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Prime Tales This Week
Sam Bankman-Fried takes the stand on FTX’s collapse
Sam “SBF” Bankman-Fried testified this week in his ongoing felony trial within the Southern District of New York, denying any wrongdoing between FTX and Alameda Analysis whereas acknowledging making “large errors” through the corporations’ explosive progress. Highlights of his testimony embrace denying directing his interior circle to make important political donations in 2021, in addition to claims that FTX’s phrases of use lined transactions between Alameda and the crypto alternate. Moreover, Bankman-Fried testified that he requested further hedging methods for Alameda in 2021 and 2022, however they had been by no means carried out. The trial is predicted to conclude inside the subsequent few days.
‘Purchase Bitcoin’ search queries on Google surge 826% within the UK
Google searches for “purchase Bitcoin” have surged worldwide amid a serious crypto rally, with searches in the UK rising by greater than 800% within the final week. In keeping with analysis from Cryptogambling.television, the search time period “purchase Bitcoin” spiked a staggering 826% within the U.Okay. over the course of seven days. In america, information from Google Developments exhibits that searches for “ought to I purchase Bitcoin now?” elevated by greater than 250%, whereas extra area of interest searches, together with “can I purchase Bitcoin on Constancy?” elevated by over 3,100% within the final week. Zooming out additional, the search time period “is it a superb time to purchase Bitcoin?” noticed a 110% achieve worldwide over the past week.
US court docket points mandate for Grayscale ruling, paving approach for SEC to evaluation spot Bitcoin ETF
The US Courtroom of Appeals has issued a mandate following a choice requiring Grayscale Investments’ utility for a spot Bitcoin exchange-traded fund (ETF) to be reviewed by the Securities and Trade Fee (SEC). In an Oct. 23 submitting, the “formal mandate” of the court docket took impact, paving the best way for the SEC to evaluation its determination on Grayscale’s spot Bitcoin ETF. The mandate adopted the court docket’s preliminary ruling on Aug. 29 and the SEC’s failure to current an enchantment by Oct. 13. Up to now, the SEC has but to approve a single spot crypto ETF for itemizing on U.S. exchanges however has given the inexperienced gentle to funding automobiles linked to Bitcoin and Ether futures.
Coinbase disputes SEC’s crypto authority in remaining bid to toss regulator’s go well with
The U.S. Securities and Trade Fee overstepped its authority when it categorised Coinbase-listed cryptocurrencies as securities, the alternate has argued in its remaining bid to dismiss a lawsuit by the securities regulator. In an Oct. 24 submitting in a New York District Courtroom, Coinbase chastised the SEC, claiming its definition for what qualifies as a safety was too broad, and contested that the cryptocurrencies the alternate lists are usually not underneath the regulator’s purview. The SEC sued Coinbase on June 6, claiming the alternate violated U.S. securities legal guidelines by itemizing a number of tokens it considers securities and never registering with the regulator.
Gemini sues Genesis over GBTC shares used as Earn collateral, now value $1.6B
Cryptocurrency alternate Gemini filed a lawsuit in opposition to bankrupt crypto lender Genesis on Oct. 27. At subject is the destiny of 62,086,586 shares of Grayscale Bitcoin Belief. They had been used as collateral to safe loans made by 232,000 Gemini customers to Genesis by the Gemini Earn Program. That collateral is presently value near $1.6 billion. In keeping with the go well with, Gemini has obtained $284.Three million from foreclosing on the collateral for the advantage of Earn customers, however Genesis has disputed the motion, stopping Gemini from distributing the proceeds. Genesis filed for chapter in January. It had suspended withdrawals in November 2022, which impacted the Gemini Earn program.
Winners and Losers
On the finish of the week, Bitcoin (BTC) is at $34,143, Ether (ETH) at $1,789 and XRP at $0.54. The entire market cap is at $1.26 trillion, in line with CoinMarketCap.
Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are Pepe (PEPE) at 72.08%, Mina (MINA) at 55.47% and FLOKI (FLOKI) at 53.33%.
The highest three altcoin losers of the week are Bitcoin SV (BSV) at -10.27%, Toncoin (TON) -3.14% and Belief Pockets Token (TWT) at -0.82%.
For more information on crypto costs, make certain to learn Cointelegraph’s market evaluation.
Learn additionally
Most Memorable Quotations
“The witness [Sam Bankman-Fried] has an fascinating approach of responding to questions.”
Lewis Kaplan, senior decide of the U.S. District Courtroom for the Southern District of New York
“In terms of illicit finance, crypto just isn’t the enemy – dangerous actors are.”
“I should say, I am not a lawyer, I am just trying to answer based on my recollection. […] At the time [at] FTX, certain customers thought accounts would be sent to Alameda.”
Sam Bankman-Fried, former CEO of FTX
“Without prejudging any one asset, the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws.”
Gary Gensler, chair of U.S. Securities and Exchange Commission
“I do not believe there has been a single serious conversation regarding a settlement between Ripple […] and the SEC. The SEC is pissed and embarrassed and wants $770M worth of flesh.”
John Deaton, attorney
“He [Sam Bankman-Fried] thought he was going to take that money, and […] he would out-trade the market and put the money back and end up as a half-a-trillionaire, but it never works like that.”
Anthony Scaramucci, founder of SkyBridge Capital
Prediction of the Week
Bitcoin beats S&P 500 in October as $40K BTC price predictions flow in
Bitcoin surfed $34,000 at the end of the week as attention turned to BTC price performance against macro assets. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding steady, preserving its early-week gains.
The largest cryptocurrency avoided significant volatility as the weekly and monthly closes — a key moment for the October uptrend — drew ever nearer.
“I think Bitcoin will hang around this range for some time,” popular pseudonymous trader Daan Crypto Trades told X subscribers in one of several posts on Oct. 27. “Roughly $33-35K is what I’m looking at as a range. Eyes on potential sweeps of any of these levels for a quick trade,” he wrote.
FUD of the Week
UK passes bill to enable authorities to seize Bitcoin used for crime
Lawmakers in the United Kingdom have passed legislation allowing authorities to seize and freeze cryptocurrencies like Bitcoin if used for illicit purposes. Introduced in September 2022, the passed legislation aims to expand authorities’ ability to crack down on the use of cryptocurrency in crimes like cybercrime, scams and drug trafficking. One of the provisions of the bill permits the recovery of crypto assets used in crimes without conviction, as some individuals may avoid conviction by remaining remote.
Scammers create Blockworks clone site to drain crypto wallets
Phishing scammers have cloned the websites of crypto media outlet Blockworks and Ethereum blockchain scanner Etherscan to trick unsuspecting readers into connecting their wallets to a crypto drainer. A fake Blockworks site displayed a fake “BREAKING” news report of a supposed multimillion-dollar “approvals exploit” on the decentralized exchange Uniswap and encouraged users to visit a fake Etherscan website to rescind approvals. The fake Uniswap news article was posted on Reddit across several popular subreddits.
Kraken to suspend trading for USDT, DAI, WBTC, WETH and WAXL in Canada
Kraken will suspend all transactions related to Tether, Dai, Wrapped Bitcoin, Wrapped Ether and Wrapped Axelar in Canada in November and December. The suspensions may not surprise many Canadian cryptocurrency users, as they come on the heels of several other notable exchanges taking similar actions throughout 2023. OKX ceased operations in Canada in June after Binance announced its intention to do so in May.
5,050 Bitcoin for $5 in 2009: Helsinki’s claim to crypto fame
Helsinki has a long and fascinating history with cryptocurrency, including the first exchange of Bitcoin for United States dollars.
Australia’s $145M exchange scandal, Bitget claims 4th, China lifts NFT ban: Asia Express
Australian police bust $145 million money laundering scam, Bitget gains market share in Q3, China unblocks NFTs, and more.
How blockchain games fared in Q3, Upland token on ETH: Web 3 Gamer
$2.3B tipped into Web3 games so far this year, ex-GTA devs’ studio teams up with Immutable, Brawlers to launch on Epic Games Store, and more.
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Editorial Staff
Cointelegraph Magazine writers and reporters contributed to this article.
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