A variety of positive crypto headlines did little to rally the prices of leading cryptocurrencies this week. On Tuesday, JP Morgan's crypto lead Tyrone Lobban argued that Bitcoin is'maybe more like a stablecoin nowadays', a statement that regular readers of this This Week in Coins may agree with.
This bodes well for crypto. One of the most commonly held opinions of unbacked cryptocurrencies is that they're pretty unstable. Despite the reputational damage to last year's industry bankruptcies, U.S. businesses have redoubled their efforts to put crypto-related investment products on the market. The spot ETF is one such product.
In a statement, Grayscale CEO Michael Sonnenshein said he was working on a new strategy for the company. The crypto asset manager is now doing what it's been trying for a long time to do with its Bitcoin fund. Grayscale's redoubled attack on the SEC came in late August when it won an appeal against the SEC after it rejected its bid to convert its Bitcoin trust into a spot ETF.
The New York Times' Eric Balchunas, a Bloomberg eTF analyst, observed the U.S. launch of nine Ethereum Futures ETFs on Monday.
Scimitar Capital analyst Alex Webster said the absence of interest in VanEck's offering was a direct result of a lack of interest.
With VanEck's new Ethereum Futures ETF, it will channel the money into Protocol Guild, a group of 152 Ethereum protocol developers who have pooled together to coordinate and share funding.
The IMF is aware of the potentially destabilizing risks Crypto poses to traditional finance, Sacha said on Wednesday.
On Wednesday, a video interview with the creator of the most expensive NFT collection sold at auction, Beeple, made the rounds.
Ryan Selkis, Messari Crypto's CEO, shared a chart revealing a steady decline in active crypto developers this year. Let's hope it's the scammers and opportunists drop off, if you haven't heard of them?
The industry's favorite ongoing courtroom saga has been heavily debated this week after the release of a book by Michael Lewis that whitewashes allegations that former FTX CEO Sam Bankman-Fried was misusing customer money and misdirecting people. Numerous crypto fans, among them, criticized Lewis' depiction of events.
The Wall Street cynic was not impressed by Lewis' promotional interview and said there were some historical parallels with the Enron bankruptcy. It's worth noting that the CEO in both cases is lawyer John J. Ray III.
What are some people who want a lifetime supply of money for a 60 hours of work? Convictiond felon and pharma bro Martin Shkreli, who raised the price of a lifesaving antiparasitic drug called Daraprim by 5455% and was incarcerated for unrelated charges of fraud, had a lot to vent about FTX's relationship to Twitter.
Can a new fundraise for a large company that FTX owns a part of be sufficient to make the former exchange's creditors whole? One Twitter user caught the sudden unstaking of millions of dollars of SOL held by FTX's equally bankrupt sister company, Alameda.