Top stories this week
The US Securities and Exchange Commission considers the filings on spot Bitcoin ETFs to be inadequate
There may be a longer wait for a spot bitcoin exchange-traded fund (ETF) in the United States as the Securities and Exchange Commission has found recent filings from investment managers to be insufficient. The SEC told the Nasdaq and the Chicago Board Options Exchange that their filings were not “clear enough or comprehensive enough.” The regulator returned the documents, citing the lack of information about the proposed joint surveillance agreement. Wealth managers can still resubmit their applications.
Cathie Wood’s ARK is reportedly the top spot for a spot Bitcoin ETF
ARK Investment Management is reportedly ahead of BlackRock in the race for a spot bitcoin ETF pending an earlier filing with the US Securities and Exchange Commission. ARK and 21Shares filed their third spot BTC ETF application in April, and this week amended it to include a monitoring sharing agreement similar to BlackRock’s application. Since BlackRock’s application on June 16, other investment firms such as Valkyrie, WisdomTree and Invesco have again applied for spot bitcoin ETFs.
Binance loses support from its euro banking partner
Crypto exchange Binance informed users that its current euro banking partner, Paysafe Payment Solutions, will no longer support the exchange after September 25. Binance said it would switch to a new service provider for euro deposits and withdrawals via SEPA bank transfer, but didn’t do so. I do not name which provider it is. Over the past few months, Binance has faced waves of backlash from regulators around the world, leading to the suspension of operations in various countries.
FTX has recovered $7 billion in assets to date and has nearly $2 billion yet to commit to embezzlement coverage
According to an interim report published on June 26, FTX has recovered around $7 billion in cash to date and the search for additional assets continues. However, the extensive shuffling of funds complicates their efforts. The FTX Debtors, consisting of FTX and its affiliates, currently estimate the amount of embezzled client assets at $8.7 billion. Most of that money, roughly $6.4 billion, went into fiat and stablecoins. The report stated that FTX’s previous leadership “did not inadvertently commingle and misuse customer deposits.”
3AC’s liquidators want $1.3 billion back from the founders
Teneo, the liquidator of bankrupt hedge fund Three Arrows Capital (3AC), is trying to recover around $1.3 billion in funds from its founders Su Zhu and Kyle Davies. The debt was reportedly incurred when 3AC was already insolvent, contributing to creditor losses. The company owed its creditors $3.5 billion, so potential liability from the founders accounted for more than a third of the total debt. Davies and Zhu maintain active social media profiles, but their physical whereabouts are unknown, delaying the liquidation process. Both 3AC founders have received digital subpoenas during the bankruptcy proceedings. So far they have not cooperated.
Winner and Loser
Bitcoin at the end of the week (BTC) is at $30,418ether (ETH) at $1,928 And XRP at $0.47. The total market capitalization is at $1.19 Trillions, according to CoinMarketCap.
Among the top 100 cryptocurrencies, Compound are the top three altcoin gainers of the week (COMP) at 84.33%, Bitcoin Cash (BCH) at 63.16% and eCash (XEC) at 44.59%.
The three biggest altcoin losers of the week are Conflux (CFX) at -22.38%, Sui (SUI) at -15.41% and stacks (STX) at -14.81%.
For more information on crypto prices, see Cointelegraph’s Market Analysis.
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characteristics
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Most Memorable Quotes
“One of the things I think people should stop asking is, ‘What is the ultimate blockchain?’ […] It doesn’t exist in my head because it really matters.”
Mel McCannVice President of Engineering at the Cardano Foundation
“Crypto presented [the SEC] an opportunity to rethink our approach to innovation. […] I truly believe that we have taken an approach that is not appropriate.”
Hester PeirceCommissioner of the US Securities and Exchange Commission
“Many of the largest financial institutions in the US are actively working to provide access to Bitcoin and more.”
Meltem DemirorsChief Strategy Officer at CoinShares
“I think our NFTs are a great way to show that we’re actually at the table and that we’re really invested in crypto and exploring digital assets.”
Andrew Freyforensic financial analyst with the US Secret Service
“Every once in a while something happens that makes poor people rich because they got it really, really cheap. The [Bitcoin] was one of them.”
Davinci JeremyCrypto Advocate
“Regulation through enforcement is like having a hammer and seeing everything as a nail.”
Simon CallaghanCEO of Blockchain Australia
forecast of the week
Bitcoin speculators send 35,000 BTC to exchanges as new ‘hype inflow’
Short-term Bitcoin holders (STHs) are feeling the need to sell BTC at $30,000, according to a recent report by analytics firm Glassnode, which indicates tens of thousands of coins are being sent to exchanges.
This suggests that speculative interest in Bitcoin remains volatile and very sensitive to even smaller price movements.
Historical data has shown that once STH profitability reaches 20% overall, sales will begin. From the current breakeven point of $26,500, anything significantly above $33,000 could trigger a significant shift in the composition of the Hodler. Recent data shows that STH profitability is hovering around 10%, with its realized price – the price at which STH coins last traded – now above $27,000.
FUD of the week
FTX claims former manager used ‘hush money’ to silence whistleblowers
FTX has filed a lawsuit against a former regulation and compliance executive for the exchange, alleging that he made a series of payments to prevent employees from disclosing the exchange’s woes. Daniel Friedberg, who has held several executive positions on the exchange, is accused of making “hush money payments” to two would-be whistleblowers to prevent them from disclosing information about “regulatory issues” and the close ties between FTX and Alameda.
Over $204 million was lost to DeFi hacks and scams in Q2
According to a recent report, over $204 million was lost to decentralized finance (DeFi) hacks and scams in the second quarter of 2023. A total of $208.5 million was initially lost during the quarter, but $4.5 million was recovered through law enforcement, deals with hackers, and other recovery methods. The number of DeFi hacks increased “almost seven-fold” year-over-year in the second quarter, with 117 incidents during that period, compared to just 17 in the same quarter of 2022. Over $665 million was lost overall in the first half of 2023.
Revolut US will delist ADA, MATIC and SOL in September
Crypto-friendly neobank Revolut will next be phasing out a number of digital assets on its platform in the United States amid ongoing regulatory developments in the country, including the complete removal of tokens such as Cardano (ADA), Polygon (MATIC) and Solana (SOL). take list). However, the company continues to support the tokens in other jurisdictions outside of the country. ADA, MATIC and SOL were classified by the SEC as unregistered securities in early June.
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editorial staff
Cointelegraph Magazine writers and reporters contributed to this article.