17 hours ago

Do Kwon`s U.S. Extradition Gets Okay From Montenegro`s Justice Minister

Terraform creator Do Kwon will be extradited to the U.S., Montenegrin Justice Minister Bojan Božović said Friday. The U.S. and South Korean governments have both sought to take custody of Kwon to face criminal charges related to the collapse of the algorithmic stablecoin Terra/Luna system in 2022, which kicked off a series of high-profile collapses including that of FTX. Kwon, who was arrested in Montenegro in March of 2023 and sentenced to a few months in prison over passport forgery charges, has been fighting his extradition to the U.S. for more than a year. Various courts in the country have ruled in favor of the U.S. or South Korea taking custody of the onetime crypto executive. In his statement on Friday, Božović said his decision followed the country`s Supreme Court ruling that the conditions for approving an extradition had been met. "Bearing in mind the verdict of the Supreme Court, the Ministry of Justice considered all the facts and circumstances and assessed criteria such as the gravity of the criminal acts, the place of execution, the order of submission of the request, the citizenship of the requested person, the possibility of further extradition to another country, as well as other circumstances," the statement said. The U.S. bid met these criteria, the statement said. Friday`s announcement is just the latest in a string of back-and-forth decisions about where Kwon should be sent. The Appellate Court of Montenegro ruled in August of this year that Kwon should go to South Korea. The legal fallout for Terra continues in the U.S. as well; last week, the Securities and Exchange Commission settled charges with Tai Mo Shan, a subsidiary of Jump Crypto, alleging Tai Mo Shan sold LUNA as a security. The company will pay $123 million as part of the settlement. Editor`s note: The Montenegrin government`s statement was translated into English.

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Bitcoin May Dip to $60K Amid Short-Term Caution, Long-Term Outlook Stays Bullish

Bitcoin May Dip to $60K Amid Short-Term Caution, Long-Term Outlook Stays Bullish Bitcoin’s price could decline to $60,000 , as analysts signal caution due to weakened momentum and rising exchange inflows. Despite short-term bearish risks, long-term forecasts project significant growth, with price targets of $200,000 by 2025 and $740,000 by 2028 , according to BeInCrypto . The world’s largest cryptocurrency has faced headwinds in recent weeks, with investors moving $3 billion worth of Bitcoin to exchanges and ETF outflows exceeding $1 billion . These indicators suggest heightened caution and the potential for further corrections. Short-Term Outlook: Why Bitcoin May Drop to $60K 1. Stalling Momentum Bitcoin’s recent inability to sustain higher price levels indicates a pause in its upward trajectory. Analysts attribute this to a lack of new buyers entering the market, coupled with profit-taking by early investors. 2. Weakening Support Levels The $70,000 support level has shown signs of fragility, leaving the door open for further declines to $60,000 . A drop below this threshold could trigger additional sell-offs, intensifying bearish sentiment. 3. Rising Exchange Inflows Investors moved $3 billion worth of Bitcoin to exchanges, a move often associated with selling pressure. Such large-scale transfers indicate a cautious market sentiment, as traders prepare for potential volatility. ETF Outflows Signal Investor Caution The cryptocurrency market has also witnessed significant ETF outflows , totaling more than $1 billion. These outflows highlight a shift in sentiment among institutional investors, who may be adopting a wait-and-see approach amid current market conditions. ETF trends often mirror broader market sentiment, making this an important metric for assessing near-term risks. Long-Term Predictions Remain Optimistic Despite short-term uncertainties, analysts maintain a positive outlook for Bitcoin’s long-term growth. 1. Price Targets $200,000 by 2025 : Analysts believe Bitcoin will benefit from increasing adoption, technological advancements, and the upcoming 2024 halving event. $740,000 by 2028 : The growing acceptance of Bitcoin as a store of value and its integration into financial systems are expected to drive substantial price appreciation. 2. Institutional Adoption Major corporations and financial institutions continue to accumulate Bitcoin, signaling confidence in its long-term potential. Regulatory clarity in key markets could further accelerate institutional participation. 3. Global Macro Trends Bitcoin’s appeal as a hedge against inflation and economic instability remains a key driver for its adoption. With central banks around the world exploring digital currencies, Bitcoin’s role as the leading decentralized asset is expected to strengthen. What Does This Mean for Investors? 1. Short-Term Caution Investors should prepare for potential volatility, particularly if Bitcoin dips below $60,000 . Stop-loss orders and risk management strategies are crucial during periods of uncertainty. 2. Long-Term Opportunity The current dip may present a buying opportunity for those with a long-term investment horizon. Accumulating Bitcoin during corrections has historically proven to be a profitable strategy. Key Indicators to Watch 1. Exchange Activity Monitor exchange inflow and outflow volumes, which provide insights into market sentiment and potential selling pressure. 2. ETF Trends ETF inflows or outflows can signal shifts in institutional sentiment, impacting Bitcoin’s price trajectory. 3. Support and Resistance Levels Keep an eye on critical price levels, such as $70,000 (support) and $60,000 (potential target). Conclusion While Bitcoin faces short-term risks, including a potential dip to $60,000 , its long-term growth prospects remain strong. Analysts project significant gains, driven by increased adoption, institutional investment, and macroeconomic trends. For investors, maintaining a balanced perspective and leveraging market corrections as buying opportunities can pave the way for future gains. As the cryptocurrency market evolves, staying informed about key developments will be essential for navigating both short-term challenges and long-term opportunities. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news , where we delve into the most promising ventures and their potential to disrupt traditional industries. CoinDesk