Andrew Left, the founder of Citron Research, a short-selling financial research firm, has entered a not guilty plea to several securities fraud charges filed against him on July 26.
In a 40-minute hearing at a federal court in Los Angeles, Judge Rozella Oliver set a $4 million unsecured bond and a $1 million collateralized bond for Left, who is required to post the collateral by August 5, as per a Bloomberg report dated July 29.
During the hearing, Left was ordered to surrender his passport.
This decision followed U.S. Assistant Attorney Brett Sagel’s successful argument that Left posed a flight risk due to his substantial assets, which include overseas property.
“He can walk out of this country and live a very luxurious life,” Sagel noted.
Furthermore, Left’s financial activities are now restricted; he cannot engage in transactions exceeding $100,000 without special permission, and his trading activities are limited.
Throughout the proceedings, Left, with hands cuffed, responded to the judge’s questions mostly with “yes” or “no” answers.
His trial is scheduled for September 24.
The charges against Left were brought by both the U.S. Securities and Exchange Commission (SEC) and the Department of Justice.
They accuse him of profiting $16 million through misleading stock recommendations, a practice referred to as “bait and switch.”
The SEC alleges, “Left bought back stock immediately after telling his readers to sell, and he sold stock immediately after telling his readers to buy.”
Left’s attorney, James Spertus, has criticized the case as “defective,” stating that Left had no obligation to disclose his personal trading plans.
Spertus added that Left would not accept a plea deal, as it would imply wrongdoing.
The case is part of a broader investigation into the relationship between hedge funds and short-seller research firms.
Citron, known for its critical stance on the cryptocurrency industry, previously advised shorting Coinbase stock after an exchange outage.
Similarly, other short-seller firms like Culper Research and Kerrisdale Capital have targeted crypto companies, critiquing their business practices and valuation.
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The U.S. government has transferred $2 billion worth of Bitcoin, despite former President Donald Trump’s recent statement that the U.S. would never sell its Bitcoin holdings.
This transfer, consisting of 29,800 Bitcoin, was moved from a government wallet, which held assets seized from the Silk Road marketplace in 2022, to an unknown address on July 29.
The funds have since been transferred to another unknown wallet.
This move comes just days after Trump, speaking at the Bitcoin 2024 conference in Nashville, Tennessee, made several pro-crypto promises.
He vowed that the U.S. government would retain its Bitcoin holdings and aimed to establish the U.S. as the “crypto capital of the world” through supportive policies, including the dismissal of Securities and Exchange Commission Chair Gary Gensler.
Additionally, Senator Cynthia Lummis announced legislation to designate Bitcoin as a strategic reserve asset for the U.S. She proposed acquiring 5% of Bitcoin’s total supply to hold as a Treasury asset, likening it to a modern “Louisiana Purchase.”
Catherine Chen, Binance’s head of VIP and institutional, commented to Cointelegraph that the attention on Bitcoin from high-profile U.S. figures is a “positive sign” for the digital asset sector.
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“What is clearly meaningful is that politicians and prominent industry leaders are explicitly stating their positions, recognizing the value of Bitcoin in the monetary system, and making it clear that crypto is important on their agenda,” Chen noted.
She highlighted Binance’s Capital, People, Technology (CPT) Framework, which aims to advance the crypto market under these strategic reserves.
Galaxy Digital CEO Mike Novogratz criticized the government’s Bitcoin transfer, calling it “tone deaf.” Some speculate this transfer might relate to a July 1 agreement between Coinbase and the U.S. Marshals Service to manage government-held crypto assets.
The U.S. government currently holds $12 billion in Bitcoin, primarily from seizures. However, not everyone believes Bitcoin will become a strategic reserve asset.
BlockTower Capital’s Ari Paul estimated a 10% chance of this happening within the next four years, suggesting skepticism about this direction for Bitcoin in the U.S. policy landscape.
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Bitcoin experienced notable volatility as Wall Street opened on July 31, with markets on edge due to upcoming U.S. macroeconomic events and the end-of-month close.
According to Cointelegraph Markets Pro and TradingView data, Bitcoin reached daily highs of $66,814 on Bitstamp, anticipating the Federal Reserve’s decision on interest rates.
While the CME Group’s FedWatch Tool suggests that the Federal Open Market Committee (FOMC) is unlikely to change rates until September, traders are focused on comments from Fed Chair Jerome Powell.
“We anticipate increased volatility ahead of tonight’s FOMC.
“We do not expect a cut and place higher importance on the statement and Powell’s presser after,” trading firm QCP Capital noted in a bulletin to its Telegram subscribers.
The firm expects a rate cut in both September and December, but warns that any deviation from this expectation could trigger risk-off movements across all asset classes, including cryptocurrencies.
European economic data further underscored potential challenges, with eurozone inflation rising to 2.6%, surpassing the expected 2.5%.
“Core inflation in Europe hit 2.9%, above expectations of 2.8%,” The Kobeissi Letter commented on X, highlighting concerns about rising inflation in the region.
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Amid these macroeconomic developments, major technology stocks faced pressure, with recent earnings reports failing to boost market sentiment.
Keith Alan, co-founder of trading resource Material Indicators, expressed caution, noting the potential for increased volatility as Bitcoin approached its monthly candle close.
He pointed out the significance of the 21-week simple moving average (SMA) at $65,700 as a critical support level.
“Losing the 21-Week MA would open the door to fill some CME Gaps, but at the moment we do have some bid support laddered in the $63k – $65k range,” Alan wrote, emphasizing market anticipation for Powell’s remarks and the monthly close.
Monitoring resource CoinGlass indicated rising buy liquidity around $65,500. Trader Mark Cullen added, “I was expecting Bitcoin to provide us with a bit more of a bounce yesterday, but ultimately I’m still looking for that 63k range low to get swept,” anticipating further volatility with the FOMC rate decision approaching.
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The Aptos Foundation, which supports the development of the Aptos decentralized network, recently announced the introduction of Ondo Finance’s yield-bearing stablecoin, Ondo US Dollar Yield (USDY), on the Aptos blockchain.
USDY, a digital asset backed by United States Treasurys, will be accessible to non-US residents through the Aptos blockchain.
It’s important to note that this asset has not yet been registered under the Securities Act in the United States.
The Aptos Foundation highlighted the role of stablecoins in providing financial services to underserved communities and democratizing access to finance.
Interestingly, stablecoin issuers and other crypto companies are becoming significant purchasers of US government debt.
Tether, for instance, backs its stablecoin with US dollar reserves and US Treasury bills. In 2023, Tether disclosed holding $72.5 billion in US Treasury bills.
The potential impact of stablecoins on the US dollar has garnered attention from notable figures, including former US lawmaker Paul Ryan.
Ryan emphasized that dollar-pegged stablecoins could bolster demand for the dollar, countering geopolitical moves to reduce its use in international trade.
He suggested that this could help sustain the US dollar’s dominance for decades.
In another development, Binance.US recently received regulatory approval to invest customer funds in US Treasury bills.
The agreement allows Binance.US to invest in these instruments provided it uses a third-party custodian and does not reinvest the funds in Binance-related businesses.
Looking ahead, research strategist Tom Wan predicts that the market for tokenized US Treasurys could reach $3 billion by the end of 2024.
He attributes this growth to tokenized Treasury offerings from companies like BlackRock and Securitize, which are expected to draw more capital into this emerging market.
Wan pointed out that BlackRock’s Institutional Digital Liquidity Fund (BUIDL) is already the largest tokenized Treasury investment fund globally, signaling a growing interest in these digital financial instruments.
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Bitcoin encountered significant selling pressure after the Wall Street opening on July 29, as attempts to reach the $70,000 mark were decisively rejected.
Data from Cointelegraph Markets Pro and TradingView revealed that Bitcoin’s price dropped by 4.5% following a distribution phase.
After a steady climb over the weekend and during the initial Asian trading session, BTC/USD lost steam when Wall Street reopened, falling from a high of $70,016 on Bitstamp to a low of $66,839.
This price movement coincided with a notable transfer from a wallet linked to the U.S. government, involving approximately $2 billion in Bitcoin.
Trader Skew noted, “Transfer went to a fresh wallet by looks of it which typically is the precursor of OTC related auctions,” suggesting potential impacts on supply and price.
Charles Edwards, founder of Capriole Investments, expressed concern over the recurring pattern of government-related Bitcoin distributions affecting price trends.
He commented, “Just when you think all the excess supply dumping is over, the current admin finds another way to screw us.”
Analyzing recent market dynamics, Skew highlighted significant profit-taking at higher price levels, observing, “That push up from spot takers was met with passive spot selling, hence price didn’t sustain above $70K on LTF.”
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The $69,000+ region remains a crucial psychological and liquidity threshold for Bitcoin, echoing its previous all-time high in 2021.
CoinGlass data indicated that while the liquidity above $69,000 remained intact, the price dipped to lower levels to access liquidity.
Skew anticipated further downside, noting bulls’ struggles to stabilize the market. Josh Rager, another well-known trader, cautioned that the market could see a series of lower highs, leading to a potential downtrend.
Trader CrypNuevo speculated on choppy price action ahead of the Federal Reserve’s meeting on July 31, stating, “When there is a big event like this FOMC, markets tend to be choppy until the news comes out.
“Big players step in with caution.
“Not an easy week.”
He also shared a chart suggesting possible Bitcoin price movements around the Fed’s decision.
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In Kyiv, Ukraine, police have arrested four men, aged 24 to 29, for allegedly kidnapping and murdering a 29-year-old foreign national Bitcoiner.
The suspects reportedly planned the attack and executed it around midnight on July 29, according to Kyiv Police.
Residents alerted the police after hearing screams and witnessing the victim being forcibly pushed into a car by several individuals.
The victim was subsequently taken to an abandoned building, where he was coerced into transferring approximately 7 million Ukrainian hryvnias worth of Bitcoin (about 2.55 BTC).
The attackers then strangled the victim and buried his body in a nearby forest.
Kyiv Police stated that the suspects attempted to conceal their crime by altering the car’s appearance and changing its license plates.
After the crime, they converted the stolen Bitcoin into U.S. dollars and euros.
However, they were eventually apprehended by the authorities.
Prosecutors in Kyiv are preparing to charge the four men with murder, robbery, illegal deprivation of liberty by an organized group, and concealment of a crime.
If convicted, they could face life imprisonment.
This incident highlights the dangers that continue to plague the cryptocurrency community.
Notably, in 2022, a crypto millionaire was found dismembered in a suitcase in Argentina, and another individual was murdered with a dumbbell in Bulgaria, with their remains disposed of in a drain.
Bitcoin cypherpunk Jameson Lopp has noted that criminals often identify potential victims through social media, public discussions, meetups, and conferences.
Lopp advises against engaging in peer-to-peer trades with untrusted individuals, flaunting wealth on social media, or wearing crypto-branded clothing.
“The general premise is that if criminals are less aware of you, they are less likely to target you,” he emphasized.
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Digital currency-backed exchange-traded funds (ETFs) are expected to be integrated into “model portfolios” by the end of 2024, according to Samara Cohen, BlackRock’s chief investment officer for ETFs and Index Investments.
In a Bloomberg interview on July 29, Cohen discussed the current state of major financial institutions, including Morgan Stanley, Wells Fargo, and UBS, in relation to onboarding and promoting crypto ETFs.
She mentioned that these institutions are now engaged in risk analytics and due diligence, particularly focusing on Bitcoin (BTC) and Ether (ETH) within their portfolios.
Cohen noted, “What will happen toward the end of this year and into next year is we will see allocations into model portfolios which will give us much more of a steer into how investors are using them.”
Model portfolios, commonly offered by large brokerage firms, are diversified investment strategies that balance risk and return, providing investors with pre-designed templates or “recipes” for investing.
BlackRock anticipates that the management of model portfolios will grow from the current $4.2 trillion to $10 trillion over the next five years.
Earlier in July, Salim Ramji, global head of iShares and index investments at BlackRock, commented on the growing trend, stating, “It’s going to be massive,” and emphasizing the importance of fiduciary advisers in this shift.
Cohen highlighted that Bitcoin and Ether, though distinct in their use cases, serve as “portfolio diversifiers.”
Addressing the recent net outflows from spot Ether ETFs, she expressed no concern, noting the strong initial launch and the role these ETFs play as an “access point” for investors seeking exposure to ETH.
She remarked on the outflows from more expensive funds, such as the Grayscale Ethereum Trust, and noted investor interest in incorporating ETH into broader portfolios within trusted ecosystems.
Cohen also indicated that a spot ETF for altcoins like Solana (SOL) is unlikely in the near future.
Robert Mitchnick, BlackRock’s head of digital assets, echoed this sentiment at the Bitcoin 2024 conference, saying, “I don’t think we’re gonna see a long list of crypto ETFs.”
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Anita Dunn, a senior adviser to U.S. President Joe Biden, is set to leave the White House, with plans to join a political action committee (PAC) supportive of Kamala Harris, a potential 2024 presidential candidate. President Biden announced Dunn’s departure in a statement on July 30.
According to a report by The Washington Post, Dunn will become a senior adviser at Future Forward, a Democratic-focused Super PAC, and also serve as an adviser to its partner organization, Future Forward USA Action.
Future Forward PAC (FF PAC), according to Open Secrets, aims to support Harris in the upcoming election against Republican nominee Donald Trump.
The Super PAC is reportedly preparing to commit at least $300 million to this effort, with Dunn expected to play a significant role in campaign-related activities.
Recently, on July 10, Dunn participated in a roundtable event with representatives from the cryptocurrency industry and U.S. lawmakers.
This meeting focused on discussing digital asset regulation, marking a rare instance of direct engagement between White House staff and the crypto sector.
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This follows President Biden’s veto of a resolution aimed at overturning an SEC rule requiring banks to classify crypto assets as liabilities on their balance sheets.
It remains unclear if Dunn’s role at Future Forward PAC will involve cryptocurrency-related activities.
Prior to the 2022 U.S. midterm elections, executives from the crypto exchange FTX, including former CEO Sam Bankman-Fried, contributed to Future Forward, supporting Democratic candidates.
Some of these contributions are currently under legal scrutiny and may be subject to forfeiture.
Under U.S. Federal Election Commission rules, PACs are not allowed to coordinate directly with political candidates.
As of July 31, Future Forward PAC has not accepted cryptocurrency donations.
Crypto-focused PACs, such as Fairshake PAC affiliates Defend American Jobs and Protect Progress, have previously spent over $2 million on media campaigns supporting candidates from both parties in Arizona’s recent House seat primaries.
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The launch of new Ether exchange-traded funds (ETFs) faced significant challenges, with nearly $750 million flowing out of these funds over four of the five initial trading days.
However, on July 30, the trend shifted as net inflows across all nine spot Ether ETFs reached $33.6 million, marking the first day of positive flows since the launch.
According to Nansen’s data, this trend differs significantly from the debut of Bitcoin ETFs, highlighting distinct regulatory conditions.
On July 30, Bitwise surpassed BlackRock in trading volume, aided by Bitwise’s decision to waive its 0.2% fee for the first six months to encourage inflows.
However, as of July 31, BlackRock regained its lead in trading volume, accounting for 5.59% of assets under management (AUM).
Regulatory scrutiny has played a crucial role in the development of Ether ETFs.
The U.S. Securities and Exchange Commission (SEC) has previously raised concerns about the staking aspects of Ethereum’s proof-of-stake (PoS) consensus mechanism.
Consensys addressed these concerns on March 31, asserting that Ethereum’s PoS mechanism “meets and even exceeds the security of Bitcoin’s proof-of-work (PoW),” which the SEC has already approved for trading.
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Despite the regulatory hurdles, there is a notable divide in investor interest in crypto ETFs.
On July 25, BlackRock indicated that client interest is primarily concentrated on Bitcoin and Ethereum ETFs.
At the Bitcoin 2024 conference, Robert Mitchnick, BlackRock’s head of digital assets, noted that while interest in Ethereum exists, it diminishes significantly beyond BTC and ETH products.
On July 18, Bitwise’s chief investment officer, Matt Hougan, expressed optimism about the future impact of U.S. spot Ether ETFs on the asset’s price.
He acknowledged potential volatility in the initial weeks, especially as the Grayscale Ethereum Trust transitions to an exchange-traded product (ETP), but predicted new highs for Ether by the end of 2024.
Hougan’s optimism is based on Ethereum’s widespread use, the forced sell-offs by BTC miners, and the substantial portion of ETH (around 28%) locked away through staking.
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Bitcoin‘s recent price movements have been characterized by a pattern of lower highs, with attempts to reach all-time highs being consistently thwarted by sellers.
This pattern has caught the attention of traders, who are monitoring the market closely.
Data from Cointelegraph Markets Pro and TradingView indicates that the $70,000 mark has been a significant resistance level for Bitcoin’s price rebound in July.
Despite hopes among Bitcoin bulls for a return to the $73,800 all-time high reached in March, sellers have kept the market in check.
Traders are now noting this repeated phenomenon, which has resulted in Bitcoin’s price being pushed down within a five-month trading range.
Daan Crypto Trades, a popular trader, highlighted the abundance of liquidity above $70,000, suggesting that stop losses and liquidation levels from short positions are clustered there.
In a post on X on July 30, he noted, “Bitcoin With a couple of lower highs in close proximity of each other. Likely for a lot of liquidity to sit above these levels in the form of stop losses/liquidation levels from shorts.”
Daan Crypto Trades identified $72,000 as a critical level for bulls to surpass, and mentioned potential buy-liquidity below the current price.
According to analysis, if BTC/USD falls below $64,000, this liquidity could become significant.
He predicted, “Seeing it’s also at all time high, I think once we take the June 7th high we’ll break all.” He also pointed out support around $63,000-$63,500, noting that “we got some wicks around $63K-$63.5K which likely got some long stops below.”
Josh Rager, another trader and analyst, expressed disinterest in trading without a clear breakout, stating, “Not much has changed here for BTC… Get a daily close higher and I’ll be interested again.”
Pseudonymous trader Horse on X also questioned the strength of Bitcoin’s recent rise to $70,000, pointing out a lack of spot buyer interest and suggesting that the movement was driven by open interest rather than actual price increases.
He commented, “Market depth has shifted unfavorably across the board… This could just mean the ride upward is a bit more melty and grindy before things get slippery higher.”
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