🔴 Cryptocurrency rally goes bust
Elon Musk’s You can guess what happened next. This week we bring you these stories and more in cryptocurrency.
Elimination of profits from regulatory decisions
Bitcoin and other major cryptocurrencies have experienced a roller coaster of high volatility this week. An encouraging court decision kicked off the markets on Tuesday, but on Thursday the SEC announced news that brought markets back to reality, erasing gains from earlier in the week. The market as a whole hit a red candle in August, with the price of Bitcoin down nearly 11% at the end of the month.
Bitcoin rally begins with grayscale decision
The roller coaster ride began on Tuesday, when the price of Bitcoin soared following news of a court ruling in favor of Grayscale Investments’ Bitcoin trust. A federal appeals court overturned the SEC’s decision to reject Grayscale’s proposal to convert the trust into an in-kind Bitcoin ETF. unanimously deny Agency’s claim regarding rejection. GBTC’s stock price rose 21% on the news, outperforming Bitcoin’s nearly 7% gain.
SEC Delays Bitcoin ETF Decision
However, following Tuesday’s ruling, the SEC decided to postpone its decision on all pending spot Bitcoin ETF applications, which caused a rapid downturn in the cryptocurrency market. The SEC said it would need a “prolonged period” to evaluate applications from BlackRock, Wisdom Tree Funds, Invesco, Galaxy Digital and Valkyrie Funds and that it currently has until Oct. 17 to approve or deny the applications.
X gets a crypto license
Twitter Payments, X’s payment branch, has obtained a US license to store, transfer and exchange cryptocurrencies on behalf of users. Elon Musk has previously said he wants to make
Robinhood is buying back shares of SBF
Robinhood agreed to buy back Sam Bankman-Fried’s stake in the company for $600 million. 55 million Robinhood shares were owned by Bankman-Fried and FTX co-founder Gary Wang. The repurchase agreement was approved by a U.S. court this week. Robinhood shares rose about 3% following the news.
Binance launches money transfer service in Latin America
Binance has launched a new ‘Send Cash’ remittance service to ease the burden on those looking to send funds to friends and family in Latin America. Users in nine countries, including Colombia, Argentina, Paraguay, and Mexico, can send funds directly to their bank accounts without the need to hire a third-party intermediary.
US judge: ETH is a commodity
A U.S. district court judge called Ethereum a commodity while filing a lawsuit against decentralized exchange Uniswap. Judge Katherine Polk Failla rejected Uniswap’s argument that its token sale was subject to the Exchange Act, citing the distinction between securities and commodities as part of her reasons for dismissing the case.
Crypto streamers expose private keys
Brazilian cryptocurrency streamer Ivan Bianco, better known as Fraternidade Crypto, exposed his private keys while attempting to access his gaming password during a live stream, which was unfortunately stored in the same file as the seed phrase in his MetaMask wallet. . Bianco quickly ended his live stream and attempted to transfer his funds to another wallet, but it was too late. A viewer had already gained access and stole 86,000 MATIC tokens, worth nearly $50,000 at the time.
This is what happened in the cryptocurrency market this week. I will see you next week.
