Judge Rules in Favor of Ripple Against SEC; Bitcoin disconnects from older markets
The biggest news in the cryptosphere for September 30 includes a court ruling in favor of Ripple against the SEC over the Hinman document, Bitcoin disconnection from the S&P 500 amid macro turmoil, and Crypto influencer Lark Davis denying ZachXBT’s accusations.
CryptoSlate Top Stories
Judge rules in favor of Ripple against SEC in Hinman documents case
The SEC’s motion to avoid submitting the Hinman document for examination was denied today by Judge Torres.
The SEC was ordered to hand over the document to Ripple Labs as the said document was not protected by legal privilege.
Bitcoin disconnects from older markets amid macro turmoil
Since September 1, Bitcoin has traded between $18,100 and $22,800 while the S&P500 has fallen 10% over the same period.
Given the decoupling of the flagship crypto from the S&P500, analyst Dylan LeClair said that Bitcoin may be on its way to regaining its safe-haven narrative.
However, LeClair added that it is “highly unlikely” that the decoupling will continue as central banks scramble to rescue the deteriorating global economy.
Future interest rate hikes could be good for crypto markets as major currencies devalue against the dollar
Since the British pound lost 4.8% of its value against the US dollar on September 26, approximately £200 million has flowed into British pound Bitcoin.
Investor Vinny Lingham predicts that as more currencies are devalued against the dollar, Bitcoin prices will continue to rise. Consequently, more people may turn to Bitcoin as a store of value and a hedge against volatile local currencies,
Wintermute hack replicated on a simple laptop in less than 48 hours by exploiting a bug
The Amber Group’s latest experiment invalidates claims that it would take 1,000 GPUs roughly 50 days to crack private keys generated with Profanity.
The Amber Group used an M1 Macbook with 32GB of RAM to crack the Wintermute private key in less than 48 hours. The group warned that funds held at addresses generated by profanity are not safe.
Ethereum is losing ground as Solana now accounts for a quarter of total NFT volume
Available data from Delphi Digital indicates that Ethereum is losing NFT trading volumes to Solana.
Newly minted NFTs on Solana have increased trading volume from 7% to 24% over the past 6 weeks.
The Theta upgrade goes live to support wTHETA as the TNT20 token
In preparation for the Theta Metachain launch in December 2022, Theta Labs has distributed the Theta v3.4.0 upgrade to support wrapped THETA (wTHETA) as a TNT20 token.
Token holders can transfer wTHETA to the Metamask wallet while staking THETA and TFUEL in supported nodes.
Lark Davis Denies ZachXBT’s Accusations of Profiting From His Followers Using Low-Cap Token Shilling
Crypto Flus Lark Davis has moved to save his name when he denied ZachXBT’s claim that he intentionally made over $1.2 million by dumping low-capital projects on his followers.
Davis claimed that he always kept the community updated about his investment opportunities and only profited from selling tokens with no intention of harming his followers.
Uniswap Labs is rumored to raise $100 million in funding at a $1 billion valuation
Insider reports available to TechCrunch revealed that Uniswap Lab is looking to raise $100 million at a $1 billion valuation.
MicroStrategy is seeking to hire a Bitcoin Lightning Software Engineer
MicroStrategy has moved to hire a software engineer to develop its Lightning Network-based Software-as-a-Service (SaaS) platform.
The solution will help companies manage employee data, combat cyber security threats and explore new e-commerce cases.
Celsius Creditors moves to collect $439M through EquitiesFirst subpoena
EquitiesFirst owes Celsius $439 million after it failed to return any collateral deposited by the bankrupt crypto lender.
The creditors’ committee has petitioned the court to issue a subpoena that would see EquitiesFirst clarify its business dealings with Celsius.
Research highlight
Bitcoin Cost Basis calculation indicates short-term owner capitulation
With the Bitcoin cost basis ratio below 1, CryptoSlate Analysts predict that the market bottom is in sight. Short-term owners are losing faith as the STH realized price starts to fall below the LTH realized price.
Despite that, it can take a while for an uptrend to become sustainable, as market bottoms often extend over many months.
News from the entire Cryptoverse
Digitex trading platform is considered illegal by the CFTC
The CFTC filed a complaint claiming that derivatives trading platform Digitex is illegal since its founder Adam Todd failed to register his futures trading activities with the commission, according to media reports.
Digitex is also accused of failing to implement proper KYC process as required by the Bank Secrecy Act.
US Trustee moves to stop Celsius from reopening withdrawals
The U.S. Trustee’s office filed a motion asking the court to deny Celsius’ request to allow withdrawals for custodial holders.
The regulator said it is premature to reopen withdrawals as the bankruptcy court must examine the independent examiner’s report before deciding when to allow withdrawals.
Crypto market
Bitcoin is up 1.83% trading at $19,671 in the last 24 hours, while Ethereum is trading at $1,347 registering a 1.35% increase over the same period.
