Tezos News Today – Tezos was one of the few digital currencies that made a surprising rise at the end of 2019. The cryptocurrency was massively bullish in the later months of 2019 and it spilled over into 2020. A month ago, XTZ set new a new all-time high and has had an impressive run despite the market-wide bearishness.
Recently, it has not been able to maintain a bullish momentum with the intense bear market ravaging the entire market in March. Bitcoin’s decline led to a downwards movement of XTZ as the cryptocurrency plunged by more than 50%.
Despite the plunge, XTZ has shown serious signs of fundamental growth
Tezos has shown promise with fundamental growth all through the previous month. The decision of the network to settle the class action lawsuits since 2018 during the XTZ ICO is a possible factor that caused this growth.
As earlier reported, the Tezos foundation settled lawsuits while also nullifying claims that the token is an unregistered security offering. The development group made the decision to settle all the lawsuits emanating from the Initial Coin Offering in 2018 to reduce cost.
If the courts allow the settlements of the suits, it may bolster Tezos from a fundamental perspective. Also, it will put a rest to all claims that the cryptocurrency is not a registered security. The Tezos Foundation notes that settlement of the lawsuits is a step in the right direction as it is done in the best interest of the XTZ community as well as the network. the process was cited as a costly distraction that needed to be sorted out.
The foundation stated in a press release:
“The Tezos Foundation decided to settle all claims because it believes it is in the best interest of the Tezos project as well as the community as a whole.”
The foundation also claims that the lawsuits against the network were meritless. They also denied any wrongdoing and hope that the move boosts the confidence of the investors to avoid any possible regulatory problems in the near future.
XTZ is fundamentally strong with signs of technical weakness
A top crypto analyst on Twitter known as Teddy used a series of tweets to explain his thoughts on how investors will be able to get Tezos at a major discount because of the degradation of the coin’s current support.
In a tweet, he said the token has tested and retested the support level and expects it to get weaker. He also mentions intentions to scoop some up at a low point while waiting for the market to stabilize. If XTZ price sees a near term decline, then it is possible that the strengthening fundamentals will make all downwards movement short-lived.
