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


Top Stories This Week

Judge grants SEC request to file movement for appeal in Ripple case

Judge Analisa Torres has granted a request from the United States Securities and Exchange Commission (SEC) to file a movement for depart to file an interlocutory appeal in its case in opposition to Ripple Labs. The choice allowed the SEC to file a movement, on Aug. 18, requesting permission to carry a case to the U.S. Court of Appeals for the Second Circuit. Ripple may even be capable of file an opposition to the movement. Torres dominated, on July 13, that Ripple’s XRP token just isn’t a safety when distributed in public gross sales, however the ruling thought-about XRP a safety in institutional gross sales. The case against Ripple has been ongoing since December 2020, when the SEC sued Ripple and its executives over allegations of providing an unregistered safety.

Bitcoin, Ether worth stoop results in crypto massacre with $1B in liquidations

The Bitcoin and Ether worth slide on Aug. 18 saw the top two cryptocurrencies fall to a two-month low and triggered a sequence of liquidations for hundreds of by-product merchants. The crypto massacre led to billions of {dollars} value of hedged positions being liquidated, and a number of merchants misplaced tens of millions of {dollars} in a single commerce. According to CoinGlass knowledge, a complete of 176,752 merchants bought liquidated inside hours, indicating a fast rise in worth volatility simply days after BTC and ETH recorded their lowest day by day volatility in a number of years. The worth perform within the crypto market was attributed to several factors, together with the SpaceX Bitcoin write-down and macroeconomic elements.

Bitcoin-friendly El Salvador sees bond returns soar to 70% in 2023

El Salvador, which adopted Bitcoin as a authorized tender in 2021, has seen its dollar bond outperform nearly all of the rising markets with a 70% return in 2023. The huge rally of the bond has now drawn curiosity from a number of institutional giants, together with JP Morgan, Eaton Vance and PGIM Fixed Income, prompting President Nayib Bukele to say, “I told you so.” Apart from the institutional giants, the likes of Lord Abbett & Co LLC, Neuberger Berman Group LLC and UBS Group AG have additionally added debt safety since April. El Salvador paid $800 million in debt in full inside the due maturing time at first of this yr, elevating confidence within the nation’s bonds once more.

First EU spot Bitcoin ETF hits Euronext Amsterdam trade

Europe welcomed its first-ever spot Bitcoin ETF after the long-awaited launch of Jacobi Asset Management’s Jacobi FT Wilshire Bitcoin ETF. The London-based digital asset administration agency introduced that its new funding product was going stay on the Euronext Amsterdam inventory trade on Aug. 15, greater than a yr later than its deliberate launch in 2022. The new ETF is buying and selling underneath the BCOIN ticker. Its launch marks a milestone for Europe, whereas United States regulators are but to approve quite a lot of related spot Bitcoin ETF functions from main asset managers, together with BlackRock and Fidelity. The new ETF is buying and selling underneath the BCOIN ticker.

Coinbase wins NFA approval to supply Bitcoin and Ether futures in US

Cryptocurrency trade Coinbase has obtained approval from the National Futures Association (NFA) to supply investments in crypto futures to eligible prospects within the United States. The approval permits Coinbase to introduce Bitcoin and Ether futures contracts by means of a derivatives trade regulated by the Commodity Futures Trading Commission (CFTC). Following the choice, the trade’s web site displayed a hyperlink for becoming a member of an early entry ready listing. Coinbase claims the worldwide crypto derivatives market accounts for 75% of crypto buying and selling quantity worldwide.

Winners and Losers

At the tip of the week, Bitcoin (BTC) is at $26,031, Ether (ETH) at $1,660 and XRP at $0.50. The complete market cap is at $1.05 trillion, according to CoinMarketCap.

Among the most important 100 cryptocurrencies, the highest three altcoin gainers of the week are Sei (SEI) at 1948.54%, THORChain (RUNE) at 42.10%, and Akash Network (AKT) at 25.80%. 

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

For extra data on crypto prices, be certain that to learn Cointelegraph’s market analysis.

Read additionally


South Korea’s unique and amazing crypto universe


Championing Blockchain Education in Africa: Women Leading the Bitcoin Cause

Most Memorable Quotations

“We do transactions every day, we work for money, we save money, but no one teaches us about it. If you want to make a change, people and families need to learn about money.”

Roman Martínez, group chief at Bitcoin Beach

“The Canadian regulators have been collaborative, helpful. […] There’s a clear regulatory pathway. It’s allowed us to invest in the country.”

Mark Greenberg, managing director for Kraken Canada

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

Vitalik Buterin, co-founder of Ethereum

“Not only are we seeing growing demand for regulated custody solutions in the United States, but we’re also seeing the demand on a global scale.”

Mike Belshe, CEO of BitGo

“Evidence is piling up that we’re in the early stages of a new cycle. Risk assets like stocks [and] crypto have been sniffing this out all year.”

Kevin Kelly, co-founder of Delphi Digital

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

Henrik Andersson, chief funding officer at Apollo Crypto

Prediction of the Week 

BTC worth nears $26K amid warning Bitcoin promote stress can ‘double’

Bitcoin stayed near two-month lows on the Aug. 18 Wall Street open as markets got here to phrases with excessive liquidations.

Data from Cointelegraph Markets Pro and TradingView confirmed BTC worth motion monitoring sideways after a single day by day candle spawned 8% losses. The largest cryptocurrency noticed a cascade of liquidations throughout derivatives markets, with these accounting for an “outsized” majority amid comparatively slack spot promoting.

For well-liked pseudonymous dealer and analyst Rekt Capital, the image was bleak — a double-top formation for BTC/USD in 2023, and an entire lack of help from pattern strains and transferring averages throughout the breakdown.

“BTC formed its Higher High at ~$31000 on inclining volume. But price formed the second half of its Double Top on declining volume,” he wrote, warning that capitulation had probably not but matched earlier sell-offs. “In fact, current Seller Volume would need to probably double to reach those Seller Exhaustion volume levels that prompted price reversals in early & late March as well as mid-June.”

FUD of the Week 

Shibarium denies bridge issues, calls it FUD

The team behind the newly released Shibarium mainnet has denied reports of bridge problems and asset losses, saying screenshots floating across the crypto group are false. According to Shytoshi Kusama, co-founder of the Shiba Inu ecosystem, a large inflow of transactions and person exercise result in technical difficulties in Shibarium, however funds within the protocol stay protected. First considerations about Shibarium surfaced within the crypto group after screenshots reportedly captured an inner dialog indicating the staff was allegedly unable to get better belongings bridged to the just lately launched Shibarium community.

SwirlLend rugs on new Coinbase layer 2 Base as massive variety of scammers reported

Base, Coinbase’s new layer 2, has already seen an influx of bad actors. In the newest incident, crypto lender SwirlLend has apparently carried out a rug pull. PeckShield reported that SwirlLend transferred tokens from Base and Linea, bridging the crypto to Ethereum. It then created a brand new token and laundered 253.2 ETH by means of the Tornado Cash crypto mixer. SwirlLend has shut down its social media accounts and web site. Its complete worth locked on Base has fallen from $784,300 to $49,200. Crypto commerce surveillance agency Solidus Labs additionally discovered greater than 500 rip-off tokens on Base.

FBI seizes nearly $2M of crypto belongings in 3 months

A public submitting launched by the U.S. Federal Bureau of Investigation (FBI) reveals that the legislation enforcement company seized around $1.7 million worth of digital assets from March to May. In specific, the FBI seized $147,000 in Bitcoin (BTC), $800,000 in Ether (ETH), $307,000 in Tether (USDT), 469,000 in Dai (DAI) and $20,000 in Monero (XMR). Assets have been confiscated from a variety of sources, together with Binance trade wallets. According to the FBI, the seizures of the belongings have been a results of varied breaches in federal rules.

Should we ban ransomware funds? It’s a horny however harmful concept

Paying a ransom to cyberattackers can save lives and forestall enormous losses. But it additionally encourages additional assaults.

Big Questions: Did the NSA create Bitcoin?

“I would say it this way: They completely have the potential,” says a former NSA analyst.

Real motive for China’s warfare on crypto, 3AC decide’s embarrassing mistake: Asia Express

Crypto projects and holders face harsh sentencing in China, digital yuan airdrops to revive native economies, and 3AC saga’s newest twist.

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this text.

Leave a Reply

Your email address will not be published. Required fields are marked *