Best Cryptos to Buy Now After Sentencing of Thodex’s Ex-CEO
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.
Thodex Scandal and its Impact
In the wake of the sentencing of Thodex’s ex-CEO, investors are wondering what are the best cryptocurrencies to buy now. 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.
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.
The Impact on Bitcoin and the Best Cryptos to Buy Now
While Özer’s sentencing sent shockwaves through the crypto industry, Bitcoin appears unaffected by the Thodex scandal. It is still trading sideways under the 0.786 Fibonacci retracement of $26,289. BTC is currently trading at $25,877, down 1.44% so far today as the crypto continues its consolidation.
Despite Bitcoin’s stability, several other cryptocurrencies stand out as some of the best cryptos to buy now. Let’s take a look at them:
1. Rollbit Coin (RLB)
Rollbit Coin (RLB) is currently navigating a bearish divergence, indicating a trend reversal for the cryptocurrency. The emergence of the double-top pattern combined with a bearish RSI divergence confirms this.
RLB’s RSI has dipped to 48.27, indicating a weakening of buying pressure. The sellers are gaining the upper hand in the market. The MACD histogram also presents a negative value, implying that the bearish momentum is in play.
Traders should be cautious, given the bearish indicators and the potential for further downward movement. While a bounce from the support levels could provide short-term trading opportunities, the overall sentiment remains bearish.
2. Wall Street Memes ($WSM)
Wall Street Memes, known for its viral content on Instagram and Twitter, has announced its foray into meme coins. The platform has raised over $25 million through its native token $WSM’s presale and plans to distribute 100% of the token supply to its community. Options for staking are also available, attracting a large pool of 295 million tokens so far.
While not offering elaborate features, $WSM provides staking rewards. This token has gained solid support from its community, boasting one million followers across social media. The initial exchange offering (IEO) for $WSM is set for September 27.
3. Radix (XRD)
Radix (XRD) is showing signs of a potential bullish reversal, with the price up 7.66% at the time of writing. The cryptocurrency is close to breaking above the crucial 100-day moving average resistance. The RSI has surged, reflecting growing upside momentum.
The MACD histogram has also doubled, indicating bullish sentiment. Trading activity is on the rise, with 24-hour volume jumping. Radix’s market capitalization has grown, typically a sign of improving investor confidence.
While risks remain, Radix is demonstrating several positive technical signs that could signal a bullish reversal ahead.
4. Bitcoin BSC
Bitcoin BSC runs on the BNB Smart Chain and promises high yields through staking. The project has already raised more than $300,000 in just four days in its presale. Staking in Bitcoin BSC begins before its listing on the decentralized exchange PancakeSwap.
Bitcoin BSC boasts quick transaction speeds and lower transaction fees compared to Bitcoin. The token supply is capped at 21 million, with 69% reserved for distribution as rewards. The project has planned its growth in four stages, with the official token launch expected in Q4 2023.
5. Aave (AAVE)
AAVE has been consolidating for the last three weeks, awaiting confirmation of a breakout. The cryptocurrency’s price is currently in a holding pattern. Traders should watch for key resistance and support areas as market conditions can change rapidly.
Conclusion
The sentencing of Thodex’s ex-CEO has sent shockwaves through the crypto industry, highlighting the risks associated with centralized exchanges. While Bitcoin remains stable, there are several other cryptocurrencies worth considering. Rollbit Coin, Wall Street Memes, Radix, Bitcoin BSC, and Aave stand out as some of the best cryptos to buy now, each with its own unique features and potential for growth. As always, traders should conduct thorough research and exercise caution before investing in cryptocurrencies.
