PENGU Price Skyrockets 30% After SEC Acknowledges Spot ETF Filing

FORM, the token formerly known as BinaryX (BNX), has climbed nearly 20% over the past 24 hours. The surge has propelled it to outperform Bitcoin (BTC) and Ethereum (ETH), positioning FORM as the top gainer in today’s trading session.

The strengthening demand for the altcoin could extend these gains in the short term.

FORM’s Rally Gains Steam

At the time of writing, FORM trades at $2.54. Key technical indicators suggest this upward movement could be more than a short-term spike. These signals point to a sustained rally, which could push FORM to revisit its all-time high of $2.65, a level it previously reached on March 24. 

For example, the token currently trades above its Supertrend indicator, which forms dynamic support below its price at $2.11. This indicator tracks the direction and strength of an asset’s price trend. It is displayed as a line on the price chart, changing color to signify the trend: green for an uptrend and red for a downtrend.

When an asset’s price trades above this indicator, it signals dominant buying pressure in the market, paving the way for sustained upward momentum. 

For FORM, the Supertrend indicator provides strong dynamic support at the $2.11 level, holding against price dips and reinforcing the potential for continued gains.

Moreover, FORM’s Aroon Up Line confirms the strength of its uptrend. As of this writing, this is at 100%, reflecting significant buying pressure among market participants. 

The Aroon Indicator measures the strength and direction of an asset’s trend by tracking the time since the highest and lowest prices over a given period. It comprises two lines: Aroon Up, which measures bullish momentum, and Aroon Down, which tracks bearish pressure. 

When the Aroon Up line is at 100 or close, it signals a strong upward momentum and a dominant bullish trend. This suggests that FORM’s buying pressure is high, and its price may continue rising.

FORM Eyes Record Highs at $2.65 as Momentum Builds

FORM currently trades at $2.54, just 4% shy of its all-time high of $2.65, which forms resistance above its price. If bullish sentiment toward the altcoin soars, it could reclaim this price peak and attempt to rally beyond it to record new highs.

However, this bullish projection might be invalidated if market participants resume profit-taking. In that case, FORM’s price could fall to $2.44.

The post FORM Jumps 18%: Is a Retest of the $2.65 All-Time High Imminent? appeared first on BeInCrypto.

Alex Mashinsky faces up to 20 years in jail as the US DoJ (Department of Justice) pursues the Celsius founder and former CEO for orchestrating a years-long campaign of lies and self-dealing.

Prosecutors are pushing for such an extreme punishment, citing Mashinsky as an example of the repercussions of crypto misconduct.  

CEL Token Soars 70% Amid Mashinsky’s 20-Year Sentence Risk

The US DoJ issued the request in a sentencing memo filed on Monday, April 28, asking the court for a 20-year jail term for Alex Mashinsky.  

The prosecution calls Mashinsky out for “deliberate, calculated” fraud, which resulted in the loss of almost $7 billion in customer funds.  

Despite this report, CEL, the powering token for the Celsius Network, is up by over 70%. As of this writing, data on CoinGecko shows CEL was trading for $0.1507.

This request comes five months after Mashinsky’s guilty plea, following fraud charges, including CEL token market manipulation, and avoiding a January trial. Commodities fraud and price manipulation were among the schemes linked to Celsius’s collapse.

According to the DoJ, while Mashinsky pled guilty, he still refuses to accept responsibility. Instead, he is reportedly shifting blame to regulators, market conditions, and even his victims.

“Mashinsky’s crimes were not the product of negligence, naivete, or bad luck. They were the result of deliberate, calculated decisions to lie, deceive, and steal in pursuit of personal fortune,” the DoJ contends.

Meanwhile, this case traces back to July 2023 when the US SEC (Securities and Exchange Commission) sued Celsius and Mashinsky. The securities regulator cited the two defendants for:

• Misrepresentation of the central business model and risks to investors.
• Misrepresentation of financial success.
• Misrepresentation of the safety of customers’ assets on the Celsius platform.
• Market manipulation of Celsius (CEL) tokens 

Beyond the DoJ and SEC, other agencies, including the CFTC (Commodities Futures Trading Commission), FTC (Federal Trade Commission), and the US Government, had also filed similar charges against Celsius and Mashinsky.

“SEC, DOJ, CFTC, and FTC all sued/charged Celsius and Mashinsky in the past hour. Rough day,” db reported at the time.

Notably, this happened a year after Mashinsky stepped down as CEO of Celsius. Over the years, a key highlight in the case includes Mashinsky claiming to have withdrawn $10 million ahead of the platform’s bankruptcy.

Notwithstanding, the judge froze his assets and recently turned down his request to dismiss fraud charges.

Meanwhile, efforts to make victims whole have included unstaking the platform’s Ethereum (ETH) holdings. In January 2024, Celsius informed its followers on social media that it was working to compensate victims.

“The significant unstaking activity in the next few days will unlock ETH to ensure timely distributions to creditors,” read the post.

More recently, Celsius announced the second payout to creditors, citing $127 million in Bitcoin (BTC) and US dollars based on eligibility.

Mashinsky’s sentencing is set for Thursday, May 8. If the court agrees to the US DoJ’s push for a 20-year sentence, Alex Mashinsky would have received a lesser sentence than FTX’s Sam Bankman-Fried (SBF) 25-year jail term.

The post Celsius Founder Alex Mashinsky Faces 20 Years in Jail, But CEL Token Soars 70% appeared first on BeInCrypto.