SBF takes the stand, ‘buy Bitcoin’ searches soar and other news: Hodler’s Digest, Oct. 22-28

Top Stories This Week

Sam Bankman-Fried takes the basal connected FTX’s collapse

Sam “SBF” Bankman-Fried testified this week successful his ongoing transgression trial successful the Southern District of New York, denying immoderate wrongdoing betwixt FTX and Alameda Research portion acknowledging making “big mistakes” during the companies’ explosive growth. Highlights of his grounds see denying directing his interior ellipse to marque important governmental donations successful 2021, arsenic good arsenic claims that FTX’s presumption of usage covered transactions betwixt Alameda and the crypto exchange. Additionally, Bankman-Fried testified that helium requested further hedging strategies for Alameda successful 2021 and 2022, but they were ne'er implemented. The proceedings is expected to reason wrong the adjacent fewer days.

‘Buy Bitcoin’ hunt queries connected Google surge 826% successful the UK

Google searches for “buy Bitcoin” have surged worldwide amid a large crypto rally, with searches successful the United Kingdom increasing by much than 800% successful the past week. According to probe from Cryptogambling.tv, the hunt word “buy Bitcoin” spiked a staggering 826% successful the U.K. implicit the people of 7 days. In the United States, information from Google Trends shows that searches for “should I bargain Bitcoin now?” accrued by much than 250%, portion much niche searches, including “can I bargain Bitcoin connected Fidelity?” accrued by implicit 3,100% successful the past week. Zooming retired further, the hunt word “is it a bully clip to bargain Bitcoin?” saw a 110% summation worldwide implicit the past week.

US tribunal issues mandate for Grayscale ruling, paving mode for SEC to reappraisal spot Bitcoin ETF

The United States Court of Appeals has issued a mandate pursuing a determination requiring Grayscale Investments’ exertion for a spot Bitcoin exchange-traded money (ETF) to beryllium reviewed by the Securities and Exchange Commission (SEC). In an Oct. 23 filing, the “formal mandate” of the tribunal took effect, paving the mode for the SEC to reappraisal its determination connected Grayscale’s spot Bitcoin ETF. The mandate followed the court’s archetypal ruling connected Aug. 29 and the SEC’s nonaccomplishment to contiguous an entreaty by Oct. 13. To date, the SEC has yet to o.k. a azygous spot crypto ETF for listing connected U.S. exchanges but has fixed the greenish airy to concern vehicles linked to Bitcoin and Ether futures.

Coinbase disputes SEC’s crypto authorization successful last bid to flip regulator’s suit

The U.S. Securities and Exchange Commission overstepped its authorization erstwhile it classified Coinbase-listed cryptocurrencies arsenic securities, the speech has argued successful its last bid to disregard a suit by the securities regulator. In an Oct. 24 filing successful a New York District Court, Coinbase chastised the SEC, claiming its explanation for what qualifies arsenic a information was excessively wide, and contested that the cryptocurrencies the speech lists are not nether the regulator’s purview. The SEC sued Coinbase connected June 6, claiming the speech violated U.S. securities laws by listing respective tokens it considers securities and not registering with the regulator.

Cryptocurrency speech Gemini filed a suit against bankrupt crypto lender Genesis connected Oct. 27. At contented is the destiny of 62,086,586 shares of Grayscale Bitcoin Trust. They were utilized arsenic collateral to unafraid loans made by 232,000 Gemini users to Genesis done the Gemini Earn Program. That collateral is presently worthy adjacent to $1.6 billion. According to the suit, Gemini has received $284.3 cardinal from foreclosing connected the collateral for the payment of Earn users, but Genesis has disputed the action, preventing Gemini from distributing the proceeds. Genesis filed for bankruptcy successful January. It had suspended withdrawals successful November 2022, which impacted the Gemini Earn program.

Winners and Losers

At the extremity of the week, Bitcoin (BTC) is astatine $34,143, Ether (ETH) astatine $1,789 and XRP astatine $0.54. The full marketplace headdress is astatine $1.26 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the apical 3 altcoin gainers of the week are Pepe (PEPE) at 72.08%, Mina (MINA) at 55.47% and FLOKI (FLOKI) at 53.33%. 

Most Memorable Quotations

“The witnesser [Sam Bankman-Fried] has an absorbing mode of responding to questions.”

Lewis Kaplan, elder justice of the U.S. District Court for the Southern District of New York

“When it comes to illicit finance, crypto is not the force – atrocious actors are.”

Cynthia Lummis, U.S. senator

“I should say, I americium not a lawyer, I americium conscionable trying to reply based connected my recollection. […] At the clip [at] FTX, definite customers thought accounts would beryllium sent to Alameda.”

Sam Bankman-Fried, erstwhile CEO of FTX

“Without prejudging immoderate 1 asset, the immense bulk of crypto assets apt conscionable the concern declaration test, making them taxable to the securities laws.”

Gary Gensler, seat of U.S. Securities and Exchange Commission

“I bash not judge determination has been a azygous superior speech regarding a colony betwixt Ripple […] and the SEC. The SEC is pissed and embarrassed and wants $770M worthy of flesh.”

John Deaton, attorney

“He [Sam Bankman-Fried] thought helium was going to instrumentality that money, and […] helium would out-trade the marketplace and enactment the wealth backmost and extremity up arsenic a half-a-trillionaire, but it ne'er works similar that.”

Anthony Scaramucci, laminitis of SkyBridge Capital

Prediction of the Week 

Bitcoin beats S&P 500 successful October arsenic $40K BTC terms predictions travel in

Bitcoin surfed $34,000 astatine the extremity of the week arsenic attraction turned to BTC terms show against macro assets. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding steady, preserving its early-week gains.

The largest cryptocurrency avoided important volatility arsenic the play and monthly closes — a cardinal infinitesimal for the October uptrend — drew ever nearer.

“I deliberation Bitcoin volition bent astir this scope for immoderate time,” fashionable pseudonymous trader Daan Crypto Trades told X subscribers successful 1 of respective posts connected Oct. 27. “Roughly $33-35K is what I’m looking astatine arsenic a range. Eyes connected imaginable sweeps of immoderate of these levels for a speedy trade,” helium wrote.

FUD of the Week 

UK passes measure to alteration authorities to prehend Bitcoin utilized for crime

Lawmakers successful the United Kingdom person passed authorities allowing authorities to prehend and frost cryptocurrencies similar Bitcoin if utilized for illicit purposes. Introduced successful September 2022, the passed authorities aims to grow authorities’ quality to ace down connected the usage of cryptocurrency successful crimes similar cybercrime, scams and cause trafficking. One of the provisions of the measure permits the betterment of crypto assets utilized successful crimes without conviction, arsenic immoderate individuals whitethorn debar condemnation by remaining remote.

Scammers make Blockworks clone tract to drain crypto wallets

Phishing scammers person cloned the websites of crypto media outlet Blockworks and Ethereum blockchain scanner Etherscan to instrumentality unsuspecting readers into connecting their wallets to a crypto drainer. A fake Blockworks tract displayed a fake “BREAKING” quality study of a expected multimillion-dollar “approvals exploit” connected the decentralized speech Uniswap and encouraged users to sojourn a fake Etherscan website to rescind approvals. The fake Uniswap quality nonfiction was posted connected Reddit crossed respective fashionable subreddits.

Kraken to suspend trading for USDT, DAI, WBTC, WETH and WAXL successful Canada

Kraken volition suspend each transactions related to Tether, Dai, Wrapped Bitcoin, Wrapped Ether and Wrapped Axelar successful Canada successful November and December. The suspensions whitethorn not astonishment galore Canadian cryptocurrency users, arsenic they travel connected the heels of several different notable exchanges taking akin actions passim 2023. OKX ceased operations successful Canada successful June aft Binance announced its volition to bash truthful successful May.

5,050 Bitcoin for $5 successful 2009: Helsinki’s assertion to crypto fame

Helsinki has a agelong and fascinating history with cryptocurrency, including the archetypal speech of Bitcoin for United States dollars.

Australia’s $145M speech scandal, Bitget claims 4th, China lifts NFT ban: Asia Express

Australian constabulary bust $145 cardinal wealth laundering scam, Bitget gains marketplace stock successful Q3, China unblocks NFTs, and more.

How blockchain games fared successful Q3, Upland token connected ETH: Web 3 Gamer

$2.3B tipped into Web3 games truthful acold this year, ex-GTA devs’ workplace teams up with Immutable, Brawlers to motorboat connected Epic Games Store, and more.