Bitcoin Touches $60K, Election Betting Surge, and Sam Bankman-Fried Appeals - September 16, 2024
A quick and digestible recap of the weekend’s crypto news.
TL;DR: Market Insight in Seconds
U.S. spot Bitcoin ETFs: Log highest daily inflows in nearly two months.
FTX: Former FTX CEO Sam Bankman-Fried appeals and calls for a new trial.
Trump: "World Liberty Financial" adds Scroll co-founder as an advisor.
POL: Polygon’s POL token surges 15% after Binance listing.
SEC: Issues statement on crypto asset securities.
Kraken: Requests jury trial in SEC lawsuit.
Worldcoin: Solana applications can prioritize real humans with World ID integration via Wormhole.
Price Update
Bitcoin Touches $60K as the Rally Continues
Bitcoin touched the $60,000 mark, with analysts suggesting that the cryptocurrency still has room to rally further. The recent uptick has been driven by increased institutional interest, favorable macroeconomic conditions, and renewed confidence in Bitcoin's long-term potential. As Bitcoin continues its upward momentum, traders are closely watching resistance levels to determine whether this rally can break through the $60K barrier or face another pullback.
Polygon’s POL Token Surges 15% After Binance Listing
Polygon’s new POL token spiked by 15% following its listing on Binance, reaching $0.384 and marking the end of the MATIC-to-POL migration. The listing provides greater liquidity and visibility for the token, further cementing Polygon’s position as a key player in the Ethereum scaling ecosystem. As Polygon continues to roll out new features, the project’s adoption in DeFi and NFT spaces is expected to grow.
Regulatory and Legal News
Former FTX CEO Sam Bankman-Fried Appeals, Calls for New Trial
Sam Bankman-Fried, the former CEO of FTX, has filed an appeal calling for a new trial. Bankman-Fried’s legal team argues that critical evidence was excluded during the initial trial, which they claim affected the outcome. The case remains one of the most high-profile legal disputes in the crypto industry, and its resolution could have far-reaching implications for the future of crypto regulation and exchange oversight.
SEC Issues Statement on Crypto Asset Securities
The U.S. Securities and Exchange Commission has clarified that when it uses the term "crypto asset securities," it’s not referring to the crypto tokens themselves, but rather the broader set of contracts and expectations tied to their sales. In a proposed amended complaint against Binance, the SEC stated that the term was just a "shorthand" they now regret using, and promised to stop employing it going forward. This shift in language has left many in the crypto industry confused, with critics calling the clarification an attempt at gaslighting.
Kraken Requests Jury Trial in SEC Lawsuit
Kraken has formally requested a jury trial in its ongoing lawsuit with the SEC. The lawsuit centers around allegations that Kraken failed to register its staking services as securities, a charge that the exchange disputes. Kraken’s decision to pursue a jury trial signals its commitment to fighting the SEC’s claims and could set a precedent for how crypto companies navigate regulatory challenges in the U.S.
Market Trends and Future Expectations
U.S. Spot Bitcoin ETFs Log Highest Daily Inflows in Two Months
U.S. spot Bitcoin ETFs recorded their largest daily inflows in nearly two months, as investors poured $39 million into these products. This increase in inflows comes as Bitcoin’s price hovers around $58,000, reflecting growing institutional interest in the asset. The growing demand for these ETFs is expected to continue as Bitcoin approaches key psychological levels.
Don’t Miss Anything
Trump-Backed "World Liberty Financial" Adds Scroll Co-Founder as Advisor
Ahead of its Monday launch, Trump-backed "World Liberty Financial" has brought on the co-founder of Scroll as an advisor. By adding experienced blockchain talent to its advisory board, World Liberty Financial is positioning itself as a serious player in the evolving crypto-finance landscape.
Solana Applications Integrate World ID to Prioritize Real Humans
Solana-based applications can now prioritize real human users thanks to the latest World ID integration via Wormhole. This new feature will enable applications to verify the authenticity of users without compromising privacy, a crucial development in combating bots and fraudulent activity in decentralized applications.
The crypto market is buzzing with activity as Bitcoin grazes $60K and spot Bitcoin ETFs see a surge in inflows. Major regulatory and legal developments, including Sam Bankman-Fried’s appeal and the SEC’s statement on crypto securities, continue to shape the industry’s landscape. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
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