Top Stories This Week Caroline Ellison wanted to step down but feared a bank run on FTX Caroline Ellison, former CEO of Alameda Research, testified for over 10 hours this week at Sam Bankman-Fried’s trial, offering deeper details on the events that anticipated the FTX debacle in November 2022. From Ellison’s testimony, jurors learned that she planned to leave Alameda months before its collapse, but feared a bank run on FTX amidst the crypto market downturn. The week also featured a recording presented as evidence in the case showing the…
Day: October 14, 2023
Coinbase’s legal battle takes center stage in crypto chaos
Amid recent geopolitical events impacting investor decisions, a regulatory clash in the U.S. involving crypto exchange Coinbase and the Securities and Exchange Commission (SEC) resurfaces. Since June, Coinbase has been entangled in a legal battle with the SEC over allegations of operating as an unregistered exchange. While there are other ongoing lawsuits in the crypto industry, the Coinbase case has garnered the most attention, indicating how digital assets might be treated under US law in the future. Legal experts and authorities, including the North American Securities Administrators Association (NASAA), have…
MetaMask Wallet temporarily removed from Apple’s App Store
MetaMask, one of the leading crypto wallet applications, was briefly taken off the Apple App Store in the U.S. on Oct. 14. BREAKING: MetaMask has been removed from the Apple App Store. — Watcher.Guru (@WatcherGuru) October 14, 2023 On the heels of this development, a swift response came from what is believed to be MetaMask’s lead product manager, Taylor Monahan, confirming that the team was already working on resolving the situation. As far as I can tell it happened a couple hours ago and this was not something we ever…
Road To $1? Analyst Forecasts 1,500% Price Rally For Dogecoin
Recently, the price of Dogecoin (DOGE), the largest meme coin by market cap, has struggled alongside the general cryptocurrency market. However, the latest price action displays an exciting and positive outlook for the cryptocurrency. Renowned crypto analyst Ali Martinez recently shared a fresh insight on Dogecoin, speculating on a forthcoming price rally for the meme token. The Dogecoin Descending Triangle Formation Ali Martinez – via a post on the X (formerly Twitter) platform – put forward a $1 price target for Dogecoin. This price projection revolves around the multi-year descending…
Economic stability at risk amid Israel-Hamas conflict
The International Monetary Fund (IMF) has called for financial reforms, particularly in the crypto industry, to foster global economic stability. Despite the IMF’s expectation of economic growth across the Middle East, it believes the recent Israel-Hamas conflict poses substantial risks to the region’s economy. The IMF in a joint statement highlighted the importance of “managing technological transformations to avoid digital fragmentation” and narrowing the digital divide to create “modernized, efficient domestic and cross-border payment systems and foster financial inclusion.” “Internationally harmonized rules and regulations must also be developed in tandem on…
FTX estate stakes 5.5M Solana coins
FTX estate seems to be bullish on Solana’s native token SOL (SOL), as it staked over 5.5 million in SOL coins on Oct. 13. According to on-chain data, an FTX-identified wallet sent the coins to Figment, a staking validator firm for institutional investors. The transaction was detected by blockchain tracker Whale Alert and later identified as an FTX estate address by pseudonymous on-chain researcher Ashpool. The coins staked worth $122 million and represent a small fraction of FTX’s holdings of SOL. Staking involves locking up a specific amount of coins…
SEC nixes plans to appeal Grayscale Bitcoin ETF decision
The Securities and Exchange Commission (SEC) will not contest a court ruling favoring Grayscale’s proposed spot Bitcoin exchange-traded fund (ETF). An Oct. 14 update from Bloomberg citing an inside source has revealed that the SEC has chosen not to appeal the District of Columbia Court of Appeals’ decision from August, which argued that the regulator had erred in dismissing Grayscale’s Bitcoin exchange-traded fund application. The SEC isn’t planning to ask a federal appeals court to reconsider a ruling that paved the way for Grayscale to launch a spot Bitcoin ETF…
NFTs surge following SEC failure to appeal Grayscale case
Non-fungible tokens (NFTs) witnessed a 15% surge in trading volumes thanks to the U.S. Securities and Exchange Commission’s (SEC) failure to file an appeal in the Grayscale Bitcoin Trust case. According to on-chain data aggregator CryptoSlam.io, the NFT ecosystem encountered a substantial 15% uptick in the past 24 hours. Total trading volume topped $9.7 million. Notably, there has also been a 5.9% increase in the number of investors actively acquiring NFTs. Ethereum-based NFT collections exhibited a noteworthy 26.7% increase in sales, contributing $5.2 million in trading proceeds over the same 24-hour…
Ferrari Embraces Cryptocurrency for Luxury Car Purchases, Plans European Expansion
Luxury carmaker Ferrari is set to revolutionize its payment options by accepting cryptocurrency for purchases in the U.S., a report by Reuters said. Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, highlighted the move as a strategic effort to connect with a broader audience, including those who may not traditionally be Ferrari clients but have invested in cryptocurrencies. To facilitate cryptocurrency transactions, Ferrari has partnered with BitPay, a renowned cryptocurrency payment processor. Bitcoin, ether, and the stablecoin USDC will be among the accepted digital currencies, with the caveat that they…
Apple briefly pulls MetaMask from App Store
Ethereum wallet MetaMask went offline on Oct. 14 for several hours on Apple’s App Store, raising concerns about its removal. MetaMask claims to have over 30 million users. The wallet is connected to a range of Web3 decentralized applications (DApps) On Oct. 14, reports surfaced that the MetaMask app no longer appeared in the App Store. Apple users were also unable to download the application from the MetaMask website. According to a spokesperson for MetaMask, the issue isn’t related to any security incident or malicious activity: “We’re aware that MetaMask…