst Growing Momentum
Rollbit Coin (RLB) continues its bullish momentum today as the RLB price trades at $0.163768, up 5.29% so far.
This follows a significant 12.58% gain yesterday that allowed the cryptocurrency to resume its uptrend after retesting the Fib 0.5 support level of $0.138776 on October 17.
RLB now has its sights set on breaking through the next major resistance zone between $0.172735 and $0.178108, which aligns with the Fib 0.236 level of $0.177985.
The 20-day EMA for the RLB price stands at $0.138294, crossing above the 50-day EMA of $0.133476. This golden cross pattern is a notable bullish indicator, signaling growing momentum on the upside.
The widening gap between the 20-day and 100-day EMA of $0.123069 further supports this bullish view.
The RSI jumped to 62.32 from yesterday's 59.47, moving away from oversold territory. This shows renewed buying interest and upside potential for the RLB price. The MACD histogram improved to 0.003522 from 0.002554, reflecting building bullish momentum.
With RLB rallying off support, breaking past resistance at $0.177985 could confirm the uptrend resumption.
However, failure to make this breakthrough could see the RLB price retest support around $0.156300, marked by the Fib 0.382 level. This aligns with the horizontal support zone spanning $0.149556 to $0.157733.
Traders may look to enter long positions on a successful resistance breakout while managing risk below the key support zone.
If RLB can maintain its bullish momentum, it could target the psychological $0.20 level next. However, a drop below the Fib 0.382 support risks negating the uptrend. RLB remains sensitive to broader market conditions.
Play, Bet, and Win with Meme Kombat's MK Tokens - the Best Crypto to Buy Now
The crypto verse has a new gladiatorial arena, and the combatants are some of the internet’s most absurd memes. Meme Kombat (MK) is a play-to-earn cryptocurrency project generating significant hype as its presale fundraising nears $600,000.
By combining blockchain technology with viral meme battles, Meme Kombat seeks to attract enthusiasts of crypto investing, gaming, and memes.
Meme Kombat will enable users to wager MK tokens on battles between popular internet memes. The outcomes of these meme versus meme showdowns are determined by AI-powered simulations. By betting on match results, players can earn rewards and prizes.
The presale for MK tokens has attracted over $590,000 so far, fast approaching its $1 million goal. The price per MK token will sit at $0.1667 during this presale.
A key feature driving interest is Meme Kombat’s integration of GameFi and play-to-earn mechanics. Through activities like staking MK and speculating on battle results, players can generate yields and winnings.
The first Meme Kombat season will showcase 11 classic meme characters facing off in the meme metaverse. Per the project's whitepaper, additional characters and modes are planned for future seasons as the game expands.
50% of the total supply of MK has been allocated to the presale, while 30% will fund staking rewards and battle prizes. This distribution model intends to bootstrap the Meme Kombat gaming ecosystem through participant engagement.
In the lead-up to its official launch later this year, Meme Kombat has already caught the attention of crypto influencers. Their enthusiasm underscores the niche appeal of a meme coin that combines crypto speculation with multiplayer gameplay.
While the prices of entrenched meme cryptos like Dogecoin and Shiba Inu have slumped recently, Meme Kombat’s one-of-a-kind approach appears well-positioned to capitalize on the building investor interest in the play-to-earn sector.
The project's devoted community and interactive approach could be its key advantage as the battle for traction intensifies within the meme coin market.
XRD Price Struggles to Break Resistance: Bearish Outlook Prevails
The XRD price continues to face selling pressure as bearish sentiment prevails in the market. After failing to break past the 20-day EMA resistance at $0.04554, the XRD price is down 0.77% and trading at $0.04146.
With the XRD price below the 20-day EMA of $0.04554 and the 50-day EMA of $0.05075, the short and long-term outlook remains decidedly bearish. The widening gap between the 20 and 50-day EMAs also points to building downside momentum for the XRD price.
The RSI for XRD stands at 32.92, up slightly from 32.81 yesterday but still in oversold territory below 30. This suggests panic selling may be exhausting itself, but sustained upside still appears unlikely. A more prolonged RSI below 30 would be needed to signal a reversal.
The MACD histogram has improved slightly from -0.00050 to -0.00023, edging closer to a potential bullish crossover. However, follow-through will be required before this can be considered a reliable buy signal.
With the XRD price rejecting firmly from the 20-day EMA resistance at $0.04554, investors should watch for a retest of support levels. Immediate support lies between $0.03846 and $0.03938 where the current swing low is located.
A decisive break below this could open the door for a steeper decline towards the psychological $0.03 level. To negate the bearish outlook, the XRD price must show conviction above the 20-day EMA and the resistance zone between $0.04564 and $0.04782.
Until a bottom is confirmed, caution is warranted around the XRD price. Consolidation between support and resistance may persist in the coming days as traders evaluate the next catalysts.
Upside appears limited barring a spike in buying volume and breakout above the 20-day EMA.
Launchpad XYZ: Pioneering Web 3.0 Applications with LPX Token
Web 3.0 crypto startup Launchpad XYZ is drawing attention for its forthcoming platform intended to streamline Web 3.0 applications. Currently hosting a crypto presale for its LPX token, the company has already raised over $1.91 million so far.
The presale, which began with a 20% bonus that decreases by 1% every seven days, stands at a current bonus of 12%. The platform brings a functional focus to the dynamic cryptocurrency market as it offers a range of features including a decentralized exchange and exclusive access to high-value cryptocurrencies.
Launchpad XYZ's emphasis lies on utility. Unlike other crypto platforms, it will offer a decentralized exchange for token swaps and NFT trading. It will also allow access to fractional assets like real estate and luxury cars.
Launchpad XYZ's native token LPX will offer exclusive features and rewards when staked. Users can access these benefits by staking LPX tokens for a minimum period of 90 days. This staking requirement serves the purpose of boosting token demand and covering associated fees.
To aid both new and experienced investors in crypto decision-making, Launchpad XYZ has developed a unique tool known as the Launchpad Quotient.
This artificial intelligence-based system compiles data from over 400 points to provide a nuanced view of potential crypto investments. Alongside this, the company will introduce a search box that utilizes AI to suggest suitable cryptocurrencies based on user input.
Led by CEO Terence Ribaudo, who brings over a decade of experience in the Web 3.0 industry, the startup elevates transparency by publicly listing the LinkedIn profiles of all core team members.
The company's roadmap for the future is explicit: a Web 3.0 wallet will be introduced in 2023, followed by various other offerings like a token directory and an educational hub by year's end.
With its current LPX token presale and a focus on functional utility, Launchpad XYZ is not merely participating in the crypto marketplace; it is actively contributing to the development of the Web 3.0 space. A transparent team and clear future plans further solidify its standing in the sector.
RNDR Price Rally: Potential Consolidation Before the Next Leg Up
The RNDR price has seen a strong uptrend over the past month, gaining over 23% to reach its current level of $1.950.
After facing rejection around the Fib 0.5 resistance at $1.921 on October 7, the RNDR price retraced for 8 days back towards its 20-day EMA near $1.770. However, RNDR bounced off this level and has posted 4 consecutive daily gains since October 16.
This surge has allowed the RNDR price to break out above the previous resistance between $1.834 and $1.921. The cryptocurrency is seeing high trading volumes during this move, highlighting conviction amongst buyers. The RNDR price has also broken past its 100-day EMA, which currently stands at $1.687.
However, the daily RSI has diverged bearishly and reached overbought territory at 72.10, signaling the RNDR price may be due for a pullback after its short-term rise. The MACD histogram sits at a high of 0.13, reflecting building bullish momentum that could propel RNDR higher before it tops out.
Looking ahead, the RNDR price faces initial resistance between $2.128 and $2.245, aligned with the Fib 0.236 level at $2.165. Above this, RNDR would need to take out the psychological $2.50 area to extend its uptrend.
On the downside, the former resistance zone of $1.834 to $1.921 should now act as the first support region. A breakback below this would put the 20-day EMA at $1.770 in focus as the next key support.
The technicals suggest further upside may be limited for RNDR in the near term. Investors should watch for a pullback or consolidation before the uptrend resumes towards $2.50. Maintaining above $1.834 support will keep the bull case intact.
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.
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