Bitcoin feels downward pressure while famous memecoins are getting sued

Bitcoin is under downwards pressure over uncertainty about the debt ceiling negotiations in the United States and a possible new interest rate hike by the Federal Reserve. Whales are gearing up to sell large batches of Bitcoin if the Fed gives any indication this weekend of what it might do.

Classic investors seem to prefer gold at the moment, even if that price is also rather nervous and volatile.

The companies who manage the respective copyrights of Grumpy Cat, Nyan Cat and Pepe are not too thrilled with the popularity of memecoins using the images and have launched lawsuits against some of these coins.

Whales take position

Several websites that monitor the wallet positions of major Bitcoin hodlers reported yesterday that some Whales have transferred a large number of Bitcoins to the crypto platform Binance, possibly in view for a sale if it turns out this weekend that the market reacts negatively to any update from Federal Reserve Chairman Jay Powell.

A whale deposited 1,750 $BTC ($48M) to #Binance ~30 mins ago.

The whale deposited 5,791 $BTC ($163M) on April 21, after that the price of $BTC dropped nearly 3% in 5 hours.

Maybe 1,750 $BTC won’t be sold, maybe it will.

In any case, keep an eye out for $BTC price changes. pic.twitter.com/sydPNmIX72

— Lookonchain (@lookonchain) May 18, 2023

Bitcoin had a very good first quarter this year but has been trapped between $25k (support) and $30k (ceiling) for over a month now. Macroeconomic indicators continue to dictate direction.

Court cases for Grumpy Cat, Nyan Cat and possibly Pepe

The copyright holders behind the well-known GrumpyCat and Nyan Cat memes have filed lawsuits against the memecoins of the same name.

Two Meme coins ‘Nyan’ and ‘Grumpy Cat’ were just sent cease and desist letters on-chain.

Is this the first time something like this has happened? 👀😮 pic.twitter.com/vu2MsIhbRd

— Crypto Crib (@Crypto_Crib_) May 18, 2023

Although the creators of the memecoins claim that GrumpyCatCoin and NyanCatCoin are just meant as a joke, it is clear that due to the millions of dollars in trades those memecoins now experience daily, some of the founders are making a great profit from these digital currencies. As the intellectual property rights of both memes belong to companies, they have started lawsuits.

Pepe, the memecoin with the largest volume of trading in the past month, should expect a lawsuit from the developer of the well-known figure, Matt Furie, as he has started such cases in the past already.