Sam Bankman-Fried Testifies in FTX Collapse Trial
Sam “SBF” Bankman-Fried, the former CEO of FTX, took the stand this week in his ongoing criminal trial in the Southern District of New York. He denied any wrongdoing between FTX and Alameda Research but acknowledged making mistakes during the companies’ explosive growth. Bankman-Fried denied directing his inner circle to make significant political donations in 2021 and claimed that FTX’s terms of use covered transactions between Alameda and the crypto exchange. He also testified that he requested additional hedging strategies for Alameda in 2021 and 2022, but they were never implemented. The trial is expected to conclude soon.
Surge in “Buy Bitcoin” Searches on Google
Google searches for “buy Bitcoin” have surged worldwide, with the United Kingdom seeing a growth of over 800% in the last week. In the United States, searches for “should I buy Bitcoin now?” increased by more than 250%, and niche searches like “can I buy Bitcoin on Fidelity?” saw a 3,100% increase. The search term “is it a good time to buy Bitcoin?” gained 110% worldwide. These search trends reflect the growing interest in Bitcoin during the recent crypto rally.
US Court Mandates Grayscale Ruling Review
The United States Court of Appeals has issued a mandate requiring the Securities and Exchange Commission (SEC) to review Grayscale Investments’ application for a spot Bitcoin exchange-traded fund (ETF). The court’s decision paves the way for the SEC to reconsider its previous ruling on Grayscale’s ETF. The SEC has yet to approve a spot crypto ETF for listing on U.S. exchanges but has given approval to investment vehicles linked to Bitcoin and Ether futures.
Coinbase Disputes SEC’s Crypto Authority
Coinbase has argued in its final bid to dismiss a lawsuit by the U.S. Securities and Exchange Commission (SEC) that the SEC overstepped its authority when it classified Coinbase-listed cryptocurrencies as securities. The exchange claimed that the SEC’s definition of what qualifies as a security is too broad and contested that the cryptocurrencies it lists are not under the regulator’s purview. The SEC sued Coinbase on June 6, accusing the exchange of violating U.S. securities laws.
Gemini Sues Genesis Over GBTC Shares
Cryptocurrency exchange Gemini has filed a lawsuit against bankrupt crypto lender Genesis over the fate of 62,086,586 shares of Grayscale Bitcoin Trust (GBTC). These shares were used as collateral to secure loans made by Gemini users to Genesis through the Gemini Earn Program. The collateral is currently worth close to $1.6 billion. Gemini has received $284.3 million from foreclosing on the collateral, but Genesis has disputed the action, preventing Gemini from distributing the proceeds.
Bitcoin Price and Altcoin Winners and Losers
At the end of the week, Bitcoin (BTC) is priced at $34,143, Ether (ETH) at $1,789, and XRP at $0.54. Among the top 100 cryptocurrencies, the biggest gainers of the week are Pepe (PEPE) at 72.08%, Mina (MINA) at 55.47%, and FLOKI (FLOKI) at 53.33%. The top three losers of the week are Bitcoin SV (BSV) at -10.27%, Toncoin (TON) at -3.14%, and Trust Wallet Token (TWT) at -0.82%.
For more information on crypto prices, read Cointelegraph’s market analysis.
Conclusion
This week’s top stories in the crypto world include Sam Bankman-Fried’s testimony in the FTX collapse trial, a surge in “buy Bitcoin” searches on Google, a US court mandate for the SEC to review Grayscale’s Bitcoin ETF application, Coinbase disputing the SEC’s crypto authority, and Gemini suing Genesis over GBTC shares. The crypto market continues to see fluctuations in prices, with Bitcoin holding steady at around $34,000.
