SEC seeks appeal over Ripple, crypto prices plunge and EU debuts Bitcoin ETF: Hodler’s Digest, Aug. 13-19

1 year ago

Judge grants SEC petition to record question for entreaty successful Ripple case

Judge Analisa Torres has granted a request from the United States Securities and Exchange Commission (SEC) to record a question for permission to record an interlocutory entreaty successful its lawsuit against Ripple Labs. The determination allowed the SEC to record a motion, connected Aug. 18, requesting support to bring a lawsuit to the U.S. Court of Appeals for the Second Circuit. Ripple volition besides beryllium capable to record an absorption to the motion. Torres ruled, connected July 13, that Ripple’s XRP token is not a information erstwhile distributed successful nationalist sales, but the ruling considered XRP a information successful organization sales. The case against Ripple has been ongoing since December 2020, erstwhile the SEC sued Ripple and its executives implicit allegations of offering an unregistered security.

Bitcoin, Ether terms slump leads to crypto bloodbath with $1B successful liquidations

The Bitcoin and Ether terms descent connected Aug. 18 saw the apical 2 cryptocurrencies fall to a two-month debased and triggered a bid of liquidations for thousands of derivative traders. The crypto bloodbath led to billions of dollars worthy of hedged positions being liquidated, and respective traders mislaid millions of dollars successful a azygous trade. According to CoinGlass data, a full of 176,752 traders got liquidated wrong hours, indicating a accelerated emergence successful terms volatility conscionable days aft BTC and ETH recorded their lowest regular volatility successful respective years. The terms relation successful the crypto marketplace was attributed to respective factors, including the SpaceX Bitcoin write-down and macroeconomic factors.

Bitcoin-friendly El Salvador sees enslaved returns soar to 70% successful 2023

El Salvador, which adopted Bitcoin arsenic a ineligible tender successful 2021, has seen its dollar enslaved outperform the bulk of the emerging markets with a 70% instrumentality successful 2023. The monolithic rally of the enslaved has present drawn involvement from respective organization giants, including JP Morgan, Eaton Vance and PGIM Fixed Income, prompting President Nayib Bukele to say, “I told you so.” Apart from the organization giants, the likes of Lord Abbett & Co LLC, Neuberger Berman Group LLC and UBS Group AG person besides added indebtedness information since April. El Salvador paid $800 cardinal successful debt successful afloat wrong the owed maturing clip astatine the commencement of this year, raising assurance successful the country’s bonds again.

First EU spot Bitcoin ETF hits Euronext Amsterdam exchange

Europe welcomed its first-ever spot Bitcoin ETF aft the long-awaited motorboat of Jacobi Asset Management’s Jacobi FT Wilshire Bitcoin ETF. The London-based integer plus absorption steadfast announced that its caller concern merchandise was going unrecorded connected the Euronext Amsterdam banal speech connected Aug. 15, much than a twelvemonth aboriginal than its planned motorboat successful 2022. The caller ETF is trading nether the BCOIN ticker. Its motorboat marks a milestone for Europe, portion United States regulators are yet to o.k. a fig of akin spot Bitcoin ETF applications from large plus managers, including BlackRock and Fidelity. The caller ETF is trading nether the BCOIN ticker.

Coinbase wins NFA support to connection Bitcoin and Ether futures successful US

Cryptocurrency speech Coinbase has obtained approval from the National Futures Association (NFA) to connection investments successful crypto futures to eligible customers successful the United States. The support enables Coinbase to present Bitcoin and Ether futures contracts done a derivatives speech regulated by the Commodity Futures Trading Commission (CFTC). Following the decision, the exchange’s website displayed a nexus for joining an aboriginal entree waiting list. Coinbase claims the planetary crypto derivatives marketplace accounts for 75% of crypto trading measurement worldwide.

Winners and Losers

At the extremity of the week, Bitcoin (BTC) is astatine $26,031, Ether (ETH) astatine $1,660 and XRP astatine $0.50. The full marketplace headdress is astatine $1.05 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the apical 3 altcoin gainers of the week are Sei (SEI) at 1948.54%, THORChain (RUNE) at 42.10%, and Akash Network (AKT) at 25.80%.

The apical 3 altcoin losers of the week are Conflux (CFX) at -28.05%, Compound (COMP) at -23.83%, and Litecoin (LTC) at -22.99%.

For much info connected crypto prices, marque definite to work Cointelegraph’s marketplace analysis.

Most Memorable Quotations

“We bash transactions each day, we enactment for money, we prevention money, but nary 1 teaches america astir it. If you privation to marque a change, radical and families request to larn astir money.”

Roman Martínez, assemblage person astatine Bitcoin Beach

“The Canadian regulators person been collaborative, helpful. […] There’s a wide regulatory pathway. It’s allowed america to put successful the country.”

Mark Greenberg, managing manager for Kraken Canada

“[X’s Community Notes is] the closest happening to an instantiation of ‘crypto values’ that we person seen successful the mainstream world.”

Vitalik Buterin, co-founder of Ethereum

“Not lone are we seeing increasing request for regulated custody solutions successful the United States, but we’re besides seeing the request connected a planetary scale.”

Mike Belshe, CEO of BitGo

“Evidence is piling up that we’re successful the aboriginal stages of a caller cycle. Risk assets similar stocks [and] crypto person been sniffing this retired each year.”

Kevin Kelly, co-founder of Delphi Digital

“Two important catalysts are supporting Bitcoin and Ethereum prices into year-end: the imaginable SEC support for a […] Bitcoin ETF and Ethereum’s EIP-4844 upgrade.”

Henrik Andersson, main concern serviceman astatine Apollo Crypto

Prediction of the Week

BTC terms nears $26K amid informing Bitcoin merchantability unit tin ‘double’

Bitcoin stayed adjacent two-month lows astatine the Aug. 18 Wall Street unfastened arsenic markets came to presumption with utmost liquidations.

Data from Cointelegraph Markets Pro and TradingView showed BTC terms enactment tracking sideways aft a azygous regular candle spawned 8% losses. The largest cryptocurrency saw a cascade of liquidations crossed derivatives markets, with these accounting for an “outsized” bulk amid comparatively slack spot selling.

For fashionable pseudonymous trader and expert Rekt Capital, the representation was bleak — a double-top enactment for BTC/USD successful 2023, and a implicit deficiency of enactment from inclination lines and moving averages during the breakdown.

“BTC formed its Higher High astatine ~$31000 connected inclining volume. But terms formed the 2nd fractional of its Double Top connected declining volume,” helium wrote, informing that capitulation had apt not yet matched erstwhile sell-offs. “In fact, existent Seller Volume would request to astir apt treble to scope those Seller Exhaustion measurement levels that prompted terms reversals successful aboriginal & precocious March arsenic good arsenic mid-June.”

FUD of the Week

Shibarium denies span issues, calls it FUD

The squad down the recently released Shibarium mainnet has denied reports of span problems and plus losses, saying screenshots floating astir the crypto assemblage are false. According to Shytoshi Kusama, co-founder of the Shiba Inu ecosystem, a monolithic influx of transactions and idiosyncratic enactment pb to method difficulties successful Shibarium, but funds successful the protocol stay safe. First concerns astir Shibarium surfaced successful the crypto assemblage aft screenshots reportedly captured an interior speech indicating the squad was allegedly incapable to retrieve assets bridged to the precocious launched Shibarium network.

SwirlLend rugs connected caller Coinbase furniture 2 Base arsenic ample fig of scammers reported

Base, Coinbase’s caller furniture 2, has already seen an influx of atrocious actors. In the latest incident, crypto lender SwirlLend has seemingly carried retired a rug pull. PeckShield reported that SwirlLend transferred tokens from Base and Linea, bridging the crypto to Ethereum. It past created a caller token and laundered 253.2 ETH done the Tornado Cash crypto mixer. SwirlLend has unopen down its societal media accounts and website. Its full worth locked connected Base has fallen from $784,300 to $49,200. Crypto commercialized surveillance steadfast Solidus Labs besides recovered much than 500 scam tokens connected Base.

FBI seizes astir $2M of crypto assets successful 3 months

A nationalist filing released by the U.S. Federal Bureau of Investigation (FBI) shows that the instrumentality enforcement bureau seized astir $1.7 cardinal worthy of integer assets from March to May. In particular, the FBI seized $147,000 successful Bitcoin (BTC), $800,000 successful Ether (ETH), $307,000 successful Tether (USDT), 469,000 successful Dai (DAI) and $20,000 successful Monero (XMR). Assets were confiscated from a wide scope of sources, including Binance speech wallets. According to the FBI, the seizures of the assets were a effect of assorted breaches successful national regulations.