The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Friday! Here’s what you need to know today in crypto: |
- The SEC will no longer pursue claims that Ripple leaders aided and abetted the company, violating federal securities laws.
- Bitcoin touched $30,000 Friday morning, extending its weekly gains.
- FTX’s general counsel “never approved” the exchange lending customer funds to sister firm Alameda Research.
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CoinDesk Market Index (CMI): 1,177 +4.7%
Bitcoin (BTC): $30,026 +5.6%
Ether (ETC): $1,620 +4.3%
S&P 500: 4,278.00 −0.8%
Gold: $1,995 +1.4%
Nikkei 225: $1,995 +1.4% |
The U.S. Securities and Exchange Commission (SEC) will no longer pursue claims against Ripple’s CEO Brad Garlinghouse or Executive Chairman Chris Larsen that they aided and abetted the company in violating federal securities laws in its XRP transactions, canceling a trial scheduled for next year and giving the crypto company another victory in the agency’s long-running suit against it while moving the regulator closer to appealing a federal judge’s ruling in the case. According to a filing Thursday afternoon, the parties agreed to voluntarily dismiss the aiding and abetting charges against the two executives with prejudice, which means the changes cannot be filed again. The SEC will continue pursuing its claims against Ripple, the filing said. |
Bitcoin 24-hour price chart (CoinDesk) |
Bitcoin crossed the $30,000 mark during the morning hours on Friday, extending its weekly gains to over 11% as bullish sentiment around a possible spot bitcoin exchange-traded fund (ETF) approval in the U.S. gained momentum. Tokens formed by the forking of Bitcoin, Bitcoin Cash (BCH) and Bitcoin SV (BSV) jumped as much as 26% to lead gains among alternative tokens in a sign of possible irrational exuberance. Several ETF providers amended their filings over multiple days in the past week alongside pressure on the U.S. Securities and Exchange Commission (SEC) to soften its stance on a bitcoin ETF approval. XRP logged its best daily percentage gain in three months as the SEC dropped securities-violations charges against fintech company Ripple’s top leaders. XRP, the world’s fifth-largest digital asset, rose 6.5% to 52 cents, jumping to a high of 53 cents before pulling back to 51 cents at press time, CoinDesk data shows. FTX’s general counsel “never approved” the crypto exchange lending customer funds to sister firm Alameda Research, he told the jury on day 12 of Sam Bankman-Fried’s criminal fraud trial. Can Sun, the general counsel at FTX from August 2021 to the time of the exchange’s collapse in November 2022, said “absolutely not” when asked Thursday whether he signed off on Alameda’s use of FTX customer funds. Sun testified he believed FTX customers’ funds were kept segregated from the company’s funds, based on conversations he’d had with Bankman-Fried. Assistant U.S. Attorney Danielle Sassoon walked Sun through FTX’s terms of service and other public statements supporting the Department of Justice’s thesis that FTX misappropriated customer funds. |
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Market Insight: Will Lawsuit Against DCG Impact GBTC’s Chances of an ETF Conversion? |
Charges filed by New York State against the owner of the Grayscale Bitcoin Trust have prompted a fresh round of speculation over the future of the world’s largest bitcoin fund. Digital Currency Group (DCG), its subsidiary Genesis Global Capital and crypto brokerage Gemini Trust, were sued by the state of New York for allegedly defrauding investors of more than $1 billion on Thursday. DCG is also the parent company of Grayscale Investments, the manager of the $16.7 billion Grayscale Bitcoin Trust (GBTC), which is in the process of attempting to win SEC approval to convert that closed-end fund into a spot bitcoin ETF (DCG is also the parent of CoinDesk). Even as Grayscale was not accused of any wrongdoing, analysts are speculating whether the lawsuit might have any implications for its GBTC conversion chances. |
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- The chart shows bitcoin has crossed above resistance at $28,754, stemming from the June 2021 low.
- The latest breakout might be more long-lasting than those in April and June, thanks to the ETF narrative.
- Source: TradingView
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Hear from Key Lawmakers and Regulators at State of Crypto: Policy and Regulation |
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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