Cryptocurrency News

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

Bitcoin has been on a tear lately, increasing by more than $1,000 in the past five days alone. The cryptocurrency is currently trading at around $10,800, marking yet another leg up of about 3% on the day. The price increase comes despite the seemingly bad news that the New York Supreme Court denied Bitfinex’s motion to dismiss.

Bitcoin’s on the Move Again

Over the past five days, Bitcoin has surged by more than 12 percent, gaining upwards of $1,000 to approximately $10,800. 

Today alone, the world’s leading cryptocurrency is up by around 3% and is currently doing battle with the major resistance level of $10,800 which also contains the 50-day 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 be 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 Doesn’t Matter

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

Back then, iFinex filed a claim, arguing that the NYAG lacked 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 stablecoin issuer would have to turn over documents regarding a loan that Tether had made to Bitfinex. However, the companies are expected to fight this ruling. 

In the judge’s words:

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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