Google searches for “buy Bitcoin” surged by 826% in the UK during a major crypto rally. Similar search trends were observed in the United States, with searches for “should I buy Bitcoin now?” increasing by over 250%. Niche searches like “can I buy Bitcoin on Fidelity?” also saw significant increases.
The United States Court of Appeals issued a mandate for the review of Grayscale Investments’ application for a spot Bitcoin ETF by the SEC. This follows the court’s initial ruling and the SEC’s failure to appeal. The SEC has yet to approve a spot crypto ETF for listing on US exchanges.
Coinbase has disputed the SEC’s authority in classifying its listed cryptocurrencies as securities. Coinbase argues that the SEC’s definition of securities is too broad and that the cryptocurrencies it lists are not under the regulator’s purview. The SEC sued Coinbase for violating securities laws by listing tokens without registering with the regulator.
Gemini has filed a lawsuit against Genesis over the fate of 62 million shares of Grayscale Bitcoin Trust used as collateral for loans made through the Gemini Earn Program. The collateral is currently worth $1.6 billion, but Genesis has disputed Gemini’s actions, preventing the distribution of proceeds.
In terms of market performance, Bitcoin is at $34,143, Ether at $1,789, and XRP at $0.54. The total market cap is at $1.26 trillion. The top altcoin gainers of the week are Pepe, Mina, and FLOKI, while the top altcoin losers are Bitcoin SV, Toncoin, and Trust Wallet Token.
In notable quotations, Sam Bankman-Fried’s testimony was described as interesting by the judge overseeing his trial. US Senator Cynthia Lummis stated that crypto is not the enemy, but bad actors are. Gary Gensler, the chair of the SEC, believes that the majority of crypto assets meet the investment contract test and are subject to securities laws.
Bitcoin’s price performance in October has been compared to the S&P 500, with BTC holding steady around $34,000. The UK has passed legislation allowing authorities to seize and freeze cryptocurrencies used for illicit purposes. Phishing scammers have cloned the websites of Blockworks and Etherscan to drain crypto wallets. Kraken will suspend trading for certain cryptocurrencies in Canada. Helsinki has a historical connection to cryptocurrency, including the first exchange of Bitcoin for USD.
Overall, this week has seen developments in legal proceedings, search trends, regulatory disputes, and market performance in the crypto industry.