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Court Orders USGFX Enter Liquidation, BRI Ferrier Remains as Liquidators

USGFX applied to the Federal Court of Australia to have an alternate liquidator appointed to the broker.

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Union Standard International Group Pty Limited (USGFX) is now officially in liquidation after the Federal Court of Australia ordered that the foreign exchange (forex) broker be wound up.

In a Circular to Clients and Creditors, the joint administrators of USGFX, Andrew Cummins and Peter Krejci of BRI Ferrier (NSW) Pty Ltd, revealed today that they have now been appointed as Joint and Several Liquidators as of the 3rd of September 2020 by Justice Yates of the Federal Court of Australia.

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“Pursuant to our changed appointment, we have also prepared an updated Declaration of Independence Relevant Relationships and Indemnities dated 7 September 2020 and have uploaded this to our firm’s website,” Krejci wrote in the circular today.

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As Finance Magnates reported, Krejci and Cummins previously alerted shareholders and creditors that they would be putting the broker under liquidation following difficulties they faced in conducting their external administration from Soe Hein Minn, the director and the majority shareholder of the broker, and his representatives.

USGFX applied to have alternate liquidator to BRI Ferrier

In a Declaration of Independence, Relevant Relationships and Indemnities document published today, BRI Ferrier outlined the issues it’s had to date: “Following our appointment as Administrators, we encountered substantial difficulties in dealing with the Company’s affairs and conducting investigations due to the conduct of the shareholder, Union Standard Group International Holdings Limited and Mr Soe Hein Minn, one of the Directors of the Company and the major beneficial owner of the shareholder. 

“The difficulties were such that the objects of the Act could not be met and the Voluntary Administration should not continue, in our view. Accordingly, we filed an application in the Federal Court of Australia, seeking orders that the Voluntary Administration end and the Company be wound up on just and equitable grounds.”

In the document, BRI Ferrier revealed that the shareholder of USGFX applied to the Federal Court of Australia to have an alternate liquidator appointed to the broker.

Source: https://www.financemagnates.com/forex/brokers/court-orders-usgfx-enter-liquidation-bri-ferrier-remains-as-liquidators/

Blockchain

Bitcoin Price Analysis: BTC Still In Danger As Bulls Struggle To Reclaim The $50K Mark

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Bitcoin is down by a total of 17% since last Sunday as the primary cryptocurrency struggles to regain ground above the $50,000 milestone. Most of the downside action took place on Wednesday, after Tesla announced they halted to accept BTC as a payment method for their electric vehicles.

The news sent BTC tumbling as it slipped to an 11-week low at $45,700, according to Bitstamp. The bulls attempted to rebound on Thursday and Friday as they battled to break back above $50,000. Although they did spike above the level, they failed to close a daily candle above $50,000.

Earlier today, the bulls have started to rebound but are seeing resistance around $49,000, where lies a bearish .236 Fib Retracement.

Yesterday’s price drop caused bitcoin to fall and close beneath a long-term rising trend line dating back to February 2021. However, the market is still battling to remain above the neckline of the following long-term Head & Shoulders pattern. So far, so good; however, the bearish H&S pattern is still valid.

BTC/USD Daily Chart. Source: TradingView

A break beneath this neckline, with a daily close below, could result in Bitcoin plummetting into the $32,000 level. Lastly, it is essential to point out the price drop this week caused bitcoin to make a lower low – a worrying signal that could be the first alert of the current bull run potentially ending.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $49,000, $46,500, $46,000, $44,750, $42,770, $42,000.

Key Resistance Levels: $50,000, $51,000, $52,650.

Looking ahead, the first support lies at current levels around the $49k mark. This is followed by today’s low – around $46,500 and $46,000 (Downside 1.414 Fib Extension). Further below lies $44,750, $42,770 (.618 Fib), and $42,000 (Jan 21 highs).

On the other side, the first strong resistance lies at $49,000 (bearish .236 Fib). This is followed by $50,000, $51,000 (bearish .382 Fib), $52,650 (bearish .5 Fib), and $54,000 (100-days MA).

The RSI has bounced from near oversold conditions, which could suggest the recently short-term bearish momentum is starting to fade. Additionally, the Stochastic RSI is primed for a bullish crossover signal that could bring bullish pressure back into the market.

Bitstamp BTC/USD Daily Chart

BTC/USD Daily Chart. Source: TradingView

Bitstamp BTC/USD 4-Hour Chart

BTC/USD 4-Hour Chart. Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/bitcoin-price-analysis-btc-still-in-danger-as-bulls-struggle-to-reclaim-the-50k-mark/

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Blockchain

North Dakota City to Accept Cryptocurrencies for Utility Bill Payments

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Williston, a city in North Dakota, plans to accept cryptocurrencies for utility bills online payments, becoming the first in the state to adopt crypto assets.

According to City Finance Director Hercules Cummings, the city has partnered with BitPay, one of the largest bitcoin payment service providers in the U.S. Payments will be converted from crypto to fiat in real-time.

Paying Bills with Crypto

The city council would first monitor how citizens respond to crypto payments. Utility bill payments are the only bills available to be paid with crypto.

However, if volume and interest are significant, the city will expand the options by allowing landfills, permits, and licenses to be paid with crypto. 

Individuals willing to do so only have to visit the official website of the city of Williston, enter their account information to receive an emailed BitPay invoice, and choose their digital wallet and the crypto in which they want to pay.


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Citizens can benefit from cost savings when using crypto as well. Exchanges only charge 1% for every transaction, unlike other payment services, which can charge up to 3%.

North Dakota Embracing Technological Change

Cummings outlined that his city is only responding to a growing trend and technological changes. He added that cryptocurrencies represent innovation for the city’s finance department and a significant step to take the lead in the state and nationwide.

“We are pioneers in the state. This is just one of many, many things that’s going to be rolling out of the finance department. We’ve got a lot of exciting things to unveil later on to be the first of many. Our goal is to be industry leaders, not industry laggers.” Said Cummings.

Williston is the third government entity in the U.S. to embrace cryptocurrencies as adoption takes a fast pace in the country. Wyoming is one of those states, which registered Ripple as an entity and has several crypto-friendly laws.

Featured image courtesy of US News.

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Source: https://cryptopotato.com/north-dakota-city-to-accept-cryptocurrencies-for-utility-bill-payments/

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Blockchain

Bitcoin Mining Company Vows to be Carbon Neutral Following Tesla’s Recent Statement

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It goes without saying that Tesla took center stage last week when the company announced it would no longer support bitcoin payments for its electric vehicles.

The message seems to have resonated, as Greenidge Generation Bitcoin Mining has vowed to be carbon neutral in 2021 and beyond.

Carbon Neutral Bitcoin Mining

After announcing plans to expand its Bitcoin mining operations last month, Greenidge is now looking to go entirely carbon neutral this year and in the future.

The company is committed to the cause, and it plans to invest in US-based renewable energy projects.

According to a recent press release, the company will also take part in the Regional Greenhouse Gas Initiative, which is a market-based program where participants sell CO2 allowances through auctions and invest the proceeds in renewable energy and energy efficiency.


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Speaking on the matter was Jeffrey Kirt, the CEO of the company, who said:

“Our bitcoin mining capability is already best-in-class and seamlessly integrated with our electricity generation that powers thousands of homes and businesses. By taking the bold and unique step of making or cryptocurrency mining fully carbon neutral immediately – as opposed to some distant date in the future – Greenidge is once again leading in environmental efforts.”

Musk’s Message Resonates

Greenidge’s announcement comes days after the leading electric vehicle manufacturer, Tesla, revealed that it would no longer support bitcoin payments. As a reason for its decision, the company cited environmental concerns related to bitcoin mining.

Elon Musk, the company’s CEO, confirmed and reiterated that he is bullish on crypto but so long as it doesn’t have a negative environmental impact.

The company also said that it’s looking for ‘greener’ alternatives to Bitcoin so that it can continue accepting crypto payments. This led to many speculations about which cryptocurrency it would choose. Shortly after, Musk said that he’s working closely with Dogecoin developers to improve transaction efficiency, causing many to believe that the meme-inspired coin might be Tesla’s choice.

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Source: https://cryptopotato.com/bitcoin-mining-company-vows-to-be-carbon-neutral-following-teslas-recent-statement/

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