Crypto Scoop: Bitcoin Hits $28,000

The crypto market has experienced a general bullish run this week with most top cryptocurrencies in the green from last week In this edition of the Crypto Scoop, you will get a comprehensive overview of the following:

• Price Moves of Top Cryptocurrencies 
• Global Crypto Adoption and Regulation Hurdles
• Insight into More Crypto Cases and Drama

Price Moves of Top Cryptocurrencies 

Bitcoin and other cryptocurrencies had some fantastic bullish trends for the past few days. At the time of writing, Bitcoin price is currently above $27k at $27,699. On the other hand, Ethereum is currently at $1,632 and its network fees have dropped to their lowest level since November 2022, potentially threatening a price rebound.

Other major highlights of the crypto market are XRP, Solana, and ADA, with SOL flipping Dogecoin and ADA in market cap rankings to stand at $9.60 billion. XRP's price surged at $0.52 after the SEC had their filed interlocutory appeal to the court struck out by Judge Torres.

Additionally, over $730 Million Bitcoin and Ethereum Options to Expire on 6 October 2023. According to reports, the expiry of these contracts won't significantly affect the spot market. The reason is that the spot market has been falling back since the brief bullish rally. 

Former BlackRock executive Edward Dowd has predicted that the US Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF by April 2024. Dowd believes that the SEC is much more comfortable with Bitcoin and that a spot ETF is more likely to be approved than a futures-based ETF.

Global Crypto Adoption and Regulation Hurdles

Moving across Africa, there's a significance regarding one of the most prominent crypto projects, Worldcoin. According to reports from Cointelegraph, the parliamentary committee in Kenya has advised banning Worldcoin. From their reports, there was a "total disregard" from Worldcoin regarding the order from the government to stop the collection of personal data from citizens. 

Besides banning this crypto project, this parliamentary committee also asks the government to create a crypto regulatory framework in the country. This will be an encompassing framework for digital assets and virtual asset service providers. 

The number of crypto firms in Latin America has doubled since 2016, according to a report by the University of Cambridge and the Inter-American Development Bank. Latin American countries such as Brazil, Argentina, Chile, Colombia, Mexico, and Peru are leading the crypto fintech revolution.

In Europe, the Canadian Securities Administrators (CSA) have issued interim guidance on trading stablecoins, emphasising the need for transparency and caution. The guidance highlights the importance of disclosing the risks associated with stablecoins and ensuring that the appropriate reserves back these digital currencies.

Taiwan lawmakers are proposing a special law to regulate crypto firms in Asia. The law aims to prevent money laundering and protect investors by requiring exchanges to register with the government and implement strict know-your-customer and anti-money laundering measures.

Insight into More Crypto Cases and Drama

Additionally, Jaynti Kanani, the co-founder and CEO of Polygon, has announced that he will take a step back from his role as the company's CEO. Kanani claims he will focus on developing Polygon 2.0, which is set to launch later this year and promises to be a major upgrade to the Polygon network.

In other news, Gary Wang, the co-founder of FTX, testified against the company's CEO, Sam Bankman-Fried, in a deposition related to a class-action lawsuit. The lawsuit accuses FTX and its executives of manipulating the price of Bitcoin futures contracts. Wang's testimony is expected to provide insight into the inner workings of FTX and its relationship with Alameda Research, a trading firm also co-founded by Bankman-Fried.

This comes after the FTX crash in which the founder, Sam Bankman-Fried, has faced many charges. The CEO of FTX has also reportedly been asked to give up his private jets as part of a settlement with the US Securities and Exchange Commission (SEC).