UK's Initial Significant Crypto Case Focuses on Basis Markets NFT Fundraising
SFO's First Major Crypto Fraud Arrests: The UK's Serious Fraud Office arrested two men linked to Basis Markets, a failed venture that raised $28 million through NFT fundraisers before collapsing in 2022, marking a significant step in prosecuting cryptocurrency-related fraud.
Expansion of Crypto Crime Enforcement: The arrests reflect the UK's growing focus on digital asset crime, with authorities establishing specialized resources and frameworks under the Economic Crime Strategy 2025 to enhance investigations and prosecutions of crypto fraud.
Basis Markets' Fundraising and Collapse: Basis Markets conducted two NFT-based fundraisers in late 2021 but suspended operations in June 2022, leaving investors unable to access their funds, coinciding with increased scrutiny of crypto fundraising practices.
Potential Legal Precedents: The case could set important legal precedents for how UK courts handle blockchain-based fraud, as authorities emphasize the need for robust enforcement against fraudulent crypto schemes that threaten investor trust and the economy.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36099.581 | 48049.791 | 60369.601 | 72319.811 | 84639.621 | 96589.831 | 108909.641 |
| Fibonacci | 48049.791 | 57320.938 | 63048.663 | 72319.811 | 81590.958 | 87318.683 | 96589.831 |
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