Crypto Markets Experience Surge Amidst BlackRock's Moves, FTX Lawsuit to reclaim funds and WEF Recognition of Crypto!
It’s definitely been a whirlwind week for the crypto currency sector and a lot has been happening. Bitcoin and various altcoins experienced a surge in prices adding billions of US Dollars to the overall market cap. The rally was primarily led by Bitcoin, Ethereum, XRP, and Solana with the Bitcoin price fast approaching the USD 40,000 mark. However, amidst the bullish sentiment.
The crypto market's bullish momentum received a significant boost when BlackRock the world's largest asset manager made waves by filing for an Ethereum spot exchange traded fund (ETF). Following BlackRock's landmark Bitcoin spot ETF application in June this move intensified expectations of a rush to market as other financial giants consider entering the crypto ETF space.
Matrixport's Head of Crypto Research and Strategy, Markus Thielen commented on the impact of BlackRock's Ethereum ETF filing, stating, ["A massive short squeeze occurred overnight in Ethereum.
The funding rate is the highest ever and signals total panic for shorts."]( https://www.coindesk.com/business/2023/10/19/matrixport-says-bitcoin-will-rise-to-between-42k-and-56k-if-blackrock-etf-is-approved/) Thielen referred to this development as "nuclear winter" for those who doubted Ethereum.
Highlighting the potential for market neutral crypto hedge funds to capitalise on the funding rates. The influx of funds into crypto hedge funds is expected to be a priority for allocators.
Ethereum ETF on the Horizon and FTX Moves to Sue ByBit
While Ethereum has faced challenges including the collapse of the non-fungible token (NFT) market and decreased interest in web3. The BlackRock ETF news injected optimism into the market. Simon Peters, a crypto market analyst at eToro, noted, "We've broken clear of the USD 30,000 to USD 31,000 resistance level which was proving pretty troublesome. Next stop is potentially USD 45,000, the highs last seen in March 2022."
FTX Lawsuit Seeks to Recover USD 953 Million from Bybit In a legal development FTX's bankruptcy advisers initiated a lawsuit against crypto exchange Bybit Fintech Ltd and its affiliates.
The lawsuit was filed in a Delaware court and aims to recover approximately USD 953 million in cash and digital assets that were withdrawn from FTX by Bybit's investment arm, Mirana Corp.
The lawsuit alleges that Mirana Corp. leveraged special "VIP" benefits to withdraw its assets just before FTX filed for Chapter 11 bankruptcy.
The legal action adds a layer of complexity to the crypto sector emphasising the need for regulatory clarity and safeguards against potential abuses of privileged access. The move may indicate that the company was tipped off of the move to claim bankruptcy and moved on insider information to secure it’s position and not be impacted by financial losses.
Crypto.com Gains Entry to World Economic Forum, Indicating Mass Adoption on the Horizon
In a significant step towards mainstream adoption Crypto.com has been admitted to the World Economic Forum (WEF) .
The WEF known for fostering global economic discussions and innovation has historically advocated for economic growth and development.
Crypto.com's admission to the WEF signals growing acceptance of crypto currencies by respected global economic institutions.
This development is seen as a positive indication that mass adoption of crypto currencies is becoming increasingly likely. The WEF's endorsement of crypto currencies coupled with its global reach and commitment to innovation. This positions Crypto.com to benefit from a network of thought leaders and innovators.
As the crypto market continued its surge further attention turned to the looming decisions on Spot Bitcoin ETFs. Reports suggested that by November 17 decisions on these ETFs would be received. The market had experienced a similar frenzy in the past when news of BlackRock's Ethereum Spot ETF filing surfaced.
Analysts pointed to a potential 8 day window between November 9 and November 17 during which all 12 US Bitcoin spot ETF filings could be approved by the Securities and Exchange Commission (SEC). This raised expectations for increased market volatility and a surge in demand for Bitcoin potentially reaching new highs.
The crypto market has been on a rollercoaster ride this week continuing to be fuelled by BlackRock's ETF filings which has captivated the sector for the entire month. Legal battles and institutional recognition continue to showcase the industry's dynamic nature.
As the market braces for potential Spot Bitcoin ETF approvals the coming days could be pivotal in determining the trajectory of crypto currencies and their broader acceptance in the financial landscape. Investors and developers alike are closely watching ready for the next chapter in the crypto market saga.
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I believe that Crypto.com was able, through a huge advertising campaign, to prove itself in the global market and become a source of trust for many.
it spent a lot of money on advertising in the middle of a major bull run also.
The surge in the Crypto Market has a lot of underlying factors and underplay to it.
One will have to study trends and keep up with market analysis to make good decisions.
always should do your research prior to investing money or seek professional
Oh god you know without a doubt that the WEF is loving the control crypto will allow them. There’s no way them endorsing it is a positive!
I think one of the things that helped the pump was the fact that all the legal battles against cryptocurrency were a loss