Plus, bitcoin erases weekly gains
The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Friday! Here’s what you need to know today in crypto: |
| The SEC put off until October a decision on all spot bitcoin ETF applications. Bitcoin and other major tokens erased their weekly gains.U.S. court calls ether a commodity while tossing investor suit against Uniswap. |
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The U.S. Securities and Exchange Commission (SEC) delayed until October a decision on all spot bitcoin exchange-traded fund (ETF) applications submitted by firms including BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets, according to agency filings on Thursday. The SEC began reviewing the latest slate of applications from both crypto-heavy and traditional finance firms last month. The applicants hope to launch the first spot bitcoin ETF, which advocates have argued will allow for greater retail investment in the bitcoin market while saving investors the trouble of setting up a wallet or having to buy the cryptocurrency directly. |
Bitcoin and major tokens gave back all weekly gains as the SEC delayed key ETF decisions that were expected on Friday, damping traders’ hopes of a long-term recovery. The largest cryptocurrency fell under $26,000. In the past 24 hours, majors solana (SOL) and litecoin (LTC) dropped as much as 5.5% while ether (ETH) lost 3.7%. Bitcoin cash (BCH) slid 7.7%. Only tron (TRX) and toncoin (TON) were in the green on Friday, up over 1% each. A New York court classified popular cryptocurrencies ether and bitcoin as "commodities" while dismissing a proposed class action lawsuit against leading decentralized crypto exchange Uniswap in a Wednesday filing. The lawsuit – filed in April 2022 by a group of investors against Uniswap and its creator Hayden Adams – alleged the DeFi platform violated U.S. securities laws by failing to register as an exchange or broker-dealer, offering and soliciting securities on an unregistered exchange. The suit sought to hold Uniswap accountable for investors losing money to “scam tokens” issued and traded on the protocol. The tokens cited in the suit include Ethereum (ERC-20) tokens EthereumMax (EMAX), Bezoge (BEZOGE) and Alphawolf Finance (AWF). But Wednesday's ruling to scrap the suit before it goes to trial stated the true defendants of the case were the issuers of the tokens in question, not Uniswap. While SEC Chief Gary Gensler has so far shied away from calling ETH a security, Judge Katherine Polk Failla of the Southern District of New York directly called it a commodity and declined to "stretch the federal securities laws to cover the conduct alleged," in the case against Uniswap. |
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Market Insight: Ether Heads for 'Death Cross' |
Though ether (ETH) is up more than 3.5% this week, it is still on track to form a so-called death cross. Ether's 50-day simple moving average is on pace to move below its 200-day moving average, according to charting platform TradingView. The cryptocurrency's last death cross occurred in late January 2022. The death cross shows the short-term trend is now underperforming the long-term direction and is widely considered a long-term bearish indicator. But past numbers suggest otherwise. |
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| The chart shows bitcoin's price and the balance held by large holders, or addresses owning 0.1% of supply.These addresses have added over $1.5 billion of bitcoin in the last two weeks."It's not just large investors that appear to be buying bitcoin, the broader market also appears to be growing on-chain," IntoTheBlock said.Source: IntoTheBlock |
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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