This curious little rift between the mighty cryptocurrency and all the other fancy numbers printed on Wall Street’s magic scrolls has the so-called “experts” scratchin’ their noggins and wonderin’ if Bitcoin’s still fit for this here wild global rodeo.
Yet mark this: the market’s caution is but a timid whisper compared to the grand question of the hour-shall the Fed’s potential dovish shift reignite Ethereum’s rally? Or shall it collapse into a farcical heap of despair? Only time shall tell! 🎭
Among the rabble, Solana ($SOL) prances about, up 8% since last week. When the grandees of the crypto world stir, the peasants-er, smaller altcoins-inevitably follow suit. How quaint. 🌾
Coinbase, that fickle courtier, has cast off 90% of its XRP reserves, a move as dramatic as a Victorian scandal. Meanwhile, smart money whispers sweet nothings, stacking the dip with the fervor of a romantic poet. July’s 33% spike was but a flirtation-Q4 may bring the grand proposal. 💍📈
At press time, dear old ETH decided to play it cool, trading at $4,508, down a modest 0.36%. Clearly, the market’s holding its champagne for the after-party.
In a blockchain plot twist that no one saw coming, Galaxy decided to throw its digital wallet wide open on Sunday and snagged a cool 1.2 million SOL tokens from various exchanges. But wait-there’s more! These tokens were swiftly transferred to Fireblocks, a “custody provider” that probably has more security than Fort Knox. This wasn’t just a one-off splurge, either. Oh no, this marks the continuation of Galaxy’s ongoing buying spree, which now totals a whopping $1.55 billion in Solana acquisitions. Somebody has a very big crypto shopping cart.
Apparently, tracking the ‘performance’ of XRP before subtracting all the fees and expenses is now considered a service. Bless their hearts. They want a piece of your hard-earned kopeks, and they’re willing to call it “direct exposure” to the third-largest… well, let’s just say ‘digital curiosity’ by market cap.
Back in January 2023 – it feels like a different century, doesn’t it? – the SEC decided Gemini and their friends at Genesis Global Capital were running an unregistered securities offering. Basically, people were lending their crypto to Genesis (which, in retrospect, was about as safe as lending your car keys to a ferret), and getting interest in return. The SEC, in its infinite wisdom, decided this was…illegal. A shocking twist, I know. 🕵️♂️
But of course, as is always the case, something went wrong. Turns out there’s this on-chain analytics folks, Bubblemaps (like everyone has an analytics folk these days), who found out a sophisticated Sybil attack was messing with the token’s debutante ball. Classic.
The SEC decided to get involved because Gemini apparently didn’t feel like properly registering its fancy new Gemini Earn lending program before offering it to regular folks. This program, launched in 2021, allowed customers to lend their precious bitcoin and other cryptocurrencies to Genesis Global Capital in exchange for interest rates. Gemini, meanwhile, collected fees as high as 4.29%. A pretty good deal, if you ignore the fact that, you know, it was probably illegal.
