Daily Digest 12/7
Insight on the biggest stories of the day.
Jury sides with Craig Wright in $200B Bitcoin case but he still owes $100M
Craig Wright for years now has been proclaiming himself and his partner Dave Kleiman, who has since past away, are Satoshi Nakamoto the pseudonymous creator or creators of Bitcoin. Wright has also been known to have his legal troubles in the past and is also the CEO of Bitcoin SV a fork of BTC.
In his latest legal battle the jury of Miami has declared that Wright pay $100 million in a fight over the estate, worth $1.1 million BTC or $56 billion, of his former partner Dave Kleiman. Kleimans brother was claiming that since his brother helped Wright “create” Bitcoin that he was entitled to half of that.
“We are immensely gratified that our client, W&K Information Defense Research LLC, has been awarded $100 million, reflecting that Craig Wright wrongfully took Bitcoin-related assets from W&K. This verdict sets a historical precedent in the innovative and transformative industry of cryptocurrency and blockchain.”
Wright argued that they were not actually partners but just good friends and that Kleiman did not have the coding knowledge to make a meaningful contribution. Wright was however found guilty of “conversion” which is stealing someones property and claiming it belongs to you. This was for claiming projects such as Bitcoin were his.
FIDELITY TO OFFER BITCOIN-BACKED LOANS THROUGH NEXO
Next is expand its institutional reach with a partnership with Fidelity that will allow institutional investors Bitcoin backed loans. Wall Street banks are also looking for ways to do cash loans with Bitcoin as collateral.
“As a first step, the collaboration with Fidelity Digital Assets will expand Nexo’s ability to service and enhance its growing portfolio of assets under management and will provide an additional custody layer to Nexo’s military-grade security infrastructure,”
This is also Fidelitys first attempt at Bitcoin backed loans and this also follows the announcement last week by Goldman-Sachs that they were also exploring a similar product for their clients. Nexo already serves more than 2.5 million users in 200 jurisdictions and Fidelity manages over $7 trillion in its own customer assets so this is another huge partnership bridging traditional finance to crypto.
DOT bottomed out right as the RSI was indicating over-sold as it has with consistency. With an almost flat OBV while price bars showed downward action signals a weaker volume down trend.
Momentum and volume indicators show why they are useful mostly in highly volatile times like we saw this past weekend. You can not always bank on this being the case but with each indicator validating the other you can make the trade confidently seeing the local bottom for the time being.
DOT has overall been down since its launch of parachain auctions and the recent covid scares, inflation, and over leveraged positions getting liquidated it has been hard for Polkadot to break out as it did in early November.