{"id":391547,"date":"2019-07-29T22:00:21","date_gmt":"2019-07-29T22:00:21","guid":{"rendered":"https:\/\/wncen.com\/?p=391547"},"modified":"2024-06-11T13:46:04","modified_gmt":"2024-06-11T13:46:04","slug":"analyst-bitfinex-court-hearing-could-contribute-to-massive-bitcoin-volatility","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-bitfinex-court-hearing-could-contribute-to-massive-bitcoin-volatility\/","title":{"rendered":"Analyst: Bitfinex Court Hearing Could Contribute to Massive Bitcoin Volatility"},"content":{"rendered":"<p>The crypto markets have been closely following the situation that has been unfolding around the popular and controversial Bitfinex cryptocurrency exchange, which also owns the controversial stable coin Tether, which is accused by the NYAG of allowing US-based users to flout the Bitcoin (<a href=\"https:\/\/wncen.com\/2019\/07\/25\/70-of-bitcoin-interested-investors-are-parents-will-this-fuel-long-term-uptrend\/\">BTC<\/a>) and crypto leveraged trading restrictions.<\/p>\n<p>Because of the significance of the cryptocurrency exchange and stable coin, analysts are noting that the outcome of this court case could lead to volatility for Bitcoin and the aggregated crypto markets in the week ahead.<\/p>\n<h2><strong>Bitfinex vs NYAG Proceeds in the NY Supreme Court, Will Bitcoin Be a Center Topic?<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>The court proceedings between the embattled <a href=\"https:\/\/wncen.com\/2019\/05\/22\/tether-limited-investing-bitcoin-bullish-signal\/\">cryptocurrency exchange<\/a> and the crypto-adverse NYAG began a handful of hours ago and Bitcoin has already become a topic of discussion, as the initial proceedings appear to be centered around whether or not the court has subject matter jurisdiction over this case as Tether \u2013 the exchange\u2019s legal team claims \u2013 is not a security or commodity.<\/p>\n<p>Zach Voell discussed the happenings of the court proceedings in a recent tweet thread, explaining that the Judge was questioning whether or not Tether is a commodity, with the AG claiming that it is, partially because it can be used to trade both Bitcoin and Ethereum.<\/p>\n<blockquote><p>\u201cJudge: So if Tether \u2018relates to\u2019 securities or commodities, that\u2019s enough? (to trigger Martin Act things) AG: Yes, absolutely (referencing that it\u2019s used to trade $ETH and $BTC)\u201d<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Judge: So if Tether \u201crelates to\u201d securities or commodities, that\u2019s enough? (to trigger Martin Act things) <\/p>\n<p>AG: Yes, absolutely (referencing that it\u2019s used to trade <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETH<\/a> and <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a>) <\/p>\n<p>\ud83e\udd14<\/p>\n<p>&mdash; Zack Voell (@zackvoell) <a href=\"https:\/\/twitter.com\/zackvoell\/status\/56073740?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 29, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Notably, it appears that the center of the initial proceedings also revolved around whether or not Tether is a security\/commodity, with the issue of whether or not Bitfinex enabled New York residents (who are US citizens) to open accounts and trade <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\">Bitcoin<\/a> (BTC) and other cryptos using the platform.<\/p>\n<blockquote><p>\u201cI don\u2019t think we\u2019re getting a ruling today; the judge wants to consider more carefully,\u201d Voell concluded.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I don\u2019t think we\u2019re getting a ruling today; the judge wants to consider more carefully.<\/p>\n<p>&mdash; Zack Voell (@zackvoell) <a href=\"https:\/\/twitter.com\/zackvoell\/status\/75857664?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 29, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>Will These Proceedings Contribute to BTC Volatility?<\/strong><\/h2>\n<p>Importantly, as Tether plays such an integral role in the crypto markets, many analysts believe that the outcome of these hearings will contribute massively to Bitcoin\u2019s volatility and price action down the road.<\/p>\n<p>Luke Martin, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that the court hearings are the \u201cbiggest news event of the week.\u201d<\/p>\n<blockquote><p>\u201c$BTC starting the week wedged inside two key levels. &#8211; 9350 has been defended for a few days now &#8211; 9650 is previous range low, now acting as resistance. Biggest news event of the week is later this morning with the iFinex in the New York Supreme court,\u201d he explained.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> starting the week wedged inside two key levels. <\/p>\n<p>&#8211; 9350 has been defended for a few days now<br \/>&#8211; 9650 is previous range low, now acting as resistance<\/p>\n<p>Biggest news event of the week is later this morning with the iFinex in the New York Supreme court. <a href=\"https:\/\/t.co\/VN84TcRReZ\" rel=\"nofollow\">pic.twitter.com\/VN84TcRReZ<\/a><\/p>\n<p>&mdash; Luke Martin (@VentureCoinist) <a href=\"https:\/\/twitter.com\/VentureCoinist\/status\/16618497?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 29, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As the hearings surrounding Bitfinex and <a href=\"https:\/\/wncen.com\/2019\/07\/04\/100-million-more-in-tether-printed-how-will-this-affect-bitcoin-price\/\">Tether<\/a> continue to unfold, it is likely the world will gain a better understanding of whether or not the controversial stable coin and its embattled issuer will have any adverse impact on the markets.<\/p>\n<pre>Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The crypto markets have been closely following the situation that has been unfolding around the popular and controversial Bitfinex cryptocurrency exchange, which also owns the controversial stable coin Tether, which is accused by the NYAG of allowing US-based users to flout the Bitcoin (BTC) and crypto leveraged trading restrictions. Because of the significance of the cryptocurrency exchange and stable coin, analysts are noting that the outcome of this court case could lead to volatility for Bitcoin and the aggregated crypto markets in the week ahead. Bitfinex vs NYAG Proceeds in the NY Supreme Court, Will Bitcoin Be a Center Topic?\u00a0 The court proceedings between the embattled cryptocurrency exchange and the crypto-adverse NYAG began a handful of hours ago and Bitcoin has already become a topic of discussion, as the initial proceedings appear to be centered around whether or not the court has subject matter jurisdiction over this case as Tether \u2013 the exchange\u2019s legal team claims \u2013 is not a security or commodity. Zach Voell discussed the happenings of the court proceedings in a recent tweet thread, explaining that the Judge was questioning whether or not Tether is a commodity, with the AG claiming that it is, partially because it can be used to trade both Bitcoin and Ethereum. \u201cJudge: So if Tether \u2018relates to\u2019 securities or commodities, that\u2019s enough? (to trigger Martin Act things) AG: Yes, absolutely (referencing that it\u2019s used to trade $ETH and $BTC)\u201d Judge: So if Tether \u201crelates to\u201d securities or commodities, that\u2019s enough? (to trigger Martin Act things) AG: Yes, absolutely (referencing that it\u2019s used to trade $ETH and $BTC) \ud83e\udd14 &mdash; Zack Voell (@zackvoell) July 29, 2019 Notably, it appears that the center of the initial proceedings also revolved around whether or not Tether is a security\/commodity, with the issue of whether or not Bitfinex enabled New York residents (who are US citizens) to open accounts and trade Bitcoin (BTC) and other cryptos using the platform. \u201cI don\u2019t think we\u2019re getting a ruling today; the judge wants to consider more carefully,\u201d Voell concluded. I don\u2019t think we\u2019re getting a ruling today; the judge wants to consider more carefully. &mdash; Zack Voell (@zackvoell) July 29, 2019 Will These Proceedings Contribute to BTC Volatility? Importantly, as Tether plays such an integral role in the crypto markets, many analysts believe that the outcome of these hearings will contribute massively to Bitcoin\u2019s volatility and price action down the road. Luke Martin, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that the court hearings are the \u201cbiggest news event of the week.\u201d \u201c$BTC starting the week wedged inside two key levels. &#8211; 9350 has been defended for a few days now &#8211; 9650 is previous range low, now acting as resistance. Biggest news event of the week is later this morning with the iFinex in the New York Supreme court,\u201d he explained. $BTC starting the week wedged inside two key levels. &#8211; 9350 has been defended for a few days now&#8211; 9650 is previous range low, now acting as resistance Biggest news event of the week is later this morning with the iFinex in the New York Supreme court. pic.twitter.com\/VN84TcRReZ &mdash; Luke Martin (@VentureCoinist) July 29, 2019 As the hearings surrounding Bitfinex and Tether continue to unfold, it is likely the world will gain a better understanding of whether or not the controversial stable coin and its embattled issuer will have any adverse impact on the markets. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":391550,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664],"class_list":["post-391547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\n<title>Analyst: Bitfinex Court Hearing Could Contribute to Massive Bitcoin Volatility<\/title>\n<meta name=\"description\" content=\"Analysts are noting that the outcome of the court case between the NYAG and Bitfinex could lead to volatility for Bitcoin (BTC) in the near-future.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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