Title: FTX CEO Testifies in Ongoing Trial, Denies Wrongdoing
Sam “SBF” Bankman-Fried, the CEO of cryptocurrency exchange FTX, took the stand this week in his ongoing criminal trial in the Southern District of New York. Bankman-Fried denied any wrongdoing between FTX and Alameda Research while acknowledging making “big mistakes” during the explosive growth of the companies.
In addition, Bankman-Fried revealed that he had requested additional hedging strategies for Alameda in 2021 and 2022, but they were never implemented.
The trial, which has been closely watched by the cryptocurrency community, is expected to conclude within the next few days.
Google Searches for “Buy Bitcoin” Surge in the UK
Amid a major crypto rally, Google searches for “buy Bitcoin” have surged worldwide, with the United Kingdom experiencing a significant increase of over 800% in the past week. Data from Cryptogambling.tv shows that the search term “buy Bitcoin” spiked by a staggering 826% in the UK over the course of seven days.
In the United States, searches for “should I buy Bitcoin now?” increased by more than 250%, while niche searches such as “can I buy Bitcoin on Fidelity?” saw a surge of over 3,100% in the last week. Globally, the search term “is it a good time to buy Bitcoin?” saw a 110% gain over the same period.
US Court Issues Mandate for Grayscale Ruling, Allowing SEC Review of Spot Bitcoin ETF
The United States Court of Appeals has issued a mandate requiring the Securities and Exchange Commission (SEC) to review Grayscale Investments’ application for a spot Bitcoin exchange-traded fund (ETF). The court’s decision took effect following its ruling on August 29 and the SEC’s failure to appeal by October 13.
While the SEC has yet to approve a single spot crypto ETF for listing on US exchanges, it has given the green light to investment vehicles linked to Bitcoin and Ether futures.
Coinbase Disputes SEC’s Crypto Authority in Lawsuit
Cryptocurrency exchange Coinbase has made its final bid to dismiss a lawsuit by the Securities and Exchange Commission (SEC), arguing that the regulator overstepped its authority when classifying Coinbase-listed cryptocurrencies as securities. In a filing in a New York District Court, Coinbase criticized the SEC for having a broad definition of what qualifies as a security and claimed that the cryptocurrencies it lists are not under the regulator’s purview.
Gemini Sues Genesis over GBTC Shares
Cryptocurrency exchange Gemini has filed a lawsuit against bankrupt crypto lender Genesis over the fate of 62,086,586 shares of Grayscale Bitcoin Trust (GBTC). These shares were used as collateral by 232,000 Gemini users to secure loans through the Gemini Earn Program. The current value of the collateral is close to $1.6 billion. Gemini has received $284.3 million from foreclosing on the collateral, but Genesis has disputed the action, preventing Gemini from distributing the proceeds.
Crypto Market Analysis
At the end of the week, Bitcoin is priced at $34,143, Ether at $1,789, and XRP at $0.54. The total market capitalization is $1.26 trillion. Among the top gainers in the altcoin market are Pepe, Mina, and FLOKI, with gains of 72.08%, 55.47%, and 53.33%, respectively. The top three losers are Bitcoin SV, Toncoin, and Trust Wallet Token.
In conclusion, FTX CEO Sam Bankman-Fried has testified in his ongoing trial, denying any wrongdoing between FTX and Alameda Research. Google searches for “buy Bitcoin” have surged worldwide, particularly in the UK. The US court has issued a mandate for the SEC to review Grayscale’s spot Bitcoin ETF, and Coinbase is disputing the SEC’s authority in its lawsuit. Gemini has filed a lawsuit against Genesis over the fate of valuable GBTC shares.