Home / Ethereum News /Biggest Movers: GRT Hits Highest Point In 9 Months, LTC Snaps Losing Streak

Biggest Movers: GRT Hits Highest Point In 9 Months, LTC Snaps Losing Streak

07 Feb 2023

Judge John Dorsey has delayed his decision on whether to appoint an independent examiner in the FTX case. At the latest hearing, Dorsey acknowledged that the cost to debtors could reach tens of millions of dollars. Currently, the bankruptcy judge is hopeful that the issue will be resolved through a mutually agreed upon solution between both parties. A representative for the U.S. Department of Justice’s Trustee contended, however, that the appointment of an independent examiner was mandated by Congress and no longer within Dorsey’s authority.

Three days ago, Bitcoin.com News reported on the U.S. Trustee in the FTX bankruptcy case and the government’s request to appoint an independent examiner. At the latest hearing, FTX’s lawyers from Sullivan & Cromwell argued that the endeavor could be costly.

John J. Ray III, FTX’s new CEO, estimated that expenses could reach between $90 million and $100 million. James Bromley of Sullivan & Cromwell said, “It’s just going to result in duplicated effort and a significant amount of expense. We don’t have enough money to pay back all of our creditors.”

Bromley maintained that there is “no evidence” that any outside professionals would be more impartial than FTX’s current experts. FTX debtors have a number of experts working on the case including the cybersecurity firm Sygnia. FTX’s executives and legal teams are collaborating with criminal investigators and top government regulators.

Ray, FTX’s new CEO, earned roughly $690,000 for his work last year and continued to work during Christmas and the holiday season. Juliet Sarkessian, representing the U.S. Trustee, characterized the FTX situation as a “dumpster fire” and emphasized that the appointment of an examiner was mandated by Congress in these circumstances.

Sarkessian’s comments align with the letter sent to the court by senators Cynthia Lummis (R-WY), Thom Tillis (R-NC), Elizabeth Warren (D-MA), and John Hickenlooper (D-CO). The senators urged the court to appoint an independent examiner, emphasizing that numerous questions “remain unanswered.” Sarkessian believes that an examiner may uncover information that would not be discovered otherwise and could reveal any wrongdoing by specific FTX employees.

During his testimony, FTX CEO Ray described the bankruptcy as “pure hell” when he listed his expenses from 2022. He also noted that FTX was unlike anything he had ever encountered and that former FTX executives did not maintain “a single list of anything.”

What are your thoughts on the ongoing FTX bankruptcy case and the potential appointment of an independent examiner? Share your insights in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

Judge John Dorsey has delayed his decision on whether to appoint an independent examiner in the FTX case. At the latest hearing, Dorsey acknowledged that the cost to debtors could reach tens of millions of dollars. Currently, the bankruptcy judge is hopeful that the issue will be resolved through a mutually agreed upon solution between both parties. A representative for the U.S. Department of Justice’s Trustee contended, however, that the appointment of an independent examiner was mandated by Congress and no longer within Dorsey’s authority.

Three days ago, Bitcoin.com News reported on the U.S. Trustee in the FTX bankruptcy case and the government’s request to appoint an independent examiner. At the latest hearing, FTX’s lawyers from Sullivan & Cromwell argued that the endeavor could be costly.

John J. Ray III, FTX’s new CEO, estimated that expenses could reach between $90 million and $100 million. James Bromley of Sullivan & Cromwell said, “It’s just going to result in duplicated effort and a significant amount of expense. We don’t have enough money to pay back all of our creditors.”

Bromley maintained that there is “no evidence” that any outside professionals would be more impartial than FTX’s current experts. FTX debtors have a number of experts working on the case including the cybersecurity firm Sygnia. FTX’s executives and legal teams are collaborating with criminal investigators and top government regulators.

Ray, FTX’s new CEO, earned roughly $690,000 for his work last year and continued to work during Christmas and the holiday season. Juliet Sarkessian, representing the U.S. Trustee, characterized the FTX situation as a “dumpster fire” and emphasized that the appointment of an examiner was mandated by Congress in these circumstances.

Sarkessian’s comments align with the letter sent to the court by senators Cynthia Lummis (R-WY), Thom Tillis (R-NC), Elizabeth Warren (D-MA), and John Hickenlooper (D-CO). The senators urged the court to appoint an independent examiner, emphasizing that numerous questions “remain unanswered.” Sarkessian believes that an examiner may uncover information that would not be discovered otherwise and could reveal any wrongdoing by specific FTX employees.

During his testimony, FTX CEO Ray described the bankruptcy as “pure hell” when he listed his expenses from 2022. He also noted that FTX was unlike anything he had ever encountered and that former FTX executives did not maintain “a single list of anything.”

What are your thoughts on the ongoing FTX bankruptcy case and the potential appointment of an independent examiner? Share your insights in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

The graph token surged by over 35% so far on Tuesday, as markets continued to be buoyed by the growth of its ecosystem. Since allowing integrations to new blockchains, prices of the indexing protocol’s native token have jumped by over 200% from 2022 lows. Litecoin was also higher today, breaking a three-day losing streak.

Tuesday saw the graph (GRT) extend its recent bull run, climbing by over 35% in today’s session.

GRT/USD rose to an intraday peak of $0.1848 earlier today, a day after prices hit a low of $0.1278.

As a result of this move, GRT/USD jumped to its strongest point since May 17, last year.

Overall and as of writing, GRT is up by approximately 100.63% in the last seven days, and this comes after bouncing from a support at $0.090.

These gains have resulted in the 14-day relative strength index (RSI) moving deep into overbought territory, with a current reading of 87.03.

Bulls have already moved to secure profits, which has led to GRT falling from its earlier high.

Litecoin (LTC), on the other hand, snapped a three-day losing streak, moving back towards recent highs.

Following a low of $95.57 on Monday, LTC/USD jumped back above $100.00 on Tuesday, hitting a high of $100.13 in the process.

Today’s rebound in price sees litecoin edge towards a resistance level at $101.75, and closer to last Wednesday’s peak of $102.65.

Similar to GRT, this point was the highest point LTC had hit since May, when the token traded above $106.00.

A big part of this is due to the 14-day RSI, which is nearing a ceiling at 66.00, with a current reading of 64.53.

Should price strength reach this point, LTC bulls could abandon previous positions, and instead capture the day’s gains.

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Tags in this story
Analysis, GRT, litecoin, LTC, the graph

Will the graph and litecoin continue this momentum into Wednesday’s session? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons, photo_gonzo / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Fidelity Investments Launches Crypto, Metaverse ETFs — Says 'We Continue to See Demand'

Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.

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