Top Stories This Week
Grayscale wins SEC lawsuit for Bitcoin ETF review
- Crypto asset manager Grayscale Investments recently scored a big win in its battle against the United States Securities and Exchange Commission.
- The U.S. appeals court judge accepted Grayscale’s argument that the SEC’s rejection of its recent ETF application was unfair.
- Judge Neomi Rao gave the green light to Grayscale’s request for a second review.
BitBoy Crypto brand will no longer include YouTuber Ben Armstrong
- The parent company of Hit Network, the folks behind the “BitBoy Crypto” brand, just gave the boot to its public face, Ben Armstrong.
- The company alleged issues of substance abuse and financial damage as reasons behind the decision.
- Hit Network revealed that despite its efforts to support Armstrong during his struggle with addiction, it had decided to part ways with the influencer.
SEC delays decision on 6 spot Bitcoin ETF applications
- The SEC has chosen to postpone delivering a decision on six applications for spot Bitcoin ETFs in the United States.
- The commission has opted to extend its review period by an additional 45 days, pushing the eventual decision back until October.
- The SEC also put BlackRock, the biggest asset manager in the world, in the same delayed decision boat.
Bitwise withdraws Bitcoin and Ether Market Cap ETF application
- Bitwise has submitted a request to retract its application for its Bitcoin and Ether Market Cap Weight Strategy ETF.
- This application was originally submitted to the SEC on Aug. 3.
- Bitwise is taking a step back to reconsider its approach.
Robinhood bought back Sam Bankman-Fried’s stake from US gov’t for $606M
- Robinhood scooped up more than 55 million shares of their own company that were previously owned by Sam Bankman-Fried.
- The purchase, which cost Robinhood roughly $606 million, was finalized this week after it filed the paperwork with the U.S. SEC.
Winners and Losers
- Bitcoin (BTC) is at $25,610, Ether (ETH) at $1,618 and XRP (XRP) at $0.49.
- The top three altcoin gainers of the week are Toncoin (TON), Iota (MIOTA), and Maker (MKR).
- The top three altcoin losers of the week are KuCoin Token (KCS), Hedera (HBAR), and Astar (ASTR).
Most Memorable Quotes
“There are many cases where transparency is a feature, but people do not want most transactions in the economy to be public.”
“Now that the courts are starting to rein in the SEC a bit, I think there’s some hope that the industry is kind of igniting again in the U.S.”
“In the end, we will win. You can’t steal someone’s company they built on their identity and win.”
“I definitely do think we could see in this next cycle $100,000 cost per Bitcoin, and that’s based on if BTC were to capture even 2 to 5% of gold’s $13 trillion place in institutional portfolios.”
“We see limited downside for crypto markets over the near term.”
“I spoke to a guy the other day that has 80 altcoins in his portfolio. There’s no way an individual investor can stay across and know exactly what 80 different coins are doing at any one time.”
Prediction of the Week
Bitcoin risks ‘swift’ $23K dive after BTC price loses 11% in August
Data indicates that Bitcoin is on track for a retest of long-term support levels following a drop in BTC price as August came to a close.
FUD of the Week
Balancer exploited in nearly $900k after vulnerability warning.
The Ethereum automated market maker and decentralized finance protocol, Balancer, confirmed that it had fallen victim to an exploit, resulting in losses of nearly $900,000.
Brazilian crypto streamer loses money by accidentally exposing private key
A Brazilian cryptocurrency streamer is one of the latest victims of unsafe self-custody practices, reportedly losing thousands of dollars due to a private key accident.
Exploits, hacks and scams stole almost $1B in 2023: Report
Cybersecurity firm CertiK reported that over $997 million was lost to flash loan attacks, exit scams, and exploits in 2023.
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