Bitcoin Vapid; Toncoin Leads Weekly Gains

Plus, Binance filed to dismiss SEC's lawsuit

Sept 22, 2023 The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here.  Supported By Happy Friday! Here's what you need to know today in crypto: Bitcoin traded flat over the week while toncoin (TON) and chainlink (LINK) climbed.  FTX has sued former employees of a Hong Kong affiliate, Salameda.  Binance, Binance.US and CZ filed to dismiss an SEC lawsuit.   Latest Prices CoinDesk Market Index (CMI) 1,093 −2.3 ▼ 0.2% Bitcoin (BTC) $26,625 −90.5 ▼ 0.3% Ethereum (ETH) $1,596 +3.5 ▲ 0.2% S&P 500 4,330.00 −72.2 ▼ 1.6% Gold $1,945 +26.2 ▲ 1.4% Nikkei 225 $1,945 +26.2 ▲ 1.4% BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC) CoinDesk Market Index (CMI): 1,093  −0.2%  Bitcoin (BTC): $26,625  −0.3%  Ether (ETC): $1,596  +0.2%  S&P 500: 4,330.00  −1.6%  Gold: $1,945  +1.4%

Nikkei 225: $1,945  +1.4% 

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Bitcoin traded down slightly on Friday after showing resilience earlier in the week. The world's largest cryptocurrency by market value was trading around $26,500 and did not witness notable gains over the week. Toncoin (TON) was the top performer over the week, up almost 10%. Toncoin is the native cryptocurrency of The Open Network, which was developed by the team behind messaging app Telegram. Toncoin was followed by Chainlink's LINK token, which is up 6% for the week, with most gains happening on Monday following a  flurry of announcements on new partnerships with traditional financial institutions.

Bankrupt crypto exchange FTX has sued former employees of Salameda, a Hong Kong-incorporated entity affiliated with FTX that it says was controlled by the firm's ex-CEO, Sam Bankman-Fried, to recover about $157.3 million, according to a court filing late Thursday. The filing alleges Michael Burgess, Matthew Burgess, their mother Lesley Burgess, Kevin Nguyen, Darren Wong and two companies owned or controlled several firms that had accounts registered at FTX.com and FTX US, and fraudulently withdrew assets in the days leading up to FTX's bankruptcy.  Binance, Binance.US and Changpeng Zhao filed to dismiss a Securities and Exchange Commission (SEC) lawsuit Thursday, claiming the regulator hadn't "plausibly alleged" various securities-related violations, and that it was seeking to encompass digital assets under its authority despite Congress not explicitly spelling that out in legislation. The SEC sued Binance, Zhao and Binance.US in June, alleging they illegally listed unregistered securities in the form of several cryptocurrencies for trading and investment by U.S. investors. The suit immediately kicked off a legal fight over just who could access Binance.US customer funds. In Thursday's filings, attorneys for Binance and Binance.US said the regulator was overreaching by alleging violations of securities law.

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Market Insight: Ether Prices to Stabilize Ether (ETH) has dropped 2% this week, establishing a foothold under the crucial support of the 200-week simple moving average at $1,660. In the next few days, prices may remain steady owing to hedging activity of options market makers or dealers, who are likely to buy low and sell high in the spot market, arresting the price volatility. A market maker or a dealer is a market participant posting both a bid and ask in a market to provide liquidity at all times. These entities make money from the bid-ask spread and are agnostic to price action. They run a direction-neutral (delta neutral) book, which mandates constant buying and selling of the underlying asset to limit the exposure to price gyrations. Read the full story by Omkar Godbole

Chart of the Day The chart shows nominal and inflation-adjusted real yields on the U.S. 10-year Treasury note have risen to highest since 2007 and 2009, respectively. Higher real rates drive investors to hold cash or bonds, disincentivizing risk taking. Source: Charlie Bilello - Omkar Godbole

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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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