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Crypto Industry News:
A former derivative investor JPMorgan is suing one of the largest cryptocurrency exchanges in the world for $ 300 million after it allegedly failed to provide its capital due.
According to a lawsuit filed with the San Francisco Supreme Court in California, Frank Amato and RGB Coin are currently acting against BitMEX, its CEO Arthur Hayes and the owner of HDR Global Trading.
Amato says he was one of the first seed investors at BitMEX in 2015, depositing $ 30,000 with the understanding that he would later get capital in the company. Amato claims that this has not happened today.
After Amato's initial investment, the stock market allegedly received another $ 30,000 from the SOSV startup accelerator, which would result in a conversion of the capital contracted by Amato. However, the file states that Hayes "tried to hide information" from Amato to "prevent recognition of his equity."
According to unofficial estimates, Amato's share in the company is currently worth $ 50 million. Ultimately, the investor is demanding a gigantic amount of $ 300 million.
"As part of this action, Claimants are seeking compensation corresponding to the value of their equity in BitMEX, whose conservative estimate exceeds $ 50,000,000, along with criminal compensation of $ 250,000,000. Claimants are also seeking damages and other legal remedies, as well as fees and legal expenses "- we read in the lawsuit.
Technical Market Overview:
The BTC/USD pair is still under pressure from the bears, so the horizontal trend had been terminated and the price has made a new local low at the level of $7,014. The three-wave upwards move on Bitcoin was a counter-trend correction that ended up at the level of $7,601 in form of a Pin Bar candlestick pattern. Since then the bears are trying to take back the control over the market and are pushing the prices towards the next target. The recent sudden spike up was capped at the level of $7,234 again and it was retracted in almost 100%, so the next target for bears is seen at the level of $6,973 which is a 61% Fibonacci retracement of the last major wave up.
Weekly Pivot Points:
WR3 - $8,491
WR2 - $8,082
WR1 - $7,829
Weekly Pivot - $7,397
WS1 - $7,107
WS2 - $6,723
WS3 - $6,444
Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.
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