{"id":41492,"date":"2024-11-16T23:32:23","date_gmt":"2024-11-16T23:32:23","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/what-happened-in-crypto-this-week-4\/"},"modified":"2024-11-16T23:32:23","modified_gmt":"2024-11-16T23:32:23","slug":"what-happened-in-crypto-this-week-4","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/what-happened-in-crypto-this-week-4\/","title":{"rendered":"What happened in crypto this week"},"content":{"rendered":"

(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b>
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What a week it\u2019s been with the crypto market: Bitcoin hits $93,000, FTX sues Binance and former CEO Changpeng \u201cCZ\u201d Zhao for $1.76 billion, BlackRock\u2019s spot Bitcoin ETF hits $40 billion, investors withdraw appeal in Dogecoin lawsuit against Elon Musk, and \u2018Crypto Dad\u2019 denies interest in becoming SEC chair.<\/p>\n

Let\u2019s look at these and recap what happened this week in crypto.<\/p>\n

Bitcoin hits $93,000<\/h2>\n

Bitcoin reached a record $93,000 earlier this week, partly due to Donald Trump\u2019s<\/a> victory in the US election<\/a> at the beginning of November.<\/p>\n

At the beginning of the week, Bitcoin broke the $82,000 mark<\/a> before pushing to $84,000<\/a> and then $87,000<\/a>. While Trump\u2019s win has helped push Bitcoin to new heights given his pro-crypto stance during his campaign that isn\u2019t the sole reason behind the recent bull run.<\/p>\n

According to Jesse Myers, co-founder of Onramp Bitcoin, the main reason is that the crypto market is at the \u201c6+ months post-halving mark<\/a>.\u201d<\/p>\n

In Myers\u2019 opinion, \u201csupply shock has accumulated,\u201d meaning \u201cthere\u2019s not enough supply available at current prices to satisfy demand,\u201d adding that a \u201csupply-demand price equilibrium must be restored.\u201d<\/p>\n

Earlier this month, James Toldeano, COO of self-custody wallet Unity, said it was \u201cdisingenuous<\/a>\u201d to say that the US election results directly caused Bitcoin\u2019s price rise. With Bitcoin reaching new heights, Matthew Sigel, head of Digital Assets Research at VanEck, forecasted that the current Bitcoin rally is in its early phases<\/a>.<\/p>\n

FTX sues Binance and former CEO Changpeng \u201cCZ\u201d Zhao for $1.76 billion<\/h2>\n

Collapsed crypto exchange FTX filed a lawsuit against Binance and Changpeng Zhao over an alleged fraudulent transfer.<\/p>\n

According to a November 10 filing, Sam Bankman-Fried<\/a>, FTX\u2019s former co-founder and CEO, fraudulently transferred \u201cat least $1.76 billion\u201d<\/a> to Binance<\/a> and Binance executives in July 2021.<\/p>\n

In 2019, Binance acquired a 20% stake in FTX<\/a> and in 2020, Binance acquired a further 18.4% in WRS, an umbrella company of Bankman-Fried based in the US. However, in July 2021, the two exchanges agreed on a deal that saw FTX buying back Binance and its executives\u2019 entire stakes in FTX and WRS.<\/p>\n

This amounted to around $1.76 billion in FTX\u2019s FTT token, BNB, and BUSD (Binance\u2019s stablecoin)<\/p>\n

The filing states that the transfer was fraudulent because Alameda Research \u2013 FTX\u2019s sister company, which funded the transfer \u2013 was insolvent at the time and couldn\u2019t afford it.<\/p>\n

According to testimony from Caroline Ellison<\/a>, former CEO of Alameda Research, Alameda spent around \u201c$1 billion of FTX Trading\u2019s capital received from depositors to fund the repurchase.\u201d<\/p>\n

BlackRock\u2019s spot Bitcoin ETF hits $40 billion<\/h2>\n

BlackRock\u2019s spot Bitcoin exchange-traded fund (ETF) hit a new record this week. In 211 days, it reached $40 billion in net assets.<\/p>\n

The record comes two weeks after it reached $30 billion in net assets in 293 days<\/a> at the end of October. With BlackRock\u2019s new achievement, it\u2019s surpassed the previous record of 1,253 days held by iShares Core MSCI Emerging Markets ETF, according to Bloomberg analyst Eric Balchunas.<\/p>\n

Balchunas added that \u201c[BlackRock\u2019s] now in Top 1% of all ETFs by assets and at 10mo old it is bigger than all 2,800 ETFs launched in the past TEN years.\u201d<\/p>\n

At the time of publishing, BlackRock holds more than 471,000 Bitcoin, valued at $42.8 billion, according to data from iShares<\/a>.<\/p>\n

Investors withdraw appeal in Dogecoin lawsuit against Elon Musk<\/h2>\n

Investors who\u2019d sued Elon Musk<\/a> and his company Tesla for manipulating the cryptocurrency Dogecoin<\/a> earlier this week withdrew their appeal<\/a>.<\/p>\n

Filed by Dogecoin investors, the lawsuit, claimed that Musk had used his influential public platform to artificially inflate the price of Dogecoin for personal gain. As evidence of a pattern of market manipulation, the investors pointed to Musk\u2019s tweets and public appearances.<\/p>\n

However, according to US District Judge Alvin Hellerstein \u2013 who dismissed the case \u2013 the investors couldn\u2019t establish claims of securities fraud based solely on Musk\u2019s public statements.<\/p>\n

The judge stated that Musk claiming Dogecoin was the \u201cfuture currency of Earth\u201d or could be \u201cfloated to the moon\u201d by SpaceX were not credible grounds for claims of insider trading or fraud.<\/p>\n

\u2018Crypto Dad\u2019 denies interest in becoming SEC chair<\/h2>\n

Christopher Giancarlo, former CFTC chair, and known as \u2018Crypto Dad\u2019 has denied rumors that he\u2019s being considered to replace Gary Gensler<\/a> as chair of the US Securities and Exchange Commission (SEC).<\/p>\n

In a post on X<\/a>, Giancarlo, known as Crypto Dad, said:<\/p>\n

\u201cI\u2019ve made clear that I\u2019ve already cleaned up [an] earlier Gary Gensler<\/a> mess @CFTC and don\u2019t want to have [to] do it again,\u201d adding: \u201cDC rumors that I\u2019m interested in some #crypto role @USTreasury are also wrong.\u201d<\/p>\n

Giancarlo served as a commissioner at the Commodity Futures Trading Commission (CFTC) between 2014 and 2019. In January 2017, he was designated as acting chair of the CFTC and in August 2017 he was confirmed to serve as the chair until 2019.<\/p>\n

Speculation over the future head of the SEC comes as Donald Trump<\/a> promised to remove Gensler<\/a> following his re-election to the White House earlier this month. Other possibilities for the role include Hester Peirce<\/a>, an SEC commissioner, Paul Atkins<\/a>, a former SEC commissioner, and Mark Uyeda, a current SEC commissioner.<\/p>\n

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(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) What a week it\u2019s been with the crypto market: Bitcoin hits $93,000, FTX sues Binance and former CEO Changpeng \u201cCZ\u201d Zhao for $1.76 billion, BlackRock\u2019s spot Bitcoin ETF hits $40 billion, investors withdraw appeal in Dogecoin lawsuit against Elon Musk, and […]<\/p>\n","protected":false},"author":3947362367,"featured_media":41493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/41492"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362367"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=41492"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/41492\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/41493"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=41492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=41492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=41492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}