Another week ends with major developments witnessed in the broader cryptocurrency market globally. Amid these developments, Bitcoin ETFs, Terra and the US SEC appear to have sparked a tidal wave of speculation among cryptocurrency market fanatics.
Among the most discussed topics this week are:
Terra Sparks conclusions
Terraform Labs (TFL), the company that backed Terra USD (UST), filed for Chapter 11 bankruptcy in Delaware this week. Then, some members of the Terra Luna Classic community received emails stating that Crypto.com, a popular cryptocurrency exchange, was removing the LUNC token.
Meanwhile, the Terra Luna Classic community voted in favor of Proposition 12005, “Consistent ICA controller parameter mapping.” In addition, Proposition 12008, the “L1TF Terra Classic Basic Safety Upgrade Package,” was also put to a vote. The first round witnessed a favorable vote of 94%, while 5% voted to “abstain from voting.” A few community members also voted “no” with a veto, bringing the proposal to a deadlock.
On the other hand, Terra Luna Classic burn reached new heights as it reached the 95 billion mark ahead of Binance’s monthly burn mechanism.
Bitcoin ETFs influence the dynamics of the Bitcoin market
Amid a massive wave of volatility caused by the creation of spot Bitcoin ETFs, Bitcoin observed $25 million worth of outflows, attracting the attention of traders globally. Meanwhile, CoinShares has boosted the ETF race by lowering actual Bitcoin fees in Europe, intensifying its rivalry with Invesco and WisdomTree within the European ETF world.
Meanwhile, BlackRock, Fidelity, and Bitwise appear to be leading the US ETF race as the top ETF providers. Grayscale, on the other hand, recorded massive outflows, although market data showed a gradual decline in outflows over time.
Moreover, in the midst of the Bitcoin ETF saga, Bitcoin traded with high volatility throughout the week. After facing a decline to $38,000, the price witnessed a recovery and settled at the $41,000 level.
Read Also: FTX Crashes: Beleaguered Crypto Exchange Unloads Crypto Assets for Paying Customers
US Securities and Exchange Commission legal records
The SEC recently filed a response against Ripple, stating that discovery requests related to the remedies are procedurally appropriate. In line with this, the regulatory body has requested sanctions against Ripple. While in another legal battle, the regulator cited Zakinov vs Ripple Labs in a lawsuit over Binance.
Additionally, Ripple sent a letter to Judge Sarah Netburn regarding the SEC's significant factual mischaracterization.
Read also: Bitcoin (BTC) Price: Legendary Trader John Bollinger Hints at the Next Step to Watch
