A new study published in Remote Sensing of Environment looks at the strange occurrences since the 1930s of mysterious white clouds on the surface of the water near the Bahamas – the clouds contain high concentrations of carbonate-rich particles which could be from a submerged platform of carbonate known as the Bahama Banks or from blooms of phytoplankton, but all the study could determine is that the clouds are bigger from March to May and October to December. We know about smoke on the water and clouds in our coffee, but otherwise rock music is no help here.
Make mention of the likes of gnomes, fairies and pixies and the image is one of little humanoids that are careful to to keep away from us. At least, most of the time. And, they aren’t particularly dangerous to us. But, there is another category of creature that can be found in the history of “little people.” We’re talking about certain little creatures that can be extremely dangerous. In other words, some of these creatures can cause a lot of terror. And even death. Let’s have a look at some of them. Situated in south-east Asia and Oceania, Indonesia is made up of a huge amount of islands; in fact, literally thousands. One of those islands is Flores, which has a square-mileage of more than 5,000 miles and a population of close to two million. Its wild animal population is notable and includes the deadly Komodo dragon and the huge Flores Giant Rat. Flores may be home to something far stranger, too.The Nage people of Flores tell of a somewhat human-like ape called the Ebu gogo. As with so many of the smaller variety of creatures described within the pages of this book, the Ebu gogo was covered in hair, had distinct ape-like qualities, but walked upright, like a human. At barely three feet tall they were hardly on a par with Bigfoot, but that does not take away the fact that, for the Nage people, the creatures generated a great deal of folklore and history.
History is full of stories of lost secret documents and strange doings by the government. It is impossible to look deeply into the government without finding tales of fuiles on UFOs, research into ESP, or strange experiments carried out to one up the enemy. Many of these seem completely bonkers, but over the years have been declassified to show that the U.S. government really is often up to some decidedly weird stuff. One such case is the time the CIA hired a magician to write a magic manual to help operatives in the field.
LTC price could drop alongside riskier assets as macro analysts sound a bull trap alarm over this potential “head fake” recovery.
Litecoin (LTC) has rebounded by 130% to almost $100 after bottoming out near $40.50 in June 2022. The primary reasons include broadly improving risk-on sentiment and euphoria around the Litecoin halving in August 2023.
However, technicals suggest that LTC may wipe out most of these gains in the coming months.
LTC price paints giant bear flag
Litecoin stands to pare its gains mainly due to a giant bear flag on the weekly char.
A bear flag is a bearish continuation pattern that occurs when the price consolidates inside an ascending, parallel channel after undergoing a strong downtrend. It resolves after the price breaks below its lower trendline with a rise in trading volumes
Litecoin has been painting a similar pattern since early June 2022. Previously, the LTC/USD pair had undergone a 70% price correction from $130 to $40.50. Thus, from the technical perspective, it would resume its downtrend course if its price breaks below the lower trendline.
LTCUSD weekly price chart featuring bear flag breakdown setup. Source: TradingView
As a rule, a bear flag breakdown move prompts the price to fall by as much as the previous downtrend’s length. Applying the same setup to Litecoin brings its bear flag downside target to nearly $30.50, or 65% lower than current LTC price.
Litecoin price “head fake”?
As said earlier, Litecoin’s price recovery has primarily occurred in line with similar moves across the risk-on market due to cooling inflation.
For instance, the Nasdaq-100 stock market index has risen approx. 15.50% between October 2022 and January 2023. Similarly, Bitcoin (BTC) has rallied by more than 50% since its November 2022’s low of around $15,500.
The weekly correlation coefficient between Litecoin and Nasdaq-100 has been mostly positive at 0.35 on Jan. 27. Similarly, correlation between Litecoin and Bitcoin is now around 0.21.
Litecoin’s weekly correlation coefficient with Nasdaq-100 and Bitcoin. Source: TradingView
But many analysts, including Mark Haefele, the chief investment officer at UBS Global Wealth Management, have noted that the ongoing risk-on rally could be a “head fake.” In simple words, the ongoing Litecoin rally, under the influence of its risk-on counterparts, could be short-lived.
Independent market analyst Capo of Crypto also agrees, noting:
“The way the upward movement is happening, the way [higher-timeframe] resistances are being tested… it clearly looks manipulated, no real demand. Once again, the biggest bull trap I’ve ever seen.”
Bullish scenario for Litecoin
However, not everyone is bearish on risk assets such as Litcoin. Popular market analyst Rekt Capital sees Litecoin rallying toward $160 in the coming weeks, citing a monthly chart setup as shown below.
LTC/USD monthly price chart. Source: TradingView
Notably, the chart shows LTC’s price undergoing a strong rebound move after testing a multi-year ascending trendline resistance inside the $40-$50 area, which could qualify it for a further uptrend toward the $120-$160 range.
These upside targets have previously acted as supports and resistances. Breaking this key resistance could therefore invalidate the bear flag setup, which happens 54% of all time according to research by veteran investor Tom Bulkowski.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Clear Spirit Energy Clearing
FTX’s legal team from Sullivan & Cromwell has 150 people on the bankruptcy case, with thirty partners reportedly charging more than $2,000 per hour.
According to a new report, the controversial law firm Sullivan & Cromwell is on track to reap a fortune from its work on the FTX cryptocurrency exchange’s bankruptcy case.
Sullivan & Cromwell’s costs in the FTX case are estimated to reach hundreds of millions of dollars before the firm’s bankruptcy investigation is over, Bloomberg Law reported on Jan. 27.
As the FTX trial is scheduled for October 2023, the firm’s lawyers now have about eight months to untangle the complicated FTX case, which will cost a lot of time and money. Sullivan & Cromwell has more than 150 people working on the FTX case, including 30 partners with rates exceeding 2,000 per hour. The report notes that associates are charging up to about $1,500 per hour, citing a court filing.
Source: Bloomberg Law
In a court declaration, Sullivan & Cromwell said that its proposed fees are in accordance with market rates by other leading law firms and actually represent a discount from the rates used in non-bankruptcy matters.
Bankruptcy experts have been facing a high demand as the crypto winter of 2022 generated many bankruptcy filings, including those by major crypto firms like Genesis Global Trading, Celsius Network and Voyager Digital.
According to Jonathan Lipson, a Temple University law professor, lawyers are going to do very well in cases like FTX, “just as the professionals have done very well in other big cases.” For example, New York-based law firm Weil Gotshal made about $500 million in fees from the bankruptcy of Lehman Brothers in 2008.
Lipson said that such big expenses can be justified as Sullivan & Cromwell can potentially help investigators recover money from FTX, stating:
“The important question is never are the lawyers charging a lot. It’s, is it worth it? If they can recover a lot of money, then it’s probably worth it.”
The news comes shortly after FTX bankruptcy judge John T. Dorsey on Jan. 19 approved Sullivan & Cromwell’s retention as FTX’s legal team despite controversy about the firm allegedly having potential conflicts of interest in the case.
Good news for Sullivan & Cromwell. The FTX Bankruptcy Judge just approved their retention amid scathing allegations by a former FTX Chief Regulatory Officer. No continuance to investigate but the Judge’s decision made sense and S&C’s arguments were compelling/very well-presented. pic.twitter.com/ZSVZdGyvkw
— John Reed Stark (@JohnReedStark) January 20, 2023
The decision came despite concerns related to Sullivan & Cromwell having advised FTX since before it filed for Chapter 11 protection in November 2022. On Jan. 9, United States senators John Hickenlooper, Thom Tillis, Elizabeth Warren and Cynthia Lummis called on the judge to approve a motion to appoint an independent examiner into FTX’s activities.
Related: SBF says Sullivan & Cromwell contradicted itself with insolvency claims
Sullivan & Cromwell subsequently emphasized that the law firm has “never served as primary outside counsel to any FTX entity” and had a “limited and largely transactional relationship with FTX and certain affiliates prior to the bankruptcy.”
The firm did not immediately respond to follow up questions from Cointelegraph.
NFT Steez sits down with Web3 advocate Julie Plavnik to discuss the concepts of self-sovereignty and digital identity in Web3-based creator economies.
On this week’s episode of NFT Steez, hosts Alyssa Exposito and Ray Salmond meet with Web3 content writer Julie Plavnik to discuss the importance of self-sovereignty while building a digital identity in Web3.
Plavnik referenced author Gavin Wood when describing Web3 and said that “communication” is a core tenant in the subsequent iteration of the internet. “Web3 is the communication of encrypted channels between decentralized identities,” Plavnik affirmed.
According to Plavnik, the emerging concept of Web3 has placed a magnifying glass over user data and ownership, especially concerning the creator economy, which Plavnik described as a place with “no entry barriers or casting.”
During the show, Plavnik explored how users are coming around to the notion that they can potentially monetize their individuality in Web3, but she questioned how they could maintain their self-sovereignty.
Awakening self-sovereign identity in Web3
When discussing how self-sovereignty is intertwined with Web3, there was no hesitation from Plavnik in explaining that the core tenet of Web3 is to uphold a self-sovereign identity — meaning that decentralization is vital.
Decentralization, Plavnik explained, is fundamental to ensuring that no third party controls nor owns user data.
However, not all users have the level of awareness or interest to understand this. Understandably so, as Plavnik described the fact that Web3 features, protocols and platforms are still in their “infancy.”
Despite being in an experimental and developmental stage, Web3 has also shed light on how the creator economy can continue to evolve and minimize intermediaries. Through the use of blockchain technology and decentralized platforms, users are beginning to build their brands without intermediaries and networks that profit from users’ data.
Related: NFT Steez and Lukso co-founder explore the implications of digital self-sovereignty in Web3
Plavnik explained how as a creator, maintaining self-sovereignty in Web3 is “exciting” because it already serves as a way to build a “blockchain resume,” so to speak, whereby users can readily track and find all their interactions, participation and engagement in a domain, for example.
Plavnik expects that in the future, nonfungible token domains will be an attractive feature even though current users are limited to only facets of their digital identity based on their crypto wallet.
Plavnik posited that an NFT domain could give users more dynamic freedom regarding which information they want to disclose and which digital identities will serve which purposes.
To hear more from the conversation, tune in and listen to the full episode of NFT Steez on Cointelegraph’s new podcasts page or on Spotify, Apple Podcasts, Google Podcasts or TuneIn.