The biggest news in the cryptosphere for September 30 includes a court ruling in favor of Ripple against the SEC for the Hinman document, the decoupling of Bitcoin from the S&P 500 amid macro turmoil and Crypto influencer Lark Davis denying the ZachXBT accusations.
Top CryptoSlate Stories
Judge rules in favor of Ripple against SEC in Hinman document case
The SEC’s motion to avoid submitting the Hinman document for review was overturned today by Judge Torres.
The SEC was ordered to deliver the document to Ripple Labs because said document was not protected by legal privileges.
Bitcoin decouples from legacy markets amid macro turmoil
Since September 1, Bitcoin has been trading between $18,100 and $22,800 while the S&P500 has fallen 10% over the same period.
Given the decoupling of the flagship crypto from the S&P500, Analyst Dylan LeClair said Bitcoin may be on the verge of reclaiming its safe haven narrative.
LeClair, however, added that it is “highly unlikely” that the decoupling will continue as central banks fight to save the deteriorating global economy.
Future rate hikes could be good for crypto markets as major currencies devalue against the dollar
Since the British pound lost 4.8% of its value against the US dollar on September 26, around £200 million has been invested in Bitcoin in pounds.
Investor Vinny Lingham predicts that as more and more currencies are devalued against the dollar, Bitcoin prices will continue to rise. Therefore, more people may turn to Bitcoin as a store of value and as a hedge against local currency volatility,
Hack Wintermute replicated on a simple laptop in less than 48 hours by exploiting the Profanity flaw
Amber Group’s latest experiment invalidates claims that it would take around 50 days for 1,000 GPUs to crack private keys generated with Profanity.
Amber Group used a Macbook M1 with 32 GB of RAM to crack the Wintermute private key in less than 48 hours. The group warned that funds held in addresses generated by Profanity are not safe.
Ethereum loses ground as Solana now accounts for a quarter of total NFT volume
Available data from Delphi Digital indicates that Ethereum is losing NFT transaction volumes to Solana.
Newly created NFTs on Solana have increased their trading volume by 7% to 24% in the last 6 weeks.
Theta upgrade goes live to support wTHETA as a TNT20 token
In preparation for the launch of Theta Metachain in December 2022, Theta Labs has rolled out Theta v3.4.0 upgrade to support Wrapped THETA (wTHETA) as a TNT20 token.
Token holders can transfer their wTHETA to the Metamask wallet while being able to stake THETA and TFUEL in supported nodes.
Lark Davis denies ZachXBT’s accusations of taking advantage of its shilling supporters on small-cap tokens
Crypto influencer Lark Davis decided to save his name as he denied ZachXBT’s allegation that he intentionally profited from over $1.2 million by dropping low-cap projects to his followers.
Davis claimed that he always keeps the community updated on his investment opportunities and only profits from the sale of his tokens with no intention of harming his followers.
Uniswap Labs Rumored to Raise $100M in Funding at $1B Valuation
Insider reports available to TechCrunch have revealed that Uniswap Lab is looking to raise $100 million at a $1 billion valuation.
MicroStrategy is looking to hire a Bitcoin Lightning software engineer
MicroStrategy decided to hire a software engineer to develop its Software-as-a-Service (SaaS) platform based on Lightning Network.
The solution will help companies manage employee data, combat cybersecurity threats and explore new e-commerce use cases.
Celsius Creditors Seeks to Recover $439 Million in EquitiesFirst Subpoena
EquitiesFirst owes Celsius $439 million after it failed to return certain collateral posted by the bankrupt crypto lender.
The creditors’ committee has asked the court to issue a subpoena that will allow EquitiesFirst to clarify its business relationship with Celsius.
Research Highlight
Bitcoin Cost Basis Metric Indicates Short-Term Holder Capitulation
With the basic Bitcoin cost ratio below 1, CryptoSlate Analysts forecast that the bottom of the market is in sight. Short-term holders are losing confidence as the realized price of STH begins to fall below the realized price of LTH.
However, it may take some time for an uptrend to become sustainable, as market lows often extend over several months.
News from all over the Cryptoverse
Digitex trading platform deemed illegal by CFTC
The CFTC has filed a lawsuit claiming derivatives trading platform Digitex is illegal because its founder Adam Todd did not register his futures trading activities with the commission, according to media reports.
Digitex is also accused of failing to implement the proper KYC process as required by the Bank Secrecy Act.
US admin takes action to stop Celsius from reopening withdrawals
The U.S. Trustee’s Office has filed a motion asking the court to deny Celsius’ request to allow withdrawals for custody holders.
The regulator said it was too early to reopen withdrawals because the bankruptcy court must review the independent examiner’s report before deciding when to allow withdrawals.
Crypto market
Bitcoin is up 1.83% to $19,671 over the past 24 hours, while Ethereum is trading at $1,347 registering a 1.35% increase over the same time frame.
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