SBF Halts, ‘Buy Bitcoin’ Searches Rising & Other News: Hodler Digest, October 22-28

This week's main news

Sam Bankman-Fried takes a stand on FTX failure

Sam “SBF” Bankman-Fried denied any wrongdoing between FTX and Alameda Research in a criminal trial this week in the Southern District of New York and admitted to making “huge mistakes” during the companies' explosive development. Highlights of the testimony include banning insider ringing in 2021 and FTX's terms of use for transactions between Alameda and the crypto exchange. Banman-Fried also testified that he requested additional containment strategies for Alameda in 2021 and 2022, but they were never implemented. The hearing is expected to conclude in the next few days.

‘Buy Bitcoin' searches on Google increased by 826% in the UK.

Google searches for “buy bitcoin” have increased worldwide, with searches growing by over 800% in the UK in the past week amid major crypto rallies. According to research by Cryptogambling.tv, the search term “buy Bitcoin” has increased by an astonishing 826% in seven days in the UK. According to data from Google Trends in the United States, “Should I Buy Bitcoin Now?” It's up over 250%, and lots of great searches, including “Can I buy Bitcoin on Fidelity?” It has risen more than 3,100% in the past week. Zooming in further, the search term “Is it a good time to buy Bitcoin?” Last week saw a 110% increase worldwide.

A US court has issued an injunction on the Greyscale ruling, paving the way for the SEC to review Bitcoin ETFs.

The United States Court of Appeals has issued an order following a ruling requiring a review by the Securities and Exchange Commission (SEC) of Greyscale Investments' application for a spot bitcoin exchange-traded fund (ETF). In the Oct. 23 filing, the court's “formal jurisdiction” was exercised, paving the way for the SEC to review its decision on Greyscale's spot Bitcoin ETF. The mandate follows the court's initial ruling on August 29 and the SEC's filing of an appeal by October 13. Investment vehicles linked to Bitcoin and Ether futures.

Coinbase has filed a lawsuit against the SEC's crypto jurisdiction in its final bid to drop the regulator's suit

The U.S. Securities and Exchange Commission overstepped its authority in classifying Coinbase-listed cryptocurrencies as securities, the exchange argued in its latest motion to dismiss a lawsuit filed by the securities regulator. In an Oct. 24 filing in New York District Court, Coinbase challenged the SEC, arguing that the definition of what qualifies as a security is too broad, and that the details of the exchange are not under the regulator's control. The SEC sued Coinbase on June 6, alleging the exchange violated U.S. securities laws by listing several securities claims and failing to register with the regulator.

Gemini sues Genesis for using GBTC shares as collateral to earn, now worth 1.6B

Cryptocurrency exchange Gemini filed a lawsuit against crypto lender Genesis on October 27. At issue is the fate of 62,086,586 shares of Grayscale Bitcoin Trust. By 232,000 Gemini users used it as collateral to secure loans made to Genesis through the Gemini Income program. That guarantee is currently worth nearly $1.6 billion. According to the suit, Gemini received $284.3 million to secure the mortgage for the benefit of consumers, but Genesis objected and prevented Gemini from distributing the proceeds. Genesis filed for bankruptcy in January. In the year It suspended withdrawals in November 2022, affecting the Gemini Earnings program.

Winners and losers

At the end of the week, Bitcoin (BTC) at $34,143, Ether (ETH) at $1,789 and XRP at $0.54. According to CoinMarketCap, the total market cap is $1.26 trillion.

Among the top 100 cryptocurrencies, the top three altcoin gainers for the week were PEPE (PEPE) at 72.08%, MINA (MINA) at 55.47% and FLOKI (FLOKI) at 53.33%.

The top three altcoin losers of the week were Bitcoin SV (BSV) at -10.27%, Toncoin (TON) at -3.14% and Trust Wallet Token (TWT) at -0.82%.

Be sure to read Cointelegraph's market analysis for more information on crypto prices.

The most memorable quotes

“The witness [Sam Bankman-Fried] He has a wonderful way of responding to questions. “

Lewis Kaplan, Chief Judge of the United States District Court for the Southern District of New York

“When it comes to illicit finance, crypto is not the enemy – it's the bad actors.”

Cynthia Lummis, US Senator

“I'll say, I'm not a lawyer, I'm just trying to go back from my memory. […] at the time [at] FTX, thought some customer accounts would be shipped to Alameda.

Sam Bankman-Fried, former CEO of FTX

“Without prioritizing an asset, most crypto assets can meet the investment contract test, making them subject to securities laws.”

US Securities and Exchange Commission Chairman Gary Gensler

“I don't think there has been any serious discussion about the deal between Ripple […] and SEC. The SEC is upset and embarrassed and wants $770M in meat.

John Deaton, attorney

“He [Sam Bankman-Fried] He thought he was going to take that money, and […] It would be half a trillion dollars by taking the market out and putting the money back in, but it doesn't work that way.

Anthony Scaramucci, founder of SkyBridge Capital

Forecast of the week

Bitcoin beat the S&P 500 in October when $40K BTC price predictions came in

Bitcoin explored $34,000 over the weekend as focus on macro assets shifted to BTC's price performance. Data from Cointelegraph Markets Pro and TradingView show that BTC/USD has held on to gains made earlier in the week.

The biggest cryptocurrency avoided significant volatility as its weekly and monthly closes — a key period for October's advance — were getting closer.

“I think Bitcoin will stay in this range for a while,” noted crypto trader Diane CryptoTrades told X subscribers in one of several posts on October 27. “I see around $33-35k as a range.” Eyes on potential sweepers of any of these levels for fast trading,” he wrote.

FUD of the week

The United Kingdom has passed a law that allows authorities to seize bitcoins used for crime

Lawmakers in the United Kingdom have passed legislation that would allow authorities to seize and freeze cryptocurrencies such as Bitcoin if they are used for illegal purposes. The approved law, which was introduced in September 2022, aims to expand authorities' ability to control the use of cryptocurrencies in crimes such as cybercrime, fraud and drug trafficking. One of the provisions of the law allows for the recovery of crypto-assets used in crimes without conviction, as some individuals can avoid crimes by staying away.

Scammers create Blockworks clone site to leak crypto wallets

Phishing scammers have shut down the websites of crypto media outlet Blockworks and Ethereum blockchain scanner Etherscan to trick unsuspecting readers into linking their wallets to a crypto leaker. The fake Blockworks website featured a fake “BREAKING” news report claiming to “benefit” millions of dollars in decentralized exchange Uniswap and encouraged users to visit the fake Etherscan website. A fake Uniswap news article has been posted on several popular subreddits on Reddit.

Kraken is going to stop trading USDT, DAI, WBTC, WETH and WAXL in Canada.

Kraken will halt all transactions related to Tether, Diy, Bundled Bitcoin, Bundled Ether and Bundled Acceler in Canada in November and December. The bans may not surprise many Canadian cryptocurrency users, as they come on the heels of several other popular exchanges taking similar measures in 2023. OKX ceased operations in Canada in May after Binance announced its intention to do so.

5,050 Bitcoin at $5 in 2009: Helsinki's Crypto Claim to Fame

Helsinki has a long and impressive history with cryptocurrency, including the first Bitcoin exchange for the United States dollar.

Australia's $145M Exchange Scandal, Bitget 4th, China Lifts NFT Ban: Asia Express

Australian police collect $145 million in illegal money laundering, Bitget gains market share in Q3, China lifts ban on NFTs, and more.

Blockchain games in Q3, Upland token in ETH: How the web 3 player was

So far this year, $2.3B has been donated to Web3 Games, former GTA devs studio teams with Immutable, Brawlers on the Epic Games Store, and more.

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Cointelegraph magazine writers and reporters contributed to this article.