Day: September 3, 2023

BTC price settles following SEC’s spot Bitcoin ETF delay

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin (BTC) has undergone a price correction, falling below the $26,000 level on the heels of the U.S. Securities and Exchange Commission’s (SEC) delay in deciding whether to approve applications for spot Bitcoin ETFs. The correction came following mid-week gains driven by positive regulatory news, which caused BTC to experience a remarkable 8% surge, hitting over $28,000 on Aug. 29. However, the coin failed to break through the significant resistance point of $30,000. SEC delay cools…

Gala Games co-founders to lock horns in court

True North United Investments filed a lawsuit against Web3-based play-2-earn gaming platform Gala Games CEO Eric Schiermeyer, alleging corporate mismanagement, improper use of funds, and questionable business practices. Gala Games play-to-earn gaming platform faces legal battle Schiermeyer co-founded Gala Games with Wright Thurston, the founder of True North United Investments, LLC. This isn’t the first legal spat between the fellow entrepreneurs. According to a previous lawsuit, Schiermeyer alleged that Thurston stole $130 million worth of cryptocurrency. Thurston clapped back with a lawsuit against Schiermeyer, alleging that he had breached his fiduciary…

Binance CEO Changpeng Zhao sheds light on Binance’s future amid regulatory challenges

Binance CEO Changpeng Zhao recently addressed various pertinent questions about the leading Bitcoin (BTC) trading venue and its future amid ongoing regulatory challenges. Zhao, known within the crypto sector as “CZ,” provided insight on the exchange’s current situation as well as BNB Chain’s momentum in a recent X (formerly Twitter) “Ask Me Anything” session. CZ debunks Binance rumors and FUD Zhao began by addressing the rumors surrounding Binance, emphasizing that negative news often spreads faster than the truth in the crypto world.  He acknowledged the presence of FUD (fear, uncertainty,…

Former SEC chair Jay Clayton predicts inevitable approval of Bitcoin ETF

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Former Securities and Exchange Commission (SEC) Chairman Jay Clayton has expressed his belief that the approval of a spot Bitcoin Exchange-Traded Fund (ETF) is “inevitable.” Clayton stated that there is a big likelihood for a spot Bitcoin ETF approval to happen in a recent CNBC interview, despite the SEC’s delay in approving Bitcoin ETF applications. So far, numerous companies have submitted applications for ETFs centered on spot Bitcoin, among them BlackRock, Ark Invest, Bitwise, WisdomTree, VanEck,…

Tether market cap slips as stablecoin ecosystem shifts

Tether, the world’s largest stablecoin, experienced its first market cap dip in nine months. The decline comes as the stablecoin ecosystem undergoes significant changes, reshaping crypto market dynamics. Stablecoins dip Tether (USDT), a highly controversial digital asset in the Web3 space, recently faced a setback. In August, its market capitalization dropped by 1.2%, settling at $82.9 billion, as reported by Bloomberg citing CCData. Although this marks the first decline in almost a year, Tether still maintains a substantial lead over its closest competitor, USDC. Stablecoins are digital assets typically tied…

Ethereum co-founder Vitalik Buterin exits MakerDAO position

Vitalik Buterin, the co-founder of the Ethereum (ETH) network, has sold his remaining stake of MakerDAO tokens.  Onchain data from Etherscan, shared by Lookonchain, shows that Buterin sold 500 MKR tokens, which he had held for the last two years. The sale, made through CoW Protocol, netted Buterin a total of 353 ETH, which is approximately $580,000 at current rates. Buterin initially invested in MakerDAO in April 2018, purchasing 1071 MKR tokens at $905 each. His recent sale implies a gain of about 27%. The Ethereum co-founder’s last interaction with…

Grayscale defeats SEC, ETF drama takes spotlight, Ronaldinho embroiled in crypto scam

This week, Grayscale triumphed in a high-stakes battle against U.S. regulators, while developments emerged regarding spot-based BTC ETF applications. Amidst these events, football star Ronaldinho found himself embroiled in a crypto controversy. Grayscale secures victory  Grayscale’s legal triumph over the U.S. Securities and Exchange Commission (SEC) seized the spotlight this week. In a groundbreaking decision by a federal court in Washington, Grayscale received the green light to introduce a spot-based BTC ETF in the U.S. This judicial action overturned the SEC’s previous denial of Grayscale’s proposal, deeming it irrational and…

Web3 adoption would be impossible without intuitive UX and convenience

For many, web3 remains either too complex or simply uninteresting, and to make web3 more than just a buzzword, user experience should be simple and intuitive. Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. Web3 is a world in the making. It operates atop a trio of fundamental technologies: blockchain for data immutability and consensus, smart contracts for self-executing business logic, and cryptographic tools for identity and security. What’s more: it’s an Autonomous World, where…

Bitcoin Futures Frenzy Fizzles Out As Price Plunges Below $40,000

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The crypto market has lost its sparkle lately, with bitcoin futures trading volume drying up as the flagship cryptocurrency struggles to stay afloat.  Bitcoin futures open interest, which measures the buzz around upcoming contracts, has dropped to a 5-month low of $11.3 billion, according to data from Glassnode. This suggests traders are closing out positions and reducing exposure to volatile crypto assets.  Bitcoin’s Struggles Below $26K: Is The Crypto Craze Losing Steam? The disinterest comes as bitcoin prices dropped below $26,000 for the first time since August, dampening spirits across…

GALA Sinks 72% In 2023 Alone

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GALA, the native token of Gala Games, is under immense selling pressure as of early September 2023. Trackers show that the token is down 72% from 2023 peaks when it soared to $0.062 in late January 2023. From there, the token has been edging lower, sinking to $0.017 at spot rates, unwinding over 95% of gains posted in early 2023. To illustrate, GALA is cents away from retesting all-time lows registered in late 2022 at around $0.016. GALA price on September 3 | Source: GALAUSDT on Binance, TradingView GALA Plunging…