Day: October 2, 2023

Market turns green with BTC’s bullish momentum, BSV and eCash surge

The global crypto market has gained bullish momentum as investors hop on the “Uptober” bus — a bullish term used by traders. According to data provided by CoinMarketCap (CMC), the global crypto market capitalization has risen by 0.82% in the past 24 hours, reaching a six-week high of $1.09 trillion. The total market cap dropped to the $1 trillion mark on Sept. 12, marking a six-month low. The bullish momentum comes as traders believe that another bull run could soon be triggered in October. According to data provided by Santiment,…

Crypto Crisis Imminent, Warns Bloomberg’s Mike McGlone, Despite Bitcoin’s Surge To $28,000

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On October 2, Mike McGlone, Commodity Strategist at Bloomberg, took to social media X (formerly known as Twitter) to express his concerns about the state of the crypto market.  Despite Bitcoin’s (BTC) recent rise, McGlone highlighted a disturbing trend and raised the possibility of a cryptocurrency recession. Factors Behind Crypto Market’s Recession Risk McGlone pointed out the concept of “positive beta vs. negative liquidity” and its implications for the cryptocurrency market.  Bloomberg’s senior Macro Strategist suggested that the weakness observed in the third quarter of 2023 could be either a…

One-third of all CFTC crypto enforcement actions took place this year: Chair Behnam

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United States Commodity Futures Trading Commission (CFTC) chair Rostin Behnam highlighted his agency’s activity in the crypto sphere and the need for up-to-date legislation at the Financial Industry Association Expo 2023 event in Chicago. He described the CFTC Enforcement Division’s efforts as a “nonstop drumbeat.” In the text version of his keynote address to the industry group, Behnam recounted the $6 billion his agency collected in penalties in fiscal year 2023. He added: “45 of those [enforcement] actions this fiscal year involved digital asset related misconduct, representing over 34% of…

Congress Can’t Let Gary Gensler Regulate Digital Assets Out of Existence

Despite the boom in blockchain technology and digital assets, bureaucrats like Securities and Exchange Commission (SEC) Chairman Gary Gensler want to stifle their development in the United States through unlawful, overbearing regulations based on a misguided approach that lacks understanding of their potential. Thankfully, the courts have slapped down Gensler’s attempts to drive digital assets out of the U.S. economy. Now, Congress must act to ensure Gensler and the SEC are kept at bay. Source

Is Michael Lewis Trashing His Reputation to Defend Sam Bankman-Fried?

We should caveat this with a few hugely important details: almost no one outside of publisher Norton or Lewis’ circle has read the book, which publishes tomorrow, coinciding with the start of Sam Bankman-Fried’s trial, where the disgraced founder is set to plead not guilty to multiple counts of fraud. It’s also forgivable that Lewis, like most reporters with direct access to SBF, missed the red flags at FTX. Bankman-Fried was a media phenomenon, a self-made billionaire who stood for capitalism done right — represented by his political donations, charitable…

Book describes Sam Bankman-Fried with little attention span or respect for appointments

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Michael Lewis, author of The Big Short, has painted an interesting picture of Sam Bankman-Fried (SBF) in his soon-to-be released book on the former FTX CEO. In an excerpt of Going Infinite: The Rise and Fall of a New Tycoon published in the Washington Post on Oct. 1, Lewis described several interactions Bankman-Fried had with the media and influential figures prior to the downfall of FTX and his criminal charges in the United States. According to the author, he would frequently play video games in the background of online interviews…

Pro-XRP Lawyer Reveals The Impact Of SEC’s Lawsuit Against Ripple

A pro-XRP lawyer has highlighted more casualties and negative impacts the regulatory authority has inflicted on XRP and its investors as well as individuals and businesses associated with the cryptocurrency.  So while Ripple has stated it has lost over $200 million in its fight against the US SEC, it seems that is not the only loss that has been incurred in the drawn-out battle.  SEC Allegedly Damaged 75K XRP Followers John E. Deaton, a pro-XRP lawyer has taken to X (formerly Twitter) to publicly admonish the United States Securities and…

SEC continues to delay decisions on crypto ETFs: Law Decoded

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Despite United States Representatives Mike Flood, Wiley Nickel, Tom Emmer and Ritchie Torres calling on the Securities and Exchange Commission (SEC) to immediately approve the listing of spot Bitcoin (BTC) exchange-traded funds (ETFs), the agency once again delayed its decision.  When it comes to spot Ether (ETH) ETFs from VanEck and ARK 21Shares, the SEC delayed making decisions until Dec. 25 and Jan. 10, respectively, while GlobalX will have to wait until Nov. 21 for the commission’s decision. It also delayed deciding on the spot Bitcoin ETF applications of Invesco,…

Crypto liquidity provider GSR receives regulatory approval in Singapore

Cryptocurrency trading firm and liquidity provider GSR’s Singaporean subsidiary, GSR Markets Pte. Ltd, has received an in-principal approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.  “GSR is proud to have met the rigorous admission requirements set by MAS and will be working diligently towards a full license,” the firm said in its Oct. 2 announcement. GSR plans to use its Singaporean subsidiary as a hub for expanding into the Asia-Pacific region.  An MPI license allows institutions to provide crypto and fiat-related services to…