This week's featured stories
Ethereum futures ETFs to start trading next week
Valkyrie Investment Company will begin offering exposure to Ether futures in the days to come. On September 28, the company told Cointelegraph that its Bitcoin Strategy ETF will allow investors to access Ether and Bitcoin futures "under one wrapper," making it one of the first companies to do so amid several applications pending with the U.S. Securities and Exchange Commission. Starting October 3, the fund name will be updated to ETF Valkyrie Bitcoin and Ether Strategy. Asset manager VanEck also revealed its upcoming Ethereum Strategy ETF, which will list on the Chicago Board Options Exchange in the coming days. Analysts suggested that a possible US government shutdown could have accelerated the launch of Ether futures ETFs.
SBF trial dates revealed: FTX founder to be tried for 6 weeks
Former FTX CEO Sam "SBF" Bankman-Fried will spend at least 21 days in court as part of his criminal trial, which will begin in earnest on Oct. 4 and last until Nov. 9, according to a newly released trial schedule posted to the court's public docket. The first official date for the Bankman-Fried trial is October 4, where participants will begin arguing seven counts of fraud brought against SBF. There are two substantial counts in which the prosecution must convince the jury that Bankman-Fried committed the crime. Five other “conspiracy” charges involve prosecutors convincing a jury that Bankman-Fried planned to commit the crimes. The former CEO of FTX has been serving pretrial detention at the Brooklyn Metropolitan Detention Center since August 11. If he is found guilty of fraud, Bankman-Fried is likely to spend the rest of his life in prison, legal specialists explained to Cointelegraph.
3AC's Su Zhu arrested in Singapore
Three Arrows Capital (3AC) Co-Founder Su Zhu He was detained at Changi Airport in Singapore while trying to leave. Teneo, the joint liquidator of the now-bankrupt hedge fund, told Cointelegraph that Zhu's arrest followed a prosecution order from the Singapore courts, which is a directive used to imprison someone for contempt of court. On September 25, Teneo obtained this indictment order, alleging that Zhu failed to comply with a court order. His arrest is part of an ongoing investigation to recover funds for 3AC's creditors. The $10 billion hedge fund collapsed in 2022 due to the collapse of the Terra ecosystem. A similar prosecution order was granted against Kyle Davies, also a co-founder of 3AC. His whereabouts remain unknown.
Binance urges users to convert euros to USDT after Paysafe debanks
binance has warned its European users to convert their euro (EUR) balances to Tether before October 31 due to the loss of support from its banking partner, Paysafe. Paysafe stopped processing EUR deposits for Binance users on September 25. While EUR withdrawals to bank accounts remain available, Paysafe users will not be able to participate in EUR spot transactions. Binance's token exchange feature, Binance Convert, will also restrict EUR transactions. Paysafe previously facilitated fiat deposits and withdrawals for Binance users in Europe, including via bank transfer in the European Union's Single Euro Payments Area. The measure is the latest to add to Binance's regulatory and debanking problems in the West.
SEC Delays Bitcoin ETF Decision for BlackRock, Invesco and Bitwise
The US Securities and Exchange Commission has postponed his decision again in several one-time Bitcoin ETF applications, including those from BlackRock, Invesco, Bitwise and Valkyrie, ahead of a possible government shutdown. Bloomberg ETF analyst James Seyffart anticipates similar delays for Fidelity, VanEck and WisdomTree. These delays occurred two weeks before the second deadline anticipated by applicants. Seyffart links the premature delays to an early U.S. government shutdown on Oct. 1, which would impact financial regulators and federal agencies.
Winners and losers
At the end of the week, Bitcoin (btc) I sat down $26,895Ether (ETH) in $1,667 and XRP in $0.53. The total market capitalization is $1.07 billion, according to CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoins winners of the week are Compound (COMP) at 23.71%, chain link (LINK) at 15.12% and THORchain (RUNE) at 14.51%.
Top Three Altcoin Losers of the Week Are Immutable (IMX) at -9.80%, ONE BUT I READ (LION) at -5.38% and Red XDC (XDC) at -4.61%.
To learn more about cryptocurrency prices, be sure to read Cointelegraph Market Analysis.
Read also
Most memorable quotes
"You [Gary Gensler] They are sinking American capital markets with the avalanche of red tape that arises from their commission.”
Andy BarrUS representative
"A central bank introducing a CBDC should increase choice for society, not decrease it."
Agustín Carstensgeneral director of the Bank for International Settlements
"Looks like the SEC is going to potentially let a bunch of #Ethereum futures ETFs out next week."
James SeyffartBloomberg Intelligence analyst
“Do you think it is possible for you [Gary Gensler] Serve as an impartial regulator and not favor large financial intermediaries?
Tom EmmerUS representative
“[Stablecoins] “It will be a great driver of economic freedom in the next decade.”
Jesse Pollakhead of protocols at Coinbase
“The symbiosis between street art and Bitcoin is powerful. By working together, these two movements help create a more just and equitable world.”
Streetpseudonymous co-founder of artist collective Street Cy₿er
Prediction of the week
Bitcoin Shorts Continue to Burn as BTC Price Looks to Hold $27K
Bitcoin (BTC) bounced around $27,000 on September 29, as a challenge to month-to-date highs, dragged BTC price action higher. Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency trying to hold on to gains after a classic short squeeze.
The previous day offered a trip beyond the $27,000 mark, with Bitcoin bulls failing to seal a new peak for September. With a high of $27,300 on Bitstamp, BTC price strength consolidated again, still up 4% from the week's low at the time of writing.
Analyzing the situation on low time frames (LTF), popular pseudonymous trader Skew said the upside had come from derivatives markets, with spot traders selling at highs. "LTF stuff, but pretty clear spot absorption around the high, so $27,200 is an important price area to clear for spot buyers," he explained on X (formerly Twitter).
Later, Skew noted that $27,200 was still a rejection point that day, before the Wall Street open. He added that, heading into next week, the market was “likely to hunt both sides of the book.”
FUD of the week
Ben 'BitBoy' Armstrong arrested on livestream over Lambo dispute
Crypto influencer Ben Armstrong, formerly known as "BitBoy," He was arrested on September 25 while broadcasting live outside a former business partner's home, claiming the partner had his Lamborghini. He was charged with “loitering/prowling” and “simple assault by putting another person in fear” and was detained for more than eight hours before being released on $2,600 bail and $40 in fees. In Georgia, the misdemeanor crimes of loitering and loitering could result in a fine of up to $1,000up to one year in prison, or both.
Crypto Exchange Claiming $1.4 Billion Trading Volume Uses Allegedly Fake License Data
A Cointelegraph investigation revealed that several cryptocurrency platforms, which report significant daily transactions on CoinMarketCap, may have provided misleading information about their crypto licenses. Bitspay, for example, which has a daily trading volume of $1.4 billion on CoinMarketCap and ranks as the fourth-largest cryptocurrency exchange, claimed to be licensed in Estonia. However, after inquiries from Cointelegraph, Bitspay quickly removed the potentially fake license data and no longer provides details about its registration or license.
Huobi Global Hacked for $7.9 Million: Report
Huobi Global HTX Crypto Exchange was hacked on September 24, according to a report from blockchain analysis platform CyVers. A total of $7.9 million in cryptocurrency was drained in the attack. A well-known Huobi hot wallet posted a message to the attacker in Chinese. According to the message, the exchange knows the attacker's identity and has offered them to keep 5% of the drained funds as a "white hat bonus," but only if the attacker returns the remaining 95%. Binance CEO Changpeng “CZ” Zhao offered the help of the exchange's security team in the investigation of the attack.
Blockchain Detectives: The Mt. Gox Collapse Birthed Chainalysis
To solve the mountain. gox In tracking cryptocurrencies used by child abuse syndicates in Korea, Chainalysis has a long but sometimes controversial history.
The US Government Ruined My $250,000 Bitcoin Price Prediction – Tim Draper, Hall of Flame
Tim Draper's first big Bitcoin The prediction came true without a hitch, but he says the current administration is making the second one look bad.
Chinese developer fined 3 years' salary for VPN use and 10 million e-CNY airdrop: Asia Express
Chinese national fined three years' salary for using VPN for remote work, Hangzhou airdrops 10 million digital yuan, JPEX alleges Ponzi approaching $200 million and more.
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