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Basic Attention Token [BAT] pumps by 4%; Tezos [XTZ] registers 3% hike in an hour

Namrata Shukla

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Basic Attention Token [BAT] pumps by 4%; Tezos [XTZ] registers 3% hike in an hour
Source: Pixabay

The cryptocurrency market was kind to most top coins as the collective market reported a rise in prices on 30 March. While major cryptocurrencies registered minor upward price movements, Basic Attention Token [BAT] and Tezos recorded considerable growth over the week. On 30 March, both coins were blessed by the bulls and saw considerable surge in prices.

Basic Attention Token  [BAT]

Source: CoinMarketCap

Source: CoinMarketCap

At press time, BAT was surging by 4.22% within an hour. The token was valued at $0.2777, with a market cap of $346 million. It recorded a 24-hour trading volume of $58 million, while noting a growth of 6.54% over the past day and a massive 38.96% rise in price over the past week.

The hike was attributed to the clarity provided by Brave CFO Holli Bohren on the future of the coin and the various projects associated with Brave. Since the AMA by Bohren, investor sentiment has consistently risen, with the token pumping over the past few days. However, a market correction could soon ensue.

The token was highly traded on Binance exchange, with a trading volume of $21 million via the BAT/BTC pair. Binance was followed by IDCM as it registered a volume of $5 million via the BAT/BTC pair. The third place was taken by Coinbase Pro and the volume registered by the exchange was $4 million via the BAT/USDC pair.

Tezos [XTZ]



Source: CoinMarketCap

Source: CoinMarketCap

At press time, XTZ hiked by 15.77% over the past day. The cryptocurrency was valued at $0.9217, with a market cap of $611 million. It reported a 24-hour trading volume of $8 million, while noting a 22.33% rise in its price over the past week. XTZ was reporting a 3.15% rise over the hour, at press time. This rise was on the back of Coinbase offering support to the cryptocurrency, which was big news for XTZ hodlers.

Tezos was highly traded on Gate.io, with a volume of $1.55 million via the XTZ/USDT pair. It was traded highly via the XTZ/BTC pair on BitMax exchange, which registered a volume of $1.30 million. The third place was taken by Kraken as it registered a trading volume of $865,000 via the XTZ/BTC pair.





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Altcoins

FLiK case: Utility tokens take another hit in case allegedly involving Rapper TI, claims prominent lawyer

Priya

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Source: Unsplash

Stephen Palley, a prominent lawyer at Anderson Kill, spoke out about the FLiK token case via his official Twitter handle. Notably, unlike most tokens in the space, FLiK made headlines because of its celebrity backing.

Towards the end of last year, it was reported that the US Rapper Clifford Joseph Harris Jr., who goes by the stage name T.I. and T.I.P., was sued for $5 million over the alleged failure of the token promoted by him and his partner, Ray Felton. The rapper was being sued by a group of 25 individuals who claimed that that they invested around $1.3 million in the tokens.

Additionally, there were allegations that the rapper used the raised money to increase the token’s value, following which the duo sold their holdings after the coin crashed. Other well-renowned celebrities such as Kevin Hart and Mark Cuban were also reportedly associated with this project.

On the recent developments surrounding the case, Stephen Palley stated,



“Utility tokens” take another hit in case allegedly involving rapper TI. Court says FLiK ICO tokens = securities under Howey Test, for motion to dismiss purposes. That they offered some functionality ≠ relevant given buyers’ expect of profits solely from efforts of others. 1/4″

Source: Twitter

Source: Twitter

Source: Twitter
The lawyer further stated that,”use of funds” was already determined by the defendants, “per the FLiK token whitepaper.” He went on to state that there was a time problem, adding that Federal Law rules that “unregistered sale” of security tokens were supposed to be reported within 12 months after the violation.

The lawyer concluded by tweeting,

“ps — form was never going to be exalted over substance, so none of this is a huge surprise. Also, this is a ruling on Rule 12(b)(6) motion to dismiss so the Court takes the allegations as true for purposes of ruling. The merits still have to be litigated.”





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