SEC delays BTC ETF decision, Grayscale triumphs over SEC and BitBoy gets the boot: Hodler’s Digest, Aug. 27 – Sept. 2
Grayscale Triumphs SEC, Armstrong's Ouster & ETF Delays
written by the team of editors 8 minutes September 3rd, 2023
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Grayscale's SEC Victory For BTC ETF Review
Grayscale Investments, a company managing cryptographic assets, achieved a significant victory in its struggle against the Securities and Exchange Commission of the United States.
As part of its continuous endeavor to transform its Grayscale Bitcoin Trust (GBTC) into a Bitcoin exchange-traded fund (ETF), a judge from the United States appeals court acknowledged Grayscale's claim that the Securities and Exchange Commission's (SEC) unfair rejection of its recent ETF application. According to the SEC, the GBTC lacked adequate safeguards and measures against fraud.
Judge Neomi Rao granted Grayscale's plea for a reevaluation, signaling her approval. Previously, Rao remarked that the SEC failed to provide any reasoning behind Grayscale's alleged wrongdoing.
Nevertheless, the triumph does not necessarily indicate that Grayscale's Bitcoin ETF is finalized. There are still additional developments on the horizon.
BitBoy Crypto Cuts Ties With Ben Armstrong
The parent corporation of Hit Network, the individuals responsible for the popular "BitBoy Crypto" brand, recently expelled its public representative, Ben Armstrong.
The company claimed that problems related to addiction and financial harm were the motives behind their choice.
Hit Network recently made a YouTube and social media declaration stating that although they tried to assist Armstrong throughout his battle with addiction, they have now chosen to separate from the influencer.
This comes after Armstrong encountering a string of legal actions in recent times. He found himself embroiled in a collective lawsuit where investors indicted him and other personalities for endorsing FTX without revealing the extent of their monetary compensation from the exchange.
In addition, while the lawsuit was ongoing, there were allegations that Armstrong intimidated the attorneys representing the plaintiff and disregarded the directives of a judge to attend the court proceedings. The legal matter was temporarily halted in June.
SEC Postpones Ruling On 6 Bitcoin ETF Plans
The SEC has decided to delay making a verdict on six requests for spot Bitcoin exchange-traded funds (ETFs) in America. The commission has chosen to lengthen its examination duration by an extra 45 days, thereby pushing the ultimate decision to October. Soon after this announcement hit the news, the SEC likewise placed BlackRock, the largest investment manager globally, in the same postponed verdict situation.
Bitwise Cancels Bitcoin & Ether ETF Application
Bitwise has made a surprising move in response to the U.S. SEC's announcement of delays. They have requested to withdraw their application for the Bitcoin and Ether Market Cap Weight Strategy ETF. The application was initially presented to the SEC on August 3rd. It appears that Bitwise is taking a moment to reassess their strategy, even though there was a momentary boost in market sentiment after Grayscale's recent victory with the SEC.
Robinhood Acquires Sam Bankman-Fried's Stake For $606M
Robinhood, a platform for trading cryptocurrency and stocks, recently acquired a significant number of its own company shares from Sam Bankman-Fried, the ex-CEO of FTX. The transaction, valued at approximately $606 million, was completed and officially documented with the U.S. Securities and Exchange Commission (SEC) this week. These shares were initially held by Bankman-Fried and Gary Wang, co-founder of FTX, under the entity Emergent Fidelity Technologies.
Yet, in January, the U.S. Department of Justice confiscated these shares. The acquisition was already planned for a considerable time. Robinhood's board of directors authorized it in their Q4 2022 report, and an August SEC filing confirmed that the purchase had received approval from the U.S. District Court for the Southern District of New York without encountering any legal issues.
As the week comes to a close, Bitcoin (BTC) stands at a value of $25,610, Ether (ETH) at $1,618, and XRP (XRP) at $0.49. CoinMarketCap reports that the collective market capitalization amounts to a whopping $1.03 trillion.
Out of the largest 100 cryptocurrencies, the three altcoins that have experienced the highest gains this week are Toncoin (TON) with an increase of 33.90%, Iota (MIOTA) with a rise of 13.13%, and Maker (MKR) with a growth of 12.33%.
The three worst-performing alternative cryptocurrencies this week are KuCoin Token (KCS) with a decline of 15.53%, Hedera (HBAR) with a drop of 15.02%, and Astar (ASTR) with a decrease of 12.82%.
If you want to learn more about cryptocurrency prices, be sure to check out Cointelegraph's market analysis.
There exist numerous instances wherein openness is valued, but the majority of individuals are not keen on making all economic transactions accessible to the public eye.
Brian Armstrong, the Chief Executive Officer of Coinbase
"With the judiciary gradually curbing the SEC's powers, I am optimistic that the sector is reigniting in the United States."
, recently wrote a blog post discussing the importance of cybersecurity for businesses. In the post, McLaughlin emphasizes that implementing proper cybersecurity measures is vital for protecting sensitive data and maintaining the trust of customers. He also highlights the increasing prevalence of cyber threats and the potential financial and reputational damage they can cause. Furthermore, McLaughlin acknowledges that while cybersecurity can be an expensive investment, the cost of a potential breach or data leak far outweighs the initial expenses of implementing robust security measures. He advises businesses to take a proactive approach by regularly assessing their security protocols, implementing multi-factor authentication, and training employees on cybersecurity best practices. McLaughlin also highlights the significance of collaborating with legal and IT professionals to ensure compliance with privacy regulations and to swiftly respond to any potential breaches. He advises businesses to have a thorough incident response plan in place, including a public relations strategy, to mitigate damages if a breach does occur. In conclusion, McLaughlin emphasizes that cybersecurity should be a top priority for businesses of all sizes. Investing in robust security measures and staying informed about emerging threats is essential to protect sensitive data and maintain the trust of customers.
Ultimately, victory will be ours. It is impossible to appropriate an individual's enterprise, which is founded upon their unique identity, and emerge triumphant.
, the previous lead singer of BitBoy Crypto
I truly believe that Bitcoin could potentially reach a price of $100,000 in the upcoming cycle. This prediction is derived from the assumption that, if BTC manages to secure just a small portion (2 to 5%) of the $13 trillion worth of gold held in institutional portfolios, its value will rise significantly.
Sue Ennis, the second-in-command at Hut 8
We anticipate minimal negative possibilities for the cryptocurrency markets in the short term.
The other day, I had a conversation with a gentleman who possesses 80 alternative coins in his investment collection. It is practically impossible for an independent investor to be fully aware and informed about the ongoing activities and performances of all 80 diverse cryptocurrencies simultaneously.
, discusses the importance of community in driving social change. In his recent interview, Ben Simpson, the initiator of Collective Shift, emphasizes the crucial role that community plays in fostering and propelling social transformation.
This Week’s Prediction
Bitcoin faces the possibility of a rapid decline to $23,000 after experiencing an 11% decrease in value during the month of August.
According to the information gathered, it seems that Bitcoin is headed towards testing its long-standing support levels after experiencing a decline in its price towards the end of August. The previous week's progress has been reversed, and as of September 1st, BTC/USD is currently trading below $26,000, as reported by Cointelegraph Markets Pro and TradingView.
At first, people involved in the market had reasons to feel positive because Bitcoin stayed above an important trendline and kept its value at $27,000. However, when the U.S. SEC decided to postpone the approval of several Bitcoin ETF applications, people's feelings about the market changed. Bitcoin quickly lost $1,000 in value within a short period of time, specifically in just two consecutive hours.
Traders have been making guesses about the fluctuations. "Information from the blockchain suggests that $BTC doesn't have a solid backing below the $25,400 level," renowned anonymous trader Ali shared with followers on X (previously known as Twitter).
In a recent assessment, Material Indicators, a resource specializing in on-chain monitoring, provided a discouraging outlook for the BTC/USD pair across various timeframes. Utilizing data from their exclusive trading tool, Trend Precognition, Material Indicators recommended that in order for the bull market to regain momentum, it was crucial for the price to remain above $24,750.
Weekly FUD: Unveiling The Fear, Uncertainty, And Doubt
Balancer Hacked, $900k Stolen
The Balancer protocol, which operates as an automated market maker and decentralized finance platform on the Ethereum network, has recently announced that it suffered an attack. As a consequence, it incurred losses amounting to approximately $900,000. This unfortunate event took place shortly after the disclosure of a vulnerability that affected multiple pools within the protocol.
Meier Dolev, an expert in blockchain security, has reportedly uncovered an Ethereum address associated with the perpetrator. After the breach, this address saw two separate transactions of Dai stablecoin. The first transfer amounted to $636,812, while the second was valued at $257,527, resulting in a cumulative balance exceeding $893,978.
Balancer has become aware of an issue regarding the vulnerability mentioned earlier, as mentioned by the protocol's team on X platform. They further mentioned that although significant steps have been taken to minimize risks, it is not possible to pause affected pools. Therefore, in order to avoid additional exploits, users are recommended to withdraw from impacted LPs according to the team's advice.
Brazilian Streamer Loses Money Exposing Private Key
An individual from Brazil who streams about cryptocurrencies recently fell prey to the consequences of unsafe methods of managing one's assets. Reports suggest that this person, Ivan Bianco, the proud owner of the Fraternidade Crypto channel, unexpectedly and unknowingly revealed their private key on a livestream on YouTube. Unfortunately, this mishap resulted in the loss of a considerable amount of money.
During the live broadcast focused on Bitcoin and blockchain gaming, Bianco seemingly attempted to retrieve his passwords for the Gala Games blockchain gaming platform by referring to a written record on his computer.
Regrettably, the streamer faced an unfortunate situation where his Gala Games login credentials were kept together with the MetaMask wallet's seed phrase in a single text document, and this wallet contained a notable quantity of Polygon (MATIC).
2023 Report: Hacks, Scams Cost $1B
According to cybersecurity company CertiK, the total amount of money lost due to flash loan attacks, exit scams, and exploits in 2023 was just under one billion dollars. Within the month of August alone, malicious individuals focused on the cryptocurrency realm have successfully stolen over 45 million dollars worth of digital assets from their targets. In total, these cybercriminals have swindled a staggering 997 million dollars since the start of the year.
According to the findings of CertiK, it was brought to attention that exit scams embezzled approximately $26 million, while flash loan attacks seized $6.4 million, and exploits plundered $13.5 million from their targets during August 2023. This cybersecurity agency has confirmed that the cumulative financial harm reached beyond $45 million.
Tips for safeguarding your cryptocurrency amidst market instability: Insights from seasoned Bitcoin enthusiasts and professionals.
The world of cryptocurrencies is extremely unpredictable. You can easily lose or gain money due to the unpredictable changes in Bitcoin and the overall market. Experienced individuals, who have been involved in Bitcoin for a long time and possess extensive knowledge, share their insights, resources, and perspectives on safeguarding your cryptocurrencies.
6 Inquiries for Leila Ismailova: Online attire and existence beyond Artisant
At the tender age of 15, Leila Ismailova embarked on her professional journey as a renowned radio personality in Belarus, a country nestled in Eastern Europe and bordered by Russia. With a thriving population of 9.3 million inhabitants, she dedicated a decade to this role. However, Leila encountered what she perceived as a limit to her professional growth, prompting her to embark on a new path that ultimately led her to explore the fascinating world of Web3.
Ran Neuner from Crypto Banter expresses his strong disapproval for Ripple, describing it as highly reprehensible. He also applauds another individual named ZachXBT, acknowledging their notable achievements in the crypto space. This recognition is deemed worthy of being included in the prestigious Hall of Flame.
Ran Neuner, the head honcho at Onchain Capital and the mastermind behind Crypto Banter, impartially expresses his views on the world of cryptocurrencies on X. According to the insightful insights offered by Ran Neuner from Crypto Banter, engaging with individuals you may not particularly fancy on Twitter/X can surprisingly enhance your intellect.
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This article was written by the journalists and contributors from the Cointelegraph Magazine.
