Top news this week

Sam Bankman-Fried takes a stance on FTX’s collapse

Sam “SBF” Bankman-Fried testified this week in his ongoing criminal trial in the Southern District of New York, denying any wrongdoing between FTX and Alameda Research while admitting to making “significant mistakes” during the two companies’ explosive growth. Highlights of his testimony include denials of directing his inner circle to make large political donations in 2021, as well as allegations that FTX’s terms of use covered transactions between Alameda and the cryptocurrency exchange. Additionally, Bankman-Fried testified that he requested additional hedging strategies for Alameda in 2021 and 2022, but they were never implemented. The trial is expected to end within the next few days.

Searches for “buy Bitcoin” on Google have risen by 826% in the UK

Google searches for “buy bitcoin” have soared around the world amid a surge in cryptocurrencies, with searches in the UK growing by more than 800% in the past week. According to research from Cryptogambling.tv, the search term “buy Bitcoin” rose by a staggering 826% in the UK over seven days. In the US, Google Trends data shows that searches for “Should I buy Bitcoin now?” by over 250%, while more niche searches, including “Can I buy Bitcoin on Fidelity?” By more than 3,100% in the past week. Zooming out further, the search term “Is this a good time to buy Bitcoin?” It saw 110% gains worldwide over the past week.

US court upholds Grayscale ruling, paving the way for the SEC to review the Bitcoin exchange-traded fund.

The US Court of Appeals issued a mandate following a decision that Grayscale Investments’ application for a bitcoin spot trading fund (ETF) be reviewed by the Securities and Exchange Commission (SEC). In an October 23 filing, the court’s “formal mandate” went into effect, paving the way for the SEC to review its decision on Grayscale’s Bitcoin exchange-traded fund. This authorization came after the court’s initial ruling on August 29 and the SEC’s failure to file an appeal by October 13. Investment instruments linked to Bitcoin and Ether futures contracts.

Coinbase is opposing the SEC’s crypto authority in a final attempt to throw out the regulators’ lawsuit

The U.S. Securities and Exchange Commission exceeded its authority when it classified cryptocurrencies listed on Coinbase as securities, the exchange argued in its final attempt to dismiss the securities regulator’s lawsuit. In an October 24 filing before a New York District Court, Coinbase criticized the SEC, claiming that its definition of what constitutes a security is too broad, and contested that cryptocurrencies on exchange listings do not fall within the regulatory body’s jurisdiction. The SEC filed a lawsuit against Coinbase on June 6, claiming that the exchange violated US securities laws by listing several tokens it considered securities and failing to register with the regulatory body.

Gemini sues Genesis over GBTC shares used as collateral for Earn, now worth $1.6 billion

Cryptocurrency exchange Gemini filed a lawsuit against bankrupt cryptocurrency bank Genesis on October 27. This concerns the fate of 62,086,586 shares of Grayscale Bitcoin Trust. It was used as collateral to secure loans made by 232,000 Gemini users to Genesis through the Gemini Earn Program. The value of these guarantees is currently approximately $1.6 billion. According to the lawsuit, Gemini received $284.3 million from the foreclosure of collateral for the benefit of Earn users, but Genesis objected to the action, preventing Gemini from distributing the proceeds. Genesis filed for bankruptcy in January. Withdrawals were suspended in November 2022, impacting the Gemini Earn program.

Winners and losers

And at the end of the week, Bitcoin (Bitcoin) he is in $34,143ether (Ethereum) in $1,789 And XRP in $0.54. Total market capitalization is at $1.26 $1 trillion, according to CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin gainers this week are Pepe (baby) 72.08% MENA (Meena) By 55.47% and Floki (Floki) By 53.33%.

The three biggest altcoin losers this week are Bitcoin SV (psf) At -10.27% toncoin (tons) -3.14% and Trust Wallet token (TWT) At -0.82%.

For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.

Most of the quotes are memorable

“The witness (Sam Bankman-Fried) has an interesting way of answering questions.”

Lewis Kaplana senior judge of the United States District Court for the Southern District of New York

“When it comes to illicit finance, cryptocurrencies are not the enemy – bad actors are.”

Cynthia LoomisUS Senator

“I must say that I am not a lawyer, I am just trying to answer based on what I remember. (…) At that time (at) FTX, some clients thought that the accounts would be sent to Alameda.

Sam Bankman Friedformer CEO of FTX

“Without prejudging any one asset, the vast majority of crypto assets will likely meet the investment contracts test, making them subject to securities laws.”

Gary GenslerChairman of the US Securities and Exchange Commission

“I don’t think there’s been a single serious conversation about a settlement between Ripple (…) and the SEC. The SEC is angry, embarrassed, and wants $770 million worth of meat.

John Deatonlawyer

“He (Sam Bankman-Fried) thought he was going to take this money, and (…) he would outpace the market and put the money back and end up being a half-trillionaire, but it never works that way.” “.

Anthony Scaramuccifounder of SkyBridge Capital

Weekly forecast

Bitcoin outperformed the S&P 500 in October with a flood of $40,000 Bitcoin price expectations

Bitcoin rose to $34,000 at the end of the week as attention turned to Bitcoin’s price performance against the overall asset. Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD price is stable, holding on to its gains at the start of the week.

The largest cryptocurrency has avoided major volatility as the weekly and monthly closes – a key moment of October’s uptrend – move ever closer.

“I think Bitcoin will stay around this range for some time,” popular trader Daan Crypto Trades told X subscribers in one of several posts on October 27. “Roughly $33-35k is what I’m looking at as a range. We’re looking at potential sweeps of any of these levels for a quick trade,” he wrote.

FUD for the week

The UK passes a bill to enable authorities to confiscate Bitcoin used in crime

Lawmakers in the United Kingdom have passed legislation allowing authorities to confiscate and freeze cryptocurrencies like Bitcoin if they are used for illicit purposes. The legislation introduced in September 2022 aims to expand the ability of authorities to crack down on the use of cryptocurrencies in crimes such as cybercrime, fraud and drug trafficking. One provision of the bill allows for the recovery of crypto assets used in crimes without conviction, as some individuals may avoid conviction by staying away.

Scammers create Blockworks clone site to drain cryptocurrency wallets

Phishing scammers have cloned the websites of crypto media outlet Blockworks and Ethereum blockchain scanner Etherscan to trick unsuspecting readers into linking their wallets to the cryptocurrency bank. The fake Blockworks website featured a “breaking” fake news report on a supposed multi-million dollar “approvals exploit” on decentralized exchange Uniswap, and encouraged users to visit the fake Etherscan website to revoke approvals. The Uniswap fake news article on Reddit was spread across several popular subreddits.

Kraken will suspend trading of USDT, DAI, WBTC, WETH, and WAXL in Canada

Kraken will suspend all transactions related to Tether, Dai, Wrapped Bitcoin, Wrapped Ether, and Wrapped Axelar in Canada in November and December. This suspension may not surprise many Canadian cryptocurrency users, as it comes on the heels of several other prominent exchanges taking similar actions throughout 2023. OKX ceased operations in Canada in June after Binance announced its intention to do so in May.

5,050 Bitcoin for $5 in 2009: Helsinki’s Claim to Crypto Fame

Helsinki has a long and fascinating history in the cryptocurrency space, including the first exchange of Bitcoin for US dollars.

$145M Australian Stock Exchange Scandal, Bitget Takes 4th Place, China Lifts NFT Ban: Asia Express

Australian police bust a $145 million money laundering scam, Bitget gains market share in Q3, China lifts ban on NFTs, and more.

How did blockchain gaming perform in Q3, Upland Token on ETH: Web 3 Gamer

US$2.3 billion has been spent on Web3 games so far this year, with the former GTA developer’s studio teaming up with Immutable, Brawlers to launch on the Epic Games Store and more.

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Cointelegraph writers and reporters contributed to this article.