Best Crypto to Buy Now September 8 – Rollbit, Radix, Aave
A standout story in today’s crypto news reports hails from Turkey, where the former CEO of the now-folded Turkish cryptocurrency exchange Thodex has been sentenced to over 11,000 years in jail.
Faruk Fatih Özer, who founded Thodex in 2019, received a staggering 11,196-year sentence along with his two siblings and a $5 million fine.
In the wake of the sentencing of Thodex’s ex-CEO, what are the best cryptos to buy now?
🚨CEO of the Turkish crypto exchange Thodex, was sentenced to 11,196 years in jail. He stole $2 billion from customers. pic.twitter.com/MdnNCGaaYH
— Coffeezilla (@coffeebreak_YT) September 8, 2023
This comes after Thodex halted trading in April 2021 and Özer disappeared from Turkey with an estimated $2 billion of users’ assets.
According to reports, the court in Istanbul convicted Özer of fraud, money laundering, and leading a criminal organization in relation to the sudden shutdown of the exchange.
Prosecutors accused Özer of orchestrating an “exit scam”–suddenly ceasing operations and stealing user funds.
Meanwhile, Özer maintained his innocence, claiming Thodex was simply a crypto company that went bankrupt with no criminal intent. However, the court handed down the lengthy sentence after finding significant evidence of systematic fraud.
Özer was eventually arrested in Albania in 2022 and extradited to Turkey to face charges earlier this year.
His case involved 21 defendants, but only 5 appeared in court. The others received lesser sentences or were acquitted due to a lack of conclusive evidence against them.
The collapse of Thodex marked a major scandal in Turkey’s cryptocurrency industry. At its peak, the exchange had hundreds of thousands of users trading billions of dollars worth of crypto assets. Its failure underscored the risks posed by centralized exchanges operated without sufficient oversight.
While Özer is unlikely to serve over 11,000 years behind bars, the sentence sends a strong message from Turkish authorities to the country’s crypto sector. Regulators worldwide continue grappling with cases of fraud and misconduct as the crypto space evolves.
Meanwhile, Bitcoin appears unaffected by the Thodex scandal, still stuck trading sideways under the 0.786 Fibonacci retracement of $26,289. BTC is currently trading at $25,877, down 1.44% so far today as the crypto continues its consolidation.
Despite this, Rollbit Coin, Wall Street Memes, Radix, Bitcoin BSC, and Aave stand out as some of the best cryptos to buy now thanks to their solid fundamentals and/or favorable technical analysis.
Sellers Gain Upper Hand: Rollbit Coin (RLB) Dips Below RSI 50
Rollbit Coin (RLB) is currently navigating a bearish divergence, a market scenario that’s incited a considerable amount of concern among traders.
The emergence of the double-top pattern combined with a bearish RSI divergence has confirmed a classic chart formation indicating a trend reversal for the cryptocurrency.
This has led to a more pronounced retracement phase for RLB. Additionally, RLB’s inability to break above its 20-day EMA of $0.161212 further reinforces the pessimistic outlook.
RLB’s RSI has dipped to 48.27 from yesterday’s 49.11. This shift, albeit subtle, indicates a weakening of buying pressure. RLB’s placement below the neutral 50 points on the RSI scale suggests that the sellers are gaining an upper hand.
Adding to the bearish narrative, the MACD histogram presents a negative value of -0.0052756649, albeit slightly improved from yesterday’s -0.0054547343.
The MACD is often utilized to identify potential buy and sell signals; in this case, the negative histogram implies that the bearish momentum is in play.
The market cap of RLB shows a marginal increase of 0.08% to $501.8 million. However, the 24-hour trading volume is down by 23.32% to $3.7 million.
This decline in volume during a downtrend could be indicative of reducing interest among traders, further consolidating the bearish sentiment.
RLB is currently trading at $0.153119, marking a 1.48% decrease so far today. The immediate resistance for the coin is at the Fib 0.382 level of $0.156341, followed closely by the 20-day EMA which was retested earlier today when RLB touched an intraday high of $0.160791.
On the support front, the immediate cushion is the Fib 0.5 level of $0.138802, followed by the 50-day EMA of $0.135562. The zone between the Fib 0.618 level of $0.121264 and the 0.5 level is expected to serve as robust support, potentially halting further price decline.
Traders should tread with caution, given the bearish indicators and the potential for further downward movement. While a bounce from the support levels could provide short-term trading opportunities, the overall sentiment remains bearish.
Is Wall Street Memes’ $WSM One of the Best Cryptos to Buy Now?
When it comes to selecting the best crypto to buy, the market offers a plethora of choices. Wall Street Memes, a name recognized for its viral content on Instagram and Twitter, announced its foray into meme coins on May 26, 2023.
This isn’t the first time the platform has dabbled in cryptocurrencies. In 2021, its NFT collection sold out in just 30 minutes, and this year, it listed another set of NFTs on Magic Eden.