Grayscale, a leading crypto fund manager, has called on the U.S. Securities and Exchange Commission (SEC) to approve all pending spot Bitcoin ETFs simultaneously, arguing that selective approval would grant an unfair advantage to certain proposals.
The request, articulated in a letter submitted by Grayscale’s Chief Legal Officer, Craig Salm, included their own application among the eight filings.
The letter proposed that the SEC could approve the spot ETFs based on precedents set for Bitcoin futures ETFs, as these fund types are closely linked.
Grayscale also refuted the SEC’s requirement for surveillance sharing agreements (SSAs) between the ETF providers and Coinbase, a leading crypto exchange, which aims to prevent market manipulation.
Recently, ETF filings from top financial companies, including Invesco, BlackRock, Valkyrie, VanEck, Wisdom, Fidelity, and ARK Invest, were updated to incorporate SSAs with Coinbase.
The SEC, in turn, had delayed the ETFs’ approval in June citing the absence of such agreements.
READ MORE: Best Crypto Projects to Invest in For The Next Bull Run
However, Grayscale contends that these SSAs are not requisite or sufficient under SEC standards as Coinbase is not a registered securities exchange, broker-dealer, or futures exchange.
Grayscale emphasized that the approval of the ETFs would mark a considerable but positive shift in the SEC’s standard application, warning against any discriminatory ‘first-mover’ benefits to certain proposals.
The firm’s Grayscale Bitcoin Trust (GBTC) currently has close to a million investors, tracking Bitcoin’s price.
Conversion to an ETF could yield billions in investor value, making Grayscale question the SEC’s rationale in withholding GBTC investors from a spot Bitcoin ETF.
The SEC rejected Grayscale’s application to convert the GBTC into a spot Bitcoin ETF last June, leading to a lawsuit by Grayscale against the regulator.
Grayscale accuses the SEC of inconsistency in handling similar investment vehicles, considering it an arbitrary act.
Other Stories:
KuCoin Denies Layoff Rumors Amidst Crypto Industry Stabilization
Tennessee Realtor Couple Charged in $6M ‘Blessings of God Thru Crypto’ Investment Fraud
Ripple’s Chief Legal Officer Dismisses Concerns of SEC Appeal, Predicts Further Victory
Bitcoin (BTC) faced the threat of further declines over the weekend as the July 23 candle close approached.
The cryptocurrency was trading below $30,000, which had now become an intraday resistance level, according to data from Cointelegraph Markets Pro and TradingView.
On July 22, BTC briefly dipped to $29,640 before recovering by the daily close, but traders remained concerned about the possibility of more downside movement. Crypto Tony, a popular trader, warned his Twitter followers about a double top rejection on the BTC chart and highlighted two critical psychological levels to watch out for – $25,000 and $20,000.
Another trader and analyst, Nebraskan Gooner, concurred with the idea of further downward price action for BTC, pointing out that it had fallen below the narrow range that had been in play for the past month.
As for the future direction of Bitcoin’s price, some traders were waiting for increased market volatility, but they were hesitant to predict whether it would break out or break down to test earlier-year levels.
Toni Ghinea, a well-known trader and analyst, anticipated a decisive move in the recent narrow price range in the coming week.
READ MORE: Report Reveals Alarming Surge in Cryptocurrency Use by ISIS Terrorists
He identified $31,000 to $32,000 as a resistance area and $29,000 as a support level, advising caution if a break above the resistance occurs.
Ghinea warned against becoming overly optimistic in such a scenario as it could still be near the range high.
Conversely, a potential decline could see BTC testing the 27,000 to 28,000 range, with the $19,000 to $23,000 zone still being a possibility.
Amidst these technical considerations, market participants were bracing for a crucial week with the Federal Open Market Committee (FOMC) meeting on the horizon.
The FOMC, responsible for setting interest rates in the United States, could provide significant volatility indicators as it makes decisions on monetary policy.
Market sentiment leaned heavily toward predicting a return to rate hikes, with odds standing at 99.2% as of July 23, according to CME Group’s FedWatch Tool.
Overall, Bitcoin’s price remained under pressure as traders closely monitored key levels and events that could influence the cryptocurrency’s trajectory in the near future.
Other Stories:
Controversial Proposal Sparks Fierce Debate Among Members of Solana-Based Liquidity Network
Terraform Labs Faces Uphill Battle Amidst Allegations, New CEO Discusses Road Ahead
In a remarkable turn of events, a dormant Bitcoin (BTC) wallet that had remained untouched for 11 years has suddenly come to life, transferring its entire stash of over 1,037 Bitcoin. At current market prices, this amounts to a staggering $31 million worth of BTC.
The transfer occurred at a Bitcoin price of $29,956 and took place at block height 799701, around 10:51 am UTC on July 22, as reported by BitInfoCharts. According to on-chain analytics platform Lookonchain, this long-dormant address had acquired the 1,037 BTC back on April 11, 2012, when the price of Bitcoin was just $4.92, valuing the stash at a modest $5,108 at the time.
The recipient of this massive transfer appears to be a fresh wallet address identified as “bc1qt180…,” which now holds the considerable sum of $31 million in BTC, according to data from blockchain aggregator Blockchair.
Notably, the original Bitcoin wallet that initiated the transfer had previously peaked in value at $71.6 million when Bitcoin reached its all-time high price of $69,044 on November 10, as per cryptocurrency price platform CoinGecko.
Interestingly, the United States government has also been involved in significant BTC transactions. Just ten days before this particular transfer, the U.S. government transferred nearly 10,000 BTC, equivalent to $299 million, in relation to the Silk Road seizure.
However, it remains unclear whether these funds were sent to cryptocurrency exchanges or remain under the custody of the Justice Department.
READ MORE: Report Reveals Alarming Surge in Cryptocurrency Use by ISIS Terrorists
This event adds to a list of other enigmatic wallet movements that have taken place recently. On June 11, a mysterious Bitcoin whale moved 1,400 BTC worth $36 million at the time, opting for a Pay-to-Taproot address, potentially to enhance privacy, according to CryptoQuant CEO Ki Young Ju.
In April, another intriguing Bitcoin address transferred 2,071 BTC, valued at $60 million, almost a decade after acquiring them at a price of $663, again reported by Lookonchain.
Despite these high-value transfers, an impressive 55% of BTC has not moved in over two years, as shown in a chart by on-chain analytics firm Glassnode, which was shared by cryptocurrency researcher Will Clemente.
As of now, BTC is priced at $30,082. Although the cryptocurrency has seen an 81.8% increase in 2023, it still remains 56.4% below its all-time high reached in November 2021, according to CoinGecko.
The market continues to be full of surprises as dormant wallets awake, governments engage in crypto movements, and investor behavior keeps evolving.
Other Stories:
2023 Ranking: 4 Best Crypto Projects To Buy
Terraform Labs Faces Uphill Battle Amidst Allegations, New CEO Discusses Road Ahead
Controversial Proposal Sparks Fierce Debate Among Members of Solana-Based Liquidity Network
The Bitcoin network recently reached a significant milestone by mining its 800,000th block, leaving just 40,000 blocks remaining until the next mining reward halving.
The 800,000th block contained 3,721 transactions, occupying 1.64 megabytes of data. Concurrently, the price of Bitcoin was trading at $29,815, a slight decrease from $29,162, as reported by market researcher Dylan LeClair on Twitter.
The achievement garnered considerable attention on social media, with Bitcoin enthusiasts and industry experts touting it as a testament to the network’s security and resilience.
In the context of blockchain technology, the term “block height” refers to a block’s position on the blockchain concerning the number of blocks that came before it, dating back to the network’s founding block, known as the genesis block.
Each block comprises bundled transactions and data, forming a chronological order that allows users to track the sequence of recorded transactions.
Block height also plays a crucial role in ensuring the immutability of the Bitcoin blockchain. As more blocks are added, the computational power required for a malicious actor to tamper with previous blocks significantly increases.
This helps prevent 50% attacks, where an attacker gains enough computing power to monopolize block generation, enabling them to reverse transactions and disrupt the network.
Moreover, block height affects the mining difficulty of the Bitcoin network.
READ MORE: Report Reveals Alarming Surge in Cryptocurrency Use by ISIS Terrorists
The mining difficulty is adjusted regularly based on the total computational power of the network and the time it takes to mine a specific number of previous blocks.
Since the network generates a new block approximately every 10 minutes, any changes in hashing power result in automatic adjustments to maintain equilibrium.
Furthermore, block height determines the rewards received by miners for adding a new block to the network. Bitcoin’s design includes a block-halving event roughly every four years or every 210,000 blocks.
Initially, the block reward was 50 BTC in 2009, which halved to 25 BTC in 2012, 12.5 BTC in 2016, and presently stands at 6.25 BTC since 2020.
The next halving event is anticipated to occur in April 2024, resulting in a reduced block reward of 3.125 BTC.
Past halving events have historically coincided with significant price rallies for Bitcoin and the broader cryptocurrency market.
As the countdown to the next halving event begins, macroeconomic factors have influenced the price of BTC, particularly following its all-time high of $69,000 in 2021.
Analysts and commentators have interpreted recent Bitcoin exchange-traded fund filings by global asset managers BlackRock and Fidelity as a sign of renewed institutional interest in Bitcoin.
These developments continue to shape the cryptocurrency’s trajectory as it moves closer to another crucial halving event.
Other Stories:
Controversial Proposal Sparks Fierce Debate Among Members of Solana-Based Liquidity Network
2023 Ranking: 4 Best Crypto Projects To Buy
Terraform Labs Faces Uphill Battle Amidst Allegations, New CEO Discusses Road Ahead
Bitcoin (BTC) has been struggling to break above the resistance at $31,000, but it has managed to maintain support at $29,500.
This suggests that the price needs a catalyst to break out of its current range.
The upcoming Federal Reserve meeting on July 25 and 26 is an important event to monitor.
There’s a high probability of a 25 basis point rate hike, which may not cause an immediate market reaction as it seems to have been priced in.
However, any unexpected move by the Fed could push the price of Bitcoin out of its range.
Analysts expect the range to break soon, but they are divided on the direction of the breakout.
A downside break could lead to a significant decline, with some projecting a fall to around $20,000.
On the positive side, if Bitcoin’s price moves higher, certain altcoins could attract buyers.
Now, let’s take a look at the charts of the top five cryptocurrencies that may turn positive in the coming days.
For Bitcoin, it remains below the 20-day exponential moving average ($30,036) but has support at the 50-day simple moving average ($28,979).
This indicates that the bulls are not giving up, and their repeated efforts to prevent a decline might attract buyers.
If the price breaks above the 20-day EMA, it could rally towards the resistance at $31,000 and even open the path for a potential rally to $40,000.
Conversely, a drop below the 50-day SMA may suggest a bearish comeback, leading to a slump towards the support at $24,800.
Next, Chainlink (LINK) has been trading in a range between $5.50 and $9.50, with bulls managing to keep the price within this range.
The current upward momentum, with both moving averages turning up and the RSI in positive territory, indicates that bulls are in control.
If buyers push the price above $8.80, the pair may soar towards $9.50. On the downside, a break below $7.05 might lead to a drop towards $6.50.
Filecoin (FIL) is attempting to form an inverse head and shoulders pattern, which will complete on a break and close above the neckline.
READ MORE: Controversial Proposal Sparks Fierce Debate Among Members of Solana-Based Liquidity Network
The moving averages sloping upwards and the RSI in positive territory indicate a potential upside.
If the price breaks above the neckline, the pair could rally to $6.50 and eventually target $7.30.
A sharp downturn from the neckline and a break below the 50-day SMA could indicate the bulls losing control, leading to a drop to $3.29.
Synthetix (SNX) is attempting to break out from a basing pattern, but it’s facing resistance between $3.40 and $3.56. The fact that buyers prevent dips below the 20-day EMA shows positive sentiment.
If they clear the overhead zone, the pair might rally to the next resistance at $4.50.
On the other hand, a dip below the 20-day EMA might drag the price to $2.19.
Finally, THETA (THETA) is facing selling pressure near the 38.2% Fibonacci retracement level of $0.83.
However, the bulls have managed to prevent the price from sustaining below the 20-day EMA, indicating positive sentiment.
Breaking and closing above $0.83 could lead to further gains towards $0.91 and $0.99. Conversely, a plunge below the moving averages might bring the price down to $0.66.
In conclusion, the cryptocurrency market is closely watching Bitcoin’s price movement and the outcome of the Federal Reserve’s meeting for potential catalysts.
Analysts remain uncertain about the direction of the breakout, but altcoins like Chainlink, Filecoin, Synthetix, and THETA show both positive and negative scenarios depending on specific chart levels.
Other Stories:
Terraform Labs Faces Uphill Battle Amidst Allegations, New CEO Discusses Road Ahead
2023 Ranking: 4 Best Crypto Projects To Buy
Report Reveals Alarming Surge in Cryptocurrency Use by ISIS Terrorists
Bitcoin (BTC) faced downward pressure over the weekend, and its ticker dipped to $29,906 as traders anticipated the July 23 candle close.
With BTC/USD acting below $30,000, this level became intraday resistance, and concerns grew among traders that further losses might be in store.
Prominent trader Crypto Tony analyzed the 3-day chart and observed a double top rejection, signaling potential further declines. He highlighted two critical psychological levels to watch, $25,000 and $20,000, in case of a drop.
Another trader, Nebraskan Gooner, shared the sentiment that downward price action was likely, as BTC/USD had fallen below the narrow range that had been in play for the past month.
However, traders were divided on whether Bitcoin would break out or break down to revisit previous price levels from earlier in the year.
Toni Ghinea, a popular trader and analyst, foresaw a decisive move for Bitcoin in the coming week. He identified $31,000-$32,000 as resistance and $29,000 as support, urging caution not to get carried away if there’s a break above the range high.
In the event of a significant drop, he pointed out the key area to watch at $27,000-$28,000, and if it holds, buyers should be prepared for a potential pullback. However, a further breakdown to the $19,000-$23,000 range remained a possibility.
READ MORE: SEC Contemplates Appeal Over Controversial XRP Ruling
Market analysis earlier noted the importance of various trend lines that acted as support and resistance for Bitcoin.
The following week was expected to be crucial for Bitcoin’s price action as markets reacted to macroeconomic policy cues.
The US Federal Reserve’s Federal Open Market Committee (FOMC) was scheduled to meet to decide on interest rates before the Bitcoin monthly close.
It was widely predicted that interest rates would return to a hike after a previous pause, with odds standing at 99.2% as of July 23, according to CME Group’s FedWatch Tool.
Overall, uncertainty loomed over the Bitcoin market, and traders were closely monitoring key levels and macroeconomic developments to gauge the cryptocurrency’s future direction.
Other Stories:
Nigerian Social Payments App Bundle Ceases Crypto Exchange Services
Bitcoin Laundering Couple Reach Plea Agreement with U.S. Authorities
Britain’s Financial Services Minister, Andrew Griffith, has rejected the idea of treating cryptoassets as a form of gambling.
He argues that such a classification would not only put Britain at odds with global and EU regulators but also fail to address the risks posed by the crypto sector.
In a report released in May, Parliament’s Treasury Select Committee suggested that cryptocurrencies like bitcoin and ether should be regulated as gambling due to the significant risks they pose to consumers.
However, Griffith firmly disagrees with this recommendation, asserting that it could lead consumers to mistakenly believe that investing in crypto is safer than it actually is.
UK regulators have been warning investors about the potential to lose all their money in the volatile crypto market.
The UK government has ambitious plans to establish itself as a global hub for cryptocurrencies and blockchain technology.
Nevertheless, Griffith maintains that regulating cryptoassets as gambling would not be an appropriate solution to ensure the safety and stability of the sector.
Moreover, such an approach would contradict internationally agreed-upon recommendations from standard-setting bodies like the International Organization of Securities Commissions (IOSCO) and the G20 Financial Stability Board (FSB).
READ MORE: Nigerian Social Payments App Bundle Ceases Crypto Exchange Services
Both organizations have been actively working on establishing standards for the crypto sector, with IOSCO having proposed the world’s first set of rules for cryptocurrencies in May.
Griffith emphasizes that adopting a gambling regulation model would also risk creating confusion and overlapping mandates between financial regulators and the Gambling Commission.
This misalignment could hinder the growth and development of the crypto industry in the UK.
The European Union has already approved a comprehensive set of rules for trading cryptoassets, scheduled to take effect in mid-2024.
However, buying or selling cryptocurrencies is not currently classified as gambling under the UK’s Gambling Act.
The UK’s gambling watchdog previously investigated a fantasy sports company called Sorare, which uses cryptocurrency for buying and selling non-fungible tokens (NFTs) representing sports stars.
The investigation aimed to determine whether the game amounted to gambling.
Looking ahead, Britain is working on regulations for stablecoins, a type of cryptocurrency backed by underlying assets to maintain a stable value.
These regulations will differentiate stablecoins from the more volatile “unbacked” cryptocurrencies like bitcoin and ether.
In conclusion, the debate over how to regulate cryptoassets continues in the UK, with the government aiming to strike a balance between fostering innovation in the sector and protecting consumers from potential risks.
Other Stories:
OpenAI Unveils Android Version of ChatGPT
Bitcoin Laundering Couple Reach Plea Agreement with U.S. Authorities
On July 20, a British court granted an appeal to Craig Wright, allowing him the opportunity to argue that the Bitcoin file format deserves copyright protection. Since 2016, Wright has asserted that he is the original creator of Bitcoin, using the pseudonym Satoshi Nakamoto.
In his legal action, Wright filed a lawsuit against 13 Bitcoin Core developers and several companies, including Blockstream, Coinbase, and Block, alleging that they infringed on his copyright to the Bitcoin white paper, the file format, and database rights associated with the Bitcoin blockchain.
This recent court decision comes as a reversal of a previous ruling from February, which deemed Wright’s arguments insufficient to demonstrate the initial recording, or fixation, of the Bitcoin file format, a crucial concept in copyright law.
Wright’s tweet on July 20 emphasized the importance of protecting intellectual property to support creators and innovators, encouraging the generation of new ideas and creative works, although he didn’t explicitly mention the court’s decision.
The legal representation for the developers, the Bitcoin Legal Defense Fund (BLDF), countered Wright’s claims by arguing that he has failed to provide any evidence supporting his assertion of being Satoshi Nakamoto.
READ MORE: Vermont Department of Financial Regulation Issues Stark Crypto Warning
BLDF stated that Wright must first prove his identity as Nakamoto before the court can proceed with the primary claims of the lawsuit. The trial is anticipated to take place in early 2024.
One significant point of contention in the case is that the Bitcoin code is open-source and distributed freely under the Massachusetts Institute of Technology license.
This means that users have the right to reuse the code for any purpose, including in proprietary software.
However, Wright argues that the Bitcoin Core developers act as a centralized entity, referred to as the “Bitcoin Partnership,” which allegedly controls the Bitcoin network.
BLDF expressed concern over the court’s decision to hear Wright’s arguments, as they believe it sets a dangerous precedent not only for the crypto community but for the entire world.
Allowing developers to be sued for purportedly violating the file format of open-source software claimed by someone else could have far-reaching implications for the software development industry.
As the legal battle continues, the outcome of this case could have significant ramifications for the protection of intellectual property rights in the realm of open-source software and the broader cryptocurrency community.
Other Stories:
2023 Ranking: 4 Best Crypto Projects To Invest In
China’s Digital Yuan Soars: Business Travelers Can Now Pay for Flights with CBDC
Nigerian social payments app Bundle has recently announced the discontinuation of its crypto exchange services.
The decision, communicated through a statement on July 20 on the company’s blog, comes as part of a strategic restructuring effort to shift focus towards their payment solution called Cashlink.
According to the statement, the move was prompted by the observed growth of the Web3 and blockchain community.
Bundle’s shareholders deemed it necessary to pivot the business to meet the evolving needs of the ecosystem, concentrating on payment solutions that align better with the current trends.
With this change, users will no longer be able to register on Bundle’s platform, deposit assets into their Bundle wallet, or execute asset swaps within the wallet (except for Tether (USDT)).
Furthermore, users won’t be able to withdraw their assets with Cashlink unless they have Nigerian naira or other fiat currencies stored within their Bundle wallet.
The company has set a deadline for users to withdraw their assets from the app. Users are advised to complete this process on or before September 12, 2023.
To facilitate a smooth withdrawal, Bundle has outlined specific steps for users in Nigeria, Ghana, Kenya, and other francophone-speaking countries.
READ MORE: Vermont Department of Financial Regulation Issues Stark Crypto Warning
For users in these locations, the withdrawal process involves transferring their funds from Bundle to any preferred exchange.
Nigerian users, in particular, have the option to withdraw their naira using Cashlink or conduct bank transfers through P2P express. If their balance is less than $10, an easily accessible link is provided to initiate the withdrawal process.
The closure of Bundle’s crypto exchange arm follows the footsteps of another Nigerian crypto payment startup, LazerPay, which ceased its operations in April and made its intellectual property available for sale.
In conclusion, Bundle’s decision to shut down its crypto exchange services is driven by the desire to adapt to the rapidly evolving crypto and blockchain landscape.
By focusing on their payment solution, Cashlink, the company aims to cater better to the needs of the Web3 community.
Users are urged to withdraw their assets before the designated deadline, and specific guidelines have been provided for a seamless withdrawal process in various countries.
Other Stories:
2023 Ranking: 4 Best Crypto Projects To Invest In
China’s Digital Yuan Soars: Business Travelers Can Now Pay for Flights with CBDC
A plea agreement has been reached between the husband and wife implicated in the laundering of billions of dollars worth of Bitcoin linked to the 2016 Bitfinex hack and U.S. authorities.
Ilya Lichtenstein and Heather Morgan are set to appear for an arraignment and hearing on August 3, following records filed with the U.S. District Court for the District of Columbia on July 21.
This agreement comes as they faced charges of money laundering conspiracy and conspiracy to defraud the U.S., and as part of the deal, they will be forfeiting digital assets associated with the case.
The criminal activities stem from the notorious hack of the cryptocurrency exchange Bitfinex in August 2016, during which approximately 119,754 Bitcoin (BTC), valued at $29,841 at that time, were stolen.
Subsequently, Lichtenstein and Morgan allegedly engaged in a series of intricate transactions across multiple accounts and platforms, laundering over 94,643 BTC of the stolen funds.
In February 2022, the authorities arrested the couple in New York and seized the BTC.
At the time of the hack, the confiscated Bitcoin was worth roughly $54 million, but by the time of the current publication, the value had surged to $3.6 billion.
The arrests and the subsequent seizure of laundered Bitcoin marked the most significant financial seizure ever carried out by the U.S. Department of Justice.
Though some small amounts of BTC connected to the hack have been occasionally traced and moved, only a limited portion has been returned to Bitfinex by the authorities to aid in the restoration of victims’ funds.
READ MORE: Vermont Department of Financial Regulation Issues Stark Crypto Warning
This plea agreement may bring some semblance of closure to the complex case, allowing the legal process to move forward while addressing the consequences of the vast cryptocurrency theft and its impact on the victims.
However, it also highlights the need for continued vigilance and security measures within the cryptocurrency space to safeguard against such high-profile hacks and money laundering schemes.
Other Stories:
2023 Ranking: 4 Best Crypto Projects To Invest In
China’s Digital Yuan Soars: Business Travelers Can Now Pay for Flights with CBDC