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Sui Blockchain Price Prediction as SUI Token Launches on Binance Exchange and Sees $1 Billion Trading Volume in 24 Hours

Sui launched its mainnet yesterday, with the layer-one blockchain seeing its native SUI token surpass $1 billion in 24-hour trading volume on Binance.

As of writing, SUI's price stands at $1.33, with the proof-of-stake token initially being offered at $0.10 as part of a public sale to users of participating exchanges.

This means it has effectively risen by over 1,000% since its launch, although the coin has declined by 38% after reaching an all-time high of $2.16 yesterday.

And with its blockchain being launched by former Meta employees who had worked on the ill-fated Diem/Libra project, Sui has every chance of being a long-term success.

Sui Blockchain Price Prediction as SUI Token Launches on Binance Exchange and Sees $1 Billion Trading Volume in 24 Hours

Sui's chart suggests that the coin is nearing a bottom, after falling from record highs yesterday.

Its relative strength index (purple) has fallen below 30, indicating that it's now oversold.

Likewise, its short-term moving average (yellow) has dropped substantially below its long-term average (blue), which again signals that it has been sold too much and should correct upwards.

Of course, SUI is a completely new token, so it could easily fall further, particularly when its price remains so much higher than its initial sale price of $0.10.

In terms of fundamentals, SUI potentially has a bright future ahead of it, given that its blockchain has been developed and launched by Mysten Labs, which is led by several former Meta senior executives and developers.

Largest Bitcoin Fraud Scheme Results in $3.4 Billion Penalty in a Case Brought by CFTC

A judge has ordered a record-breaking $3.4 billion penalty in a fraud case involving Bitcoin brought by the US Commodity Futures Trading Commission.

In a Thursday press release, the CFTC revealed that Cornelius Johannes Steynberg, a South African national and CEO of Mirror Trading International Proprietary Limited (MTI), has been ordered to pay the penalty for his role in a fraudulent commodity pool scheme that involved foreign currency transactions and Bitcoin.

The scheme involved an international multilevel marketing strategy that enticed people to invest Bitcoin to gain membership to an unregistered commodity pool.

Judge Lee Yeakel ordered Steynberg to pay $1.73 billion in restitution and a further $1.73 billion civil monetary penalty.

The CFTC said this is the "largest fraudulent scheme involving Bitcoin" charged in any CFTC case and the "highest civil monetary penalty ordered in any CFTC case."

From May 2018 to March 2021, Steynberg accepted 29,421 BTC from 23,000 people in the US and abroad. The BTC stash was worth more than $1.7 billion at the time but is currently worth approximately $867 million.

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