New details came to light on October 10 in the ongoing trial of former FTX CEO Sam Bankman-Fried. Caroline Ellison, Bankman-Fried’s ex-girlfriend and former head of affiliated firm Alameda Research, took the stand to deliver key testimony for the prosecution.
With the latest development in Bankman-Fried’s case, what is the best crypto to buy now?
In her statements to the court, Ellison admitted to criminal actions during her leadership of Alameda. Crucially, she also directly implicated Bankman-Fried in systematically misusing billions of dollars in FTX customer funds.
According to accounts, Ellison claimed Bankman-Fried “set up the systems” that enabled Alameda to improperly divert customer assets from FTX to Alameda’s investment activities. She stated that under Bankman-Fried’s direction, Alameda “took several billions of dollars from FTX customers.”
Ellison’s testimony provides critical backing for the prosecution’s charges of fraud against Bankman-Fried. Her statements portray him as the driving force behind Alameda’s alleged misuse of customer funds, while she cooperated in misleading actions.
FTX collapsed in November 2022. Bankman-Fried faces seven criminal charges related to the alleged fraud scheme. He pleaded not guilty on all counts.
Ellison was among the first insiders to plead guilty and agree to testify for authorities. As the trial continues, it’s uncertain whether Bankman-Fried himself will take the stand to rebut her account.
While the FTX drama continues in the courts, crypto investors seeking opportunities might want to consider researching Tezos, Bitcoin Minetrix, Cosmos, Meme Kombat, and XDC Network.
These cryptocurrencies are currently staking their claim as the best to buy now, thanks to their strong fundamentals and/or positive technical analysis.
Tezos (XTZ) Price Holds Ground in Trading Range Amidst Uptick
The XTZ price has seen a slight uptick today, gaining 6.02% to trade around $0.687. However, despite testing the 100-day EMA earlier, XTZ has returned to the trading range it has been stuck in for over 50 days now.
With the 20-day EMA at $0.674 and the 50-day EMA at $0.691, the XTZ price is sandwiched between these two key exponential moving averages.
The RSI currently stands at 53.17, up from yesterday’s 41.17. This shows gathering bullish momentum in the XTZ price. However, with the RSI still below 70, XTZ is not yet in overbought territory.
The MACD histogram is printing at 0.001, just narrowly avoiding a bearish crossover from yesterday’s 0. This indicates the bullish sentiment is fragile and could easily swing negative.
In terms of volume and market cap, things are looking better for XTZ. Market cap is up 6.23% to $657.4 million, while 24-hour volume is surging by over 700% to $124.2 million. This points to renewed interest in trading the cryptocurrency.
With the XTZ price at $0.687, bulls are facing initial resistance at the 20-day EMA of $0.674. Above that, the 50-day EMA at $0.691 and the key $0.730 to $0.741 resistance zone will be the levels to watch. Breaking out above $0.741 would confirm a breakout from the long-term trading range.
On the downside, immediate support lies between $0.629 to $0.636. If this gives way, the XTZ price could enter price discovery mode to the downside.
While the uptick in price and volume is encouraging, the XTZ price remains stuck in limbo between key moving averages. A decisive breakout above resistance or breakdown below support is needed to signal the next trend.
Traders may want to await this catalyst before making major commitments in either direction.
Bitcoin Minetrix Raises Over $920,000 in Presale, Redefining Crypto Mining
With smart automation and tokenization, Bitcoin Minetrix is disrupting cloud mining as the best crypto to buy now.
This audited platform has raised over $950,000 so far in its ongoing presale, letting users earn yields from Bitcoin mining without the typical mining risks.
Bitcoin Minetrix provides a scam-free way to earn from Bitcoin mining, using smart contracts to automate the process.
The native token, $BTCMTX, is currently in presale with the first stage ending October 16. Over half of the allotted 1.54 million tokens for this stage have already sold at the lowest price of $0.011.
In contrast, the questionable MineLab coin has seen massive price fluctuations after launching on decentralized exchanges. While Bitcoin Minetrix has passed an audit by Coinsult, MineLab has not provided any audits.
DEXTools has detected issues allowing the MineLab contract owner to modify user balances, opening the door to potential rug pulls. Multiple users have already reported emptied balances.
There are several other red flags around MineLab. No locked liquidity, anonymous developers with only a Gmail address, and vague promises of mining yields. The MineLab website appears hastily thrown together with fake buttons and no specifics on operations.
Bitcoin Minetrix sets itself apart with an audited contract, public team information, and a clear staking model for earning yields up to 650% APY as of writing.
A total of 4 billion tokens will be minted, with 7.5% allocated to stakers. Users can earn from both staking rewards and future mining yields.
The project has also partnered with leading cloud mining providers to deliver on its roadmap. The team’s transparency and attention to detail have garnered praise from crypto influencers on YouTube and beyond.
With the infrastructure in place for secure and passive Bitcoin mining, Bitcoin Minetrix proves itself as the best crypto to buy now.
The takeaway is clear – newcomers like MineLab may promise the moon but lack substance. Meanwhile, Bitcoin Minetrix offers a compliant, audited way to participate in Bitcoin’s growth.
For investors seeking passive income and crypto diversification, this forward-thinking platform is the clear choice in the highly competitive Bitcoin mining scene.
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Cosmos (ATOM) Price Stuck Below Resistance at $7, Facing Downside Pressure
The ATOM price has been struggling to regain momentum after its recent selloff. ATOM is currently trading at $6.707, down 1.83% on the day. With the price well below key EMA levels, ATOM remains in a bearish state according to the EMAs.
The 20-day EMA for the ATOM price stands at $6.990, while the 50-day EMA sits at $7.229. With the ATOM price below both these short and long-term EMAs, this indicates sustained downward momentum. The widening gap between the EMAs shows increasing negative sentiment.
The RSI is currently at 40.23, down from yesterday’s 43.32. This shows fading bullish momentum and the potential for further ATOM price declines. A reading below 30 would indicate oversold conditions and potential for a corrective bounce.
The MACD histogram is at -0.034, decreasing from yesterday’s -0.22. The growing negative value reinforces the bearish momentum pervading the ATOM market currently.
With the ATOM price down 1.83% so far today to $6.707, the ATOM price remains stuck below the key $7 level which has acted as resistance over the past few days.
In terms of potential price levels, ATOM faces immediate resistance between $6.955 to $7.004. This zone aligns with the Fib 0.5 level at $6.98 and the 20-day EMA at $6.990. Breaking above this area could signal a bullish shift in momentum.
On the downside, ATOM has immediate support between $6.574 to $6.692, along with the Fib 0.786 level at $6.586. Losing this support could see ATOM retest the psychological $6 level, with the $5.80 region representing the next major downside target.
With technical indicators painting a bearish picture, traders may want to wait on the sidelines for a definitive shift in momentum before entering new ATOM positions.
Cautious trading focused on defined risk limits is recommended until ATOM can regain the key $7 resistance or holds above vital support. The coming days will be pivotal in determining if this is just a pullback within an uptrend or the start of a deeper bearish move.
Meme Kombat’s $MK: The Best Crypto to Buy Now for Crypto Gaming Enthusiasts
The best crypto to buy now might just be $MK, the native token powering the hot new Meme Kombat gaming platform gaining traction in the Web3 space.
Meme Kombat brings decentralized, blockchain-based gaming to meme coin enthusiasts, promising a one-of-a-kind experience built on Ethereum. Meme Kombat’s $MK token presale has attracted major hype, raising over $430,000 within days of its launch.
The presale offers the $MK token at a discounted price of $1.667 per token, translating to a modest $20 million market cap for one of 2023’s biggest crypto presales. Meme Kombat has established a fundraising goal of $10 million, allocating 50% of the total supply to the presale.
At its core, Meme Kombat is an AI-driven gaming platform enabling users to wager on battles between characters representing trendy meme coins.
Gamers can choose between direct betting, player vs. player, and player vs. game betting options, providing flexibility. Meme Kombat leverages blockchain to ensure transparency in its gaming operations.
The $MK token is integral to Meme Kombat’s GameFi and GambleFi components. $MK stakers stand to earn yields of up to 112% APY as of writing. Presale buyers start generating passive income immediately as their newly acquired tokens enter the staking contract upon purchase.
With a wildly successful presale fuelling momentum, Meme Kombat seems poised for potential major exchange listings later this year.
Given the project’s strong fundamentals and growth roadmap, the $MK token may be the best crypto to buy now for investors keen to participate in Meme Kombat’s crypto gaming ascent.
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XDC Continues to Bleed Lower, Down 8.42% So Far in October
The XDC price continues to face selling pressure, with the cryptocurrency down 0.83% so far today to trade around $0.04874. This extends the slow bleed lower that XDC has experienced for much of the past month, with the coin now down 8.42% so far in October.
From a technical perspective, the near-term outlook remains bearish for the XDC price. The 20-day EMA currently stands at $0.05040 while the 50-day EMA resides at $0.05206. With XDC trading firmly below both moving averages and the EMAs beginning to align in a bearish formation, this points to continued downside ahead.
The RSI indicator sits at 41.54, drifting lower from yesterday’s 42.75 reading. With the RSI below the 50 midpoint, this signifies prevailing negative momentum and limited upside potential. The MACD histogram now prints at 0.00007, a decrease from the prior day’s 0.00010 level. The deteriorating MACD further cements the building downside trajectory for XDC.
In terms of key levels, previous long-term support between $0.05003 and $0.05048 that has now flipped into resistance, along with the 20-day and 100-day EMAs, will look to halt any XDC bounce. Only a decisive break back above this area would turn the tide.
On the downside, initial support holds between $0.04319 and $0.04558, with the Fib 0.236 level at $0.04455 offering confluent support. But failure here could open up a test of the swing low around $0.03667.
With XDC still struggling below former support, the path of least resistance appears lower. Remaining defensive and capitalizing on oversold bounces seems prudent until the bulls can invalidate the series of lower highs and lows.
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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