Top stories this week
Judge grants SEC request to appeal Ripple case
Judge Analisa Torres has granted a request from the US Securities and Exchange Commission (SEC) to file a motion for permission to file an injunctive relief in her case against Ripple Labs. The decision allowed the SEC to file a motion on August 18 asking permission to file a case with the US Circuit Court of Appeals for the Second Circuit. Ripple can also object to the request. Torres ruled on July 13 that Ripple’s XRP token is not a security if it is distributed in public sale, but the ruling considered XRP a security in institutional sale. The case against Ripple has been ongoing since December 2020, when the SEC sued Ripple and its executives over allegations of offering an unregistered security.
Bitcoin and Ether Price Plunge Leads to Crypto Bloodbath With $1 Billion in Liquidations
The collapse in Bitcoin and Ether prices on Aug. 18 caused the two largest cryptocurrencies to fall to two-month lows and sparked a spate of liquidations from thousands of derivatives traders. The crypto bloodbath resulted in billions of dollars worth of hedged positions being liquidated and multiple traders losing millions of dollars in a single trade. According to data from CoinGlass, a total of 176,752 traders were liquidated in a matter of hours, indicating a rapid increase in price volatility just days after BTC and ETH saw their lowest daily volatility in several years. The price function in the crypto market has been attributed to multiple factors including the SpaceX Bitcoin depreciation and macroeconomic factors.
Bitcoin-friendly El Salvador sees bond yields surge to 70% in 2023
El Salvador, which made bitcoin legal tender in 2021, has seen its dollar bond outperform the majority of emerging markets in 2023, with a 70% yield. The bond’s massive rally, meanwhile, has attracted interest from several institutional giants, including JP Morgan, Eaton Vance and PGIM Fixed Income, leading President Nayib Bukele to state, “I told you so.” Alongside the institutional giants, since April also added debt securities to companies such as Lord Abbett & Co LLC, Neuberger Berman Group LLC and UBS Group AG. El Salvador fully repaid its $800 million debt on time earlier this year, restoring confidence in the country’s debt.
The first EU spot bitcoin ETF is coming to the Euronext Amsterdam exchange
Following the long-awaited launch of Jacobi Asset Management’s Jacobi FT Wilshire Bitcoin ETF, Europe welcomed its first spot Bitcoin ETF. The London-based digital asset management company announced that its new investment product will go live on the Euronext Amsterdam exchange on August 15, more than a year later than its planned launch in 2022. The new ETF will be listed under the Ticker symbol BCOIN traded. Its launch marks a milestone for Europe, while US regulators have yet to approve a number of similar spot Bitcoin ETF applications from major asset managers including BlackRock and Fidelity. The new ETF will trade under the BCOIN ticker.
Coinbase Receives NFA Approval to Offer Bitcoin and Ether Futures in the US
Cryptocurrency exchange Coinbase has received approval from the National Futures Association (NFA) to offer crypto futures investing to eligible clients in the United States. The approval allows Coinbase to launch Bitcoin and Ether futures contracts through a derivatives exchange regulated by the Commodity Futures Trading Commission (CFTC). Following the decision, a link to join a waitlist for early access was posted on the exchange’s website. Coinbase claims that the global crypto derivatives market accounts for 75% of global crypto trading volume.
Winner and Loser
Bitcoin at the end of the week (BTC) is at $26,031ether (ETH) at $1,660 And XRP at $0.50. The total market capitalization is at $1.05 Trillions, according to CoinMarketCap.
Among the top 100 cryptocurrencies, Sei are the top three altcoin gainers of the week (BE) at 1948.54%, THORChain (RUNE) with 42.10% and Akash Network (ACT) at 25.80%.
The three biggest altcoin losers of the week are Conflux (CFX) at -28.05%, composite (COMP) at -23.83% and Litecoin (LTC) at -22.99%.
For more information on crypto prices, see Cointelegraph’s Market Analysis.
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Most Memorable Quotes
“We transact every day, we work for money, we save money, but nobody teaches us anything. If you want to make a difference, people and families have to learn about money.”
Roman MartinezCommunity leader at Bitcoin Beach
“The Canadian regulators have been cooperative and helpful. […] There is a clear regulatory path. This allowed us to invest in the country.”
Mark GreenbergManaging Director of Kraken Canada
“[X’s Community Notes is] this is the closest thing to an instantiation of “crypto assets” we have seen in the mainstream world.”
Vitalik ButerinCo-founder of Ethereum
“Not only are we seeing growing demand for regulated custody solutions in the United States, but also demand on a global scale.”
Mike BelsheCEO of BitGo
“The evidence is mounting that we are in the early stages of a new cycle. Risk assets like stocks [and] Crypto has felt that all year.”
Kevin KellyCo-founder of Delphi Digital
“Two key catalysts supporting Bitcoin and Ethereum prices through year-end: the potential SEC approval for a […] Bitcoin ETF and Ethereum’s EIP-4844 upgrade.”
Henrik AnderssonChief Investment Officer at Apollo Crypto
forecast of the week
BTC Price Approaches $26,000, Warns Bitcoin Selling Pressure Could “Doubling”
Bitcoin remained near its two-month low when Wall Street opened on Aug. 18 as markets grappled with extreme liquidations.
Data from Cointelegraph Markets Pro and TradingView showed BTC price action moving sideways after a single daily candle caused an 8% loss. The largest cryptocurrency saw a cascade of liquidations in the derivatives markets, with these accounting for an “outsized” majority on relatively weak spot sales.
For popular pseudonymous trader and analyst Rekt Capital, the picture was bleak – a double-top formation for BTC/USD in 2023 and a complete lack of trendline and moving average support during the collapse.
“BTC made its higher peak around $31,000 as volume increased. But price formed the second half of its double top on declining volume,” he wrote, warning that the capitulation is likely yet to match previous sell-offs. “In fact, current seller volume would likely need to double to match the seller exhaustion volume level that caused price reversals in early and late March and mid-June.”
FUD of the week
Shibarium denies bridge problems and calls it FUD
The team behind the newly released Shibarium mainnet has denied reports of bridge issues and asset losses, saying screenshots circulating in the crypto community are false. According to Shiba Inu ecosystem co-founder Shytoshi Kusama, a massive influx of transactions and user activity is causing technical difficulties in Shibarium, but the funds in the protocol remain safe. Concerns about Shibarium first surfaced in the crypto community after screenshots reportedly captured an internal conversation that revealed the team was allegedly unable to recover assets associated with the recently launched Shibarium network.
SwirlLend carpets based on the new Coinbase Layer 2, as reported by numerous scammers
Base, Coinbase’s new Layer 2, has already seen an influx of malicious actors. In the most recent incident, crypto lender SwirlLend appears to have carried out a carpet heist. PeckShield reported that SwirlLend transferred tokens from Base and Linea, bridging the crypto with Ethereum. A new token was then created and 253.2 ETH was washed via crypto mixer Tornado Cash. SwirlLend has shut down its social media accounts and website. The total value set on base has gone from $784,300 to $49,200. Crypto trade monitoring firm Solidus Labs has also found more than 500 scam tokens on Base.
FBI Seizes Nearly $2 Million in Crypto Assets in Three Months
A public filing released by the U.S. Federal Bureau of Investigation (FBI) shows law enforcement seized approximately $1.7 million worth of digital assets from March to May. Specifically, the FBI seized $147,000 worth of Bitcoin (BTC), $800,000 worth of Ether (ETH), $307,000 worth of Tether (USDT), $469,000 worth of Dai (DAI) Dollars and Monero (XMR) worth $20,000. Assets were seized from a variety of sources, including wallets on the Binance exchange. According to the FBI, the seizures of the assets were due to various violations of federal regulations.
Should we ban ransomware payments? It’s an attractive but dangerous idea
Paying a ransom to cyber attackers can save lives and prevent huge losses. But it also encourages other attacks.
Big Questions: Did the NSA Create Bitcoin?
“I would put it this way: They absolutely have the capability,” says a former NSA analyst.
The Real Reason for China’s War on Crypto, the 3AC Judge’s Embarrassing Mistake: Asia Express
Crypto projects and holders face harsh penalties in China, digital yuan airdrops to revitalize local economy, and the latest twist in the 3AC saga.
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Cointelegraph Magazine writers and reporters contributed to this article.
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