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Judge grants SEC request to file motion for appeal in Ripple case

Judge Analisa Torres has granted a request from the United States Securities and Exchange Commission (SEC) to file a motion for leave to file an interlocutory appeal in its case against Ripple Labs. The decision allowed the SEC to file a motion, on Aug. 18, requesting permission to bring a case to the U.S. Court of Appeals for the Second Circuit. Ripple will also be able to file an opposition to the motion. Torres ruled, on July 13, that Ripple’s XRP token is not a security when distributed in public sales, but the ruling considered XRP a security in institutional sales. The case against Ripple has been ongoing since December 2020, when the SEC sued Ripple and its executives over allegations of offering an unregistered security.

Bitcoin, Ether price slump leads to crypto bloodbath with $1B in liquidations

The Bitcoin and Ether price slide on Aug. 18 saw the top two cryptocurrencies fall to a two-month low and triggered a series of liquidations for thousands of derivative traders. The crypto bloodbath led to billions of dollars worth of hedged positions being liquidated, and several traders lost millions of dollars in a single trade. According to CoinGlass data, a total of 176,752 traders got liquidated within hours, indicating a rapid rise in price volatility just days after BTC and ETH recorded their lowest daily volatility in several years. The price function in the crypto market was attributed to several factors, including the SpaceX Bitcoin write-down and macroeconomic factors.

Bitcoin-friendly El Salvador sees bond returns soar to 70% in 2023

El Salvador, which adopted Bitcoin as a legal tender in 2021, has seen its dollar bond outperform the majority of the emerging markets with a 70% return in 2023. The massive rally of the bond has now drawn interest from several institutional giants, including JP Morgan, Eaton Vance and PGIM Fixed Income, prompting President Nayib Bukele to say, “I told you so.” Apart from the institutional giants, the likes of Lord Abbett & Co LLC, Neuberger Berman Group LLC and UBS Group AG have also added debt security since April. El Salvador paid $800 million in debt in full within the due maturing time at the start of this year, raising confidence in the country’s bonds again.



First EU spot Bitcoin ETF hits Euronext Amsterdam exchange

Europe welcomed its first-ever spot Bitcoin ETF after the long-awaited launch of Jacobi Asset Management’s Jacobi FT Wilshire Bitcoin ETF. The London-based digital asset management firm announced that its new investment product was going live on the Euronext Amsterdam stock exchange on Aug. 15, more than a year later than its planned launch in 2022. The new ETF is trading under the BCOIN ticker. Its launch marks a milestone for Europe, while United States regulators are yet to approve a number of similar spot Bitcoin ETF applications from major asset managers, including BlackRock and Fidelity. The new ETF is trading under the BCOIN ticker.

Coinbase wins NFA approval to offer Bitcoin and Ether futures in US

Cryptocurrency exchange Coinbase has obtained approval from the National Futures Association (NFA) to offer investments in crypto futures to eligible customers in the United States. The approval enables Coinbase to introduce Bitcoin and Ether futures contracts through a derivatives exchange regulated by the Commodity Futures Trading Commission (CFTC). Following the decision, the exchange’s website displayed a link for joining an early access waiting list. Coinbase claims the global crypto derivatives market accounts for 75% of crypto trading volume worldwide.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $26,031, Ether (ETH) at $1,660 and XRP at $0.50. The total market cap is at $1.05 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Sei (SEI) at 1948.54%, THORChain (RUNE) at 42.10%, and Akash Network (AKT) at 25.80%. 

The top three altcoin losers of the week are Conflux (CFX) at -28.05%, Compound (COMP) at -23.83%, and Litecoin (LTC) at -22.99%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

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Championing Blockchain Education in Africa: Women Leading the Bitcoin Cause

Most Memorable Quotations

“We do transactions every day, we work for money, we save money, but no one teaches us about it. If you want to make a change, people and families need to learn about money.”

Roman Martínez, community leader at Bitcoin Beach

“The Canadian regulators have been collaborative, helpful. […] There’s a clear regulatory pathway. It’s allowed us to invest in the country.”

Mark Greenberg, managing director for Kraken Canada

“[X’s Community Notes is] the closest thing to an instantiation of ‘crypto values’ that we have seen in the mainstream world.”

Vitalik Buterin, co-founder of Ethereum

“Not only are we seeing growing demand for regulated custody solutions in the United States, but we’re also seeing the demand on a global scale.”

Mike Belshe, CEO of BitGo

“Evidence is piling up that we’re in the early stages of a new cycle. Risk assets like stocks [and] crypto have been sniffing this out all year.”

Kevin Kelly, co-founder of Delphi Digital

“Two significant catalysts are supporting Bitcoin and Ethereum prices into year-end: the potential SEC approval for a […] Bitcoin ETF and Ethereum’s EIP-4844 upgrade.”

Henrik Andersson, chief investment officer at Apollo Crypto

Prediction of the Week 

BTC price nears $26K amid warning Bitcoin sell pressure can ‘double’

Bitcoin stayed near two-month lows at the Aug. 18 Wall Street open as markets came to terms with extreme liquidations.

Data from Cointelegraph Markets Pro and TradingView showed BTC price action tracking sideways after a single daily candle spawned 8% losses. The largest cryptocurrency saw a cascade of liquidations across derivatives markets, with these accounting for an “outsized” majority amid relatively slack spot selling.

For popular pseudonymous trader and analyst Rekt Capital, the picture was bleak — a double-top formation for BTC/USD in 2023, and a complete lack of support from trend lines and moving averages during the breakdown.

“BTC formed its Higher High at ~$31000 on inclining volume. But price formed the second half of its Double Top on declining volume,” he wrote, warning that capitulation had likely not yet matched previous sell-offs. “In fact, current Seller Volume would need to probably double to reach those Seller Exhaustion volume levels that prompted price reversals in early & late March as well as mid-June.”

FUD of the Week 

Shibarium denies bridge issues, calls it FUD

The team behind the newly released Shibarium mainnet has denied reports of bridge problems and asset losses, saying screenshots floating around the crypto community are false. According to Shytoshi Kusama, co-founder of the Shiba Inu ecosystem, a massive influx of transactions and user activity lead to technical difficulties in Shibarium, but funds in the protocol remain safe. First concerns about Shibarium surfaced in the crypto community after screenshots reportedly captured an internal conversation indicating the team was allegedly unable to recover assets bridged to the recently launched Shibarium network.

SwirlLend rugs on new Coinbase layer 2 Base as large number of scammers reported

Base, Coinbase’s new layer 2, has already seen an influx of bad actors. In the latest incident, crypto lender SwirlLend has apparently carried out a rug pull. PeckShield reported that SwirlLend transferred tokens from Base and Linea, bridging the crypto to Ethereum. It then created a new token and laundered 253.2 ETH through the Tornado Cash crypto mixer. SwirlLend has shut down its social media accounts and website. Its total value locked on Base has fallen from $784,300 to $49,200. Crypto trade surveillance firm Solidus Labs also found more than 500 scam tokens on Base.

FBI seizes almost $2M of crypto assets in 3 months

A public filing released by the U.S. Federal Bureau of Investigation (FBI) shows that the law enforcement agency seized around $1.7 million worth of digital assets from March to May. In particular, the FBI seized $147,000 in Bitcoin (BTC), $800,000 in Ether (ETH), $307,000 in Tether (USDT), 469,000 in Dai (DAI) and $20,000 in Monero (XMR). Assets were confiscated from a wide range of sources, including Binance exchange wallets. According to the FBI, the seizures of the assets were a result of various breaches in federal regulations.

Should we ban ransomware payments? It’s an attractive but dangerous idea

Paying a ransom to cyberattackers can save lives and prevent huge losses. But it also encourages further attacks.

Big Questions: Did the NSA create Bitcoin?

“I would say it this way: They absolutely have the capability,” says a former NSA analyst.

Real reason for China’s war on crypto, 3AC judge’s embarrassing mistake: Asia Express

Crypto projects and holders face harsh sentencing in China, digital yuan airdrops to revive local economies, and 3AC saga’s latest twist.

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.

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PM rejects Enoch Powell comparison after ‘island of strangers’ comment

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PM rejects Enoch Powell comparison after 'island of strangers' comment

Sir Keir Starmer has rejected the comparison to Enoch Powell after he said the UK was at risk of becoming an “island of strangers” if migration does not come down.

The prime minister’s official spokesperson said migrants have made a “massive contribution” to society but the Tories “lost control of the system” and that is the point he was making.

The remark has drawn criticism from Labour backbenchers, who have compared it to the late Conservative MP’s inflammatory 1968 “Rivers of Blood” speech.

In the speech, Mr Powell imagined a future multicultural Britain where the white population would find themselves “strangers in their own country” as a result of migration.

Among those to make the comparison was the former shadow chancellor John McDonnell, who said on X that “Talk of an “island of strangers” shockingly echoes the divisive language of Enoch Powell”.

However, the prime minister’s spokesperson said: “The PM rejects this comparison. He said that migrants have made a massive contribution to society.

“It is also right to say that between 2019 and 2024, the previous government lost control of the system. Migration needs to be controlled, fair and people that come here should integrate.”

More on Keir Starmer

Enoch Powell. Pic: PA
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Enoch Powell. Pic: PA

Asked why the prime minister used such robust language, the spokesperson said he was not going to “shy away” from the issue of immigration and the British public want it to be reduced.

He added: “We have welcomed immigrants for decades, but it’s too high and must come down. Also, it’s important for our domestic skills system, which is good for our economy.”

What has the government announced?

Sir Keir made the comment at a news conference in which measures were announced to curb net migration, including banning care homes from recruiting overseas, new English language requirements for visa holders and stricter rules on gaining British citizenship.

The package is aimed at reducing the number of people coming to the UK by up to 100,000 per year, though the government has not officially set a target.

Who was Enoch Powell?

Enoch Powell was a Tory MP and the shadow defence secretary in the 1960s when a debate was raging about post-war immigration to Britain.

By the late 1960s, hundreds of thousands of Commonwealth citizens had exercised their legal right and settled in Britain, and it led to a quiet clampdown by the Labour government on immigration.

On 20 April 1968, Powell rose to his feet at a meeting of the Conservative Political Centre in Birmingham and declared Britons had “found themselves made strangers in their own country”.

Powell went on to say it had led to a shortage of hospital beds, school places, and “homes and neighbourhoods changed beyond recognition”.

He was swiftly kicked out of the shadow cabinet.

Net migration – the difference between the number of people immigrating and emigrating to a country – soared when the UK left the EU in January 2020.

It reached 903,000 in the year to June 2023 before falling to 728,000 in mid-2024. But that is still well above its pre-Brexit high of 329,000 in the year up to June 2015.

Sir Keir said parts of the UK’s economy “seem almost addicted to importing cheap labour” rather than investing in skills at home.

However, it is not clear how the government plans to boost the domestic workforce, amid a UK skills shortage and record numbers of people being out of work.

According to the ONS, there are 9.2 million people of working age in the UK who are economically inactive, including 1.8m 18-24 year olds.

The prime minister’s spokesperson said the government is “focused on upskilling British workers” and “especially helping young people in the job sector” but did not elaborate how.

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PM’s ‘tough’ migration policies explained

On care homes, he said, around 40,000 care workers came over on visas for jobs that did not exist, and companies can recruit from that pool.

Earlier, a number of Labour MPs came to the prime minister’s defence. Rother Valley MP Jake Richards said on X that Sir Keir is “absolutely right to warn of the risk of becoming an ‘island of strangers’.

“Millions of people across the country have similar concerns. This theme must be central to missions across immigration, employment, work and tackling neighbourhood deprivation,” he said.

Shadow justice secretary Robert Jenrick went further, telling Sky News he believes the UK “already is an island of strangers”, naming several areas “where we are a very divided and segregated society”.

However former Labour home secretary Lord David Blunkett criticised the rhetoric, saying in a speech at a University of Law graduation ceremony: “I never felt I lived in, or had a part to play in, a country of strangers.

“I thought welcoming people from across the world was a tribute to our society, where people want to make their homes, to build a life and their economy and to contribute to our society.

“I think we need to be kind to each other, but we need a much kinder national world as well.”

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Who PM was really trying to echo with ‘island of strangers’ speech

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Who PM was really trying to echo with 'island of strangers' speech

Sir Keir Starmer is getting used to falling out with some of his MPs over policy decisions – be it on the winter fuel allowance, his approach to the Israel-Hamas war in Gaza or welfare cuts.

But on Tuesday the prime minister found himself embroiled in a row with MPs over something entirely different – his language over immigration.

The prime minister’s argument that Britain “risked becoming an island of strangers” if immigration levels are not cut has sparked a backlash from some of his MPs, and the London mayor Sadiq Khan is alarmed that his own leader is using language similar to that of Enoch Powell.

Politics latest: Senior Labour figures distance themselves from PM’s speech

In his infamous 1968 Rivers Of Blood speech, Powell warned of a future where white people “found themselves made strangers in their own country”.

It was a speech that cost him his shadow cabinet job and made Powell one of the most divisive and controversial politicians in Britain. It is also a speech that the prime minister’s team is now frantically trying to distance itself against, with one insider telling me on Tuesday the PM’s team hadn’t realised the similarity and hadn’t intended the comparison.

The politician the prime minister was trying to channel was about as far away from Powell as you could get in the 1960s, when the debate of immigration and race relations raged. Sir Keir had wanted to echo former Labour home secretary Roy Jenkins who had always argued that immigration was good for Britain, but needed to be done at a speed the country could absorb.

Take this from Jenkins in the House of Commons in 1966: “Let there be no suggestion that immigration, in reasonable numbers, is a cross that we have to bear, and no pretence that if only those who have come could find jobs back at home our problems would be at an end.

“But it does not follow that we can absorb them without limit. We have to strike a balance. That is what we are trying to do and I feel that we have been reasonably successful in recent months. We cannot lay down absolute numerical quantities, but I think that we have struck a reasonable balance and also that in the past year we have made substantial progress towards producing a healthier atmosphere, in terms of integration, on both sides – amongst both the indigenous and the immigrant community.”

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PM’s ‘tough’ migration policies explained

One person familiar with No 10’s approach told me: “We want a more cohesive society, we are not trying to pick fights.

“But the last Conservative government let in 2.3 million immigrants [in the three years to June 2024] and during that time built about 600,000 homes. That creates competition between people and that is typically at the lower end of the market. Just issuing visas and creating a sense of an unfair system is not a way to build cohesiveness.”

If you look at polling from YouGov, it seems the prime minister is more in step with public mood than those in his party criticising him, with 41% of all voters polled on Tuesday about his “island of strangers” remarks agreeing with the sentiment and having no issue with the language.

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‘We need to reduce immigration’

But it is true too that Labour’s approach lands particularly well with Reform voters, with 61% of them supportive of the PM’s words.

Beyond the battle of language, there will be battles ahead too over whether the prime minister’s policies will help or hinder the economy.

Read more:
What are Sir Keir Starmer’s new immigration rules?

Starmer’s migration package is significant – but is it enough?

There has long been an assumption that higher net migration is positive of the economy and public finances, but there is growing concern in Number 10 that the benefits are being overstated, as it fails to take into account the additional resources needed for public services and the effect of lowering wages, which affects productivity growth – none of which is factored into the economic forecasts of the Office of Budget Responsibility.

There will be those in business that don’t like the cuts to visas. There will be those in government that will worry about the economic impact of cuts to visas – although the chancellor was on the front row for the prime minister’s speech on Monday. There will be those on the Labour left that will be uncomfortable about it.

I suspect the prime minister will be uncomfortable about the row over his language that has seen him attacked on both sides, as the left accuse him of trying to ape the far right and his opponents accuse him of being a “chameleon” for making the opposite argument on immigration when he was running for the Labour leadership in 2020.

But where his team think they are right is on the policy, and early polling suggests that voters from across the political divide broadly agree.

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SEC hacker counters prosecutors with 366-day sentencing recommendation

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SEC hacker counters prosecutors with 366-day sentencing recommendation

SEC hacker counters prosecutors with 366-day sentencing recommendation

Defense lawyers have asked a judge to sentence the person responsible for helping post a fake message announcing regulatory approval of Bitcoin exchange-traded funds to roughly a year in prison, countering prosecutors’ request for a two-year sentence.

In a May 13 filing in the US District Court for the District of Columbia, Eric Council Jr.’s legal team asked that he be sentenced to no more than one year and one day in prison following his guilty plea.

Council was part of a group that took control of the US Securities and Exchange Commission’s (SEC’s) X account in 2024 through a SIM swap attack, posting a message that suggested the regulator had approved spot Bitcoin (BTC) exchange-traded fund listings for the first time.

“A sentence of twelve months and one day serves the ends of justice,” said the May 13 filing. “It sufficiently punishes the defendant for his role in this case. It also promotes respect for the law and deters future criminal conduct.”

Washington, SEC, Hackers, Court, Crimes, SIM Swap
Eric Council Jr.’s sentencing recommendation, filed on May 13. Source: PACER

Council initially pleaded not guilty to the charges, but changed his plea to guilty in February on one count of conspiracy to commit aggravated identity theft and access device fraud. The judge overseeing the case, Amy Berman Jackson, also ordered prosecutors to “identify the felony and point to where that information can be found in the record” by May 13.

Prison sentence between 1 and 2 years?

The SEC hacker is scheduled to be sentenced on May 16. Prosecutors asked the judge to impose a two-year sentence on Council, saying he “profited through a sophisticated fraud scheme.” Court filings showed he earned roughly $50,000 through similar SIM swap attacks.

Related: ZKsync X hacker posts false SEC probe in apparent effort to crash token

Though Council’s case was likely winding down with his upcoming sentencing hearing, the DC court district could soon be under new leadership, potentially affecting the prosecution of crypto-related cases. On May 8, US President Donald Trump announced that Fox News host Jeanine Pirro would become the interim US attorney for the District of Columbia.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

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