Another week ends with substantial developments seen across the global crypto market. Amid these developments, Bitcoin ETFs, Terra, and the US SEC seem to have sparked a flurry of speculation among cryptocurrency market fans.
Some of the most talked about topics this week are:
Terra provokes inferences
Terraform Labs (TFL), the company that backed the Terra USD (UST) stablecoin, filed for a Chapter 11 bankruptcy in Delaware this week. Subsequently, some members of the Terra Luna Classic community received emails informing that Crypto.com, a renowned cryptocurrency exchange, is delisting the LUNC tab.
Meanwhile, the Terra Luna Classic Community voted in favor of Proposition 12005, โConsistently set the ICA controller parameter.โ Additionally, Proposition 12008, โL1TF Terra Classic Core Security Upgrade Packageโ It was also put to the vote. In the initial round, 94% of votes were obtained in favor, while 5% voted for โabstentionโ. Some community members also voted โno with veto,โ resulting in the proposal reaching a deadlock. barricade.
On the other hand, the Terra Luna Classic burn scaled new heights by reaching the 95 billion mark before Binance monthly burning mechanism.
Bitcoin ETFs Impact Bitcoin Market Dynamics
Amid the colossal wave of volatility sparked by the inception of spot Bitcoin ETFs, Bitcoin noticed exits valued at 25 million dollars, attracting the attention of traders worldwide. Meanwhile, CoinShares It promoted the ETF race by cutting its physical Bitcoin fees in Europe, intensifying the rivalry with Invesco and WisdomTree within the European ETF space.
At the same time, BlackRock, Fidelity and Bitwise appear to be leading the US ETF race as the best ETF service providers. On the other hand, Grayscale They recorded phenomenal outflows, although market data showed a gradual decline in outflows over time.
Furthermore, amid the Bitcoin ETF saga, Bitcoin traded with high volatility during the week. After facing a pullback to $38,000, the price witnessed a revival and rested again at the $41,000 mark.
Also read: FTX Crash: Embattled Crypto Exchange Offloads Crypto Assets to Pay Clients
US SEC Legal Chronicles
The US SEC recently filed a response against Ripple, stating that its solution-related discovery requests are procedurally appropriate. In line with this, the regulatory body requested sanctions against Ripple. While, in another legal battle, the regulatory body cited Zakinov vs. Ripple Labs in a Binance lawsuit.
Additionally, Ripple sent a letter to Magistrate Judge Sarah Netburn regarding a significant factual mischaracterization made by the US SEC.
Also read: Bitcoin (BTC) Price: Legendary Trader John Bollinger Suggests Next Step To Take
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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