In a milestone case— Copytrack Pte Ltd v Wall–noted by the University of Oxford Faculty of Law and published by the Business Law Blog, it is likely that relevant laws shall apply regarding claims of lost or stolen cryptocurrencies. The ruling made against the defendant, Brian Wall, mandates that the plaintiff and coin issuer Singapore’s based Copytrack Pte, shall trace and recover coins from “whatsoever hands the coins might be held at”.
The defendant mistakenly received 580 ETHs from Copytrack instead of 580 PTY tokens after participating in an ICOs.
This is an important ruling that could help protect businesses or individuals who wire funds to the wrong addresses going on to demonstrate how blockchain technology is not only governed by codes and smart contracts but by applicable rules set by a given jurisdiction.
At the moment specialist companies are developing. However, in the future, it will become easy for the rightful owners to track and recover funds once they appear on supporting wallets.
ETH/USD Price Analysis
With a market cap of $9.25 billion, ETH is the third most valuable coin in the space. But it could reclaim its spot if prices surge above $100 and later $160. From candlestick arrangement, prospects of ETH/USD expanding above $100 is a tall order and largely depends on the resuscitation of BTC prices.
As it is, ETH is in range mode oscillating within a $17 range with limits at $100 and $83—Dec 7 lows. As mentioned in previous analysis, bears are in control but for trend shift and invalidation of the bear breakout pattern than saw ETH sink below $100 on Dec 6, then buyers must gain momentum and rally above $100.
This shall jolt buyers into action buying on dips with stops at $90 and first targets at $130 and later $160—the main resistance previous support line.
In an audio interview with Helio Executive John O’Shea, the lending firm said it will issue loans backed with cryptocurrencies including Litecoin (LTC), XRP, BTC and ETH shortly after receiving a credit license from the regulator.
Meanwhile, HTC’s Exodus 1 was featured at the Slush Conference in Helsinki, Finland. The blockchain tailored smart phone which will ship pre-loaded with the Brave Browser will retail for 19.74 LTCs and the company has Litecoin’s founder as its consultant.
On a weekly basis, LTC/USD is down 18 percent but quite stable in lower time frames. Despite hints of higher highs and absorption of sell pressure without price swings, bears are technically in charge and could get worse if prices sink below our minor support at $20 or Dec 7 lows.
From simple candlestick arrangement, we shall recommend patience until after there are convincing breaks above the $5 range marked by Dec 8 highs at $25 and floors at $20. Before then, sellers have a real chance of driving prices lower in a trend continuation move that could see LTC print $2 by end year.
Of course, that is undesirable but the only time buyers would be in control is when there are solid moves above $25. That could thrust prices towards $40 and later $50 re-invigorating the market in the process.
This is our LTC/USD Trade Plan assuming bulls take charge:
Targets: $40, $50
All Charts Courtesy of Trading View
This is not Investment Advice. Do you Own Research.