Web3 🌕Watch: Bitcoin and Ethereum Rally, Paradigm Challenges SEC, Altcoins in 'Uptober' Surge, and Judge Rules in SBF's FTX Trial
1. Bitcoin & Ethereum soar, wiping out $70M in shorts!
2. Paradigm argues SEC lacks jurisdiction in Crypto regulations.
3. Anticipating an 'Uptober' surge for MKR, AAVE, RUNE, INJ?
4. Insights from the judge on SBF's FTX trial.
Let's dive into details 👇
Hello, and welcome to a fresh week in the world of Web3! As we kick off this Monday, we've gathered a lineup of intriguing developments that have been making waves across the cryptocurrency and blockchain landscape. Join us as we dive into these compelling stories and uncover the trends shaping the Web3 ecosystem!
1. Bitcoin & Ethereum soar, wiping out $70M in shorts!
In a surprising turn, Bitcoin and Ethereum spiked nearly 4% within 15 minutes, causing over $70 million in crypto shorts to be liquidated. Bitcoin rose from $27,100 to $28,053 before settling just below $28,000. Similarly, Ethereum surged to $1,755 before stabilizing around $1,727. This sudden movement left the community puzzled, with some attributing it to the onset of "Uptober," a term for October's historically bullish trend. Analysts are hopeful for a potential spot Bitcoin ETF approval by the SEC, likely in Jan. 2024. While long positions celebrated, short sellers faced losses, with $70 million in shorts liquidated in just two hours, including $36 million in BTC and $23 million in ETH shorts, as per Coinglass data.
Tom Mitchelhill
2. Paradigm argues SEC lacks jurisdiction in Crypto regulations.
Paradigm, a venture capital firm, contends that the SEC is overstepping its authority in crypto regulation. They argue that Congress, not the SEC, should address regulatory gaps. Paradigm's amicus brief in the SEC's lawsuit against Binance warns that the SEC's stringent approach could affect broader markets. They stress that misinterpretation of Securities Laws poses a threat to crypto tech in the US. Paradigm insists on impartiality and curbing SEC overreach. Concerns about SEC hindering US innovation persist, with figures like Chris Larsen of Ripple citing a technological lag due to strict policies. Biden's administration introduces crypto regulations and proposes a 30% tax on mining. Ethereum's Joseph Lubin remains optimistic, seeing decentralized protocols aligning with US values like the internet did.
3. Anticipating an 'Uptober' surge for MKR, AAVE, RUNE, INJ?
Bitcoin's historical October rally and its potential impact on altcoins like MKR, AAVE, RUNE, and INJ. It discusses Bitcoin's 2023 performance, noting an 80% rise in the first two quarters followed by an 11% dip in Q3. Despite this, a positive September close offers hope. The piece provides technical analyses for Bitcoin and four altcoins, emphasizing key support and resistance levels. It suggests potential trends and trading strategies. For example, Bitcoin's bullish momentum may lead to a retest of $28,143. Similarly, MKR, AAVE, RUNE, and INJ are assessed with emphasis on crucial price points. The analyses consider moving averages, resistance levels, and RSI indicators to gauge market sentiment.
Rakesh Upadhyay
4. Insights from the judge on SBF's FTX trial.
FTX's CEO Sam Bankman-Fried can't initially blame company lawyers for his decisions, ruled Judge Kaplan. The "advice of counsel" defense is blocked in opening remarks, as it could prejudice the jury. Prosecutors argued against using this defense without a clear link to alleged wrongdoing. Bankman-Fried may have considered blaming Fenwick & West law firm, which advised FTX during his tenure. This defense would require extensive documentation, but Judge Kaplan barred access to it in June. With limited defense options, Bankman-Fried faces potential decades in prison if convicted of wire fraud, money laundering, and illegal political donations.
Nicholas Morgan
As we wrap up this Monday briefing, it's clear that the Web3 space is bustling with noteworthy developments. The resounding surge of Bitcoin and Ethereum, dismantling $70 million in shorts, demonstrates the resilience of these leading cryptocurrencies. Paradigm's bold assertion regarding the SEC's jurisdiction in crypto regulations sparks a vital conversation about the evolving regulatory landscape. With 'Uptober' on the horizon, the potential for a substantial upswing in MKR, AAVE, RUNE, and INJ has piqued the interest of many. And, of course, the insights gleaned from the judge's perspective on Sam Bankman-Fried's FTX trial shed light on a crucial legal battle. Stay tuned for more in-depth analyses and updates as we navigate through this dynamic era of Web3 innovation.
