Crypto roundup: Bitcoin and altcoins go boldly into new week; Terra founder sues SEC
Bitcoin, Ethereum and various altcoins such as Solana, are moving with strength into the fresh week so far. Meanwhile, the co-founder of Terra is hopping in the ring with the SEC.
At the time of writing, the entire market cap is well up (+4.7 per cent) since this time yesterday, with a total valuation of US$2.749 trillion, give or take a few hundred million dollars or so.
Bitcoin (BTC) has rebounded well after a weekly close that left it, albeit briefly, just under US$60K. It’s currently changing hands for US$63,666, up 5.42 per cent since this time yesterday.
A short time ago, analyst Rekt Capital tweeted that the OG crypto had retested and seemingly found its support zone on the charts today. That’s a bullish set-up.
— Rekt Capital (@rektcapital) October 25, 2021
Bitcoin’s market dominance is still riding pretty high at 47.09 per cent. When this percentage begins to come down significantly, with overall strength still in the market, it’s a sign we may have an “altcoin season” on our hands. The market isn’t there yet, although there are some altcoins showing strong set-ups, according to analysts.
One of those, is the bull goose of all altcoins, Ethereum (ETH). It’s reclaimed its important round-numbered “psychological support” of US$4K in the past 24 hours, currently sitting around US$4,150 and up about 3.5 per cent.
It also just claimed its highest weekly close in its history…
— Lark Davis (@TheCryptoLark) October 25, 2021
Terra’s co-founder is suing the SEC
The co-founder of Terraform Labs, the company behind major decentralised finance platform Terra (LUNA), is suing the US Securities and Exchange Commission (SEC).
According to the lawsuit, filed on Friday, Terraform’s co-founder Do Kwon was served a subpoena by the SEC at the Messari crypto conference held in New York in September. Some reports reveal that Kwon was apparently slapped with the SEC document while on an escalator on his way up to give a speech at the event.
The SEC’s inquiry appears to hone in on Mirror Protocol (MIR), a DeFi project built on top of Terra, which enables users to trade “synthetic” assets that track the price of real-world assets.
Terraform Labs CEO is suing the SEC after he was served with an SEC subpoena at Messari’s Mainnet conference last month
— Hailey Lennon (@HaileyLennonBTC) October 23, 2021
Like it’s still aiming to do with Ripple Labs, the SEC wants to crack down on what it suspects are firms offering unregistered securities. But like Ripple, Terraform is fighting back.
The lawsuit disputes the subpoena and requested testimony from Kwon, a South Korea citizen and resident. And it claims the SEC violated its own rules by using an outside private process service company to deliver the subpoena at a crowded conference as a means to “publicly intimidate and embarrass”.
The SEC, and its boss Gary Gensler, certainly has its hands full right now. And speaking of Gensler, here’s what he had to say regarding DeFi at Yahoo Finance’s All Markets Summit today:
“There’s a lot of lending going on. There’s a lot of trading going on. And without protections, I fear that it’s going to end poorly.”
Gensler is also still going on about the Wild West. The man must love a good old-fashioned, high-noon shootout. Maybe he thinks Ripple Labs and Terraform Labs are the bad and the ugly?
COLD WATER: “Most of the crypto asset space has not come under an investor protection remit and thus investors are not protected (against fraud, manipulation etc) the way they are when they go into the stock or bond markets that we oversee. Without that it’s a bit of a Wild West” https://t.co/9MbTTBirlq
— Eric Balchunas (@EricBalchunas) October 25, 2021
The most important fight of the next decade will be between extreme state & corporate centralization and basic digital freedom.
On one side: governments, corporations, media
On the other side (so far): crypto
We need to get the people over to our side.
— 6529 (@punk6529) October 25, 2021
Also in the news: Cyptoys; Scarammuci; Nigerian CBDC
• VC investor Andreessen Horowitz (a16z) has led a US7.6 million round raised by OnChain Studios to develop Cryptoys – an NFT platform combining digital toys and gaming.
• Anthony Scaramucci, CEO of US-based investment firm SkyBridge Capital, told CNBC today that anyone “who does the homework [on Bitcoin] ends up investing in it”.
• Oh, and here’s something else we just noticed, courtesy of Morgan Creek Digital’s Anthony Pompliano. A Korean credit union buying BTC for its balance sheet. “Probably nothing”.
BREAKING: The Korea Teacher’s Credit Union, which has more than $45 billion in assets, is now purchasing bitcoin for their balance sheet.
— Pomp 🌪 (@APompliano) October 25, 2021
Mooners and shakers: Solana hits an ATH
Elsewhere in the market today… Solana (SOL) is easily the best performer in the top 10, posting a 16.94 per cent gain across the past 24 hours, and currently trading at US$218.27 – an all-time high it just hit a minute or so ago.
It’s been remarkable to see this layer 1 smart-contract blockchain so easily shake off the negativity it experienced for a week or so after it essentially went offline as a network for the best part of a day in mid-September. It’s up more than 55 per cent since that event and looking in good shape as we head towards November.
What a beautiful setup. Making ATH breakout originally from a Volatility Squeeze Breakout that was confirmed by both Alpha Thrust & Alpha RSI Momentum cross. 💯 #ThisIsABullMarket https://t.co/RP6khT5J8I pic.twitter.com/T2o5elUi3w
— John Wick (@ZeroHedge_) October 25, 2021
It’s single-digit percentage green for the rest of the top 10 at the moment, but sitting just outside, at no. 11, we have Shiba Inu (SHIB), which has pulled back a bit, down about eight per cent since it was surging up the chart this time yesterday.
Did Elon Musk respond to another tweet or something? Doesn’t look like it. It’s likely just fluctuating on the back of some profit taking after a big pump.
Other strong performers catching our eye in the top 100 by market cap today include: Chainlink (LINK), +12%; Algorand (ALGO), +11%; Near Protocol (NEAR), +32%; The Graph (GRT), +16%; THORChain (Rune), +16%; and Spell Token (SPELL), +14.5%.