• Liquidators of the now defunct bitcoin trading platform, Mirror Trading International have so far used approximately $4.2 million on expenses such as lawyers‘ or consultants‘ fees.
• Between Jan. 23, 2023, and the date of their appointment, liquidators claimed to have recovered approximately $770,000 which belonged to MTI.
• According to a Mybroadband report, a total of approximately $6.1 million has so far been disbursed while a further $7.3 million is earmarked for liquidators‘ fees.

Liquidators Spend Over $6 Million on Lawyers and Investigators

Liquidators of the now defunct bitcoin trading platform, Mirror Trading International (MTI) have so far used approximately $4.2 million on expenses such as lawyers‘ or consultants‘ fees since their appointment in January 2021. Between Jan. 23, 2023, and the date of their appointment, liquidators claimed to have recovered approximately $770,000 which belonged to MTI.

Liquidator Fees

According to a Mybroadband report, a total of approximately $6.1 million has so far been disbursed while a further $7.3 million is earmarked for liquidators‘ fees in connection with the collapsed bitcoin Ponzi scheme Mirror Trading International (MTI). In April 2021, it was reported that more than $70 million was raised from selling 1,281 bitcoins belonging to MTI; later that month another report said more than 8,000 BTC belonging to MTI had been „traced“ and that investigators were on track to finding more assets attributed to MTI’s masterminds who fraudulently acquired over half a billion dollars worth of funds from investors worldwide in 2020 alone – according to blockchain intelligence firm Chainalysis – making it one of the biggest crypto scams ever seen in history according to Bitcoin News .

Recoveries

Between Jan 23rd-the day they took control of MTI assets-liquidators have so far recovered around $770k however they are expecting an „exponential increase“ in recoveries from net winners though less certain about growth rate for expenditure incurred for legal/consulting services related thereto .

FATF Grey List Designation

In other news related African crypto policy , Kenya’s Senate is ready engage Central Bank & discuss issues related FATF ‘Grey List’ designation after recently adding South Africa its list countries facing money laundering threats . This follows Ceffu ( formerly Binance Custody ) announcement that it will be custodian Flynt Fin’s digital asset portfolio moving forward this year

Conclusion

The financial implications surrounding the collapse of Mirror Trading International remains substantial with significant liquidity still waiting be returned investors across globe while crypto policy discussions are beginning take shape Kenya & South Africa amongst others

• The Bank of Zambia and the country’s securities regulators are testing the technology to regulate cryptocurrencies.
• According to Felix Mutati, cryptocurrency is a revolutionary technology that embodies a future his country desires to achieve.
• Zambia hopes to use cryptocurrencies to advance its financial inclusion agenda as well as launch its own central bank digital currency (CBDC).

Testing Technology for Cryptocurrency Regulation in Zambia

The Bank of Zambia and the country’s Securities and Exchange Commission are currently testing the technology to regulate cryptocurrencies, according to a statement by the Minister of Technology and Science Felix Mutati. He believes that this “revolutionary technology” can be used to help the nation achieve an “inclusive digital economy”.

Cryptocurrency As A Driver For Financial Inclusion

Mutati further noted that once this envisioned digital payments infrastructure is in place, he foresees a future in which cryptocurrency acts as both the „driver for financial inclusion“ as well as the „change-maker for Zambia’s economy“. Along with using cryptocurrencies, Zambia hopes to also achieve this through launching its own central bank digital currency (CBDC).

Bank Of Zambia’s Stance On Cryptocurrencies

Despite previously discouraging the use of cryptos such as Bitcoin, Mutati’s remarks suggest that President Hakainde Hichilema’s government is now embracing it. Moreover, he claimed that Zambia has established itself an attractive investment destination for many investors.

Creating An Ideal Investment Environment

In order for Zambia to become Africa’s leading technological hub, it needs to put in place certain infrastructures needed for this goal. This includes creating an ideal investment environment and providing investors with access to cutting-edge technologies like blockchain and cryptocurrency markets.

Conclusion

With all these efforts being made by officials, there appears to be a bright future ahead when it comes to integrating cryptocurrency into daily life within Zambian society.

• Bitcoin (BTC) and Ethereum (ETH) prices continued to trend lower on Saturday, with ETH nearing a one-month low.
• Overall sentiment remained mostly bearish, with the global cryptocurrency market cap trading 0.96% lower, as of writing.
• BTC/USD and ETH/USD both failed to stay above their interim floors, pushing prices closer to a three-week low for bitcoin, and a month-low for ethereum.

Bitcoin Technical Analysis

Bitcoin (BTC) continued its downward descent on Saturday, as prices continued to hover near a three-week low. Following a high of $21,919.33 on Friday, BTC/USD bottomed out at a low of $21,539.39 earlier in the day. The 14-day relative strength index (RSI) moved away from a recent floor at 42.00 As of writing, the index is currently tracking at 46.35 with the next visible resistance level at the 50.00 mark. However momentum appears to be mostly bearish with the 10-day (red) moving average (MA) approaching an downwards cross with its 25-day (blue) counterpart.

Ethereum Technical Analysis

Etheruem (ETH) fell deeper into bearish territory on Saturday nearing a one-month low in the process . ETH/USD fell to an intraday low of $1,504.83 to start the weekend which comes after failing to stay above an interim floor at $1,550 . As a result of today’s drop Ethereum was trading at its weakest point since mid January when it dropped to 1 449 . The 10 day MA has lost all previous upwards momentum while the RSI continues tracks below 47 00 instead hovering at 6 week low 45 43 . As of writing ETH is slightly higher and currently tracking at 1523 17 however if it fails to climb beyond 47 00 zone , prices could move lower .

Global Cryptocurrency Market Cap Down

Overall sentiment remained mostly bearish , with global cryptocurrency market cap trading 0 96 % lower as of writing . This shift in sentiment has pushed moving averages lower across both Bitcoin and Ethereum charts , indicating further downside risk ahead for cryptocurrencies over coming weeks .

Analysis & Conclusion

What is behind this recent shift in market momentum? It appears that overall economic uncertainty coupled with increasing regulations have caused investor confidence in cryptocurrencies drop over past few weeks . Despite this , some investors see current levels as attractive entry points for long term investments given expected growth within sector over coming months once vaccine rollouts gain further traction worldwide allowing economies reopen fully again later year .

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• Bitcoin (BTC) retreated from a recent high, falling lower ahead of the U.S. non-farm payrolls (NFP) report on Feb. 3.
• Ethereum (ETH) also fell from its five month peak, as market volatility increased in anticipation of the NFP release.
• Both Bitcoin and Ethereum were unable to break out of key resistance levels, with the 14-day relative strength index (RSI) failing to breach 74.00 and 63.00 respectively.

Bitcoin Retreats Ahead of US Non-Farm Payrolls Report

Bitcoin (BTC) saw its price retreat from a six month high on Feb 3rd, as bears reentered the market ahead of today’s US non-farm payrolls (NFP) report which is expected to come in at 185,000 jobs. Following a move above $24,000 level on Thursday sentiment shifted as traders prepared for the pivotal report which could shake up market sentiment significantly if results come in higher or lower than expected.

Ethereum Also Falls From Five Month Peak

Ethereum was also hit by bearish pressure giving up a five month peak in the process as well as ETH/USD dropping to an intraday low of $1,634 earlier today after surging to a peak of $1,704 the day before which was its highest point since September 13th 2020.

14 Day Relative Strength Index Indicates Market Consolidation

The 14-day relative strength index (RSI), failed to break out of an established ceiling at 74 indicating that BTC bulls were unable to sustain their breakout while Etherum’s RSI failed to break out at 63 signaling indecision between buyers and sellers with neither side being able capture control over market momentum yet .

Non-Farm Payroll Results Could Shake Up Market Sentiment

The highly anticipated US non-farm payrolls result are due later today and could shape crypto markets should it come out higher or lower than expected . The same is true for other indices such has unemployment rate , hourly earnings etc .

Market Outlook

For now however ,the outlook remains uncertain with both Bitcoin and Ethereum tracking below their respective RSI resistance levels . A clear direction may emerge following the release of today’s NFP report but until then , traders should remain cautious when entering positions