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Bitcoins, SBFs, ethers and SEC Chair Gensler were all mentioned at the Republican Presidential debate on Wednesday. Vivek RAMASWAMY , a crypto candidate , said U.S. regulations need to catch up in order to prevent such as FTX founder Sam Bankman Fried defrauding his customers and Binance violating sanctions laws. Ramaswamy announced plans to reduce the SEC staff and to relax regulations for the crypto industry. He also advocated that most cryptocurrencies be treated as commodities, outside of the SEC’s jurisdiction. Ramaswamy stated that it was “nothing short of embarrassment” that Gary Gensler could not confirm to Congress whether Ethereum is considered a security. “This is yet another example of an administrative state that has gone too far.”

Solana’s founder Anatoly Yakhenko has said that the much-hyped Saga smartphone of the blockchain platform faces an uncertain future due to disappointing sales ever since it was launched in April. He said in a podcast that “we have to decide whether there is a place for smart wallets, a cheaper version of the iPhone which could be used as a second device.” Yakovenko said that advances in mobile interfaces had significantly reduced the difference between specialized smartphones and regular smartphones. He said that his Saga is not his primary phone. Instead, he uses it as a “NFT phone.”

Over 1,000 BTC that were mined in the early days of bitcoin’s existence have been transferred to trading desks, custodians services and other financial institutions earlier this week. This is an example of “Satoshi-era” bitcoin. These coins were last transferred 13 years ago. They were mined as block rewards and cost an estimated $100. The coins now have a value of more than $40 million. In recent months, there were several instances where “Satoshi-era” bitcoin (from the period between 2009 and 2011, when Satoshi was active in community) has been moved. In July, a wallet which had been dormant since 2011 sent $30 million in BTC to another wallet. Some people see the reactivation of long-dormant BTC as a sign that bitcoin adoption is growing.

Chart of the Day

(Velo Data)(Velo Data)

  • The chart displays the volume delta cumulative (cvd), which is the difference between the futures longs (or sellers and buyers) and the shorts (or the difference in the amount of money they have bought and sold), after adjusting for open interest.
  • In the last seven days, the CVD for all major tokens except BTC,XMR, and ETH has decreased. This is a sign that net capital outflows have occurred or that sellers are outpacing buyers.
  • The data suggests that a bullish trend could be ahead.
  • Source: Velo Data

– Omkar Godbole

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Sheldon Reback is the editor.