1. Home
  2. Coin Telegraph

Coin Telegraph

SEC continues to delay decisions on crypto ETFs: Law Decoded

The latest delays came two weeks before the second deadline for many applicants.

Despite United States Representatives Mike Flood, Wiley Nickel, Tom Emmer and Ritchie Torres calling on the Securities and Exchange Commission (SEC) to immediately approve the listing of spot Bitcoin (BTC) exchange-traded funds (ETFs), the agency once again delayed its decision. 

When it comes to spot Ether (ETH) ETFs from VanEck and ARK 21Shares, the SEC delayed making decisions until Dec. 25 and Jan. 10, respectively, while GlobalX will have to wait until Nov. 21 for the commission’s decision. It also delayed deciding on the spot Bitcoin ETF applications of Invesco, Bitwise and Valkyrie until mid-January.

The latest delays came two weeks earlier than the scheduled second deadline date for many applicants, who had been expecting to hear from the securities regulator by Oct. 16–19. The timing of the delays may have been related to the narrowly avoided U.S. government shutdown, which would have disrupted the country’s financial regulators and other federal agencies.

Bitwise Asset Management reacted to the delay of its spot Bitcoin ETF with an amended application, responding to the SEC’s objections to the product. In its amended application, Bitwise engaged with what the SEC called “the ‘mixed’ or ‘inconclusive’ academic record” on the lead-lag relationship between BTC futures and spot markets.

Another Chinese court recognized Bitcoin as property 

The Shanghai No.2 Intermediate People’s Court in China has recognized Bitcoin as a unique and non-replicable digital asset while acknowledging its scarcity and inherent value. According to the court’s report, digital currencies such as Bitcoin stand out as unique and non-replicable internet technology products. The report states that among a sea of digital currencies, Bitcoin is different and unique from other digital assets. It has key currency features such as scalability, ease of circulation, storage and payment. 

Continue reading

Taiwan bans unregistered foreign crypto exchanges

Taiwan’s Financial Supervisory Commission (FSC) formulated the critical points for regulating Taiwan’s cryptocurrency market, releasing industry guidelines for virtual asset service providers (VASP) operating in the country. In the guidelines, the authority mentioned standard industry-wide rules like separating exchange treasury assets from customer assets and reviewing mechanisms for listing and delisting virtual assets.

The FSC also required foreign VASPs to refrain from providing their services in Taiwan without obtaining necessary approvals from the regulator: Overseas virtual asset platform operators are not allowed to provide business within the territory of the country [...] unless they have been registered in accordance with the law.”

Continue reading

Hong Kong will list “suspicious” crypto platforms

The Securities and Futures Commission (SFC) of Hong Kong will publish a list of all licensed, deemed licensed, closing down, and application-pending virtual asset trading platforms (VATPs) to better help members of the public identify potentially unregulated VATPs doing business in Hong Kong. The SFC said it will also keep a dedicated list of “suspicious VATPs,” featured in an easily accessible and prominent part of the regulators’ website.

The new rules come immediately after the ongoing JPEX crypto exchange scandal, an affair that local media outlets describe as one of the worst cases of financial fraud ever to hit the region. JPEX stands accused of promoting its services to Hong Kong residents despite not having applied for a license in the country.

Continue reading

Bitcoin and Gold Can Flourish as US Struggles With Massive Fiscal Problems: Macro Investor Luke Gromen

One-third of all CFTC crypto enforcement actions took place this year: Chair Behnam

CFTC chair Rostin Behnam told an audience at the Financial Industry Association Expo about the agency’s activity in the crypto space and its need for modern legislation.

United States Commodity Futures Trading Commission (CFTC) chair Rostin Behnam highlighted his agency’s activity in the crypto sphere and the need for up-to-date legislation at the Financial Industry Association Expo 2023 event in Chicago. He described the CFTC Enforcement Division’s efforts as a “nonstop drumbeat.”

In the text version of his keynote address to the industry group, Behnam recounted the $6 billion his agency collected in penalties in fiscal year 2023. He added:

“45 of those [enforcement] actions this fiscal year involved digital asset related misconduct, representing over 34% of the 131 such actions brought by the Commission since 2015.”

Behnam singled out the “precedent-setting litigation” his agency won against Ooki DAO, which resulted in the closure of the decentralized autonomous organization (DAO) and netted a $643,542 penalty. In its default judgment against Ooki DAO, the U.S. District Court for the Northern District of California found that the DAO was a “person” under the Commodity Exchange Act (CEA) of 1936.

Behnam returned to the CEA when he discussed the agency’s future direction. “The cornerstone of our latest era is disintermediation brought about by groundbreaking technology: DeFi, AI, and standard WiFi,” he said, but:

“The limits in the CEA established in essentially another era create real barriers to engaging in rulemakings and policy that is necessary to our mission, but just beyond our scope.”

Furthermore, those limits “forc[e] the agency to engage in increasingly resource intensive quests for assurances that we are acting within the bounds of our intended remit.”

Vertical integration — an “outgrowth of electronification and the promise of DeFi” — is occurring throughout financial markets and leading to egulatory concerns, and “customer protections mean something different now,” according to Behnam.

Related: CFTC commissioner calls for crypto regulatory pilot program

Behnam’s statements contrasted sharply with Securities and Exchange Commission chair Gary Gensler’s position that Depression-era financial legislation “has been quite a benefit to investors and economic growth over the last 90 years,” and should not be tampered with.

Behnam also indirectly addressed limitations on the CFTC’s enforcement authority. “To suggest that […] we must wait until victims suffer and cry out for help to be proactive […] undermines our mission and purpose,” he said. “I have continued to advocate for additional authority in the crypto space,” he added later.

Magazine: Cleaning up crypto: How much enforcement is too much?

SEC continues to delay decisions on crypto ETFs: Law Decoded

Book describes Sam Bankman-Fried with little attention span or respect for appointments

The former FTX CEO was reportedly invited by Vogue editor-in-chief Anna Wintour to be her special guest at the Met Gala, only to cancel at the last minute.

Michael Lewis, author of The Big Short, has painted an interesting picture of Sam Bankman-Fried (SBF) in his soon-to-be released book on the former FTX CEO.

In an excerpt of Going Infinite: The Rise and Fall of a New Tycoon published in the Washington Post on Oct. 1, Lewis described several interactions Bankman-Fried had with the media and influential figures prior to the downfall of FTX and his criminal charges in the United States. According to the author, he would frequently play video games in the background of online interviews — his League of Legends exploits are well reported — often giving little attention to people including Vogue editor-in-chief Anna Wintour.

“Sam didn’t want to seem rude,” said Lewis on SBF’s talk with Wintour. “It was just that he needed to be playing this other game at the same time as whatever game he had going in real life. His new social role as the world’s most interesting new child billionaire required him to do all kinds of dumb stuff. He needed something, other than what he was expected to be thinking about, to occupy his mind.”

Lewis added that Natalie Tien, who moved into the role of FTX’s head of public relations and SBF’s “personal scheduler”, said the former CEO cancelled many highly publicized appearances — often at the last minute — for seemingly no reason at all. The Wintour interview reportedly led to FTX's sponsorship and Bankman-Fried as a special guest at the Met Gala, which he ended up snubbing.

“Sam treated everything on his schedule as optional,” said the book. “The schedule was less a plan than a theory. When people asked Sam for his time, they assumed they’d posed a yes or no question [...] All he had done, when he said yes, was to assign some non-zero probability to the proposed use of his time. The dial would swing wildly as he calculated and recalculated the expected value of each commitment, right up until the moment he honored it or didn’t.”

Other in-person showings by Bankman-Fried included testifying before the U.S. House Financial Services Committee in December 2021 and meeting with Senator Mitch McConnell. The appearances marked some of the rare times SBF appeared in public wearing a suit as opposed to his usual T-shirt and shorts — though social media users pointed to footage of the then CEO's shoes slipped on without being tied at the hearing.

Related: Sam Bankman-Fried FTX trial — 5 things you need to know

It’s unclear what other information will become available once the book is released on Oct. 3, the same day jury selection begins for SBF’s criminal trial in New York. Amid the expected court proceedings, a slew of podcasts, news features, books, and other media have been released detailing aspects of Bankman-Fried’s life before and after the downfall of FTX. A 60 Minutes interview with Lewis revealed SBF had plans to pay off former U.S. President Donald Trump not to run for the office again based on the threat to elections and democracy as a whole.

On Oct. 4, Bankman-Fried will appear in a New York courtroom for the first day of his trial, scheduled to run through November. He will face 7 charges related to fraud at FTX and Alameda Research, for which he has pleaded not guilty.

Magazine: Can you trust crypto exchanges after the collapse of FTX?

SEC continues to delay decisions on crypto ETFs: Law Decoded

Crypto liquidity provider GSR receives regulatory approval in Singapore

The license allows GSR to provide crypto and fiat-related services to Singaporean residents and entities.

Cryptocurrency trading firm and liquidity provider GSR's Singaporean subsidiary, GSR Markets Pte. Ltd, has received an in-principal approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. 

"GSR is proud to have met the rigorous admission requirements set by MAS and will be working diligently towards a full license," the firm said in its Oct. 2 announcement. GSR plans to use its Singaporean subsidiary as a hub for expanding into the Asia-Pacific region. 

An MPI license allows institutions to provide crypto and fiat-related services to residents of Singapore. Licensed firms are authorized to conduct payment services without being subjected to single transaction limits of 3 million Singaporean Dollars ($2.2 million) and monthly limits of 6 million Singaporean Dollars ($4.4 million). "MAS has led the way providing a clear framework for digital asset utility," said Xin Song, COO of GSR.

Founded in 2013 in New Jersey, the firm conducts over-the-counter crypto trading alongside derivatives, market making, and venture capital investments. The firm holds Money Service Business licenses across several states.

On Oct. 1, Cointelegraph reported that crypto exchange Coinbase obtained a full MPI license from the MAS. The regulatory approval allows Coinbase to offer digital token services to both individuals and institutions in Singapore. 

According to data provided by Coinbase, 25% of surveyed Singaporeans consider crypto to be the future of finance, with 32% of respondents claiming that they are either current or past owners of crypto. The city-state is home to over Web3 700 companies. 

Magazine: Are DAOs overhyped and unworkable? Lessons from the front lines

SEC continues to delay decisions on crypto ETFs: Law Decoded

Price analysis 10/2: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON

Bitcoin and select altcoins are looking strong at the start of October, but will the flashpan bullish momentum last?

The United States legislators in the House and Senate came to a temporary agreement on Sep. 30 and averted a government shutdown for 45 days. This news could have acted as a catalyst for Bitcoin’s (BTC) sharp rally on Oct. 1. Additionally, the historically strong performance of Bitcoin in October could have boosted sentiment further.

The U.S. stock markets are also in a sweet spot in October. Data from the Stock Trader’s Almanac shows that the S&P 500 Index (SPX) has risen by an average of 0.9% in October, between 1950 and 2021. However, it does not mean that the bulls can be carefree because the stock market weathered one of its worst declines in the Black Monday crash in October 1987.

Daily cryptocurrency market performance. Source: Coin360

While a short-term up-move is possible in the cryptocurrency markets, it is unlikely to start a runaway rally. Higher levels are likely to witness profit-booking as the skyrocketing U.S. dollar index (DXY) could keep the bulls on the edge of their seats.

What are the important overhead resistance levels in Bitcoin and altcoins that may attract sellers? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index plunged below the formidable support at 4,325 on Sep. 22. That completed a bearish head and shoulders pattern, indicating the start of a downward move.

SPX daily chart. Source: TradingView

Usually, the price turns around and retests the breakdown level, which in this case is 4,325. That happened on Sep. 29. The neckline of the setup is likely to witness a tough battle between the bulls and the bears.

If the price turns down and breaks below 4,238, it will indicate that bears are in control. That could accelerate selling and the index may dive to the pattern target of 4,043.

Any recovery attempt is likely to face selling at 4,325 and then at the 20-day exponential moving average ($4,370). A break above this resistance will be the first sign of strength. The index could then ascend to the downtrend line.

U.S. dollar index price analysis

The U.S. dollar index has witnessed a scintillating run in the past several days. The bulls propelled the price above the overhead resistance of 106 on Sep. 26, indicating the start of a new uptrend.

DXY daily chart. Source: TradingView

Sellers tried to pull the price back below the breakout level of 106 on Sep. 29 but the long tail on the candlestick shows solid buying at lower levels. The bulls will try to flip the 106 level into support. If they are successful, the index could rally to 108.

The bears are unlikely to surrender easily. They will try to drag the price back below 106 and then the 20-day EMA. If they manage to do that, it will trap the aggressive bulls. The index may then descend to the 50-day simple moving average ($103).

Bitcoin price analysis

Bitcoin surged above the immediate resistance of $27,500 on Oct. 1 and then stretched the rally above $28,143 on Oct. 2. The ease with which $28,143 was conquered shows that more is likely to come.

BTC/USDT daily chart. Source: TradingView

The bulls will try to push the price to $31,000 where they are likely to encounter solid resistance from the bears. If the price turns down sharply from this level, it will suggest that the BTC/USDT pair remains stuck inside the large range between $31,000 and $24,800.

The first support on the downside is $28,143 and then the 20-day EMA ($26,862). If the price slips back below $28,143, it may trap the aggressive bulls. That could then pull the price to the 20-day EMA. Sellers will have to yank the price below this level if they want to seize control.

Ether price analysis

Ether (ETH) pierced the 50-day SMA ($1,652) on Sep. 29 and followed that up with another sharp rally on Oct. 1. That pushed the price to the overhead resistance at $1,746.

ETH/USDT daily chart. Source: TradingView

The 20-day EMA ($1,644) has turned up and the relative strength index (RSI) is above the 64 level, indicating that the bulls are in command. That enhances the prospects of a rally above $1,746. If that happens, the ETH/USDT pair will complete a double bottom pattern. This setup has a target objective of $1,959.

Sellers will make every effort to halt the recovery at $1,746. They will have to drag the price back below the moving averages to weaken the positive momentum. The pair may then extend its stay inside the range for some more time.

BNB price analysis

BNB (BNB) turned down from the 50-day SMA ($216) on Sep. 29 and 30 but found support at the 20-day EMA ($214). This suggests a positive sentiment where dips are being purchased.

BNB/USDT daily chart. Source: TradingView

The moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, indicating that bulls have the edge. A break and close above $220 will suggest the start of a new uptrend. The BNB/USDT pair could first rally to $235 and subsequently to $250.

Contrary to this assumption, if the price turns down from $220, the bears will again attempt to tug the pair below the 20-day EMA. If they succeed, it will indicate that the consolidation may extend for a few more days.

XRP price analysis

XRP (XRP) rose above the symmetrical triangle pattern on Sep. 29 and the bulls held the retest of the breakout level on Sep. 30. This suggests that bulls are back in the game.

XRP/USDT daily chart. Source: TradingView

Buyers will next try to drive the price to the overhead resistance at $0.56. This is an important level to keep an eye on because a rally above it could indicate the start of a new uptrend toward the pattern target of $0.64.

On the other hand, if the price turns down from $0.56, it will suggest that the bears have not given up and they continue to sell on rallies. That could restrict the XRP/USDT pair inside the range between $0.41 and $0.56 for a while longer.

Solana price analysis

Solana (SOL) blasted above the $22.30 overhead resistance on Oct. 1, indicating that the bulls are on a comeback.

SOL/USDT daily chart. Source: TradingView

The sharp up-move has pushed the RSI into the overbought space, suggesting that the rally may soon face resistance. The bears may attempt to stall the recovery at $25.50 and then again at $27.12. If the price turns down from this level, it will signal that the $14 to $27.12 range remains intact.

The important support to watch on the downside is the 20-day EMA ($20.50). Sellers will have to yank the SOL/USDT pair back below this level to weaken the bullish tempo.

Related: BTC price knocks on $28.5K as trader says Bitcoin 'reeks of disbelief'

Cardano price analysis

Cardano (ADA) soared above the downtrend line and the 50-day SMA ($0.25) on Oct. 1, invalidating the developing bearish descending triangle pattern.

ADA/USDT daily chart. Source: TradingView

Generally, the failure of a bearish setup is a positive sign as bulls who have been waiting on the sidelines jump in to buy. However, before that, the price may turn down and retest the breakout level.

If the level holds, it will signal that the bulls have flipped the downtrend line into support. The ADA/USDT pair could then start an up-move to $0.29 and thereafter to $0.32.

On the contrary, if the price turns down and re-enters the triangle, it will indicate that the markets have rejected the higher levels. The pair may then retest the important support at $0.24.

Dogecoin price analysis

Dogecoin (DOGE) rose above the 20-day EMA ($0.06) on Sep. 29 and reached the 50-day SMA ($0.06) on Oct. 1. This shows that the bulls are trying to start an up-move.

DOGE/USDT daily chart. Source: TradingView

The 20-day EMA is flattish but the RSI has jumped into the positive zone, indicating that the momentum is turning positive. A close above the 50-day SMA will open the gates for a possible rally to $0.07. This level may act as a minor hurdle but if crossed, the DOGE/USDT pair is likely to climb to $0.08.

Time is running out for the bears. If they want to prevent the rally, they will have to quickly tug the price back below the 20-day EMA. The pair may then retest the crucial support at $0.06.

Toncoin price analysis

Toncoin’s (TON) relief rally fizzled out at $2.31 on Sep. 28, indicating that the bears are selling at higher levels. The price turned down but the bulls held the $2.07 support on Oct. 1.

TON/USDT daily chart. Source: TradingView

The bears renewed their selling on Oct. 2 and pulled the price below the vital support at $2.07. If the price sustains below this level, the selling could intensify and the TON/USDT pair risks tumbling down to the 50-day SMA ($1.84).

On the upside, the bulls will have to drive the price above $2.31 to open the doors for a possible retest of the overhead resistance at $2.59. This level may again attract aggressive selling by the bears.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

SEC continues to delay decisions on crypto ETFs: Law Decoded

Researchers find LLMs like ChatGPT output sensitive data even after it’s been ‘deleted’

According to the scientists, there’s no universal method by which data can be deleted from a pretrained large language model.

A trio of scientists from the University of North Carolina, Chapel Hill recently published preprint artificial intelligence (AI) research showcasing how difficult it is to remove sensitive data from large language models (LLMs) such as OpenAI’s ChatGPT and Google’s Bard. 

According to the researchers' paper, the task of “deleting” information from LLMs is possible, but it’s just as difficult to verify the information has been removed as it is to actually remove it.

The reason for this has to do with how LLMs are engineered and trained. The models are pretrained on databases and then fine-tuned to generate coherent outputs (GPT stands for “generative pretrained transformer”).

Once a model is trained, its creators cannot, for example, go back into the database and delete specific files in order to prohibit the model from outputting related results. Essentially, all the information a model is trained on exists somewhere inside its weights and parameters where they’re undefinable without actually generating outputs. This is the “black box” of AI.

A problem arises when LLMs trained on massive datasets output sensitive information such as personally identifiable information, financial records, or other potentially harmful and unwanted outputs.

Related: Microsoft to form nuclear power team to support AI: Report

In a hypothetical situation where an LLM was trained on sensitive banking information, for example, there’s typically no way for the AI’s creator to find those files and delete them. Instead, AI devs use guardrails such as hard-coded prompts that inhibit specific behaviors or reinforcement learning from human feedback (RLHF).

In an RLHF paradigm, human assessors engage models with the purpose of eliciting both wanted and unwanted behaviors. When the models’ outputs are desirable, they receive feedback that tunes the model toward that behavior. And when outputs demonstrate unwanted behavior, they receive feedback designed to limit such behavior in future outputs.

Despite being “deleted” from a model's weights, the word “Spain” can still be conjured using reworded prompts. Image source: Patil, et. al., 2023

However, as the UNC researchers point out, this method relies on humans finding all the flaws a model might exhibit, and even when successful, it still doesn’t “delete” the information from the model.

Per the team’s research paper:

“A possibly deeper shortcoming of RLHF is that a model may still know the sensitive information. While there is much debate about what models truly ‘know’ it seems problematic for a model to, e.g., be able to describe how to make a bioweapon but merely refrain from answering questions about how to do this.”

Ultimately, the UNC researchers concluded that even state-of-the-art model editing methods, such as Rank-One Model Editing “fail to fully delete factual information from LLMs, as facts can still be extracted 38% of the time by whitebox attacks and 29% of the time by blackbox attacks.”

The model the team used to conduct their research is called GPT-J. While GPT-3.5, one of the base models that power ChatGPT, was fine-tuned with 170 billion parameters, GPT-J only has 6 billion.

Ostensibly, this means the problem of finding and eliminating unwanted data in an LLM such as GPT-3.5 is exponentially more difficult than doing so in a smaller model.

The researchers were able to develop new defense methods to protect LLMs from some “extraction attacks” — purposeful attempts by bad actors to use prompting to circumvent a model’s guardrails in order to make it output sensitive information

However, as the researchers write, “the problem of deleting sensitive information may be one where defense methods are always playing catch-up to new attack methods.”

SEC continues to delay decisions on crypto ETFs: Law Decoded

Parliamentary committee calls for shutdown of Worldcoin in Kenya

The committee’s recommendations included having the Kenyan government consider implementing a comprehensive framework for digital assets and virtual asset service providers.

A parliamentary committee in Kenya’s government tasked with investigating Worldcoin has recommended that regulators shut down the project’s operations in the country.

According to a report released on Sept. 30 by Kenya’s parliament, Worldcoin has continued to collect personal data of Kenya’s residents “in total disregard” of an order to stop issued in May — potentially including information from minors. The committee recommended that Kenyan authorities “disable the virtual platforms” of Worldcoin as well as investigate its companies for potential criminal charges.

“The registration of Kenyans by Worldcoin online App is still going on despite the pendency of a court order and other administrative directions halting the same in entirety,” the report say.

Sept. 27 parliamentary report on Worldcoin’s activities in Kenya. Source: Parliament of Kenya

The report cited privacy concerns for Kenya’s residents, but added that it was difficult or impossible to determine the number of “orbs” in the country — the devices Worldcoin uses to allow users to submit scans of their irises for verification. The committee’s recommendations include having the government consider implementing a comprehensive framework for digital assets and virtual asset service providers in Kenya alongside amending existing regulations to consider cybercrimes and tax reporting requirements.

Lawmakers added:

“The unregulated adoption and use of cryptocurrency as an attempt to fully decentralize the global monetary systems, poses threat to statehood.”

Related: Worldcoin launch sparks debate over data privacy and future of AI

Worldcoin, launched with the stated intention of distinguishing real people from bots online by providing retinal scans for identity verification, had millions of sign-ups by July. However, the project has drawn the scrutiny of regulators globally, who claim it is circumventing regulations and guidelines on data protection and user privacy.

Authorities in Germany, Argentina, France and the United Kingdom have either raised concerns about Worldcoin or launched inquiries into its activities. Cointelegraph reached out to Worldcoin but did not receive a response at the time of publication.

Magazine: Bitcoin ETF optimist and Worldcoin skeptic Gracy Chen: Hall of Flame

SEC continues to delay decisions on crypto ETFs: Law Decoded

Bankrupt CeFi firm Haru Invest hints at asset recovery

No specific timeline was given as to when users can receive their money back.

Bankrupt South Korean yield platform Haru Invest says it will return users' assets, although no particular timeframe is given.

In a questions and answers session on October 2, Hugo Lee, Haru Invest's CEO, said the firm has a plan for "phased asset recovery and distribution" in several rounds through the disposition of recovered assets. Lee wrote: 

"To note, however, as legal procedures including rehabilitation and cooperation with investigative agencies are still underway, we are essentially unable to distribute the assets on our own. Hence, predicting and telling you the asset distribution schedule is impossible at this time."

During the session, Lee also assured that investors would receive their money back via an equitable distribution regime, instead of prioritizing creditors in South Korea. An estimated 60% of Haru Invest users are located overseas, compared to 40% in Korea. 

In June, Haru Invest suspended all deposits and withdrawals after discovering allegedly fraudulent activities surrounding a consignment operator, B&S Holdings. The firm subsequently filed for bankruptcy. Haru Invest's collapse also caused contagion among fellow crypto lender Delio, which held $1 billion in Bitcoin (BTC) and $200 million in Ether (ETH), when it, too, suspended deposits and withdrawals in June. 

At the time of filing, Haru Invest claimed over 80,000 members, 9.8 million crypto-earn payouts, and $2.27 billion in total transactions. Haru previously targeted an annual yield of 12% on most of its earn products. Last September, it raised $4 million on a $284 million valuation.

In a September 25 update, Haru Invest said that the company is currently being maintained "with a minimum number of operating personnel." As a result, its website login is no longer functional.

Magazine: Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis

SEC continues to delay decisions on crypto ETFs: Law Decoded

BTC price knocks on $28.5K as trader says Bitcoin ‘reeks of disbelief’

Bitcoin preserves its snap October gains, but BTC price analysis reveals reasons for staying level-headed on the future.

Bitcoin (BTC) aimed for $28,500 at the Oct. 2 Wall Street open as a bullish start to the month continued.

BTC/USD 1-day chart. Source: TradingView

Analyst wary of Bitcoin "upside wick" fakeout

Data from Cointelegraph Markets Pro and TradingView showed BTC price action staying strong into October’s first United States trading session.

The largest cryptocurrency made swift gains into the weekly close, this following a contrastingly cool monthly candle completion which saw BTC/USD finish on $26,970.

For popular trader and analyst Rekt Capital, this monthly close — despite now being more than 5% below spot price — called for caution.

“Bitcoin performed a September Monthly Candle Close below ~$27,100 (black),” he wrote in part of the day’s X analysis alongside an explanatory chart.

“Technically, black was solidified as resistance for September.”

Rekt Capital acknowledged the October breakout, and that this would “invalidate the bearish predicament” should it endure.

“But because BTC Monthly Closed below black, there is always going to be a chance that this price action could end up as an upside wick,” he continued.

“Bitcoin has offered upside wicks of up to +8% long before. Right now, BTC is up +4.5% this month. So technically, anything up to ~$29400 (+8%) could theoretically end as an upside wick.”
BTC/USD annotated chart. Source: Rekt Capital/X

Closer to home, market observers noted ongoing encouraging signals on exchange order books.

“Spot bid continues, while funding is negative. This reeks of disbelief,” popular trader Jelle suggested as a result.

Fellow trader Skew noted that spot markets were driving the move after the Wall Street open, displaying an “interesting disconnect” with derivatives.

Bitcoin shrugs off fresh U.S. dollar surge

Just as eager to hit new local highs on the day, meanwhile, was the U.S. dollar.

Related: BTC price hits ‘Uptober’ up 5% — 5 things to know in Bitcoin this week

After Congress avoided a government shutdown, the U.S. dollar index (DXY) staged a sharp rebound from losses seen late last week.

At the time of writing, DXY circled 106.7, barely 0.2 points off its recent 2023 highs.

U.S. dollar index (DXY) 1-day chart. Source: TradingView

For crypto analyst Nebraskan Gooner, a breakout from here would put 108 in play — marking new 11-month highs.

Together with higher bond yields and oil prices, Economist Mohamed El-Erian described the DXY strength as “neither the US economy (particularly, growth and financial stability) nor the markets enjoy.”

Bitcoin nonetheless remained conspicuously unfazed.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

SEC continues to delay decisions on crypto ETFs: Law Decoded

VanEck Ethereum Strategy ETF set for CBOE listing

Following the U.S. SEC’s approval of spot Ether exchange-traded funds, VanEck has launched its Ethereum Strategy ETF.

Investment management firm VanEck is set to launch its Ethereum Strategy ETF on Oct. 2, with the product now listed on its website under the ticker EFUT and set for trading on the Chicago Board Options Exchange (CBOE).

The VanEck Ethereum Strategy exchange-traded fund (ETF) will look to accrue capital by investing in Ether (ETH) futures contracts and has no direct exposure to ETH. The fund will expose cash-settled ETH futures contracts on Commodity Futures Trading Commission-regulated commodities exchanges.

VanEck also touts the benefits of the product being a “C-Corp” structure, which includes tax benefits to long investors compared with registered investment company structures.

The investment manager has been advertising the launch of the ETH spot ETF on its social media accounts over the past few days, with two “Enter the Ether” themed TV commercials promoting the upcoming launch.

VanEck also announced that it intends to donate 10% of all profits from its upcoming Ether futures ETF to Ethereum core developers over the next 10 years.

As Cointelegraph reported, 15 different Ether futures ETFs from nine issuers were awaiting approval from the United States Securities and Exchange Commission at the end of September 2023. Analysts cited sources within the SEC saying the regulator wanted to approve Ether futures ETFs before a potential U.S. government shutdown.

Meanwhile, Bitwise Asset Management confirmed that trading for its two Ether ETH futures ETFs would commence on Oct. 2 as well, with investors gaining access to ETH futures trading on the Chicago Mercantile Exchange.

SEC continues to delay decisions on crypto ETFs: Law Decoded