Top Stories of The Week
Grayscale calls out SEC delay of Digital Large Cap Fund ETF listing
Attorneys for digital asset manager Grayscale pushed back against the US Securities and Exchange Commission’s (SEC) delay on approving its Digital Large Cap exchange-traded fund (ETF) in a letter sent on Tuesday.
The SEC’s Division of Trading and Markets initially approved the ETF proposal, but the SEC’s Office of the Secretary decided to review the action immediately afterward, halting the decision, Grayscale’s attorneys said.
This violates the “statutory approval or disapproval deadline” set by the SEC and conflicts with established procedure, according to the attorneys.
Binance helped create World Liberty Financial stablecoin — Report
Cryptocurrency exchange Binance reportedly helped create the code behind the stablecoin issued by World Liberty Financial (WLF), one of the crypto businesses tied to US President Donald Trump.
According to a Friday Bloomberg report citing three people familiar with the matter, Binance helped create, promote and played a role in the largest transaction of WLF’s USD1 stablecoin. The crypto business, backed by Trump and his three sons, launched USD1 on March 4.
An Abu Dhabi-based investment firm, MGX, announced a $2 billion investment in Binance on March 12 using a then-unnamed stablecoin. Eric Trump, one of WLF’s co-founders, said in May that the company would be using USD1 to settle the investment.
Peter Schiff says sell Bitcoin for silver as BTC smashes new highs
Longtime Bitcoin critic and gold advocate Peter Schiff said the latest BTC rally may be a selling opportunity for investors to buy silver instead.
“With Bitcoin hitting new highs today (in dollars), it’s a great time to sell some and buy silver ahead of silver’s next big leg up,” Schiff said in a Thursday X post as Bitcoin put on its moon boots again and set new highs above $112,000.
He claimed that silver has more upside potential than Bitcoin and added that while BTC “can easily crash, silver’s downside seems very limited.”
Arthur Hayes, co-founder and former CEO of BitMEX, also weighed in on market conditions in a Friday X post. He said he was “slightly bearish” due to the US Treasury General Account being replenished through new debt issuance, which could temporarily drain liquidity.
High-leverage trader James Wynn deactivates X account
James Wynn, a crypto trader known for his high-leverage crypto bets, appears to have deactivated his X social media account, following nine-digit losses.
Wynn’s X handle “JamesWynnReal” now routes to a page that says “This account doesn’t exist. Try searching for another.”
The trader’s wallets show a combined balance of just $10,176, according to balances displayed by Arkham Intelligence and Hypurrscan.
Cointelegraph reached out to Wynn for comment but was unable to get in touch with the trader. Before deleting the X account, Wynn changed his profile bio to one word: “broke.”
Snoop Dogg’s Telegram ‘gifts’ sell out in 30 minutes: NFTs back?
American rapper Snoop Dogg sold out a collection of almost a million non-fungible tokens (NFTs) on Telegram in 30 minutes on Wednesday, seemingly defying the notion that the NFT industry is “dead.”
Snoop Dogg’s new digital gift collection of around 996,000 non-fungible tokens (NFTs) powered by the TON blockchain is “inspired by Snoop’s iconic style” and generated $12 million in sales, Telegram founder Pavel Durov said in an X post on Wednesday.
“Blockchain minting and the secondary market go live in 21 days. It’s going to be wild,” he added.
The tokens in the collection included representations of vintage cars, swag bags, a digital dog, marijuana-related objects, and a mix of other items and symbols.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $117,967 Ether (ETH) at $2,962 and XRP at $2.78. The total market cap is at $3.68 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are MemeCore (M) at 1,234.52%, Stellar (XLM) at 59.52% and Story (IP) at 49.69%.
The top three altcoin losers of the week are Jito (JTO) at 4.57%, OKB (OKB) at 0.64% and Pi (PI) at 0.15%. For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
“BTC confirms daily higher-high and confirms an end to the downtrend that started in late May.”
Matthew Hyland, crypto trader
“So Ethereum is scalable enough, affordable enough, legal enough in the United States.”
Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys
“We cannot have the people who are in charge of passing legislation and enforcing legislation, implementing legislation, have conflicts of interest with their official responsibilities. You should be divesting from…
cointelegraph.com