Best Crypto to Buy Now October 13 – Filecoin, IOTA, Sandbox
Former Alameda Research CEO Caroline Ellison has come out today regarding the crypto hedge fund's financial ties to FTX prior to the exchange's collapse.
Speaking to Alameda employees in Hong Kong last November, Ellison admitted that the company borrowed large amounts of money from FTX client accounts to fund its investments, according to an audio recording obtained by Cointelegraph.
What is the best crypto to buy now considering the changes taking place in the SBF case?
This reliance on FTX loans eventually left the exchange short of consumer funds when Alameda was unable to pay its debts.
The 75-minute recording captured Ellison telling employees that Alameda relied heavily on the deposit to keep the business afloat. “We borrowed a lot of funds from FTX,” she revealed as an open secret.
Ellison's candid comments gave the staff insight into Alameda's inner workings for the first time.
Former software engineer Christian Drapey told the court that Ellison was caught off guard by the amount of the loan. He pressed for details on who approved the loans, but was met with Ellison's disappearance.
The tape was released this week at the trial of FTX founder Sam Bankman-Fried, where prosecutors allege Bankman-Fried secretly transferred client funds to Alameda. While the audio provides evidence of Alameda's reliance on FTX deposits, it is unclear who authorized the transactions.
Ellison struck a defeated tone in the recording, knowing that the practices that had sustained Alameda were unraveling. “Most of Alameda's loans have been called,” she told her staff, citing a lack of liquidity that crippled FTX in November.
Her admission cast doubt on the future of Alameda and FTX just weeks before it collapsed. Workers like Drapey quickly distanced themselves from the controversy.
The full footage details the inner turmoil in Alameda as questionable financial arrangements begin to unfold. Ellison's precise comment gives voice to the violence of the last days.
Meanwhile, Bitcoin's decline shows no sign of ending, with the cryptocurrency trading around $26,700 today and posting its sixth consecutive daily loss. This downward move suggests that a retest of $26,000 is likely ahead. The total market cap of the crypto is currently at $1.023 trillion and is down by 0.12%.
While most cryptocurrencies are trading flat today, Filecoin, Bitcoin Minetrix, IOTA, TG.Casino and The Sandbox make a compelling case for the best crypto to buy now given their strong fundamentals and favorable technicals.
Filecoin (FIL) Price Faces Selling Pressure: Can Bulls Regain Control?
FileCoin (FIL) price continues to face selling pressure after failing to hold above the Fib 0.236 resistance level of $3.435 last week. FIL is currently trading at around $3.19, down 0.75% year to date.
With FIL still in the range between $3.00 and $3.70, technical indicators point to caution for FIL prices in the coming days.
The 20-day EMA for FIL price stands at $3.27 while the 50-day EMA sits at $3.37. When the FIL price ranks below the EMAs and EMAs on the downside, this indicates general weakness and low momentum for the FIL price.
The RSI is currently reading 42.97, down from yesterday's 44.46 and nearing oversold territory. This indicates that the momentum is fading which could indicate further downside in FIL prices if buying interest does not resume soon.
The MACD histogram for FIL is printing at -0.014, a deep negative value from -0.012 yesterday. A growing negative trend on the MACD warns of strengthening bearish sentiment that will increase selling pressure on the FIL price.
Filcon's current trading range constant volume profile shows a resistance level at $3.212, which has proved to be a challenging level to break for the past two days.
On the downside, the initial support is the recent swing low between $3.11 and $3.17. A break below risks opening the door to a move down towards the lower end of the FIL price range near $3.00.
Cautionary and protective stops are warranted when FIL price is stuck in the trading range and technicals suggest further risk. A critical break above the POC towards $3.212 or a fall below the $3.00 support could set the stage for the next big move.
In the meantime, FIL's price looks vulnerable to continued choppy, directionless trading in a range. Maintaining prudent position size and risk management remains key for FIL traders here.
Earn passive income through Bitcoin Minetrix's Stake-to-mine model; Best Crypto to Buy Now?
Despite the recent plunge in cryptocurrency prices, Bitcoin Minetrix has managed to secure over $1.24 million in funding for its Bitcoin cloud mining platform.
Bitcoin Minetrix, audited by blockchain security firm Coinsult, distinguishes itself in the industry with its cashless and automated system, based on Ethereum blockchain smart contracts.
The native coin of the Bitcoin Minetrix ecosystem, $BTCMTX, is currently in the pre-sale stage, which is expected to end on October 16. It will raise a target of $1.54 million in Phase 1, and the pre-sale may close early due to high demand.
This project offers a unique approach to alleviating the issue of fraud in cloud mining, a service that has seen increasing appeal.
Customers often find themselves victims of scams, paying mining revenue that will never materialize. Bitcoin Minetrix's cashless system intends to deal with this problem.
The Bitcoin Minetrix project is located in Georgia, a country known for its crypto-friendly policies. It uses a stake-to-mine system where users' deposits earn cloud mining credits.
These credits will be used in the next Bitcoin Cloud-mine. Users can start collecting rewards especially while the coin is on pre-sale.
Users can earn with Bitcoin Minetrix in two ways:
First, by depositing $BTCMTX tokens during the pre-sale, users can currently earn huge rewards with an annual percentage yield of up to 480%.
Second, once Bitcoin Minetrix is launched and transitions to a full stake-to-miner model, users will be able to monetize Bitcoin mining operations. The mining credits you accumulate by paying $BTCMTX during the pre-sale can be used to perform cloud mining and receive Bitcoin mining rewards.
Prominent financial influencers in the crypto space have shown their support for Bitcoin Minetrix because it could be one of the best cryptos you can buy right now. These influencers include Connor Kenny, Michael Rubel and Jacob Buri, each with a significant online following.
The Bitcoin Minetrix approach offers an attractive alternative to conventional Bitcoin mining. With over $1.24 million in pre-sale revenue, Bitcoin Minetrix is showing strong early traction.
For investors looking for new top-up crypto presales, BTCMTX is worth considering.
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IOTA Price Prediction: Down or Further Fall Ahead?
After posting a sharp decline earlier this week, the IOTA price has shown signs of stabilization around the $0.14 level. With the cryptocurrency's low volatility bucking the broader cryptocurrency to date, has IOTA reached a bottom or still faces more downside in the future?
The 20-day EMA for IOTA price currently stands at $0.1495, crossing below the 50-day EMA at $0.1549. Typically, when the short-term EMA crosses below the long-term EMA, it is seen as an indicator for IOTA's price.
The RSI currently stands at 38.94, up from yesterday's high of 32.92. While breaking out of oversold levels has shown some positive progress, the RSI remains below the neutral level of 50, indicating an overall bearish sentiment.
The MACD histogram is unchanged at -0.0010, the same as yesterday's value. A stalled negative histogram indicates that the bullish momentum is struggling to find interest.
The small 2.59% increase in IOTA's price comes amid relatively low transaction volumes. This indicates a temporary buying interest that can easily dry up.
The price of IOTA is currently facing immediate resistance between $0.1451 and $0.1483, which is in line with the Fib level of 0.236 at $0.1472. The clearing of this previous support-turned-opposition indicates the breakdown of bullishness.
On the downside, initial support is at the current swing low of $0.1370 to $0.1391. A break below this support zone could see a retest of the FIL YTD low of $0.1318.
While IOTA price has rebounded slightly from recent swing lows, the upside appears to be limited by technical indicators painting a mixed picture. Neutral RSI and negative MACD present conflicting narratives.
Until the resistance near $0.15 clears, conviction is likely to be mild. Conversely, a drop below $0.1350 could trigger a higher selloff. It is recommended to trade within certain risk limits until IOTA plugs the critical breakout.
TG.Casino's $TGC is the best Crypto to buy now for gambling lovers
TG.Casino has fully integrated its own $TGC token into a Telegram-based casino platform so that players can start betting and win using $TGC. The casino is offering 25% cashback on net losses when playing with $TGC, proving it to be one of the most exciting players in the crypto gambling space.
Building on the successful momentum of the token presale, which has already raised over $890,000 from investors seeking access, the launch of $TGC on the platform is expected to move the presale to a higher goal of $5 million.
Bringing crypto and online gambling together, TG.Casino combines transparency through blockchain technology with the accessibility of Telegram. This hybrid makes the crypto game accessible to end users.
Industry experts have high hopes for $TGC. With comparable crypto gambling projects reaching a market cap of $700 million, $TGC is likely to generate huge profits, according to crypto YouTube channel Silenix.
The online gambling industry is worth more than $260 billion worldwide—crypto casinos like TG.Casino are starting to take away market share thanks to their mobile-friendly design and easy user experience.
Accelerating in popularity with $TGC, TG.Casino is staking its claim as a pioneering brand in social crypto gambling. TG.Casino shows no signs of slowing down as more token combinations and cashback rewards come online.
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Sand price analysis: Is it a cat's toss or a real bottom?
After posting 5 consecutive days of losses, the price of Sandbox (SAND) has shown signs of stabilization this week around the $0.28 level. However, with the SAND refusing to move back above the 20-day EMA, is this rally just a dead cat or is it real?
The 20-day EMA for SAND is currently at $0.2949, above the 50-day EMA at $0.3120. As the price of SAND failed to move back above the 20-day EMA, this indicates that the bears are in control of the short-term trend.
RSI rose to 38.79 from yesterday's oversold level of 14.2. While the breakout from the oversold shows some positive progress, the RSI remains below the 50 neutral mark, indicating continued bearish sentiment.
The MACD histogram improved slightly to -0.0016, from -0.0018 yesterday. However, a persistently negative value indicates that bullish momentum is yet to grow.
Trading volumes have been quiet, with the SAND price up 0.96% so far. The lackluster volume shows that buyers are still hesitant to enter. Sand's market cap has reached $587 million, ranking it as the #58 largest cryptocurrency according to CoinMarketCap.
On the upside, SAND price will face initial resistance at the inverse Fib 0.236 level of $0.2911. Above this, further resistance is expected at the 20-day EMA $0.2949.
To the downside, initial support comes at the $0.2759 to $0.2816 swing low. A break below would risk a sharp decline to set new year-to-date lows.
While the price of SAND finds itself at a temporary low, the upside is inefficient based on technical indicators. Anemic trading volumes and failure to retrace the 20-day EMA keep the outlook biased to the downside.
SAND needs to close above $0.30 for several days to show bullish confidence. Otherwise, a drop below $0.28 could confirm the continuation of the downtrend. Caution is needed until a critical trend emerges.
Disclaimer: Crypto is a high risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.
