Cryptocurrency roundup: Matrixport Forecasts 20% Bitcoin Growth, US Court Directs SEC to Tackle Coinbase’s Crypto Worries & More

8th June 2023

Get up to speed on the latest developments in the world of cryptocurrencies with our daily roundup of fascinating blogs. According to legal filings, FTX Group alleges that Genesis Global Capital withdrew $1.6 billion in assets from its trading platform before going bankrupt, while GGC International took out $213 million. FTX Group is now seeking to recover around $3.9 billion, comprising both cash and cryptocurrencies, from the bankrupt lender and its affiliate.

Meanwhile, Matrixport, a cryptocurrency service provider, has released a research report predicting a potential rally in the price of bitcoin (BTC). The report suggests that BTC could surge by up to 20%, reaching a price range of $35,000 to 36,000.

Digital Asset Regulation

The SEC (Securities and Exchange Commission) has been ordered by the US Third Circuit Court of Appeals to respond to Coinbase’s case about the application of securities laws to digital assets. The SEC has been given 10 days to submit their response, following which Coinbase will have seven days to file a counter-response. In its complaint, Coinbase has claimed that the SEC has not provided sufficient regulatory guidance for US firms working in the crypto industry and has urged the commission to address the issues surrounding digital assets.

Crypto Market Stability

Investors in the US have been discussing the European Central Bank’s potential interest rate hikes and the fast-growing bank crisis. On 4th May, 2023, Bitcoin (BTC) remained relatively steady, hovering just below $29,000 for most of the day, a price it has held for the past 10 days. Ethereum, the crypto with the second-greatest market capitalisation, displayed a similar trend, trading at $1,870, down 0.6% from the 3rd May. BTC fell below $29,000 on the morning of May 4th as the US stock market opened, fluctuating between $28,700 and $29,000. Meanwhile, Litecoin’s LTC token traded at minimum $87.5, while Solana’s SOL token fell 0.8% to $21.70. Overall, major cryptocurrencies experienced minimal price fluctuations throughout the day.

Genesis Global

Through legal filings it was revealed that the bankruptcy of FTX Group is engaged in acquiring $3.9 billion in assets from digital asset lender Genesis Global Capital LLC and solvent affiliate GGC International Ltd., and will include both crypto and cash. are included only. FTX Group claims that Genesis Global Capital withdrew $1.6 billion in assets from its trading platform before declaring bankruptcy, while GGC International withdrew $213 million. These funds are linked to $1.8 billion in loans and $273 million in collateral provided by the deceased crypto trading firm Alameda Research Ltd., which Sam Bankman-Fried created. Alameda Research Ltd. served as the lead creditor of Genesis Global Capital before its collapse.

NFT Collectibles

On Star Wars Day, as fans around the world celebrate with their lightsabers, Cryptoys has announced a partnership with Disney to offer digital collectibles featuring three of the franchise’s most beloved characters. Cryptoys is teaming up with Disney to sell digital collectables of three Star Wars characters: Darth Vader, Princess Leia, and Luke Skywalker. These limited-edition NFTs will be available for purchase at $39.99 each and will run on Dapper Labs’ Flow blockchain. Although Disney is not yet heavily involved in cryptocurrency, it has shown interest in exploring emerging technology opportunities, as evidenced by a LinkedIn job advertisement for a transaction lawyer last year.

Matrixport Predicts Bitcoin Rally

On 4th May, cryptocurrency service provider Matrixport published a research report predicting a potential 20% surge in the value of bitcoin (BTC) to reach between $35,000 and $36,000. The report suggests that bitcoin may experience a bullish breakout in the near future, similar to the initial wedge formation, which could result in a significant increase of up to 20%.