This week’s trading for cryptocurrency markets has remained sideways while Bitcoin and Ethereum retain their ground. With today’s trade volume up over 40%, Bitcoin is maintaining support reasonably well after increasing by more than 6% this week. Let’s examine the significant news for Bitcoin and Ethereum values this week.
- Despite trading sideways today, cryptocurrency markets can still hang onto support from the bull run last week.
- In the most recent development in Ripple’s legal dispute with the SEC, Coinbase filed an Amicus Brief supporting Ripple.
- Vitalik tweets his opinions about cryptocurrency ventures and businesses looking to attract institutional funding.
- Ethereum’s Top 10 largest non-exchange addresses continue ETH’s massive accumulation.
- The overall increase in trading volume today may portend another bull run later this week.
General Market Update
Coinbase submits support for Ripple Labs in the most recent Ripple v. SEC case development. Coinbase joins a trade group and other organizations in claiming that the SEC’s case poses a threat to the whole sector, according to a Coindesk story.
Coinbase has asked the court for permission to submit an amicus brief, a legal argument that may clarify certain aspects of the litigation and influence the judge’s decision. Coinbase had previously submitted an amicus brief in support of the Grayscale Spot ETF case against the SEC as well, so this is not the first time they have done so.
In their most recent attempts to safeguard investors from cryptocurrency scams and investment opportunities, the SEC appears to be treating the cryptocurrency space unfairly. It is clear that Coinbase is taking a stand against these overreaching regulations. Cryptocurrency is widely considered the wild west, and investors should treat any cryptocurrency investments as high-risk bets.
In other news, Vitalik Buterin, the creator of Ethereum, shared his opinions on institutional funding for cryptocurrency firms on Twitter. On October 29th, Vitalik wrote on Twitter as follows:
“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.”
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. The ecosystem needs time to mature before we get even more attention.
— vitalik.eth (@VitalikButerin) October 30, 2022
When it comes to charging full speed at institutional and retail investors who not only bring funds but also tag along regulators who will attempt to more rigidly manage the markets and prevent big volatility, it’s always better to be safe than sorry.
On Twitter, many people agreed with Vitalik, but several also pointed out that institutional money might just be wishful thinking. Whether on purpose or not, when Ethereum switched to a Proof-of-Stake mechanism, ETH transactions became subject to regulation.
Regulators targeting the crypto sector and the year-long bear market that has caused investors and inexperienced traders to lose a sizable portion of their investment makes it evident that the crypto business is currently experiencing some difficult times.
According to Santiment data, Ethereum’s top 10 largest non-exchange addresses have accumulated assets since their sharp decline before the September merging; they have now added 6.7% more $ETH.
🐳 #Ethereum's top 10 largest non-exchange addresses have been accumulating assets after their big drop-off leading up to September's merge. They have added 6.7% more $ETH. Meanwhile, the top 10 exchanges are standing pat with just an 0.2% rise. https://t.co/h5CxDwOphX pic.twitter.com/msrrzvhB4P
— Santiment (@santimentfeed) November 1, 2022
Despite the challenging markets, Bitcoin and Ethereum have had a strong week, with BTC’s price rising by over 7% and ETH by 18%. The rise in trading volume today may also portend the beginning of another bull run this week, with Bitcoin aiming to test $21,000 and ETH aiming for $1,600.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.