Cryptocurrency News

Bitcoin Surges to $10,800 Despite NY Supreme Court Denying Bitfinex Claims

Bitcoin is on a positive track lately, increasing by more than $1,000 in five days alone. The cryptocurrency is currently trading at around $10,800, marking yet another positive leg up of about 3% on the day. The increase comes despite seemingly bad news for the crypto community that the New York Supreme Court denied Bitfinex’s lack -of-jurisdiction claim.

Bitcoin’s On The Move Again

Over the past five days, Bitcoin has surged by more than 12 percent, gaining upwards of $1,000. This got its price to its current point at around $10,800. 

Today alone, the world’s leading cryptocurrency is up by around 3% and is currently battling with the major resistance level at $10,800 which also contains the 50-days moving average line. 

BTC/USD. Source: CoinGecko

As Cryptopotato reported, if the bulls manage to break above this level, we can expect the next line of resistance to fall within the $11,000 – $11,200 range, which also contains a descending trend line that started to form after the 2019 high of $13,880. Further resistance can be expected between $11,500 and $11,600. 

Bad News Don’t Matter

Bitfinex has been under the radar of the New York Attorney General for quite some time now. Back in July, the New York Supreme Court Judge Joel Cohen decided to extend his preliminary injunction because he wasn’t ready to make a decision on the matter. 

Back then, iFinex filed a claim, arguing that the NYAG lacks jurisdiction over the case since the companies no longer served customers from New York.

Just yesterday, though, Judge Cohen ruled that the cryptocurrency exchange and the stablecoin issuer would have to go on turning over documents about a loan that the latter company (Tether) made to Bitfinex. However, the companies are expected to fight this ruling. 

Ruling on the matter, Cohen said:

The Court disagrees with the Petitioner that it is (or can be) premature for the Court to determine whether it has jurisdiction to issue orders impacting the rights of Respondents in this proceeding. That said, the Court finds based on the evidence and applicable law that it has jurisdiction – and a clear statutory mandate – to adjudicate this matter. Accordingly, Respondents’ motion is denied, and the temporary stay of the investigation is dissolved.

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