{"id":63876,"date":"2023-10-29T03:10:26","date_gmt":"2023-10-29T03:10:26","guid":{"rendered":"https:\/\/egrowonline.com\/?p=63876"},"modified":"2023-10-29T03:10:26","modified_gmt":"2023-10-29T03:10:26","slug":"sbf-takes-the-stand-buy-bitcoin-searches-soar-and-other-news-hodlers-digest-oct-22-28","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=63876","title":{"rendered":"SBF takes the stand, \u2018buy Bitcoin\u2019 searches soar and other news: Hodler\u2019s Digest, Oct. 22-28"},"content":{"rendered":"


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Top Stories This Week<\/strong><\/h2>\n

Sam Bankman-Fried takes the stand on FTX\u2019s collapse<\/strong><\/h2>\n

Sam \u201cSBF\u201d Bankman-Fried testified this week in his ongoing criminal trial<\/a> in the Southern District of New York, denying any wrongdoing between FTX and Alameda Research while acknowledging making \u201cbig mistakes\u201d during the companies\u2019 explosive growth. Highlights of his testimony include denying directing his inner circle to make significant political donations in 2021, as well as claims that FTX\u2019s terms of use covered transactions between Alameda and the crypto exchange. Additionally, Bankman-Fried testified that he requested additional hedging strategies for Alameda in 2021 and 2022, but they were never implemented. The trial is expected to conclude within the next few days.<\/p>\n

\u2018Buy Bitcoin\u2019 search queries on Google surge 826% in the UK<\/strong><\/h2>\n

Google searches for \u201cbuy Bitcoin\u201d have surged worldwide amid a major crypto rally<\/a>, with searches in the United Kingdom growing by more than 800% in the last week. According to research from Cryptogambling.tv, the search term \u201cbuy Bitcoin\u201d spiked a staggering 826% in the U.K. over the course of seven days. In the United States, data from Google Trends shows that searches for \u201cshould I buy Bitcoin now?\u201d increased by more than 250%, while more niche searches, including \u201ccan I buy Bitcoin on Fidelity?\u201d increased by over 3,100% in the last week. Zooming out further, the search term \u201cis it a good time to buy Bitcoin?\u201d saw a 110% gain worldwide over the last week.<\/p>\n

US court issues mandate for Grayscale ruling, paving way for SEC to review spot Bitcoin ETF<\/strong><\/strong><\/h2>\n

The United States Court of Appeals has issued a mandate<\/a> following a decision requiring Grayscale Investments\u2019 application for a spot Bitcoin exchange-traded fund (ETF) to be reviewed by the Securities and Exchange Commission (SEC). In an Oct. 23 filing, the \u201cformal mandate\u201d of the court took effect, paving the way for the SEC to review its decision on Grayscale\u2019s spot Bitcoin ETF. The mandate followed the court\u2019s initial ruling on Aug. 29 and the SEC\u2019s failure to present an appeal by Oct. 13. To date, the SEC has yet to approve a single spot crypto ETF for listing on U.S. exchanges but has given the green light to investment vehicles linked to Bitcoin and Ether futures.<\/p>\n

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Coinbase disputes SEC\u2019s crypto authority in final bid to toss regulator\u2019s suit<\/strong><\/strong><\/strong><\/h2>\n

The U.S. Securities and Exchange Commission overstepped its authority when it classified Coinbase-listed cryptocurrencies as securities, the exchange has argued in its final bid to dismiss a lawsuit by the securities regulator<\/a>. In an Oct. 24 filing in a New York District Court, Coinbase chastised the SEC, claiming its definition for what qualifies as a security was too wide, and contested that the cryptocurrencies the exchange lists are not under the regulator\u2019s purview. The SEC sued Coinbase on June 6, claiming the exchange violated U.S. securities laws by listing several tokens it considers securities and not registering with the regulator.<\/p>\n

Gemini sues Genesis over GBTC shares used as Earn collateral, now worth $1.6B<\/strong><\/h2>\n

Cryptocurrency exchange Gemini filed a lawsuit against bankrupt crypto lender Genesis<\/a> on Oct. 27. At issue is the fate of 62,086,586 shares of Grayscale Bitcoin Trust. They were used as collateral to secure loans made by 232,000 Gemini users to Genesis through the Gemini Earn Program. That collateral is currently worth close to $1.6 billion. According to the suit, Gemini has received $284.3 million from foreclosing on the collateral for the benefit of Earn users, but Genesis has disputed the action, preventing Gemini from distributing the proceeds. Genesis filed for bankruptcy in January. It had suspended withdrawals in November 2022, which impacted the Gemini Earn program.<\/p>\n

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Winners and Losers<\/strong><\/h2>\n
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At the end of the week, Bitcoin (<\/strong>BTC<\/strong><\/a>)<\/strong> is at $34,143<\/strong>, Ether (<\/strong>ETH<\/strong><\/a>)<\/strong> at $1,789<\/strong> and XRP<\/strong><\/a> at $0.54<\/strong>. The total market cap is at $1.26<\/strong> trillion, according<\/a> to CoinMarketCap.<\/p>\n

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Pepe (PEPE) <\/strong>at 72.08%, Mina (MINA) <\/strong>at 55.47% and FLOKI (FLOKI) <\/strong>at 53.33%.\u00a0<\/p>\n

The top three altcoin losers of the week are Bitcoin SV (BSV) <\/strong>at -10.27%, Toncoin (TON) <\/strong>-3.14% and Trust Wallet Token (TWT) <\/strong>at -0.82%.<\/p>\n

For more info on crypto prices, make sure to read Cointelegraph\u2019s market analysis<\/a>.<\/p>\n

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Read also<\/p>\n

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\n Features<\/span><\/p>\n

Soulbound Tokens: Social credit system or spark for global adoption?<\/p>\n

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\n Features<\/span><\/p>\n

Ethereum restaking: Blockchain innovation or dangerous house of cards?<\/p>\n

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Most Memorable Quotations<\/strong>
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\u201cThe witness [Sam Bankman-Fried] has an interesting way of responding to questions.\u201d<\/p>\n<\/blockquote>\n

Lewis Kaplan<\/strong><\/a>, senior judge of the U.S. District Court for the Southern District of New York<\/strong><\/p>\n

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\u201cWhen it comes to illicit finance, crypto is not the enemy \u2013 bad actors are.\u201d<\/p>\n<\/blockquote>\n

<\/strong>Cynthia Lummis<\/strong><\/a>, U.S. senator<\/strong><\/p>\n

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\u201cI should say, I am not a lawyer, I am just trying to answer based on my recollection. [\u2026] At the time [at] FTX, certain customers thought accounts would be sent to Alameda.\u201d<\/p>\n<\/blockquote>\n

Sam Bankman-Fried<\/strong><\/a>, former CEO of FTX<\/strong><\/p>\n

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\u201cWithout prejudging any one asset, the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws.\u201d<\/p>\n<\/blockquote>\n

Gary Gensler<\/strong><\/a>, chair of U.S. Securities and Exchange Commission<\/strong><\/p>\n

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\u201cI do not believe there has been a single serious conversation regarding a settlement between Ripple [\u2026] and the SEC. The SEC is pissed and embarrassed and wants $770M worth of flesh.\u201d<\/p>\n<\/blockquote>\n

John Deaton<\/strong><\/a>, attorney<\/strong><\/p>\n

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\u201cHe [Sam Bankman-Fried] thought he was going to take that money, and [\u2026] he would out-trade the market and put the money back and end up as a half-a-trillionaire, but it never works like that.\u201d<\/p>\n<\/blockquote>\n

Anthony Scaramucci<\/strong><\/a>, founder of SkyBridge Capital<\/strong><\/p>\n

Prediction of the Week\u00a0<\/strong><\/h2>\n

Bitcoin beats S&P 500 in October as $40K BTC price predictions flow in<\/strong><\/strong><\/p>\n

Bitcoin surfed $34,000 at the end of the week<\/a> as attention turned to BTC price performance against macro assets. Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD holding steady, preserving its early-week gains.<\/p>\n

The largest cryptocurrency avoided significant volatility as the weekly and monthly closes \u2014 a key moment for the October uptrend \u2014 drew ever nearer.<\/p>\n

\u201cI think Bitcoin will hang around this range for some time,\u201d popular pseudonymous trader Daan Crypto Trades told X subscribers in one of several posts on Oct. 27. \u201cRoughly $33-35K is what I\u2019m looking at as a range. Eyes on potential sweeps of any of these levels for a quick trade,\u201d he wrote.<\/p>\n

FUD of the Week\u00a0<\/strong><\/h2>\n
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UK passes bill to enable authorities to seize Bitcoin used for crime<\/strong><\/strong><\/h2>\n

Lawmakers in the United Kingdom have passed legislation allowing authorities to seize and freeze cryptocurrencies<\/a> like Bitcoin if used for illicit purposes. Introduced in September 2022, the passed legislation aims to expand authorities\u2019 ability to crack down on the use of cryptocurrency in crimes like cybercrime, scams and drug trafficking. One of the provisions of the bill permits the recovery of crypto assets used in crimes without conviction, as some individuals may avoid conviction by remaining remote.<\/p>\n

Scammers create Blockworks clone site to drain crypto wallets<\/strong><\/h2>\n

Phishing scammers have cloned the websites of crypto media outlet Blockworks<\/a> and Ethereum blockchain scanner Etherscan to trick unsuspecting readers into connecting their wallets to a crypto drainer. A fake Blockworks site displayed a fake \u201cBREAKING\u201d news report of a supposed multimillion-dollar \u201capprovals exploit\u201d on the decentralized exchange Uniswap and encouraged users to visit a fake Etherscan website to rescind approvals. The fake Uniswap news article was posted on Reddit across several popular subreddits.<\/p>\n

Kraken to suspend trading for USDT, DAI, WBTC, WETH and WAXL in Canada<\/strong><\/strong><\/h2>\n

Kraken will suspend all transactions<\/a> related to Tether, Dai, Wrapped Bitcoin, Wrapped Ether and Wrapped Axelar in Canada in November and December. The suspensions may not surprise many Canadian cryptocurrency users, as they come on the heels of several other notable exchanges taking similar actions<\/a> throughout 2023. OKX ceased operations in Canada in June after Binance announced its intention to do so in May.<\/p>\n

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5,050 Bitcoin for $5 in 2009: Helsinki\u2019s claim to crypto fame<\/strong><\/h2>\n

Helsinki has a long and fascinating history<\/a> with cryptocurrency, including the first exchange of Bitcoin for United States dollars.<\/p>\n

Australia\u2019s $145M exchange scandal, Bitget claims 4th, China lifts NFT ban: Asia Express<\/strong><\/h2>\n

Australian police bust $145 million money laundering scam<\/a>, Bitget gains market share in Q3, China unblocks NFTs, and more.<\/p>\n

How blockchain games fared in Q3, Upland token on ETH: Web 3 Gamer<\/strong><\/h2>\n

$2.3B tipped into Web3 games so far this year<\/a>, ex-GTA devs\u2019 studio teams up with Immutable, Brawlers to launch on Epic Games Store, and more.<\/p>\n

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Editorial Staff<\/h2>\n

Cointelegraph Magazine writers and reporters contributed to this article.<\/p>\n<\/p><\/div><\/div>\n

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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Top Stories This Week Sam Bankman-Fried takes the stand on FTX\u2019s collapse Sam \u201cSBF\u201d Bankman-Fried testified this week in his ongoing criminal trial in the Southern District of New York, denying any wrongdoing between FTX and Alameda Research while acknowledging making \u201cbig mistakes\u201d during the companies\u2019 explosive growth. Highlights of his testimony include denying directing […]<\/p>\n","protected":false},"author":1,"featured_media":63877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[38],"tags":[50,453,386,385,111,387,12517,1200,2560,2313,438],"class_list":["post-63876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-buy","tag-digest","tag-hodlers","tag-news","tag-oct","tag-sbf","tag-searches","tag-soar","tag-stand","tag-takes"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/10\/IMG_5784-scaled.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/63876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63876"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/63876\/revisions"}],"predecessor-version":[{"id":63878,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/63876\/revisions\/63878"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/63877"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63876"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}