New York Legal Action Targets 39,000 Inactive Bitcoin Addresses
- Legal Action Background: The lawsuit in New York targets 39,069 long-inactive Bitcoin addresses, with plaintiff Noah Doe claiming ownership through a proprietary algorithm, challenging fundamental principles of Bitcoin self-custody under New York Personal Property Law Article 7-B.
- Legal Framework and Objectives: Doe, alongside two Wyoming-incorporated entities, seeks a declaratory judgment to establish legal ownership over the contested wallets and any cryptocurrency they contain, arguing that ownership should transfer due to the absence of legitimate claimants.
- Technical and Legal Challenges: The case raises fundamental issues of notification, possession, and statutory abandonment, as Doe attempted blockchain-based notifications, but technical scrutiny revealed potential flaws in the notification approach that could undermine claims of adequate notice to legitimate owners.
- Broader Implications for Self-Custody: The targeted addresses include wallets linked to early miners and historically significant holders, presenting challenges to cryptocurrency self-custody principles, as prolonged inactivity may indicate lost keys or deceased owners rather than legal abandonment.
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Technical Analysis for SATS
Technical Sentiment Analysis for SATS (Ordinals) (SATS). As of , SATS (Ordinals) (SATS) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SATS stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, SATS is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
SATS (Ordinals) (SATS) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0000000104 | 0.0000000112 | 0.0000000122 | 0.0000000131 | 0.0000000141 | 0.0000000149 | 0.0000000159 |
| Fibonacci | 0.0000000112 | 0.0000000119 | 0.0000000124 | 0.0000000131 | 0.0000000138 | 0.0000000142 | 0.0000000149 |
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