The Ethereum ETF turned out to be worthless, the SEC lost again, and the US kicked out the Speaker instead of passing a budget. Let's summarize the week :
š Cryptocurrencies
1ļøā£ šø Binance released a new confirmation of reserves: all assets are +100% secured. Meanwhile, Binance's spot trading share declined (https://www.bloomberg.com/news/articles/2023-10-05/binance-s-spot-crypto-market-share-shrinks-for-a-seventh-consecutive-month#xj4y7vzkg) for the seventh consecutive month to 34.3% in September.
2ļøā£ šø Trading volumes of the ETH futures ETF on the first day totaled (https://twitter.com/EricBalchunas/status/1708865693481836849) only $2 million because no one wanted it.
Imagine what would happen if the bitcoin spot ETF is accepted before the Fed rate cut starts š
3ļøā£ šø The SEC has received (https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.917.0.pdf) a denial of appeal in the Ripple case and XRP has grown.
The news is good for Ripple, but the SEC still has the option to appeal after the case is over š
Finance
1ļøā£ šø The U.S. House of Representatives voted (https://edition.cnn.com/politics/live-news/matt-gaetz-kevin-mccarthy-house-speakership-10-03-23/h_cea529c51c6d4df49955b7d9c6530c66) to remove Speaker Kevin McCarthy from office. He became the first Speaker in history to be sent out of office.
This came after the passage of temporary funding, Congress was given until Nov. 17 to pass a budget. But with the political wars and Trump's desire for the position, the process could get out of hand š½
2ļøā£ Brent crude oil has fallen (https://ru.tradingview.com/symbols/UKOIL/) to $84 due to lower demand from China.
The market is not even spooked by the continuation of production cuts until the end of the year from OPEC+, because with a looming global recession, demand could fall even further š¢
3ļøā£ Ukraine's National Bank has moved (https://forbes.ua/news/nbu-z-2-zhovtnya-perekhodit-na-kerovanu-gnuchkist-obminnogo-kursu-shcho-tse-oznachae-02102023-16388) to a managed exchange rate regime. And the hryvnia didn't fall.....