Every week we look back at the most important crypto news of the past week. Last week was not very interesting for the bitcoin price, as it bounced up and down directionlessly. For a while it seemed that this would also apply to last week, but a number of bizarre events resulted in the largest price increase since last July.
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Bitcoin price drops after fake news
Bitcoin (BTC) rose by as much as 10% on Monday. On Monday, Cointelegraph revealed that the US Securities and Exchange Commission (SEC) has approved BlackRock’s application for a bitcoin spot ETF, but this turned out to be completely untrue. As a result, the price lost half of its profit.
The SEC then warned investors against news about the SEC if it did not come from the policymaker himself. “The best source of news about the SEC is the SEC itself,” it noted on social media platform X.
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BTC still rises after new bitcoin spot ETF application
But since Thursday the coin has continued its climb again, and on Friday BTC even rose again by 5%. This will largely have been due to Grayscale reapplying to convert the GBTC trust fund into a spot ETF. It has won its lawsuit against the SEC, meaning that the policymaker must reconsider the application. Interest in spot ETFs reached a record this week due to all this news.
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SEC drops lawsuit against Ripple executives
There was also good news for Ripple. The SEC has decided to drop personal charges against Ripple executives Brad Garlinghouse and Chris Larsen. This means that the lawsuit will only relate to Ripple as a company, and that the two top people are no longer seen as criminals.
So the case is not over yet, but it is becoming a lot less serious. Unfortunately, a crypto industry lawyer warns that this could also have a negative aftermath. The SEC can now start the appeal earlier.
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New crypto law in EU
New laws for the crypto industry are still being developed in Europe. But the rules are now becoming a lot stricter. The Council of the European Union has officially adopted the DAC8 law, which should make tax fraud in the crypto industry a lot more difficult. Crypto companies now have to share with the various European governments what assets customers have on the platform.
2023-10-22 18:19:54
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