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Prime Tales This Week
Ethereum futures ETFs to begin buying and selling subsequent week
Funding agency Valkyrie will begin providing publicity to Ether futures within the coming days. On Sept. 28, the agency instructed Cointelegraph that its Bitcoin Technique ETF will permit traders entry to Ether and Bitcoin futures “underneath one wrapper,” making it one of many first corporations to take action amid a number of pending purposes with the U.S. Securities and Alternate Fee. Beginning Oct. 3, the fund’s title might be up to date to the Valkyrie Bitcoin and Ether Technique ETF. Asset supervisor VanEck additionally disclosed its upcoming Ethereum Technique ETF, which might be listed on the Chicago Board Choices Alternate within the coming days. Analysts prompt {that a} potential U.S. authorities shutdown may need accelerated the launch of Ether futures ETFs.
SBF trial dates revealed: FTX founder to face trial over 6 weeks
Former FTX CEO Sam “SBF” Bankman-Fried will spend at the least 21 days in courtroom as a part of his felony trial, which can start in earnest on Oct. Four and final till Nov. 9, in response to a newly launched trial calendar posted to the general public courtroom docket. The primary official date of the Bankman-Fried trial is Oct. 4, the place the contributors will start discussing seven fraud expenses laid in opposition to SBF. There are two substantive expenses the place the prosecution should persuade a jury that Bankman-Fried dedicated the crime. 5 different “conspiracy” expenses contain the prosecution convincing a jury that Bankman-Fried deliberate to commit the crimes. The previous FTX CEO has been serving pre-trial detention on the Brooklyn Metropolitan Detention Middle since Aug. 11. If thought-about responsible of fraud, Bankman-Fried is more likely to spend the remainder of his life in jail, authorized specialists defined to Cointelegraph.
3AC’s Su Zhu arrested in Singapore
Co-founder of Three Arrows Capital (3AC) Su Zhu was detained at Changi Airport in Singapore whereas attempting to depart. Teneo, the joint liquidator of the now-bankrupt hedge fund, instructed Cointelegraph that Zhu’s arrest adopted a committal order from the Singapore Courts, which is a directive used to imprison somebody for contempt of courtroom. On Sept. 25, Teneo secured this committal order, alleging that Zhu didn’t adjust to a courtroom order. His arrest is a part of an ongoing investigation to retrieve funds for 3AC’s collectors. The $10 billion hedge fund crashed in 2022 because of the collapse of the Terra ecosystem. An identical committal order was granted in opposition to Kyle Davies, additionally co-founder of 3AC. His whereabouts stay unknown.
Binance urges customers to transform euros to USDT after Paysafe debank
Binance has warned its European customers to transform their euro (EUR) balances to Tether by Oct. 31 because of the lack of help from its banking companion, Paysafe. Paysafe ceased processing EUR deposits for Binance customers on Sept. 25. Whereas EUR withdrawals to financial institution accounts stay accessible, Paysafe customers received’t be capable to interact in EUR spot buying and selling. Binance’s token swap characteristic, Binance Convert, may even limit EUR transactions. Paysafe beforehand facilitated fiat deposits and withdrawals for Binance customers in Europe, together with by way of financial institution switch within the European Union’s Single Euro Funds Space. The transfer is the newest so as to add to Binance’s regulatory and debanking woes within the West.
SEC delays spot Bitcoin ETF choice for BlackRock, Invesco and Bitwise
The U.S. Securities and Alternate Fee has once more postponed its choice on a number of spot Bitcoin ETF purposes, together with these from BlackRock, Invesco, Bitwise and Valkyrie, forward of a possible authorities shutdown. Bloomberg ETF analyst James Seyffart anticipates comparable delays for Constancy, VanEck, and WisdomTree. These delays got here two weeks earlier than the candidates’ anticipated second deadline. Seyffart hyperlinks the untimely delays to an anticipated U.S. authorities shutdown on Oct. 1, which might impression monetary regulators and federal businesses.
Winners and Losers
On the finish of the week, Bitcoin (BTC) is at $26,895, Ether (ETH) at $1,667 and XRP at $0.53. The whole market cap is at $1.07 trillion, in response to CoinMarketCap.
Among the many greatest 100 cryptocurrencies, the highest three altcoin gainers of the week are Compound (COMP) at 23.71%, Chainlink (LINK) at 15.12% and THORchain (RUNE) at 14.51%.
The highest three altcoin losers of the week are Immutable (IMX) at -9.80%, UNUS SED LEO (LEO) at -5.38% and XDC Community (XDC) at -4.61%.
For more information on crypto costs, be sure that to learn Cointelegraph’s market evaluation.
Learn additionally
Most Memorable Quotations
“You [Gary Gensler] are kneecapping the U.S. capital markets with the avalanche of crimson tape popping out of your fee.”
Andy Barr, U.S. consultant
“A central financial institution that introduces a CBDC ought to improve the alternatives for society, not diminish them.”
Agustín Carstens, general manager at the Bank of International Settlements
“Looking like the SEC is gonna let a bunch of #Ethereum futures ETFs go next week potentially.”
James Seyffart, analyst at Bloomberg Intelligence
“Do you think it’s possible for you [Gary Gensler] to serve as an impartial regulator and not favor large financial intermediaries?”
Tom Emmer, U.S. representative
“[Stablecoins] will be a big driver of economic freedom in the decade ahead.”
Jesse Pollak, head of protocols at Coinbase
“The symbiosis between street art and Bitcoin is a powerful one. By working together, these two movements help to create a more just and equitable world.”
Street, pseudonymous co-founder of the Street Cy₿er artist collective
Prediction of the Week
Bitcoin shorts keep burning as BTC price seeks to hold $27K
Bitcoin (BTC) bounced around $27,000 on Sept. 29 as a challenge to month-to-date highs dragged BTC price action upward. Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency attempting to hold gains after a classic “short squeeze.”
The day prior offered a trip past the $27,000 mark, with Bitcoin bulls unable to seal a fresh peak for September. Topping out at $27,300 on Bitstamp, BTC price strength returned to consolidate, still up 4% versus the week’s low at the time of writing.
Analyzing the situation on low timeframes (LTFs), popular pseudonymous trader Skew said that the upside had come courtesy of derivatives markets, with spot traders selling at the highs. “LTF stuff but pretty clear spot absorption around the high so $27.2K is an important price area to clear for spot buyers,” he explained on X (formerly Twitter).
Skew subsequently noted that $27,200 remained a rejection point on the day, ahead of the Wall Street open. Going into next week, he added, the market was “likely to hunt both sides of the book.”
FUD of the Week
Ben ‘BitBoy’ Armstrong arrested on livestream over Lambo dispute
Crypto influencer Ben Armstrong, formerly known as “BitBoy,” was arrested on Sept. 25 while livestreaming outside a former business associate’s house, claiming the associate had his Lamborghini. He was charged with “loitering/prowling” and “simple assault by placing another in fear” and was held for over eight hours before being released on a $2,600 bond and $40 in fees. In Georgia, the misdemeanor charges of loitering and prowling could result in a fine of up to $1,000, up to one year in jail, or both.
Crypto exchange claiming $1.4B trading volume uses reportedly fake license data
An investigation by Cointelegraph revealed that several cryptocurrency platforms, reporting significant daily trades on CoinMarketCap, may have provided misleading information about their crypto licenses. Bitspay, for instance, which has a daily trading volume of $1.4 billion on CoinMarketCap and ranks as the fourth-largest crypto exchange, claimed to be licensed in Estonia. However, after inquiries by Cointelegraph, Bitspay quickly removed the potentially false license data and no longer provides details about its registration or licensing.
Huobi Global hacked for $7.9M: Report
Huobi Global’s HTX crypto exchange was hacked on Sept. 24, according to a report from blockchain analytics platform CyVers. A total of $7.9 million of crypto has been drained in the attack. A known Huobi hot wallet posted a message to the attacker in Chinese. According to the message, the exchange knows the identity of the attacker and has offered to let them keep 5% of the drained funds as a “white-hat bonus,” but only if the attacker returns the remaining 95%. Binance CEO Changpeng “CZ” Zhao offered the help of the exchange’s security team in investigating the attack.
Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis
From solving Mt. Gox to tracing crypto used by child abuse syndicates in Korea, Chainalysis has a long but sometimes controversial history.
US gov’t messed up my $250K Bitcoin price prediction: Tim Draper, Hall of Flame
Tim Draper’s first big Bitcoin prediction came off without a hitch, but he says the current administration is making his second one look bad.
China dev fined 3 yrs’ salary for VPN use, 10M e-CNY airdrop: Asia Express
Chinese national fined three years’ salary for using VPN for remote work, Hangzhou airdrops 10M digital yuan, JPEX alleged Ponzi nears $200M, and more.
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