top stories of the week
Grayscale Wins SEC Bitcoin ETF Review Lawsuit
Crypto asset manager Grayscale Investments recently scored a big victory in its battle with the US Securities and Exchange Commission.
In an ongoing effort to convert its Grayscale Bitcoin Trust (GBTC) into a Bitcoin exchange-traded fund (ETF), a U.S. appeals court judge accepted Grayscale’s argument that the SEC’s rejection of its recent ETF application was inappropriate. Fair.
The SEC claimed that GBTC did not have adequate security practices and fraud protection.
Judge Neomi Rao granted Grayscale’s request for a second review.
Previously, Rao said the SEC had not “provided any explanation” for why Grayscale was wrong.
However, the win doesn’t mean Grayscale’s Bitcoin ETF is a done deal. There’s more to come…
BitBoy Crypto brand will no longer include YouTuber Ben Armstrong
Hit Network’s parent company, the folks behind the “BitBoy Crypto” brand, just fired their public face, Ben Armstrong.
The company cited issues of substance abuse and financial loss as reasons behind the decision.
In YouTube and social media statements, Hit Network revealed that despite their efforts to support Armstrong’s battle with addiction, they decided to part ways.
Armstrong has recently faced a series of lawsuits.
He was embroiled in a class-action lawsuit in which investors accused him and other influencers of promoting FTX without disclosing how much the exchange paid them.
Additionally, during the course of the lawsuit, it was claimed that Armstrong threatened plaintiffs’ attorneys and even refused an order from a federal judge to appear in court. The case was shelved in June.
SEC Delays Decision on 6 Bitcoin ETF Spot Applications
The U.S. Securities and Exchange Commission (SEC) has chosen to delay a decision on six spot bitcoin ETF applications in the United States. The committee opted to extend the review period further, delaying a decision until October.
Shortly after the news broke, the US Securities and Exchange Commission (SEC) also included BlackRock, the world’s largest asset manager, in the same delayed decision.
Bitwise Withdraws Bitcoin and Ethereum Market Cap ETF Applications
In a surprising turn of events, Bitwise filed a request to withdraw its Bitcoin and Ethereum market-cap-weighted strategy ETF application after the US SEC announced the delay.
The filing was originally filed with the SEC on Aug. 3. Despite Grayscale’s brief moment of positive market sentiment after its recent SEC win, Bitwise appears to be taking a step back to reconsider its approach.
Robinhood buys back Sam Bankman-Fried stake from U.S. government for $606 million
Cryptocurrency and stock trading platform Robinhood has acquired more than 55 million shares of its own company, previously owned by former FTX CEO Sam Bankman-Fried.
The Robinhood acquisition, which cost about $606 million, closed this week after filing with the US SEC. The shares originally belonged to Bankman-Fried and Gary Wang, the latter co-founders of FTX through a company called Emergent Fidelity Technologies.
However, back in January, the U.S. Department of Justice seized the shares.
The acquisition has been in the works for some time. Robinhood’s board gave it the green light in its fourth-quarter 2022 report, and an August SEC filing confirmed that the U.S. District Court for the Southern District of New York approved the acquisition without any legal disputes.
winners and losers
At the end of the week, Bitcoin (BTC) Priced at $25,610, Ethereum (ETH) $1,618 Ripple (Ripple) $0.49.According to statistics, the total market value is 1.03 trillion US dollars coin market cap.
Among the 100 largest cryptocurrencies, the top three altcoins this week are Token (TON) 33.90%, Iota (MIOTA) 13.13% and Manufacturer (MKR) was 12.33%.
The top three altcoins this week are KuCoin Token (KCS) 15.53%, Hedera (HBAR) 15.02% and Astar (Astor) was 12.82%.
For more on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
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Cryptocurrencies will see mass adoption when… (fill in the blank)
most memorable quote
“Transparency is a feature in many cases, but people don’t want most transactions in the economy to be public.”
Brian Armstrong, Coinbase CEO
“Now that the courts are starting to impose some restrictions on the SEC, I think there is hope for the industry to be rekindled in the US”
Jeremy McLaughlin, Partner, K&L Gates
“In the end, we’re going to win. You can’t steal a company that someone built and won as themselves.”
Ben Armstrong, former lead singer of BitBoy Crypto
“I do think that in the next cycle, the cost of each bitcoin may reach $100,000, and it depends on BTC taking 2% to 5% of the $13 trillion gold share in institutional portfolios.”
Sue Ennis, Vice President, Hut 8
“We see limited downside in the cryptocurrency market in the short term.”
JP Morgan analyst
“I was talking to a guy the other day who had 80 altcoins in his portfolio. It’s impossible for an individual investor to stay at the same time and understand exactly what 80 different coins are doing.”
Ben Simpson, Founder, Collective Transformation
forecast for the week
Bitcoin at Risk of ‘Swift’ $23,000 Dive After BTC Price Falls 11% in August
Data suggests that Bitcoin is poised to retest long-term support levels as its price fell in late August.
BTC/USD is currently trading below $26,000 as of Sept. 1, reversing gains from the previous week, according to data from Cointelegraph Markets Pro and TradingView.
Initially, market participants had reason to be optimistic, as Bitcoin held onto a key long-term trendline at the $27,000 level.
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However, the U.S. SEC decided to delay multiple Bitcoin ETF applications, causing a change in market sentiment.
In just a two-hour candlestick, Bitcoin quickly lost $1,000 in value.
Traders have been speculating on these moves.
“On-chain data suggests BTC lacks strong support below the $25,400 mark,” popular trader Ali Tell X (formerly Twitter) Subscribers.
The on-chain monitoring resource Material Indicators presents a similar grim picture for BTC/USD on daily (D), weekly (W) and even monthly (M) timeframes.
Material Indicators, using its proprietary trading tool Trend Precognition, is signaling that bulls need to hold $24,750 to have a chance of locking in a rally.
The most talked about FUD this week
Balancer was exploited after warning of the vulnerability, costing nearly $900,000.
Ethereum automated market maker and decentralized finance protocol Balancer has confirmed that it has fallen victim to an exploit that has resulted in losses of nearly $900,000.
The incident happened shortly after they disclosed a vulnerability affecting several mining pools.
Blockchain security expert Meier Dolev has disclosed an Ethereum address that allegedly belongs to the attacker. Following the breach, the address received two stablecoin Dai transfers worth $636,812 and $257,527, bringing its total balance to more than $893,978.
“Balancer is aware of a vulnerability related to the following vulnerabilities,” the protocol’s team posted on X, adding that while mitigations in recent days have significantly reduced the risk, affected mining pools cannot be suspended. It advises: “To prevent further exploitation, users must exit the affected LP.”
Brazilian Crypto Streamer Loses After Accidentally Leaking Private Keys
Brazilian cryptocurrency streamer Fraternidade Crypto is one of the latest victims of insecure self-custody practices, reportedly losing thousands of dollars in a private key mishap. During a live broadcast on YouTube, crypto fraternity Channel Ivan Bianco inadvertently exposed his private keys to a self-hosted cryptocurrency wallet.
In a live broadcast related to Bitcoin And blockchain gaming, Bianco apparently attempted to access the passwords for his blockchain gaming platform, Gala Games, through a text file on his computer.
Unfortunately for the streamer, his Gala Games password was stored in the same text file as the seed phrase for his MetaMask wallet, which has a large number of Polygon (MATIC).
Exploits, Hacks and Scams Steal Nearly $1 Billion in 2023, Report Says
Cybersecurity firm CertiK reports that flash loan attacks, exit scams and exploits cost more than $997 million in 2023.
In August alone, malicious actors targeting the cryptocurrency space stole more than $45 million in digital assets from victims, for a total of $997 million so far this year.
In August, CertiK highlighted that exit scams stole about $26 million from victims, flash loan attacks stole $6.4 million, and exploits stole $13.5 million from victims. The cybersecurity firm confirmed the total damage was more than $45 million.
How to Protect Your Cryptocurrency in a Volatile Market: Engagement from Bitcoin OG and Experts.
Cryptocurrencies are a volatile place. Money can be easily lost, as well as earned, through the ups and downs of Bitcoin and the broader market. Bitcoin OGs, veterans, and experts offer their opinions, tools, and perspectives on how to protect your cryptocurrencies.
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