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Here’s what happened in crypto today

Altszn.com by Altszn.com
October 25, 2023
in Blockchain, Crypto, DeFi, Web3
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Here’s what happened in crypto today
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Sam Bankman-Fried will testify at his criminal trial, his defense lawyers confirmed. Meanwhile, crypto trading firm Matrixport has doubled down on its prediction that Bitcoin will hit $45,000 by the end of 2023, and the crypto space is keeping such a close watch on spot Bitcoin ETFs that the Depository Trust and Clearing Corporation’s (DTCC) website crashed.

SBF to testify at criminal trial

The former FTX CEO, Sam Bankman-Fried, will testify as part of his defense case, attorney Mark Cohen confirmed on Oct. 25. 

In a telephone conference between Bankman-Fried’s legal counsel, prosecutors and Judge Lewis Kaplan, Cohen said his client will take the stand along with three witnesses. The testimony will begin after the prosecution completes its case on Oct. 26. 

Cohen said that the defense is not expected to take more than three days to question the potential witnesses.

Bankman-Fried’s testimony would follow statements from other notable former FTX employees, including Caroline Ellison, Gary Wang and Nishad Singh.

Matrixport doubles down on $45K Bitcoin year-end prediction

Matrixport, a cryptocurrency trading firm founded by Bitmain co-founder Wu Jihan, has doubled down on its prediction that Bitcoin will hit $45,000 by the end of 2023.

After first setting its 2023-year-end BTC price target at $45,000 in early 2023, Matrixport reiterated its bold Bitcoin prediction in a blog post on Oct. 24.

Titled “Bitcoin Targets $45,000 — FOMO Is Hitting the Market,” the blog post provides a brief analysis of Matrixport’s previous market forecasts, noting that the firm successfully predicted several market events.

Matrixport specifically cited its “October Ignites a Bitcoin Boom: Institutions Fueling the Price Surge” report from September 2023, which has so far successfully predicted significant action on the Bitcoin market in October.

The firm predicted that October would be a strong month for Bitcoin due to excitement around potential approvals of a spot BTC exchange-traded fund (ETF). The firm also pointed out that October has historically been the strongest month for Bitcoin with average returns of 20%.

All eyes on DTCC’s site for spot Bitcoin ETFs

The crypto space has been keeping a close watch on the Depository Trust and Clearing Corporation’s (DTCC) website for any move on a spot Bitcoin (BTC) exchange-traded fund (ETF).

Eagle-eyed watchers noticed the ticker for BlackRock’s ETF — IBTC — vanished from the site before it returned a few hours later. Bitcoin‘s price dropped nearly 3% with the disappearance, indicating much of the trading activity is focused on ETF developments.

The hype around IBTC also seemingly caused DTCC’s site to crash. Senior Bloomberg ETF analyst Eric Balchunas noted the DTCC doesn’t typically get this level of attention, which “speaks to the uniqueness and intensity of this entire saga.”

Early on Oct. 25 rumors spread across social media that ARK Invest and 21 Shares’ joint spot Bitcoin ETF had been listed on the DTCC’s site — in reality, many mistook ARK’s futures ETF tickers for the pair’s spot fund.

Social media posts referred to the ticker “ARKA,” the yet-to-be-approved ARK 21Shares Active Bitcoin Futures ETF along with the tickers “ARKY” and “ARKZ” which respectively refer to the ARK 21Shares Active Ethereum Futures ETF and the ARK 21Shares Active Bitcoin Ethereum Strategy ETF.

The most recent amended filing for ARK’s spot Bitcoin ETF from Oct. 11 shows that the fund will trade using the ticker “ARKB.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.