Another week ends with substantial developments witnessed across the broader crypto markets around the world. Amidst these developments, the Bitcoin ETF, Terra, and the US SEC seem to be sparking a wave of speculation among crypto market enthusiasts.
Here are the most talked about topics this week:
terra sparks reasoning
Terraform Labs (TFL), the company behind the Terra USD (UST) stablecoin, filed for Chapter 11 bankruptcy protection in Delaware this week. Subsequently, some Terra Luna Classic community members received an email stating that Crypto.com, a well-known cryptocurrency exchange, would delist his LUNC tokens.
Meanwhile, the Terra Luna Classic community voted in favor of Proposition 12005, “Set ICA Controller Parameters Consistently.” Additionally, Proposition 12008, “L1TF Terra Classic Core Security Upgrade Package,” was also placed on the ballot. In the first vote, 94% voted in favor, while 5% voted “abstain”. The proposal hit a roadblock as a small number of community members also voted “no with veto.”
Meanwhile, Terra Luna Classic’s burn hit a new height, reaching the 95 billion mark, surpassing Binance’s monthly burn mechanism.
Bitcoin ETF influences Bitcoin market trends
Amidst a huge wave of volatility caused by the launch of the Spot Bitcoin ETF, Bitcoin recorded $25 million worth of outflows and caught the attention of traders around the world. Meanwhile, CoinShares has boosted ETF competition by lowering spot Bitcoin fees in Europe, intensifying competition from Invesco and WisdomTree within the European ETF space.
At the same time, BlackRock, Fidelity, and Bitwise appear to be leading the US ETF race as the best ETF service providers. Meanwhile, Grayscale recorded staggering outflows, even though market data showed a gradual decline in outflows over time.
Additionally, Bitcoin has been trading with high volatility this week amidst the Bitcoin ETF turmoil. After facing a decline to $38,000, the price recovered and settled at the $41,000 level.
Also Read: FTX Crash: Embattled Crypto Exchange Offloads Crypto Assets to Pay Customers
U.S. SEC Legal Chronicle
The US SEC recently filed a response against Ripple stating that discovery requests related to the remedies are procedurally appropriate. In line with this, regulators have sought penalties against Ripple. Meanwhile, in another legal battle, regulators cited Zakinov v. Ripple Labs in the Binance case.
Additionally, Ripple sent a letter to Judge Sarah Netburn regarding the US SEC’s significant factual errors.
Also read: Bitcoin (BTC) price: Legendary trader John Bollinger hints at notable next steps