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Almost all coins are trading flat, the crypto-friendly Nuri bank in Berlin is being shut down – and Ripple is breaking new ground with its SEC litigation.
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This was the fifth consecutive week of either flat prices or losses. However, the stagnation suddenly seems a little more than usual.
Notice
New data from Kaiko shows that Bitcoin is less volatile than stocks for the first time in two years as BTC appears to be decoupling from the stock market.
Bitcoin and Ethereum have changed little (under 2%) over the past seven days. BTC is currently trading at $19,202, while ETH is changing hands at $1,302 at the time of writing.
They were Solana (SOL). That’s a 6% decline despite continued NFT growth indicators. Ripple’s XRP, on the other hand, lost 4%. This is despite Ripple General Counsel Stu Alderoty announcing that Ripple had received the SEC emails it was fighting. And then there was Cardano (ADA), which was down 4%.
The biggest gainer across the top 20 was a gain of just 4% over the past week for Polygon (MATIC).
Cold Crypto Winter
Regulators continue to look into cryptocurrencies. The SE and CFTC are investigating crypto hedge fund Three Arrows Capital (3AC) to determine whether it “broke the rules by misleading investors about the strength of its balance sheet and failing to register with authorities.” So the reports are at the beginning of the year. of the week.
3AC is one of the biggest casualties of the industry’s liquidity crisis that has raged since the collapse of Terra in May. At the time of filing for bankruptcy, 3AC owed its creditors at least $3.5 billion.
On Wednesday, Berlin-based crypto bank Nuri announced it was ceasing operations due to “insurmountable” difficulties in obtaining investment or a takeover bid.
The bank formerly known as Bitwala filed for bankruptcy in August this year after laying off 20% of its workforce. The company was clearly struggling in the bear market.
Nuri also cited now-bankrupt crypto lender Celsius as “one of our key business partners” whose own bankruptcy “is much worse than the situation and brought us to the brink of bankruptcy.” Nuri says his clients’ funds are safe and unaffected by the company’s bankruptcy and they can continue trading cryptocurrencies until the end of November.
News from Washington
On Wednesday, Gabriel Shapiro, crypto attorney and general counsel of Delphi Labs, uploaded a copy of the Digital Commodities Consumer Protection Act (DCCPA) to GitHub. The bill outlines how the CFTC would regulate the crypto industry.
The DCCPA was introduced in August by Senators Debbie Stabenow (D-MI) and John Boozman (R-AR) and has the support of Coinbase and FTX CEO Sam Bankman-Fried. The reason: It offers an alternative to what some have seen as a regulatory strategy being pushed by the SEC.
Stuart Alderoty, legal counsel for XRP issuer Ripple, announced Thursday that Ripple’s defense finally gained access to a series of internal SEC emails and documents. Ripple has faced a regulatory lawsuit for nearly two years after the SEC claimed that XRP was sold as an unregistered security.
The materials in question — the so-called “Hinman documents” — relate to former SEC Director William Hinman and his widely publicized speech at a Yahoo Finance event in 2018, in which he says Ethereum is “decentralized many” like Bitcoin. and are not subject to federal securities regulations. Alderoty tweeted that access was “worth the fight”.
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