NFT Platform Faces Threat of SEC Lawsuit, Bitcoin and Ethereum Win Easily

• Bitcoin and Ethereum are approaching $60,000 and $2,500, key support levels.
• SEC sends NFT platform OpenSea a Wells Notice, warning of possible legal action for violating securities laws.
• NFT-related coins had mixed reactions to the news, with Apecoin losing 6%.

Bitcoin, Ethereum, XRP Updates

• Bitcoin is trading at $60,140, ​​close to support at $60,000. Data from Reflexivity Research shows that trading volume for Bitcoin has continued to drain in recent weeks. This means the asset has been trading in a low volume range and BTC has been trading sideways since the March rally at $73,777.

Bitcoin Volume Data

• Ethereum is trading at $2,572 at the time of writing. The altcoin is struggling to break through key resistance as selling pressure on the asset weighs on prices. Data from crypto intelligence monitor Arkham shows that Abraxas Capital Management, an asset management firm, has deposited 10,000 Ether worth $34.34 million to Binance. The firm has dropped these Ether tokens from Ether.Fi.

• XRP is trading at $0.5729 on Thursday, a slight gain of 0.67% on the day.
• OpenSea’s CEO criticized the SEC for sending a Wells notice to the platform and said the firm would fight for NFTs.

Chart of the day

Helium (HNT), the Hotspot network token, is in an uptrend as seen on the HNT/USDT daily chart. HNT is likely to extend gains by 8.16% to a target of $7.9994.

The Relative Strength Index (RSI) is 60.35. While the RSI is above 50 (neutral), it is below 70, so the coin is not yet at overbought levels, giving it further chances to advance. Traders need to watch the RSI closely because once it crosses into the overbought zone, it could generate a sell signal.

HNT/USDT daily chart

On a decline, HNT could find support at $6.9595, the 50% Fibonacci retracement of the decline from the February 15 high of $11.0689 to the June 18 low of $2.8500.

Market updates

• The Judicial Court in Paris has officially charged the founder of Telegram, Pavel Durov, with six crimes, including assisting in the operation of online platforms for the organization of illegal transactions, refusing to provide the requested information to the authorities, assisting in multiple crimes, money laundering, not declaring the services of encryption as needed and offers declarative encryption tools, according to a Bloomberg report.
• The CoinGecko report shows that the PolitiFi coin category has gained 782.4% year-to-date, outperforming meme coins, which are up 90% in the same time frame.

• Stacks Network activated its Nakamoto upgrade on August 28th. This reduces the processing time of transactions on the blockchain from 10 to 30 minutes to five seconds.

Industry updates

• Analysts at Bitcoin Magazine Pro weigh in on whether the declining strength of the US dollar could catalyze gains in BTC.

• Crypto ATMs have been banned in the UK since 2022. Kent Police have charged a suspect who was operating an illegal crypto ATM at his mobile phone unit. The man, Habibur Rahman, was arrested and charged with operating a crypto ATM without FCA registration.
• The President of El Salvador, Nayib Bukele, told TIME Magazine in an interview that the country has $400 million in Bitcoin. However, the adoption of BTC among the population is not as successful as expected, he said.