The biggest news in the cryptoverse for Oct. 5 includes SEC opposing third parties seeking to defend Ripple, Do Kwon describing news of a $40 million crypto freeze as falsehood, and SWIFT showing CBDCs, tokenized assets can be integrated into the global financial system.
CryptoSlate Top Stories
SEC opposes third parties seeking to prove utility of Ripple blockchain
Two firms I-Remit and Tapjets had filed a motion seeking to submit their amicus briefing to prove the utility of XRP beyond speculation.
The SEC opposed the motion on the grounds that the court’s prior order prohibits third parties from interfering in the case. The commission also alleged that Ripple may have influenced the proposed evidence.
Do Kwon deems news of $40M crypto freeze a ‘falsehood’
Reports emerged earlier today that South Korean prosecutors have frozen around $40 million linked to Do Kwon from crypto exchanges, KuCoin and OKX.
Do Kwon described the news as “spreading falsehood” claiming that he does not have any account with KuCoin and OKX.
GMX DEX spikes 35% as Binance, FTX announce listing
Leading crypto exchanges Binance and FTX opened trading for the native token of decentralized exchange GMX (GMX) on Oct. 5.
Following the listing announcement and bullish reaction from the community, GMX spiked 35%, reaching a new high of $54.11, before retracing to $48.7 as of press time.
Russia blocks crypto exchange OKX without disclosing reason
Russian authority has reportedly blacklisted crypto exchange OKX’s IP address (okx.com) for allegedly violating article 15.3 of the federal law, which may be related to extremist activities.
Similar to Binance’s IP ban in June 2021, OKX may move to file a lawsuit against Russia’s internet censorship agency to know the exact reason and possibly get the ban lifted.
Bitcoin briefly trades above $20k as traders ape into futures
Bullish sentiment seems to be returning to the market as leverage traders push BTC futures trading volume to an all-time high.
Traders used USD/stablecoins as leverage in the futures open contracts to pump BTC price above the $20,000 mark, however, it was rejected around the $20,400 level.
Bitcoin outperforms traditional crypto stocks in 2022 by up to 22%
Despite shedding off over 56% of its gain since January 2022, Bitcoin has outperformed crypto-related stocks.
Coinbase stocks are down 76%, Block is down 62% and MicroStrategy stocks have lost up to 58%. Overall, traditional crypto stocks have underperformed by over 74% and…
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