⚖️ US SEC Officially Acknowledges XRP Is Non-Security in New Court Filing
In a significant turn of events, the United States Securities and Exchange Commission (SEC) has publicly affirmed the nonsecurity status of digital assets, including XRP. This announcement comes as part of the regulatory body’s motion to appeal the Ripple victory ruling. The SEC’s recognition that digital assets are not inherently securities has elicited enthusiastic responses from the crypto community, particularly the XRP armies. In a tweet, attorney John Deaton noted that the SEC’s acknowledgment can be attributed to the overwhelming support of over 75,000 XRP holders who joined the ongoing lawsuit. Deaton emphasized: “We fought to have the judge actually [write] that the token itself is not the security. In fact, it was the first section in our argument in the Brief.” 🔗 Read more

📉 Bitcoin falls as SpaceX reportedly dumps the cryptocurrency
Bitcoin’s troubles continue as the popular cryptocurrency dipped below $27,000, raising concerns of a further decline. The latest hit comes in the wake of aerospace giant SpaceX reportedly offloading roughly $373 million worth of Bitcoin, which it had acquired between 2021 and 2022. Amidst this sell-off, Bitcoin faces a resistance of $28,943.90 and new support of $25,409.11. The Wall Street Journal reports on August 17 revealed that SpaceX had recorded Bitcoin holdings amounting to $373 million on its balance sheet during 2021 and 2022. Documents showed that the firm’s total expenses for 2022 were approximately $5.2 billion, with $5.4 billion spent in 2021 and 2022 on acquiring property, equipment, research, and development. While SpaceX has been tight-lipped about the sale, this move indicates a strategic shift in the company’s financial portfolio. 🔗 Read more

📰 This Week In Crypto (CW33)

1. Judge grants SEC request to file motion for appeal in Ripple case

2. Ledger announces PayPal integration for cryptocurrency purchases

3. SEC Set to Greenlight Ether-Futures ETFs in Win for Crypto Industry

4. Bitcoin, Ether price slump leads to crypto bloodbath with $1B in liquidations

5. Bitcoin-friendly El Salvador sees bond returns soar to 70% in 2023

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CW32 (last week)

🐳 Ethereum Whale Avoids Market Crash, Do They Know Something You Don’t?
While the broader cryptocurrency market recently took a nosedive, some mysterious Ethereum whale successfully escaped with $41 million worth of ETH. Days later, the price of ETH went down, along with BTC and other cryptocurrencies. Did this whale know something the rest of the market didn’t? In the early hours of August 18, the crypto market saw investors reacting to SpaceX selling its $373 million Bitcoin holdings, pushing down Bitcoin by more than 8% in a matter of minutes. During this period, the crypto market cap dropped to $1.1 trillion, and Ethereum also saw its value plummet by almost 6%. 🔗 Read more

📈 Bitcoin daily RSI is now the most oversold since Covid crash in 2020
In the fast-paced world of cryptocurrency trading, the relative strength index (RSI) serves as a valuable tool for investors and traders to gauge the momentum of an asset. A recent development has set the stage for a significant market event, as the Bitcoin (BTC) daily RSI has plummeted to levels not seen since the COVID-19-induced crash in March 2020. RSI, a widely used technical indicator, measures the speed and change of price movements. It oscillates between 0 and 100, with readings above 70 typically indicating an overbought condition and readings below 30 suggesting an oversold condition. The recent drop in Bitcoin’s daily RSI below the 20-mark has raised eyebrows in the cryptocurrency community. This level of oversold territory hasn’t been witnessed since the turbulent days of the pandemic-induced market crash in March 2020, when the entire financial landscape was gripped by fear and uncertainty. 🔗 Read more

💸 Ethereum Co-Founder Vitalik Buterin Sends $1M ETH to Coinbase
Ethereum co-founder Vitalik Buterin deposited 600 ether (ETH), which is around $1 million worth of the cryptocurrency, to crypto exchange Coinbase on Monday, according to data from Ethereum blockchain scanning website, etherscan. The move comes as ether, the second largest cryptocurrency by market capitalization suffered a 10% decline over the last seven days, amid a broad market downturn which saw traders witness $1 billion in liquidations. Ether has recovered slightly on Monday, trading in the green over the last 24 hours at $1,700. On Sunday, Buterin repaid 250,000 RAI and withdrew $1.6 million worth of ether, according to on-chain tracker, lookonchain. RAI is a non-pegged stablecoin backed by ETH. 🔗 Read more

🍞 FTX founder Bankman-Fried living on bread and water, lawyer says
Sam Bankman-Fried is struggling to prepare for his fraud trial due to a lack of adequate food in prison, the lawyer for the founder of collapsed cryptocurrency exchange FTX says. The claim came as Mr Bankman-Fried pleaded not guilty to seven criminal charges contained in a new indictment. His bail was revoked two weeks ago. At the time the judge said: "There is probable cause to believe that the defendant has attempted to tamper with witnesses at least twice." The former billionaire's lawyer, Mark Cohen, said a lack of adequate food at Brooklyn's Metropolitan Detention Center was hampering his client's ability to prepare for his trial, which is scheduled to start in October. 🔗 Read more

💵 Leak Reveals Elon Musk, X And Wall Street Could Be About To Cause Bitcoin And Crypto Price Chaos With ‘PayPal Update’
Tesla billionaire and X owner Elon Musk has a habit of causing wild swings for the bitcoin price and other major cryptocurrencies. The bitcoin price has swung wildly over the last few months as economic and regulatory pressures mount—though traders are now braced for a $15.5 trillion September Wall Street earthquake. Now, after a U.S. Securities and Exchange Commission (SEC) insider has warned bitcoin and crypto buyers to beware of Binance, a leak has suggested Musk could turn X (Twitter) into an "updated version of PayPal. Musk "continues to have conversations [with] top Wall Street executives on [the] future of X," Fox Business News correspondent Charles Gasparino, posted to X. 🔗 Read more

📰 This Week In Crypto (CW34)

1. Tornado Cash co-founders charged with money laundering, sanctions violations

2. Sam Bankman-Fried is low on meds, living on $3 peanut butter in prison

3. Mystery solved: Bitcoin wallet accruing $3B in 3 months is identified

4. Prime Trust’s parent company reports $8m loss due to TerraUSD investments

5. PancakeSwap Version 3 Goes Live on Ethereum Layer 2 Linea Mainnet

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CW33 (last week)

🌍 Indian PM Modi calls for global cryptocurrency framework at G20 Summit
Indian Prime Minister Narendra Modi has called for global collaboration on formulating crypto regulations during the annual Group of 20 (G20) summit. As president of the G20, India has taken up the task of advocating for a comprehensive global framework for regulating cryptocurrencies. The G20 comprises 19 countries and the European Union, representing the world’s major developed and emerging economies, and it leads international economic cooperation that plays a critical role in strengthening global architecture and governance on all major international economic issues. During an interview with a local daily, Modi talked about the role of emerging technologies such as blockchain and cryptocurrency. Modi noted that the nature of such emerging technologies will have a global impact. Thus, the rules, regulations and framework around it should not belong to one country or a group of countries. 🔗 Read more

🔞 OnlyFans’ parent company bought $20M of Ethereum as revenue surged
The parent company of subscription platform OnlyFans has become the latest firm to reveal its cryptocurrency holdings, showing it invested nearly $20 million into Ether in 2022. According to an Aug. 24 financial filing to the UK corporate registry, Fenix International reported that it had purchased some $19.9 million worth of ETH between 2021 and 2022. However, due to an overall decline in crypto asset prices over the course of last year, the total value of its Ether decreased by $8.5 million by the end of November 2022. As of Nov. 30, 2022 — when ETH was worth $1,295 apiece — this placed the carrying amount of the company’s ETH holdings at $11.4 million. 🔗 Read more

BREAKING: Grayscale wins #Bitcoin Spot ETF lawsuit against SEC!

💣 Elon Musk Has Quietly Primed The Crypto Market For An Explosive Bombshell That Could Play Havoc With The Price Of Bitcoin, Ethereum, XRP And Dogecoin
Elon Muskwho took Twitter private last year and rebranded it X as part of a plan to make it into an "everything app," could be plotting a major "PayPal update," according to a leak last week. The bitcoin price has rocketed this year, helped by Wall Street readying a $15.5 trillion bazooka that's fast approaching, while major cryptocurrencies, including etheruem, XRP and dogecoin, have also bounced back. Now, X has been granted a currency transmitter license by Rhode Island's regulators, widely celebrated as a step toward the social network that Musk is hell-bent on trying to turn into a China "WeChat-style" all-singing, all-dancing super app being able to custody, transfer and exchange bitcoin and other cryptocurrencies. 🔗 Read more

📉 Bitcoin Slumps to $26.2K After SEC Delays Decisions on Spot ETFs
The price of bitcoin (BTC) has now erased all of its Tuesday gain, returning to just above $26,000 Thursday afternoon after the SEC delayed decisions on spot bitcoin ETF applications from WisdomTree, Invesco and Valkyrie. At press time, there was not yet any information about similar applications from BlackRock and Fidelity. BTC slumped below $26,100 during U.S. afternoon hours before modestly bouncing to $26,200, down 3.8% and extending yesterday's decline. Alongside the SEC news, bitcoin was weakening heading into the Friday release of the monthly U.S. jobs report, which often stirs asset prices. 🔗 Read more

🇨🇳 Crypto Suddenly Braced For A Game-Changing China Earthquake That Could Hit The Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Solana, Tron And Toncoin Price
Bitcoin and crypto could be heading into its biggest ever couple of months, with one well-respected investigator predicting September is going to be "crazy." The bitcoin price has swung wildly—dragging etheruem and other major cryptocurrencies including XRP, BNB, cardano, dogecoin, solana, tron and toncoin with it—as hype built around a flurry of closely watched U.S. spot bitcoin exchange-traded funds (ETFs) filings that the Securities and Exchange Commission (SEC) has kicked into October (though Tesla billionaire Elon Musk could be about to lob his own grenade into the bitcoin and crypto market). Now, a top court in China, which has recently moved to open up bitcoin and crypto trading to the mass market in Hong Kong, has written a report declaring crypto is "legal property and protected by law," according to local media reports. 🔗 Read more

📰 This Week In Crypto (CW35)

1. Grayscale wins SEC lawsuit for Bitcoin ETF review

2. Ethereum Smartphone Sells Out in 1 Day, Solana Phone Cuts Price

3. China Court Recognizes Cryptocurrency as Legal Property

4. BitBoy Crypto brand will no longer include YouTuber Ben Armstrong

5. SEC delays decision on 6 spot Bitcoin ETF applications

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CW34 (last week)

👀 Betting platform Stake sees over $41 million in suspicious crypto outflows
On-chain analysts reported that a large amount of funds suspiciously moved out of the crypto-based sports betting platform Stake in multiple transactions, in what appears to be a major security incident. The outflows occurred in two separate rounds. Initially, data from the analyst firm Cyvers showed that $15.7 million was transferred away from the platform. This amount included 6,000 ether ($9.8 million) and $5.9 million in stablecoins. 🔗 Read more

🌍 XRP Will Replace US$ as World’s Reserve Currency: Ripple CTO
In a recent Twitter Spaces titled “What’s Happening with XRP,” David “JoelKatz” Schwartz, the CTO of Ripple hypothesized a scenario wherein XRP could emerge as the world’s reserve currency. Speaking about world reserve currencies, Schwartz stated that he believed that a lot of the world was done with the American dollar as the reserve currency. Schwartz argued that several countries were willing to try an alternative to the dollar. “One of my wild case scenarios for digital assets is if countries realize the US currency is not going to be the reserve forever,” said the tech leader. Schwartz explained, using an analogy of banks, that most smaller banks would want to change a system set by large banks so that the new system would work in their favor instead of being biased and merely catering to the needs of a very few successful and powerful entities. “I think the same thing could happen to nations,” said Schwartz, “like every nation would like their currency to be the world reserve currency. That is how the U.S. economy has grown unfairly by leaps and bounds for decades.” 🔗 Read more

🏹 Cathy Wood's ARK Invest Files for First Spot Ether ETF
Asset managers ARK Invest and 21Shares have applied for regulatory approval for an exchange-traded fund (ETF) that would directly hold ether (ETH), according to a Wednesday filing to the U.S. Securities and Exchange Commission (SEC). The Ark 21Shares Ethereum ETF is the first attempt to list such a fund in the U.S. that directly invests in ETH, the second largest cryptocurrency by market capitalization.The fund would custody the assets with Coinbase (COIN) Custody Trust Company. The news initially sent ether and bitcoin higher, but the rally proved short-lived and both cryptos have returned to prices seen ahead of the filing. 🔗 Read more

🇺🇸 US Treasury, IRS propose cryptocurrency regulations for brokers
Two United States federal agencies — the Department of the Treasury and the Internal Revenue Service (IRS) — have released a set of cryptocurrency regulations proposal detailing brokers’ reporting requirements. The Office of Advocacy of the U.S. Small Business Administration revealed that the proposal around crypto regulations for brokers was released on Aug. 29. It explained: “The proposed rules would require digital asset brokers, including trading platforms, payment processors, and certain hosted wallet providers, to report gross proceeds for all sales or exchanges of digital assets starting on January 1, 2025.” 🔗 Read more