In the news this week
Sam Bankman-Fried takes a stand on the collapse of FTX
Sam “SBF” Bankman-Fried testified this week in his ongoing criminal trial in the Southern District of New York, denying any wrongdoing between FTX and Alameda Research while admitting they made “big mistakes” during the companies’ explosive growth. Highlights of his testimony include denying that he directed his inner circle to make significant political donations in 2021, as well as claims that FTX’s terms of service covered transactions between Alameda and the crypto exchange. Additionally, Bankman-Fried said he requested additional coverage strategies for Alameda in 2021 and 2022, but they were never implemented. The trial is expected to conclude in the coming days.
“Buy Bitcoin” search queries on Google increase by 826% in the UK
Google search “buy Bitcoin” rose worldwide amid major crypto rally, with searches in the UK increasing by over 800% in the last week. According to a study by Cryptogambling.tv, the search term “buy Bitcoin” soared 826% in the UK in seven days. In the United States, Google Trends data shows that searches for “should I buy Bitcoin now?” ” increased by over 250%, while more niche searches including “can I buy Bitcoin on Fidelity?” rose over 3,100% last week. Zooming out further, the search term “is now a good time to buy Bitcoin?” has seen a 110% gain worldwide over the past week.
US Court Issues Warrant for Grayscale Ruling, Paving Way for SEC to Examine Bitcoin Spot ETF
The United States Court of Appeals issued a warrant following a ruling requiring Grayscale Investments’ application for a spot Bitcoin exchange-traded fund (ETF) to be reviewed by the Securities and Exchange Commission (SEC). In a filing on October 23, the court’s “formal mandate” went into effect, paving the way for the SEC to review its decision on Grayscale’s spot Bitcoin ETF. The mandate follows the court’s initial August 29 ruling and the SEC’s failure to file an appeal by October 13. To date, the SEC has yet to approve the listing of a single spot crypto ETF on US exchanges, but has given the green light to investment vehicles linked to Bitcoin and Ether futures.
Coinbase Challenges SEC’s Crypto Authority in Latest Attempt to Dismiss Regulator’s Suit
The United States Securities and Exchange Commission exceeded its authority by classifying cryptocurrencies listed on Coinbase as securities, the exchange argued in its final attempt to dismiss a lawsuit filed by the securities regulator. In an Oct. 24 filing in a New York district court, Coinbase chastised the SEC, saying its definition of what qualifies as a security was too broad, and disputed that cryptocurrencies registered on the exchange lists do not fall under the jurisdiction of the regulator. The SEC sued Coinbase on June 6, claiming the exchange violated U.S. securities laws by listing several tokens it considers securities and failing to register with the regulator.
Gemini sues Genesis over GBTC shares used as Earn collateral, now worth $1.6 billion
Gemini cryptocurrency exchange filed a lawsuit against bankrupt cryptocurrency lender Genesis on October 27. At stake is the fate of 62,086,586 shares of Grayscale Bitcoin Trust. They were used as collateral to secure loans made by 232,000 Gemini users to Genesis through the Gemini Earn program. This guarantee is currently worth almost $1.6 billion. According to the suit, Gemini received $284.3 million from the forfeiture of collateral for the benefit of Earn users, but Genesis challenged the action, preventing Gemini from distributing the product. Genesis filed for bankruptcy in January. It had suspended withdrawals in November 2022, which impacted the Gemini Earn program.
Winners and losers
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Pepe. (PEPE) at 72.08%, Mina (MINA) at 55.47% and FLOKI (FLOKI) at 53.33%.
The top three altcoin losers of the week are Bitcoin SV (BSV) at -10.27%, Toncoin (TONNE) -3.14% and Trust Wallet token (TTP) at -0.82%.
Most Memorable Quotes
“The witness [Sam Bankman-Fried] has an interesting way of answering questions.
Lewis KaplanSenior Judge of the United States District Court for the Southern District of New York
“When it comes to illicit financing, crypto is not the enemy – bad actors are. »
“I have to say I’m not a lawyer, I’m just trying to answer based on what I remember. […] At the time [at] FTX, some clients thought the accounts would be sent to Alameda.
Sam Bankman-Friedformer CEO of FTX
“Without prejudging any asset, the vast majority of crypto assets likely satisfy the investment contract test, which makes them subject to securities laws.”
Gary GenslerChairman of the United States Securities and Exchange Commission
“I don’t believe there has been a single serious conversation regarding a settlement between Ripple […] and the SEC. The SEC is pissed and embarrassed and wants $770 million in flesh.
“He [Sam Bankman-Fried] thought he was going to take this money, and […] he would outperform the market, hand over the money and end up like a half-billionaire, but it never works like that.
Anthony Scaramuccifounder of SkyBridge Capital
Prediction of the week
Bitcoin Beats S&P 500 in October as $40,000 BTC Price Prediction Arrives
Bitcoin surfed $34,000 at the end of the week as attention turned to the price performance of BTC relative to macro assets. Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD remains stable, preserving its gains from earlier in the week.
The largest cryptocurrency avoided significant volatility as the weekly and monthly closes – a key time for the October uptrend – got closer and closer.
“I think Bitcoin is going to stay in this range for a while,” popular pseudonymous trader Daan Crypto Trades told X followers in one of several posts on October 27. “Around $33,000-$35,000 is what I consider a range. Eyes on potential sweeps of any of these levels for a quick trade,” he wrote.
FUD of the week
UK passes bill allowing authorities to seize Bitcoin used for criminal purposes
UK lawmakers have passed legislation allowing authorities to seize and freeze cryptocurrencies like Bitcoin if it is used for illicit purposes. Introduced in September 2022, the adopted legislation aims to increase the ability of authorities to crack down on the use of cryptocurrencies in crimes such as cybercrime, scams and drug trafficking. One of the provisions of the bill allows for the recovery of crypto assets used in crimes without conviction, as some people can avoid conviction by staying away.
Scammers create Blockworks clone site to dump crypto wallets
Phishing scammers have cloned the websites of crypto media Blockworks and the Ethereum blockchain scanner Etherscan to trick unsuspecting readers into connecting their wallets to a crypto drainer. A fake Blockworks site posted a fake “BREAKING” news report about an alleged multi-million dollar “endorsement exploit” on decentralized exchange Uniswap and encouraged users to visit a fake Etherscan website to cancel the approvals. The fake Uniswap news article was posted on Reddit on several popular subreddits.
Kraken to suspend trading of USDT, DAI, WBTC, WETH and WAXL in Canada
Kraken goes suspend all transactions linked to Tether, Dai, Wrapped Bitcoin, Wrapped Ether and Wrapped Axelar in Canada in November and December. The suspensions may not come as a surprise to many Canadian cryptocurrency users, as they follow several other notable exchanges taking similar steps throughout 2023. OKX ceased operations in Canada in June after Binance announced plans to do so in May.
5,050 Bitcoins for $5 in 2009: Helsinki’s Claim to Crypto Fame
Helsinki has a long and fascinating history with cryptocurrency, including the first exchange of Bitcoin for US dollars.
$145M Swap Scandal in Australia, Bitget Claims 4th Place, China Lifts NFT Ban: Asia Express
Australian police bust $145 million money laundering scamBitget gains market share in Q3, China unlocks NFTs, and more.
How blockchain games performed in Q3, Upland token on ETH: Web 3 Gamer
$2.3 billion invested in Web3 games so far this yearstudio from former GTA developers partners with Immutable, Brawlers for Epic Games Store launch, and more.
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