Crypto News This Week: HBO to Explore True Identity of Satoshi, Bitwise Files For XRP ETF

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Key takeaways

  • HBO has launched a new documentary investigating the true identity of Bitcoin's creator.
  • Bitwise has filed for an XRP ETF with the SEC, while Ripple's ongoing legal battle with the SEC could influence the approval of the fund.
  • Coinbase will delist stablecoins that do not meet the European Union's MiCA regulations by December 2024.

This week’s crypto news roundup highlights the newest developments and trends in the cryptocurrency market.

HBO is set to debut a documentary titled “Money Electric: The Bitcoin Mystery” on October 8, 2024, which aims to explore the true identity of Bitcoin’s elusive creator, Satoshi Nakamoto.

Directed by Cullen Hoback, known for his work on “Q: Into the Storm”, the documentary promises to delve deep into the mystery surrounding Satoshi.

One theory gaining traction among speculators is that Len Sassaman, a noted cryptographer and privacy advocate who passed away in 2011, might be Nakamoto. Sassaman’s death coincides with the disappearance of Satoshi’s online activity.

Meanwhile, Bitwise Asset Management has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot exchange-traded fund (ETF) based on XRP, the cryptocurrency associated with Ripple Labs. The filing follows a previous registration of a trust entity in Delaware, which is often a precursor to an ETF application.

HBO Searches for Bitcoin Creator

HBO has launched a search for the pseudonymous Bitcoin Creator. Past attempts to unmask Satoshi have often been controversial and unsuccessful. One notable case involved Craig Wright, who falsely claimed to be Satoshi, leading to numerous lawsuits and court rulings discrediting his claims.

Mystery creator of Bitcoin identified, new HBO documentary claims (Politico)

Bitwise Files for XRP ETF

Bitwise has filed for XRP ETF with the SEC. The fund claimed that XRP operates on a decentralized ledger, arguing against the SEC’s past claims that XRP could be considered a security. However, the outcome may hinge on the ongoing legal battle between Ripple and the SEC.

Bitwise Files for First Spot XRP ETF (Techopedia)

Coinbase to Delist Non-Compliant Stablecoins in EU

Coinbase has announced that by December 30, 2024, it will delist all stablecoins that do not comply with the European Union’s Markets in Crypto-Assets (MiCA) regulations. The delisting particularly affects stablecoins like Tether’s USDT, which has not yet obtained the required e-money authorization under MiCA.

Coinbase will allow users to convert their non-compliant stablecoins to alternatives such as Circle’s USD Coin (USDC), which meets MiCA’s requirements.

Coinbase to delist some stablecoins in Europe ahead of new regulations (Reuters)

SEC Files Appeal in Ripple Case

The U.S. Securities and Exchange Commission (SEC) has filed an appeal against the July 2023 ruling in its case against Ripple Labs. The original decision by Judge Analisa Torres concluded that Ripple’s sales of XRP to retail investors did not constitute securities transactions, marking a significant win for Ripple. However, the ruling did classify institutional sales of XRP as securities.

XRP slides 9% after SEC appeals decision in landmark Ripple case (CNBC

Bitwise Merges Previous ETFs

Bitwise Asset Management is restructuring its lineup of crypto-related funds following the introduction of spot Bitcoin and Ethereum ETFs. These spot ETFs have diminished interest in Bitwise’s older, futures-based products, leading the company to merge three of its existing funds into a new one. The new fund is called the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF.

Why Bitwise Is Combining Bitcoin and Ethereum ETFs Into a ‘Momentum’ Fund (Decrypt)

The U.S. Adds 254k Jobs in September

The U.S. added a surprising 254,000 jobs in September 2024, far exceeding economists’ expectations of 140,000, with the unemployment rate dipping to 4.1% from 4.2%. This marks a robust labor market performance, contributing to reduced fears of an economic downturn. Revisions to the previous two months’ data also showed additional job growth.

Job growth surged in September as unemployment rate edged down (Axios)

FCA Investigated BCB Group

BCB Group, a crypto payments provider, was the subject of a now-closed investigation by the UK Financial Conduct Authority (FCA). The investigation, initiated with a Section 166 notice in late 2023, aimed to assess the firm’s compliance with regulatory standards. While the specific details of the probe remain undisclosed, the investigation concluded positively for BCB Group.

Crypto Payments Firm BCB Group Was the Subject of an FCA Investigation: Sources (CoinDesk)

Binance’s Market Share Continues to Drop

Binance’s market share in the crypto space has hit a four-year low, according to data from CCData. In September 2024, Binance’s combined spot and derivatives market share fell to 36.6%, its lowest since 2020. This drop was driven by a 22.9% decline in spot trading volume and a 21% drop in derivatives volume. Binance’s spot market share now stands at 27%, a level not seen since January 2021.

Binance’s Crypto Market Share Drops to Lowest Level in Four Years (Bloomberg)

CFTC Subcommittee Allows Firms to Use Tokenized Shares as Collateral

A subcommittee of the Commodity Futures Trading Commission (CFTC) has moved forward with recommendations to allow firms to use tokenized shares of money-market funds as collateral in trading. The move, which impacts companies like BlackRock and Franklin Templeton, was proposed by the CFTC’s Global Markets Advisory Committee. The recommendations now await a vote by the full committee later this year.

CFTC reportedly mulling accepting digital assets as trading collateral (Cointelegraph)

Metaplanet Sells Bitcoin Options to Buy More BTC

Metaplanet, a Tokyo-listed Bitcoin holder, sold 223 contracts of Bitcoin put options with a strike price of $62,000 and a maturity date of December 27, 2024. By doing so, the firm earned 23.97 BTC, equivalent to approximately $1.44 million, in premium income. This strategy allows Metaplanet to potentially increase its Bitcoin holdings, as the firm will be obligated to buy more Bitcoin if the price falls below the strike price.

Japan’s Metaplanet earns $1.4 million in bitcoin by selling put options, boosts holdings to 530 BTC (The Block

Robinhood Expands Crypto Services in Europe

Robinhood has expanded its cryptocurrency services in Europe, allowing users to transfer over 20 digital currencies, including Bitcoin, Ethereum, and Solana. To incentivize adoption, Robinhood is offering a limited-time promotion where users receive 1% of the value of their deposits back in the same cryptocurrency.

Robinhood Enables Crypto Transfers in Europe (Cryptonews.com)

Bitcoin Mining Profitability Drops for Third Month

Bitcoin mining profitability dropped for the third consecutive month in September 2024, reaching its lowest point in recent records, according to JPMorgan. Despite a slight rise in Bitcoin’s average price, daily block reward gross profits fell by 6% compared to August.

Bitcoin Mining Profitability Fell for Third Straight Month in September: JPMorgan (Yahoo Finance)

Matrixport Acquires Crypto Finance (Asset Management) AG (CFAM)

Matrixport, a Singapore-based crypto financial services provider, has acquired Crypto Finance (Asset Management) AG (CFAM), a Swiss-licensed crypto asset manager that was previously part of Deutsche Boerse Group. The acquisition, completed via an all-cash transaction, has rebranded CFAM to Matrixport Asset Management AG (MAM).

Matrixport Expands Footprint in Europe with Acquisition of Swiss-based Crypto Asset Management (Matrixport)