Judge rules in favor of Ripple against SEC; Bitcoin decouples from legacy markets
The biggest news in the cryptosphere for Sept. 30 includes a court ruling in favor of Ripple against the SEC for the Hinman document, Bitcoin decoupling 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 document case
The SEC’s motion to avoid submitting the Hinman document for examination was overruled 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 privileges.
Bitcoin decouples from legacy markets amid macro turmoil
Since Sept. 1, Bitcoin has been trading between $18,100 and $22,800 while the S&P500 has dropped lower by 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 reclaiming its safe haven narrative.
LeClair, however, added that it is “highly unlikely” for the decoupling to continue as central banks battle to save the deteriorating global economy.
Future rate hikes may be good for the crypto markets as major currencies are devalued against the dollar
Since the British pound lost 4.8% of its value against the U.S. dollar on Sept. 26, approximately £200 million has flowed into Bitcoin in pounds.
Investor Vinny Lingham predicts that as more currencies are being 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 simple laptop in under 48 hours by exploiting Profanity flaw
Amber Group’s latest experiment invalidates claims that it would take 1,000 GPUs about 50 days to crack private keys generated with Profanity.
Amber Group used an M1 Macbook with 32GB RAM to crack the Wintermute private key in less than 48 hours. The group warned that funds held in addresses generated by Profanity are not safe.
Ethereum 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 has increased its trading volume from 7% to 24% over the last 6 weeks.
Theta upgrade goes live to support wTHETA as TNT20 token
In preparation for the Theta Metachain launch in December 2022, Theta Labs has deployed the Theta v3.4.0 upgrade to support wrapped THETA (wTHETA) as a TNT20 token.
Token holders can transfer their wTHETA to Metamask wallet while being able to stake THETA and TFUEL in supported nodes.
Lark Davis denies ZachXBT’s accusations of profiteering from his followers by shilling low-cap tokens
Crypto influencer Lark Davis has moved to save his name as he denied ZachXBT’s allegation that he intentionally profited over $1.2 million by dumping low-cap projects on his followers.
Davis claimed that he always kept the community updated on his investment opportunities and only profited from selling his tokens without any intention to harm his followers.
Uniswap Labs rumored to be raising $100M in funding at a $1B valuation
Insider reports available to TechCrunch revealed that Uniswap Lab is looking to raise $100 million at a $1 billion valuation.
MicroStrategy seeks to hire 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 enterprises manage employee data, combat cyber-security threats and explore new eCommerce use cases.
Celsius Creditors moves to recoup $439M through EquitiesFirst subpoena
EquitiesFirst owes Celsius $439 million after it failed to return some collateral deposited by the bankrupt crypto lender.
The Creditors’ Committee has petitioned the court to issue a subpoena that will see EquitiesFirst provide clarity on its business dealings with Celsius.
Research Highlight
Bitcoin Cost Basis metric indicates short-term holder capitulation
With the Bitcoin cost basis ratio sitting below 1, CryptoSlate Analysts predict that the market bottom is in view. Short-term holders are losing faith as the STH realized price is starting to dip below the LTH realized price.
Notwithstanding, it may take a while before an uptrend becomes sustainable as market bottoms often span over many months.
News from around the Cryptoverse
Digitex trading platform considered illegal by the CFTC
The CFTC filed a complaint claiming that the derivatives trading platform Digitex is illegal since its founder Adam Todd failed to register its futures trading activities with the commission, according to media reports.
Digitex is also accused of failing to implement due 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’s request to enable withdrawals for custody holders.
The regulator said it is too early to reopen withdrawals as the bankruptcy court needs to examine the independent examiner’s report before deciding on when to enable withdrawals.
Crypto Market
Bitcoin is up 1.83% trading at $19,671 in the last 24 hours, while Ethereum is trading at $1,347 recording an increase of 1.35% over the same period.
