Decentral Block Post

Crypto exchange Coinbase has found itself in legal hot water after being accused by blockchain-based software firm Veritaseum Capital of infringing on a patent relating to its blockchain technology — and is now seeking $350 million in damages. 

According to a lawsuit filed on Thursday by U.S. law firm Brundidge & Stanger in the U.S. District Court in Delaware, Veritaseum alleges that Coinbase infringed on its cryptocurrency payment transfer technology patent, known as the “566 Patent.”

Veritaseum said the patent revolves around “novel devices, systems and methods” which enable parties to “enforce value transfer agreements” with “little or no trust” in each other, alleging Coinbase used this for many of its blockchain infrastructure services:

“Defendant’s infringing activities include but are not limited to its website [...] Coinbase Android mobile wallet [...] iOS mobile wallet [...] its Coinbase Cloud, Coinbase Commerce APIs, Query and Transact, Participate, Delegate and Validator software, Coinbase Pay, Coinbase Wallet and Coinbase Operated Public Validators.”

The law firm also explained that the patent is applicable with proof-of-stake (PoS) and proof-of-work (PoW) blockchains, which could enable the transfer of cryptocurrency payments, trading and staking services on chains supported by those consensus mechanisms.

The major United States stock market indices continued their decline last week as worsening macroeconomic conditions increased concerns of a global recession. The Dow Jones Industrial Average closed at its lowest level in 2022 and major indices recorded their fifth weekly close in the past six weeks.

Although Bitcoin (BTC) has only declined marginally this week, it risks closing at the lowest level since 2020. While a new multi-year weekly close is a negative sign, sellers will have to sustain the lower levels or else it may turn out to be a bear trap. The price action of the next few days is likely to witness heightened volatility as both the bulls and the bears battle it out for supremacy.

Several investors miss opportunities to buy during sharp corrections because they try to catch the bottom. Traders should rather focus on the projects they like and accumulate the coins in a phased manner lasting a few weeks or months. All coins do not bottom at the same time, hence it is better to focus on individual cryptocurrencies that show strength.

While Bitcoin is nearing its yearly lows, certain altcoins are holding up well. Let’s look at the charts of five cryptocurrencies that look interesting in the near term.

BTC/USDT

The Bitcoin bulls have successfully defended the $18,626 to $17,622 support zone in the past few days but they continue to face strong selling at the 20-day exponential moving average ($19,720). This suggests that bears continue to sell on minor rallies.

The major United States stock market indices continued their decline last week as worsening macroeconomic conditions increased concerns of a global recession. The Dow Jones Industrial Average closed at its lowest level in 2022 and major indices recorded their fifth weekly close in the past six weeks.

Although Bitcoin (BTC) has only declined marginally this week, it risks closing at the lowest level since 2020. While a new multi-year weekly close is a negative sign, sellers will have to sustain the lower levels or else it may turn out to be a bear trap. The price action of the next few days is likely to witness heightened volatility as both the bulls and the bears battle it out for supremacy.

Several investors miss opportunities to buy during sharp corrections because they try to catch the bottom. Traders should rather focus on the projects they like and accumulate the coins in a phased manner lasting a few weeks or months. All coins do not bottom at the same time, hence it is better to focus on individual cryptocurrencies that show strength.

While Bitcoin is nearing its yearly lows, certain altcoins are holding up well. Let’s look at the charts of five cryptocurrencies that look interesting in the near term.

BTC/USDT

The Bitcoin bulls have successfully defended the $18,626 to $17,622 support zone in the past few days but they continue to face strong selling at the 20-day exponential moving average ($19,720). This suggests that bears continue to sell on minor rallies.

Bitcoin (BTC) headed for its lowest weekly close since 2020 on Sep. 25 as a week of macro turmoil took its toll.

Trader prepares for "important week" for BTC

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading near $19,000 with hours left to run on the weekly candle.

While only down $400 since the week began, the pair offered traders little optimism amid fears that the coming days would continue the bleedout across risk assets.

“The whole week traded within the monday range. Weekly close gonna be bearish, looking like a pin bar,” popular trading account Crypto Yoddha told Twitter followers in a summary post.

“Also consolidating at the range low. So need a bounce first before taking a position. Next week is gonna be important. (Q3 close + Monthly close).”