Weekly Crypto Chronicles: Bitcoin, SEC, and Tech’s Latest Moves

1ATH.Studio
3 min readOct 20, 2023

Dive into this week’s essential roundup, as we unravel the intertwining narratives of Bitcoin’s latest trajectory, the SEC’s regulatory shifts, and the Tech world’s pivotal Crypto advances.

Over $100 million $BTC liquidated Following Fake Spot Bitcoin ETF Approval News

The price of BTC nearly reached $30,000 on monday, following rumors that the US SEC had approved the Spot Bitcoin ETF Application by Blackrock. After BlackRock refuted the rumors, the price began to decline back to the $28,000 mark.

Due to the rumor-induced volatility, trades worth more than $105.28 million were settled in a single hour. Particularly, deals for $73.25 million in shorts and $32.03 million in longs were settled.

US SEC Drops Lawsuit Against Ripple Executives

The US Security and Exchange Commission (SEC) has dropped all charges against Ripple CEO Brad Garlinghouse and founder Chris Larsen.

The SEC’s decision, made without prejudice, follows Ripple’s earlier victory in July when Judge Analisa Torres ruled that XRP sales on secondary markets weren’t investment contracts. This series of wins reinforces Ripple’s standing in ongoing regulatory battles.

Binance Partners with New Providers to Enable Euro Transactions

Binance has collaborated with authorized fiat providers to enhance Euro services, including Open Banking and SEPA transactions.

Emphasizing the importance of seamless fiat-to-crypto conversions for global digital asset adoption, Binance reaffirms its dedication to user-friendly solutions in the crypto world.

SEC Chairman Gensler Confirms Work in Progress to Approve a Spot Bitcoin ETF

Securities and Exchange Commission Chair, Gary Gensler, remained tight-lipped regarding the status of several spot bitcoin ETF applications under review.

While avoiding predictions in a Bloomberg TV interview, Gensler confirmed that the commission’s staff is actively working on evaluating the multiple filings.

Doctor Arrested for Using Bitcoin to Hire Hitman to Kill Girlfriend

A physician from Georgia, Dr. James Wan, concocted a sinister plan on the dark web, aiming to execute a murder-for-hire masked as a carjacking incident to eliminate his girlfriend.

Although he counted on Bitcoin for anonymity, an errant transaction of roughly $24,200 and his detectable inquiries on dark web forums exposed him.

Prompt intervention by vigilant law enforcement officers thwarted Wan’s nefarious plot, and he now faces the prospect of justice.

Elon Musk & Mark Cuban File Joint Amicus Brief Against the SEC

Elon Musk and Mark Cuban collaborate, submitting a joint amicus brief to the Supreme Court against the SEC’s approach of in-house trials without juries.

Their contention emphasizes the disparity in outcomes for SEC defendants through these proceedings. The duo highlights potential infringements on the Seventh Amendment’s right to a jury trial.

U.S. Federal Reserve Governor Doubtful of CBDC

U.S. Federal Reserve Governor Michelle Bowman expressed doubts about the necessity of a U.S. central bank digital currency (CBDC).

Speaking at a Harvard Law School event, Bowman highlighted that the potential advantages of a U.S. CBDC are still ambiguous and its launch could bring about substantial challenges and compromises to the financial system.

NFT Creators Boycott Top Exchanges Over Sinking Royalties

NFT creators, including Yuga Labs and Pudgy Penguins, are protesting the decline in royalties by boycotting prominent exchanges such as Blur and OpenSea.

The emerging tension between artists and trading platforms signifies a pivotal moment in the NFT landscape, prompting creators to withhold collections or contemplate independent platforms as they navigate through the evolving market.

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