Cryptocurrency markets continue to trade sideways this week as Bitcoin and Ethereum manage to hold support. After rising by over 6% this week, Bitcoin is holding support relatively well, with today’s trading volume up over 40%. Let’s look at relevant Bitcoin and Ethereum news affecting prices this week.
In the latest Ripple vs. SEC lawsuit update, Coinbase files support for Ripple Labs. According to a report from Coindesk, Coinbase joins a trade group and other groups in arguing the SEC’s case threatens the broader industry.
Coinbase has petitioned the court to file an amicus brief, a statement that can help shed light on several factors regarding the lawsuit and sway the court’s opinion. This isn’t the first time Coinbase has filed an amicus brief, as they’ve recently filed an Amicus Brief in support of the Grayscale Spot ETF casealso vs. the SEC.
It’s clear that Coinbase is making a stand against the SEC’s overreaching regulations, which seem to be treating the cryptocurrency space unfairly in their latest efforts to protect investors against crypto scams and investment ventures. It’s a known fact that crypto is the wild west, and investors should approach any crypto investments as a high-risk bet.
In other news, Ethereum Founder Vitalik Buterin shed his thoughts on Twitter regarding crypto companies pursuing institutional capital at full speed. According to his Twitter posts on Oct 29th, Vitalik said:
“Another maybe-controversial take of mine is that I don’t think we should be enthusiastically pursuing large institutional capital at full speed. I’m actually kinda happy a lot of the ETFs are getting delayed.”
It’s always better to play it safe when it comes to diving full speed at institutional and retail investors who not only bring capital with them but also tag along regulators who will look to more strictly control the markets and prevent significant volatility.
While many agreed with Vitalik on Twitter, some mentioned how institutional money could be wishful thinking. Since Ethereum moved to a Proof-of-Stake model, that exposed ETH transactions to regulation, whether that was intentional or not.
It’s clear the crypto market is going through some tough times right now regarding regulators putting crypto in their crosshairs and the year-long bear market causing investors and new traders to lose a significant amount of their investment.
Despite the tough markets, last week has been quite bullish for Bitcoin and Ethereum, as BTC’s price increased by over 7% while ETH is up by 18%. Moreover, the increase in trading volume today could hint at another bull run this week, with Bitcoin looking to test $21k while ETH will test $1,600.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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