Analysis Crypto by Thebittimes.Com

Bitcoin ETFs could be subject to manipulation in the spot Bitcoin market. The SEC's chief concern is figuring out how to prevent manipulation induced by ETFs. Investors are eagerly anticipating the potential approval of a spot bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC). The excitement began in early June when the investment giant BlackRock submitted a filing for the product and gained further momentum after a court decision mandated the SEC reconsider its rejection of Grayscale's proposal to transform its Bitcoin Trust (GBTC) into a spot ETF. The SEC’s objection to ETFs is related to the fact that Bitcoin (BTC) is traded in unregulated venues around the world, which poses a challenge in preventing fraud and price manipulation. One attempt to address the issue has included surveillance-sharing agreements (SSA) with some cryptocurrency exchanges. In theory, this would allow the identification of bad actors who attempt to mani...

Following Sam Bankman-Fried’s conviction, a U.S. attorney said that the former FTX fraud case is “as old as time,” adding that the government is ready to deal with fraud sters who believe they are untouchable and beyond prosecution. The founder and former CEO of the collapsed crypto exchange FTX, who used to be the darling of the cryptocurrency industry, received a verdict declaring him guilty of all seven counts, including fraud and conspiracy charges. Despite the verdict, Sam Bankman-Fried’s lawyer declared that the fight wasn’t over, maintaining that his client was innocent. There is no hiding place for fraudsters  The U.S. District Attorney for the Southern District of New York issued a statement following the guilty verdict delivered by 12 jurors.  You might also like: FTX founder, Sam Bankman-fried, is guilty to all charges: crypto community reacts Attorney Williams described Sam Bankman-Fried’s financial fraud as one of t...

Also Read: Whale Transfers 40 Mln XRP From Binance To Unknown Wallet Amidst On-Chain Activity Boost advertisement XRP Secret Howey Memo The secret memo dates back to June 2018, when Ripple Labs CEO Brad Garlinghouse and CTO David Schwartz raised questions to Hinman former SEC Chair Jay Clayton. Deaton asked why was it that the document was not out in public if the SEC officials have argued that the sale of XRP was unregulated securities. “How come the Howey memo isn’t an exhibit? How come Jay Clayton and William Hinman didn’t say XRP sale was clearly a security? Because at best the memo said XRP was given away by Ripple for a non-investment purpose.” Deaton explained that the fact that XRP can be shown as not a security in many ways makes the Howey memo an important finding. The attorney argued that the memo would likely have suggested for the SEC that it was inconclusive but it may very well have suggested for Ripple that XR...

Also Read: Terra Luna Classic Community Set To Burn 800 Million Tokens, LUNC And USTC To $1? advertisement In the recent months, the company’s pole position as the market leader in crypto investments has been challenged by the entry of the likes of Blackrock and Citadel, which are vying for approval to the spot Bitcoin ETF filings. If and when approved, the ETFs would impact a much larger market share compared to Microstrategy. Earlier, CoinGape reported that the company’s current holdings stand at 152,333 $BTC. What To Expect From Microstrategy Earnings Report Traders would be looking at the company’s earnings and forecast for revenue from the core business, which would directly translate to the amount of Bitcoin the company may purchase in the months ahead. Also, in his capacity as the executive chairman and a co-founder of MicroStrategy, Michael Saylor may also give out a statement on his forecast for BTC in near term. Overall, t...

Also Read: LUNC News: Community Stays Positive Ahead of the Onboarding of Top Web3 Builders advertisement Popular crypto analyst CrediBull said that a build up of compression in the upside over the last three quarters signals a clear upside in a matter of few weeks. In the next wave, an impulse of above $10,000 may be registered for BTC, he predicted. Analyst Predicts Aggressive Impulse For Bitcoin Price The analyst said that considering the recent impulse from $24,000 to the $31,000, the next impulse could likely be aggressive, all the way up to $42,000. This is based on the third wave projection in the longer time frame, which is generally a multiple of 1.67 time the projection in the second wave that led to the recent impulse. “Recent waves of Bitcoin price deviations since November 2023 showed strong impulse to the upside and increasingly shallow retracements to the downside, which is a bullish sign. There could be a downfall at $27,900 before...

Israeli multi-asset investment platform eToro announced that its users in the United States will soon be unable to access Algorand (ALGO), Polygon (MATIC), Decentraland (MANA), and Dash (DASH), following a similar move made by Robinhood.  eToro limits crypto offerings for US customers eToro, in a Twitter thread, said that the company is adjusting its crypto offering for customers in the US, which will see the company delist four tokens — ALGO, MATIC, MANA, and DASH — starting from July 12, 2023.  According to eToro, US customers can still hold and sell already open positions in these tokens, while stating that the new change will not affect non-US customers .  Although the platform does not mention the SEC lawsuit against crypto exchange giants Coinbase and Binance, eToro said it was carrying out the action “due to recent developments.” We are committed to working closely with regulators around the world to shape the future of the crypto industry and cham...

Also Read: Cardano’s Charles Hoskinson May Finally Patch Up With XRP Community Scimitar Capital Crypto Selloff In a fresh development, Scimitar Capital, a crypto trading platform, said it made the strategic decision to liquidate our crypto holdings. The crypto community believes that this is most likely the reason behind the sudden and widespread drop in crypto prices. The firm said in an announcement, “Our fund has made the strategic decision to liquidate our crypto holdings and return the capital to our esteemed LPs. We believe this move will provide enhanced stability and opportunities.” Also Read: Crypto Market Crash: Here’s Why Bitcoin , Ethereum, Altcoins Are Falling Sharply Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read Best Crypto Exchang...

A New York regulator ordered Paxos to stop issuing BUSD, the third-largest stablecoin by market cap. The New York Department of Financial Services has reportedly ordered  blockchain company Paxos Trust Co. to stop the issuance of dollar-pegged Binance USD (BUSD) stablecoin.  The New York regulator's actions come shortlyafter the United States Securities and Exchange Commission issued a Wells Notice to Paxos — a letter the regulator uses to tell companies of planned enforcement action. The notice alleged that Binance USD is an unregistered security. The NYDFS has reportedly asked Paxos to stop creating more of its BUSD token. Paxos will continue to manage redemptions of the product, according to a Binance statement. This is a developing story, and further information will be added as it becomes available. Source: https://thebittimes.com/breaking-paxos-reportedly-ordered-to-stop-issuing-binance-usd-tbt37988.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_cam...

Andrew Fierman highlighted the nuances of sanctions depending on who is involved, what is at stake and where they’re coming from. As many countries, entities and even individuals face international sanctions, the crypto industry seeks to find its place among increasing regulations.  Digital currencies have often been mentioned as an avenue for those subject to Sanctions to divert them, such as in the recent case of Russia. In such instances, exchanges and other industry players need to understand where they stand compliance-wise.  Research out of Harvard even suggested that central banks can use Bitcoin (BTC) to fight off sanctions. Speaking to Cointelegraph's managing editor Alex Cohen at the Israel Crypto Conference, Chainalysis head of Sanctions Andrew Fierman said Sanctions are nuanced depending on the many factors which surround the situation. “When you’re looking at countries like Iran and North Korea, from a US perspective, crypto has in fact been comprehensively sanctioned...

Join Our Telegram channel to stay up to date on breaking news coverage The US authorities recently confiscated $22 million in Bitcoin or around 719 BTC, that was obtained through a series of ransomware attacks. The funds were confiscated by the Department of Justice (DOJ), and one of the participants of the attacks is the 35-year-old Sebastien Vachon-Desjardins — a Canadian who joined the infamous NetWalker attacks. The US cracks down on cyber criminals American authorities published a statement, noting that Vachon-Desjardins has been sentenced to 20 years in prison for his involvement with the attacks involving sophisticated ransomware called NetWalker. The ransomware&rsquo ;s focus was apparently on the healthcare sector, which stood out during the coronavirus pandemic. It targeted people and institutions all around the world, such as emergency services, universities, colleges, various companies, and alike. According to Kenneth A. Polite, Jr., the Assistant Attorney G...