Key Insights:
The crypto market is on course for a ninth weekly gain in ten weeks.
BTC-spot ETF-related updates supported a BTC return to $44,000.
Coinbase outmuscled the crypto market, rallying 18.65%.
Crypto Market Is on Course for a Ninth Weekly Gain in Ten Weeks
The total crypto market cap was up 5.76% ($87.86 billion) to $1,613 billion in the current week, ending December 24, 2023.
Ongoing progress toward a BTC-spot ETF market drove buyer demand for BTC and the broader market.
Significantly, the crypto market is on course for a ninth weekly gain in ten weeks. The crypto market is up 16% for December and set for a four-month winning streak.
Crypto Market Cap Weekly Chart 231223
Coinbase (COIN) Surges 18.65% in the Week Ending December 22
On Friday, December 22, 2023, Coinbase (COIN) shares rallied 4.43%. The positive Friday session delivered a gain of 18.65% for the week ending December 22, 2023. Significantly, France approved Coinbase as a registered VASP, enabling Coinbase to offer its full suite of services to users in France.
Progress on expansion plans beyond the US and Binance’s legal woes contributed to the recent gains.
Significantly, the gains came despite the ongoing SEC v Coinbase case. There have been no case-related updates for investors to consider in recent weeks. Investors must wait for a court hearing on January 17, 2024. The SEC and Coinbase will deliver oral arguments on the Coinbase motion to dismiss (MTD).
Coinbase filed the MTD in August 2023, arguing the SEC lacks the statutory authority to regulate crypto exchanges. If Judge Katherine Failla grants the MTD, the US crypto market could experience the end of the SEC’s regulation by enforcement.
Coinbase Weekly Chart 231223
SEC Chair Gary Gensler Retargeted Cryptos with the Fraudster Badge
SEC Chair Gensler delivered a holiday cheer message to the crypto market on Thursday. Gensler shared a December 14 speech that talked about noncompliance with securities laws. Gensler also highlighted the level of fraud and the number of bad actors in the crypto space. Calling the crypto market the Wild West, he also said that bad actors exist globally.
The timing of the post was poignant. Chief Legal Officer Stuart Alderoty celebrated the third birthday of the SEC vs. Ripple case, saying,
“So let me get this straight. Government lawyers lie to the Court to gain an unfair advantage in litigation and the SEC’s answer is to say that going forward those lawyers will now be taught to be honest when saying things to Judges. Gensler’s SEC has become a travesty.”
On Friday, the SEC filed a response to an SEC vs. Debt Box court order. The presiding Judge ordered the SEC to argue why the court should not reprimand SEC lawyers for making false and misleading statements in the SEC vs. Debt Box case.
Other News
MicroStrategy (MSTR) co-founder Michael Saylor delivered a bullish BTC forecast. Saylor discussed the Bitcoin halving event and the likely approval of BTC-spot ETFs. An expected surge in demand for BTC through spot ETF products and a halving of the natural supply painted a rosy picture for BTC.
Crypto firms targeted pro-crypto Presidential Election candidates in December. Ripple was among the crypto firms contributing to a $75 million war chest to fund campaigns for pro-crypto US Presidential Election candidates.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : FXEmpire – https://www.fxempire.com/news/article/five-things-to-know-in-crypto-this-week-btc-coinbase-and-the-sec-1398050
