Day: October 2, 2023

JW Verret is tracking the money — but advocating for crypto

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J.W. Verret is a Harvard-educated attorney who teaches corporate finance and accounting at George Mason University. His work has increasingly intersected with the cryptocurrency sector in recent years, as his legion of Twitter followers — who know him as “BlockProf,” or the Blockchain Professor — are poignantly aware. Aside from his work at GMU, Verret has become known as a vocal advocate for crypto as the top honcho at Crypto Freedom Lab, a think tank fighting devoted to preserving “freedom and privacy for crypto developers and users.” He also serves…

BTC Gives up Gains as 10-Year Yield Spikes; Ether Futures ETFs Fizzle on Lukewarm Investor Interest

The crypto market, especially bitcoin, has seen a sizable rally recently, influenced by factors like the SEC’s ether futures ETFs approvals and other government decisions, QCP Capital wrote in a recent note, highlighting that bitcoin has gained 15% in the last two weeks. However, QCP has concerns regarding the rally’s sustainability, with shifts in demand and historical data suggesting potential market downturns. Source

Will Ethereum Flip Bitcoin? Crypto Analyst Explains How

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As the largest cryptocurrency, Bitcoin (BTC) has always dominated the headlines and drives the mainstream hype around cryptocurrencies. In terms of performance, it’s no news Ethereum (ETH) has followed behind BTC in the past few years. However, according to crypto analyst Dave the Wave, Ethereum could outperform Bitcoin in the coming years.  A Different Perspective Dave the Wave took to social media to share his views on the Ethereum/Bitcoin price action. The current trajectory shows Ethereum has been falling against Bitcoin in terms of performance since the beginning of the…

Class-action suit filed against Binance for alleged harm to FTX before its collapse

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A class-action suit was filed against Binance.US and Binance CEO Changpeng Zhao on Oct. 2 in the District Court of Northern California alleging various violations of federal and California law on unfair competition for attempting to monopolize the cryptocurrency market by harming its competitor FTX. The suit was brought by Nir Lahav, who is identified only as a California resident.  At issue are posts made by Zhao on Twitter (now X) in early November on the eve of FTX’s collapse. The posts were made in conjunction with the decision by…

Russian OTC crypto swap services are faking AML policies: research

Analysts say suspicious coin swap services are trying to maintain “an aura of legitimacy” by requiring clients to agree to fake AML policies. Russian coin swap services are posing “significant” sanctions and anti-money laundering (AML) risks as they do not rely on real AML policies, although they are trying to convince their clients otherwise, a recent research paper says. In a blog report published on Monday, Oct. 2, Elliptic’s senior crypto threat analyst, Arda Akartuna, said that many Russian OTC services are actually copy-and-paste a standard template of AML policies…

Investors drop class-action lawsuit against Terraform Labs and Do Kwon

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A group of investors behind a class-action lawsuit against Terraform Labs and its co-founder Do Kwon over fraud allegations have dropped the case.  In a Sept. 28 filing in United States District Court for the Northern District of California, lawyers representing plaintiff Nick Patterson, who filed the lawsuit on behalf of investors, filed a notice of voluntary dismissal only against Terraform and Kwon. The notice did not explicitly state the reasons for dropping the case without prejudice. “The [Terraform Labs] Defendants have neither answered the complaint […] nor filed motions…

Ether (ETH) Futures ETFs from VanEck, ProShares and Valkyrie See Low Volume

A total of nine of the ETFs offering exposure to ether futures came to market on Monday. Five will hold only ether futures, while four will hold a mix of bitcoin and ether futures. One of those funds, Valkyrie’s Bitcoin Strategy ETF (BTF) – soon to be renamed – has been in existence for about two years as a bitcoin-only fund, but is changing its strategy to include ether. The rest of the vehicles are new to market. Source

On Eve of FTX Founder Sam Bankman-Fried’s Trial, Defense Team Scopes Out Possible Arguments

The defense wants clarity about whether it can argue that FTX, a big crypto exchange that collapsed last year, was not regulated in the U.S., though FTX.US did follow applicable rules, according to a Monday filing. Other questions include whether Bankman-Fried would be able to discuss the possibility that FTX creditors could secure massive recoveries in the exchange’s ongoing bankruptcy case, and whether the one-time FTX executive can mention his charitable giving and philanthropy. Source

Volatility Shares cancels ETH futures ETF launch, ‘didn’t see the opportunity at this point in time’

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Volatility Shares, a financial firm offering a range of exchange-traded fund (ETF) products, canceled its plans to launch an Ether (ETH) futures ETF on Oct. 2, citing changes in the market.  In an email with Cointelegraph, the company’s co-founder and president, Justin Young, confirmed the cancellation: “You are correct — we did not launch today. We didn’t see the opportunity at this point in time.” However, when asked if the company still planned to launch an ETH futures ETF at a later date, Young responded, “Of course,” adding that “plans…

Is Bitcoin’s Bottom In Sight? Expert Analysis Says Yes

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Bitcoin prices could be bottoming, looking at price charts, and this might be one more opportunity for the savvy to accumulate before prices rip higher, according to one optimistic analyst. Taking to X, the analyst, Cryptocon_, said the “Ultimate Oscillator” indicator suggests that Bitcoin is at a “cyclical bottom,” adding that for the “first time,” the indicator has crossed into the cycle bottom zone in the two-week time frame. Bitcoin Likely Bottoming: Here’s Why Whether this prognosis is accurate depends on how Bitcoin prices pan out in the next few…