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Filecoin crashes as a Chinese court rules payment with FIL illegal. A Chinese court has declared a Filecoin (FIL) mining contract null and void, citing breaches of eco-friendly principles and public concerns, in line with a recurring pattern of Chinese courts refusing to uphold cryptocurrency-related agreements. According to the details of the case, Zhou entered into a contract for an IPFS storage server with promised Filecoin rewards in July 2021, only to discover later that Filecoin was banned.
A Chinese court ruled that a Filecoin mining case violated the principles of green development and social and public interests, so the contract was invalid. At present, most civil contracts involving cryptocurrency and mining are not recognized by Chinese courts and ruled…
— Wu Blockchain (@WuBlockchain) September 3, 2023
Check out what Wu Blockchain has to say about FIL.
Seeking contract invalidation, a full refund, and interest on capital utilization, Zhou obtained a court verdict confirming that Filecoin lacked state support and violated eco-friendly policies, resulting in a refund and interest payment by the tech company. This case underscores the regulatory complexities surrounding digital currency contracts in China, particularly about environmental and legal considerations. Owing to the circulation of the court’s ruling, the price of Filecoin is likely to resume its bearish trend.
Watch this out to learn more. Continue below to stay updated on the FILUSD market.
Filecoin Key Levels to Watch: August 23
According to the MACD (Moving Average Convergence Divergence), FILUSD is in a downtrend. The market’s overall trend has been bearish since the massive decline after the formation of the year’s high at the premium. Following the retracement at $4.940, a lower high formed at $7.600.
The market has since been below the Simple Moving Average Period 40 since the formation of the $7.600 high. Following the expansion of price into the liquidity void in July 2023, the downtrend resumed exuberantly. FILUSD is likely to keep declining as it moves alongside the falling trendline.
Filecoin Key Levels
Resistance Levels: $4.940, $6.440, $7.600
Support Levels: $3.300, $2.680, $2.000
Total Market Capitalization: $1.08T
Filecoin Market Capitalization: $1.44B
Filecoin Volume: $63.6M
Market Rank: #30
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