Lavish Lifestyle, Wash Trades, and Soaring Gold Prices: Crypto News This Week

• Documents reveal FTX Co-founder Sam Bankman-Fried’s lavish lifestyle
• Mark Cuban warns of crypto implosion due to wash trades on exchanges
• Experts predict soaring gold prices in 2023

This week, the Bitcoin.com News Week in Review has been dominated by revelations about the lavish lifestyle of FTX co-founder and “altruist” Sam Bankman-Fried, as well as warnings from Shark Tank star Mark Cuban about a crypto implosion and predictions of soaring gold prices in 2023.

Delaware bankruptcy court documents revealed that Bankman-Fried and the FTX team spent tens of millions on living accommodations, hotels, food, and flights in 2022, with Bankman-Fried’s quantitative trading firm allegedly owing more than $55,000 to Jimmy Buffett’s beach resort, Margaritaville. Bankman-Fried is also attempting to regain access to his Robinhood shares, worth over $460 million, claiming that he needs them to “pay for his criminal defense,” and that FTX customers “face only the possibility of economic loss.”

Meanwhile, Mark Cuban has warned that a crypto implosion could come from “the discovery and removal of wash trades” on exchanges. Cuban stated that he “can’t tell you how many times I’ve heard the phrase ‘just trust us’” in the crypto space, and that “past performance is no guarantee of future success.”

Finally, experts have predicted gold prices will soar in 2023. The precious metal has been steadily gaining in value in recent times, with some analysts predicting that gold prices will reach as high as $2,000 an ounce by the end of the year. This prediction is based on the expected inflation of the US dollar, as well as increased geopolitical uncertainty.

All in all, it has been an eventful week in the world of cryptocurrency and commodities, with news about Bankman-Fried’s lavish lifestyle, Cuban’s warnings about wash trades, and predictions of soaring gold prices for 2023 all coming to light.

DMCC Crypto Centre Surpasses 500 Member Companies in Record-High Achievement

• The Dubai Multi Commodities Centre (DMCC) Crypto Centre surpassed 500 member companies in 2022.
• This is a record-high number of new company registrations and indicates investors’ confidence in the emirate.
• DMCC has been efficiently accelerating its growth strategy throughout 2022, focusing on supporting its member companies in high-impact sectors such as web3 and blockchain technologies, commodities and global trade.

The Dubai Multi Commodities Centre (DMCC) recently announced that their Crypto Centre has surpassed 500 member companies in 2022 – a record-high number of new company registrations that indicates investors’ confidence in the emirate. This achievement comes as DMCC has been accelerating its growth strategy throughout 2022 and focusing on supporting its member companies in high-impact sectors such as web3 and blockchain technologies, commodities and global trade.

Ahmed Bin Sulayem, the executive chairman and CEO at DMCC, commented on the milestone, saying: “Backed by a strong regional macroeconomic landscape, DMCC has been efficiently accelerating its growth strategy throughout 2022, focusing on supporting its member companies in high-impact sectors such as web3 and blockchain technologies, commodities and global trade. The unprecedented performance this year reflects this growth acceleration and highlights the significant value that DMCC adds to each of its members.”

Feryal Ahmadi, the chief operating officer (COO) at the DMCC, added that their organization intends to “build on its position of strength by further enhancing and diversifying its portfolio of products, services and activities to meet the growing needs of the business community in the UAE and beyond.”

The DMCC Crypto Centre is a dedicated space for blockchain and Web3 firms to trade and operate. The centre offers a wide range of services, such as providing regulatory guidance and support, developing partnership opportunities, providing technical and academic support, and hosting events and conferences. It is also the first government-backed crypto centre in the Middle East, and is part of the DMCC’s larger strategy to become the world’s leading blockchain centre.

The record-high number of new company registrations at the DMCC Crypto Centre is a strong indicator of the growing demand for blockchain and Web3 firms in the region, as well as investors’ confidence in the emirate. DMCC’s efforts to support members in high-impact sectors are helping to drive economic growth in the UAE and beyond.

Shiba Inu and Ethereum Classic Soar to New Highs as Crypto Market Cap Surges

• Shiba Inu (SHIB) hit a six-week high, as the global cryptocurrency market cap surged.
• Ethereum Classic (ETC) moved to a two-month high, with prices climbing closer to a resistance of $23.00.
• The 14-day relative strength index (RSI) moved past a ceiling of its own at 68.00, indicating a potential move to new highs.

The global cryptocurrency market was abuzz on Friday, as two of the market’s most popular coins soared to new heights. Shiba Inu (SHIB) and Ethereum Classic (ETC) both saw impressive gains, as the cryptocurrency market cap surged.

Shiba Inu (SHIB) was one of Friday’s biggest gainers, as the meme coin raced to a six-week high. Following a low of $0.000009227 on Thursday, SHIB/USD raced to an intraday peak of $0.000009711 earlier in today’s session. This pushed the token to its highest point since December 5, when it traded as high as $0.00001016. The surge came as shiba inu climbed beyond a ceiling at the $0.00000945 mark, and the 14-day Relative Strength Index (RSI) moved past a ceiling of its own at 68.00. At the time of writing, the RSI was tracking at 71.74, which is deep in overbought territory.

Ethereum Classic (ETC) was another big gainer in today’s session, with prices moving closer to a two-month high. ETC/USD rose to a high of $21.76 earlier in the day, less than 24 hours after hitting a bottom at $20.02. This move pushed the token to its strongest level since November 10, when ETC hit a resistance of $23.00. As can be seen from the chart, bulls appear to be attempting to take ethereum classic back to this point, if recent bullish momentum can be sustained. This will likely be made difficult by a resistance level of 67.00 on the RSI, which hasn’t been broken since last August.

Overall, the gains in Shiba Inu (SHIB) and Ethereum Classic (ETC) were indicative of the overall strength in the global cryptocurrency market. As inflationary pressures continued to cool off in the US, the market cap saw a sharp increase, with SHIB and ETC leading the way. As investors continued to pour into the market, it remains to be seen if the two coins can continue their recent momentum and break new highs.

FTX Naming Rights Agreement for Miami Heat Arena Terminated by Bankruptcy Court

• A federal bankruptcy court has terminated the FTX naming-rights agreement for Miami Heat’s basketball stadium.
• The agreement between Miami-Dade County and the crypto exchange ends retroactively, on Dec. 30, 2022.
• From now on, authorities in the county will be free to remove all signage, advertisements and promotional materials with the FTX name and logo.

On Wednesday, a federal bankruptcy court in Delaware terminated the FTX naming-rights agreement for the Miami Heat arena. The agreement between Miami-Dade County and the crypto exchange ended retroactively on Dec. 30, 2022. This means that the sports venue will no longer be officially referred to as ‘FTX Arena’ and authorities in the county will be free to remove all signage, advertisements and promotional materials with the FTX name and logo.

The FTX naming-rights agreement for the Miami Heat arena was part of a 19-year, $135-million sponsorship deal between the crypto trading platform and Miami-Dade County. The agreement, which came into effect in June 2021, was to be paid in installments, with the next payment of $5.5 million due on Jan. 1, 2023. However, when the company filed for Chapter 11 bankruptcy protection in November, Miami Heat and Miami-Dade County decided to terminate their business relationships with FTX and find a new naming-rights partner.

This decision was followed by a photo circulated on social media, showing workers dismantling the FTX sign on the building’s rooftop. The FTX branding is also on the basketball court and over the arena’s entrances. In his Dec. 11 order, Judge John T. Dorsey stated that terminating of the naming rights shall be effective from the date of the order.

As a result of the court order, Miami-Dade County has now begun the process of finding a new naming-rights partner for the Miami Heat arena. It is expected that the county will be able to find a new partner in the near future that will not only provide financial support to the county but also help to promote the Miami Heat brand.

Shiba Inu & Apecoin Surge to Multi-Week Highs, Technical Indicators Point Higher

• Shiba Inu (SHIB) surged to a five-week high during Tuesday’s session, despite the overall crypto market being down.
• Apecoin (APE) rose to its strongest point since November, extending gains for a fifth straight day.
• The 14-day relative strength index (RSI) on both SHIB and APE charts is now at its strongest point on record.

Tuesday saw a surge in two of the cryptocurrency market’s biggest players, as Shiba Inu (SHIB) and Apecoin (APE) both rose to multi-week highs.

The global crypto market cap was trading 0.20% lower as of writing, however, SHIB/USD surged to an high of $0.000009593 earlier in the day, which is the highest point since December 5. This came less than 24 hours after trading at a low of $0.000008603, and was bolstered by an upwards crossover of the 10-day (red) and 25-day (blue) moving averages. The 14-day relative strength index (RSI) also rose above a recent ceiling at 65.50, and is currently tracking at 67.50, with the next visible ceiling at the 73.00 zone.

APE/USD also experienced a surge in today’s session, reaching an intraday peak of $4.98 after trading at a low of $4.50 to start the week. The move pushed apecoin to its highest level since November 5, and came following a breakout of a price ceiling at $4.60. The RSI on the APE chart is now at its strongest point on record, with a reading of 79.09.

Overall, both SHIB and APE have seen strong bullish momentum in recent days, and the technical indicators suggest further upside in the near-term. However, bears may be looking to reenter the market due to the extreme overbought conditions on both coins, so investors should trade cautiously.

Gemini CEO Demands DCG CEO Barry Silbert Resigns Over Misrepresentation

• Cameron Winklevoss, CEO of Gemini, has published an open letter accusing Digital Currency Group (DCG) and CEO Barry Silbert of misrepresentation and demanding Silbert resign from his role.
• The letter calls out DCG for its handling of the now-defunct crypto hedge fund Three Arrows Capital (3AC) and claims that DCG orchestrated a “campaign of lies” in order to deceive Gemini and Earn users.
• Winklevoss is demanding that the DCG board remove Silbert from his role as CEO, as Gemini believes “there is no path forward” with Silbert in charge.

Cameron Winklevoss, the CEO of the Gemini cryptocurrency exchange, has written an open letter addressed to the board members of Digital Currency Group (DCG), accusing the company and its CEO, Barry Silbert, of misrepresentation and demanding Silbert resign from his role. The letter, which was published on Twitter, takes aim at DCG’s handling of the now-defunct crypto hedge fund Three Arrows Capital (3AC), and accuses the company of orchestrating a “campaign of lies” in order to deceive users of Gemini and Earn.

In the letter, Winklevoss mentions an issue between Gemini and DCG subsidiary firm Genesis Global Capital, where he alleges that DCG owes $1.675 billion to Genesis’ lending arm. After the letter was made public, Silbert strongly disputed Winklevoss’ statements, tweeting that “DCG did not borrow $1.675 billion from Genesis” and that DCG had never missed an interest payment to Genesis and was current on all loans outstanding.

Despite Silbert’s response, Winklevoss continued to call on Silbert and DCG to take action, and set a deadline for DCG to respond by Jan. 8, 2023. According to the letter, it appears that no agreement between Gemini and DCG was reached during this time frame.

In his latest letter, Winklevoss accuses the DCG board of making poor decisions with 3AC, claiming that Silbert and DCG have “distorted the facts, misled the public, and caused harm to our customers and the cryptocurrency community as a whole”. He also claims that “DCG’s mismanagement of 3AC has caused significant losses to its investors, including Gemini, and has put the reputation of the entire industry at risk”.

Winklevoss is demanding that the DCG board remove Silbert from his role as CEO, as Gemini believes “there is no path forward” with Silbert in charge. He also calls for the DCG board to take responsibility for the “unethical and irresponsible decisions” that were made under Silbert’s tenure, as well as for the board to take action to ensure that similar issues and losses are not repeated in the future.

Given the recent allegations, it remains to be seen whether or not the DCG board will respond to Winklevoss’s demands or if they will continue to stand by Silbert and the decisions that were made while he was in charge. Whatever the outcome, it is clear that the dispute between Gemini and Digital Currency Group is far from over.

Crypto Market Bounces Back: Solana and Cardano Surge to Highs

• Solana (SOL) surged by as much as 22% on Monday, climbing to its highest point since November.
• Cardano (ADA) climbed by nearly 13%, hitting its highest mark since November.
• Both tokens saw a breakout of key resistance levels, with the 14-day relative strength index (RSI) rising to its strongest point since April and September 2021 respectively.

Cryptocurrency markets experienced a surge of bullish sentiment on Monday, with two of the top tokens, Solana (SOL) and Cardano (ADA), experiencing notable gains.

Solana (SOL) kicked off the rally, with prices of the token rising by as much as 22%. SOL/USD surged to an intraday high of $16.62, which comes less than 24 hours after trading at a low of $13.47. This marks the highest point for the token since November 12, days after the token plummeted, after being exposed to the FTX/Alameda scandal.

The rally was likely a result of a breakout of a key resistance level at the $15.00 mark. As a result of this, the 14-day relative strength index (RSI) has risen to 73.26, its strongest point since April.

Cardano (ADA) was the other big mover on Monday, climbing by nearly 13%. Following a low of $0.2865 on Sunday, ADA/USD hit a high of $0.3409 earlier in today’s session. This marks the highest point for the token since November, and came after a breakout of a ceiling at $0.3250. As a result of this, the 14-day RSI rose to a level not seen since September 2021.

Overall, Monday’s bullish sentiment has given cryptocurrency markets a welcome boost after a period of turbulence. With both tokens having broken out of key resistance levels, it will be interesting to see if the momentum can be maintained in the days and weeks ahead.

Dogecoin and Shiba Inu Surge to Multi-Week Highs as Bulls Return

• Dogecoin (DOGE) and Shiba Inu (SHIB) surged to multi-week highs on Thursday.
• DOGE/USD climbed to an intraday peak of $0.07503, while SHIB/USD surged to a peak of $0.000008531.
• Both coins have broken out of recent periods of consolidation, with the relative strength index (RSI) also tracking above key resistance levels.

On Thursday, cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB) surged to multi-week highs on the back of renewed investor interest. Following a period of consolidation in the run-up to Christmas and New Year’s, investors have seemingly returned to the crypto markets, sending both coins to their highest points since late December.

Dogecoin (DOGE) rose for a second straight session on Thursday, as the meme coin moved away from a recent spell of consolidation. After hitting a low of $0.07181 on Wednesday, DOGE/USD climbed to an intraday peak of $0.07503 earlier today. The move took the token to its highest point since December 27, when price was in the midst of a prolonged sell-off.

Looking at the chart, the rise in price also comes as the 14-day relative strength index (RSI) has marginally broken out of a key resistance zone. The index is currently tracking at 42.81, which is slightly above a ceiling of 42.00. This suggests that Dogecoin bulls may have returned to action, ready to push the price higher.

Shiba Inu (SHIB) was also in the green on Thursday, as the meme coin surged for a back-to-back session. SHIB/USD jumped to a peak of $0.000008531 earlier today, after falling to a bottom at $0.000008171 on Wednesday. Thursday’s spike in price sent shiba inu to its strongest point since December 18, prior to the holiday season consolidation.

When looking at the chart, today’s move also saw SHIB break out of a recent point of resistance at $0.00000850, with the RSI also following suit. Price strength surged past its own ceiling at the 50.00 level, and is currently tracking at 51.63. This suggests that shiba inu bulls may have finally returned to the crypto markets, helping to push the price higher.

Overall, both Dogecoin and Shiba Inu have surged to multi-week highs on Thursday, following recent days of consolidation. With the relative strength index (RSI) tracking above key resistance levels, it appears that investors may have finally returned to the crypto markets, ready to push the prices of both coins higher.

Venezuela Takes Action to Monitor Crypto Transactions, Protect Bolivar Stability

• Venezuelan banking watchdog Sudeban is working on a mechanism to review crypto-related transactions in real-time to control the influence these have on the stability of the exchange market.
• Analysts have linked the situation in peer-to-peer (P2P) crypto markets to the recent drop in the value of the bolivar.
• The Venezuelan government is aiming to monitor the the movements of crypto-based P2P exchanges to protect the value of the bolivar.

Venezuela’s banking watchdog, Sudeban, is putting into place a system to monitor cryptocurrency transactions in order to preserve the stability of the exchange market. With cryptocurrencies becoming increasingly popular, the Venezuelan government is taking steps to ensure that these digital assets do not have a destabilizing effect on the bolivar.

Recent developments in the P2P crypto market have been linked to the decline in the value of the bolivar. To address this, the government has taken action to monitor the movements of crypto-based P2P exchanges. Sudeban is currently in the process of designing a system to monitor banking transactions in real-time, with the assistance of Sunacrip, the national cryptocurrency regulator. This system will allow them to keep track of the influence of crypto transactions on the exchange market and combat any irregular practices that could damage the value of the bolivar.

In addition, more than 75 bank accounts have been blocked due to suspicious activity related to cryptocurrency transactions since the end of 2021. These efforts are part of the government’s larger strategy to ensure that crypto transactions do not damage the stability of the exchange market.

While these measures have been put in place to protect the value of the bolivar, analysts are still sceptical about the effects of cryptocurrency on the local economy. As the government continues to monitor the movements of crypto-based P2P exchanges, it will be important to ensure that these measures are not too restrictive, as they could also have a negative effect on the growth of the digital economy.

Ex-Russian President Predicts USD Crash, Oil & Gas Price Hikes in 2023

• Former Russian President Dmitry Medvedev predicted that the U.S. dollar will lose its status as the global reserve currency and be replaced by digital fiat currencies in 2023.
• He also predicted that the Bretton Woods monetary system will collapse, causing the International Monetary Fund and the World Bank to crash.
• Oil prices are expected to reach $150 a barrel and natural gas is expected to top $5,000.

Dmitry Medvedev, the former President of Russia, recently released a series of predictions regarding the future of the global economy in 2023. He believes that the U.S. dollar will no longer be the global reserve currency by then, and will instead be replaced by digital fiat currencies. Furthermore, he predicts that the Bretton Woods monetary system will crash, causing the International Monetary Fund and the World Bank to collapse.

Medvedev also believes that oil prices will skyrocket to $150 a barrel in 2023, while natural gas prices will reach an even more staggering $5,000. He also predicts that the European Union will collapse after the United Kingdom rejoins, and the euro will fall out of use. Furthermore, he believes that France and Germany will clash, while Hungary and Poland will occupy parts of Western Ukraine.

These predictions come as a surprise to many, as Medvedev is not known for making economic forecasts. However, he believes that these predictions are worth considering, as they can provide insight into the future of the global economy. As the world continues to grapple with the effects of the COVID-19 pandemic, Medvedev’s predictions should be taken seriously and acted upon if necessary.