TOP 5 Losers
| Indices | LTP | Change (%) |
|---|---|---|
| Terra Classic | $0.00006325 | 3.35% |
| GateToken | $3.73 | 2.99% |
| XDC Network | $0.04899 | 1.72% |
| Monero | $145.02 | 1.12% |
| Pax Dollar | $0.9944 | 0.71% |
Crypto News Key Highlights:
Valkyrie Investments has secured SEC approval for the first Ethereum futures ETF. This move positions them as leaders among nine issuers vying to offer investors exposure to Ethereum's future prices. The ETF will merge with a Bitcoin futures ETF, trading as "the Valkyrie Bitcoin and Ether Strategy ETF." Trading began ahead of schedule due to a possible government shutdown, emphasizing the urgency. The fate of other Ether futures ETFs remains uncertain as the SEC requests additional information. Steven McClurg, CIO at Valkyrie, is excited about pioneering Ethereum futures, citing the surging interest in this asset class.
Coinbase CEO Brian Armstrong criticized JPMorgan's UK retail bank, Chase UK, for blocking crypto-related payments, deeming it "totally inappropriate." Armstrong urged UK crypto holders to close their Chase accounts and alerted British officials to address the bank's stance, as the UK aims to become a global crypto hub. Chase cited fraud prevention as the reason for the move, prompting Armstrong to hope for further context behind the decision.
Billionaire Ryan Cohen, previously GameStop's Executive Chairman, has become CEO, aiming to rejuvenate the struggling retailer. GameStop's stock surged 10% upon his appointment. Cohen's significant shareholding adds optimism. This parallels the GameStop-Dogecoin correlation, raising questions about whether Dogecoin might mirror GameStop's 2021 rally, especially with Elon Musk's influence. However, Musk faces legal challenges over his Dogecoin endorsements.
The SEC has once more delayed decisions on spot Bitcoin ETF applications, impacting BlackRock, Invesco, Valkyrie, and Bitwise. Initially filed in June 2023, the SEC's latest move institutes proceedings to assess approval or disapproval, without indicating any conclusions. SEC Chairman Gary Gensler, recently grilled at a congressional hearing, maintained his cautious stance on crypto and criticized fund handling practices. The SEC is yet to act on the court's order regarding Grayscale's GBTC conversion to a spot Bitcoin ETF.
Binance advises Paysafe users facing EUR transfer suspensions to convert to USDT or withdraw to bank accounts by Oct. 31, 2023. Paysafe halted EUR deposits on Sept. 25, affecting crypto trading and services. Binance assures fund security and seeks to expand fiat channels amid regulatory challenges.
US District Judge Lewis Kaplan denied Sam Bankman-Fried's request for temporary release before his trial, citing the potential flight risk. Facing up to 110 years in prison, Bankman-Fried's trial begins on October 3. He is allowed to wear business attire during trial days, with authorities arranging a suitable wardrobe.
The World Federation of Exchanges (WFE) advises crypto-asset trading platforms (CTPs) to embrace regulation and suggests six principles for it. They recommend segregating functions to prevent trading against customers and suggest that CTPs should not call themselves exchanges until they meet these standards. WFE highlights the integration of distributed ledger technology (DLT) in traditional financial exchanges and supports applying regulations to decentralized finance (DeFi). They endorse Know Your Customer rules and higher standards for crypto markets.
Ripple's CTO, David Schwartz, clarified the utility of XRP and the XRP Ledger, emphasizing their focus on "low-value high-volume" transactions like Uber payments and remittances. He distinguished XRP from Bitcoin, stating it's designed for fast, cheap, and censorship-resistant transactions, not as a store of value like Bitcoin. Schwartz highlighted their different purposes, downplaying direct competition.
Binance is completely exiting the Russian market, selling its Russian business to Commex, a crypto exchange. The off-boarding process for Russian users will take up to a year, with no ongoing revenue share for Binance. The move aligns with Binance's compliance strategy, focusing on other global markets.
Also read - 24 Crypto Update, 28 Sep: Crypto market experiences a bull run
