Positive news in the crypto industry failed to boost the prices of leading cryptocurrencies this week. JP Morgan’s crypto lead, Tyrone Lobban, stated that Bitcoin is becoming more like a stablecoin, which aligns with the common criticism that unbacked cryptocurrencies are volatile. Despite last year’s industry bankruptcies, US companies are increasing their efforts to launch crypto-related investment products, such as the spot ETF. Grayscale CEO Michael Sonnenshein announced that they are now focusing on their Ethereum fund after winning an appeal against the SEC. VanEck launched nine Ethereum Futures ETFs, with potential profits being donated to Protocol Guild. The IMF acknowledges the risks that crypto poses to traditional finance. Twitter co-founder Jack Dorsey’s company, Block, promotes self-custody and is shipping its new Bitcoin hardware wallet. Messari Crypto CEO Ryan Selkis shared a chart revealing a decline in active crypto developers this year.
In FTX news, a book by Michael Lewis whitewashes allegations against former FTX CEO Sam Bankman-Fried. Many in the crypto community criticized Lewis’s depiction of events. Martin Shkreli expressed concerns about FTX’s relationship with Twitter and potential insider trading. There are speculations that a new fundraising round for a company FTX has a stake in could make its creditors whole. Additionally, millions of dollars’ worth of SOL held by Alameda, FTX’s sister company, were suddenly unstaked.
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