Bitcoin Hits New High as FTX Founder Testifies
FTX founder Sam Bankman-Fried testified in his trial, using a “I don’t recall” approach and claiming that FTX did not use auto-deletion mechanisms for decision-making channels. He also shifted accountability to his legal counsel and admitted to using customer funds for political contributions. Bankman-Fried vehemently denied fraud allegations and explained that Alameda’s management turmoil was due to his former partner. He revealed that FTX’s promotional efforts were supported by loans from Alameda but criticized the lack of hedging against bets. Turkey and Taiwan made progress in crypto regulation, with Turkey addressing cryptocurrency taxation in its annual program and Taiwan introducing the Virtual Asset Management Bill. In the US, SEC Commissioner Hester Peirce criticized the agency’s approach to cryptocurrency enforcement, while Kraken reluctantly agreed to share user information with the IRS. Binance faced regulatory troubles and saw another high-profile departure. DCG reported a surge in revenue, but faces legal issues with the New York State Attorney General. Gemini sued Genesis over GBTC shares, and Bitcoin reached a new yearly high above $35,000.
Regulatory Uncertainty Persists in the US
Regulatory uncertainty continued in the US, with industry leaders expressing dissatisfaction with the SEC’s crackdown on the crypto industry. SEC Commissioner Hester Peirce criticized the agency’s actions against LBRY and questioned their benefits to investors and the market. Kraken reluctantly agreed to share user information with the IRS after a court mandate was received. Binance faced further regulatory troubles as its Chief of Compliance for the UK departed and US legislators called for an investigation into Binance and Tether. Binance CEO Changpeng Zhao also saw his net worth drop amid these concerns.
DCG, Genesis, and Gemini Face Financial Woes
Digital Currency Group (DCG) reported a surge in revenue but is embroiled in legal troubles with the New York State Attorney General. Gemini and Genesis entered into a legal dispute over GBTC shares, with Gemini aiming to assist stranded Earn users. Bitcoin continued its bullish run, reaching a new yearly high above $35,000. The rally had positive effects on crypto-related shares and prompted projections of higher price levels. However, some cautioned against the price surge, warning of a potential bull trap.
Elon Musk’s Crypto Plans Could Drive Adoption
Analyst CryptosRUs believes that Elon Musk will incorporate major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin into X’s services. Musk’s ambitions to utilize Lightning Network for instant transfers and have a built-in crypto wallet and exchange could be a catalyst for crypto adoption.
Hot Take: Bitcoin Hits New High as FTX Founder Testifies in Trial
Bitcoin reached a new yearly high above $35,000 this week, continuing its bullish run. FTX founder Sam Bankman-Fried testified in his trial, using an “I don’t recall” approach and deflecting accountability onto his legal counsel. Turkey and Taiwan made progress in crypto regulation, while regulatory uncertainty persisted in the US. Kraken reluctantly agreed to share user information with the IRS, and Binance faced further regulatory troubles. DCG reported a surge in revenue but faces legal issues with the New York State Attorney General. Gemini and Genesis entered into a legal dispute over GBTC shares. Elon Musk’s plans to incorporate major cryptocurrencies into X’s services could drive adoption. Overall, this week was generally bullish for Bitcoin.
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