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Caroline Ellison speaks on FTX-Binance war, SEC won’t appeal Grayscale BTC ETF: Hodler’s Digest, Oct. 8-14

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Top Stories This Week

Caroline Ellison wanted to step down but feared a bank run on FTX

Caroline Ellison, former CEO of Alameda Research, testified for over 10 hours this week at Sam Bankman-Fried’s trial, offering deeper details on the events that anticipated the FTX debacle in November 2022. From Ellison’s testimony, jurors learned that she planned to leave Alameda months before its collapse, but feared a bank run on FTX amidst the crypto market downturn. The week also featured a recording presented as evidence in the case showing the exact moment Ellison told employees about Alameda’s use of FTX customer deposits. Among the key moments of Bankman-Fried’s trial were revelations of fabricated balance sheets in order to deceive crypto lenders, as well as BlockFi CEO Zac Prince’s testimony. Check out this week’s highlights from Cointelegraph’s team on the ground.

Months before the collapse of crypto exchange FTX, former CEO Sam Bankman-Fried was “freaking out” about buying shares in Snapchat, raising capital from Saudi royalty and getting regulators to crack down on rival crypto exchange Binance, according to evidence presented in court this week as a part of the ongoing criminal trial. Bankman-Fried believed Binance leaked an Alameda balance sheet to the media in 2022. According to a document from Nov. 6, 2022, Bankman-Fried wrote that Binance had been “engaging in a PR campaign against us.” It continued, saying that Binance “leaked a balance sheet; blogged about it; fed it to Coindesk; then announced very publicly that they were selling $500m of FTT in response to it while telling customers to be wary of FTX.”

SEC reportedly won’t appeal court decision on Grayscale Bitcoin ETF

The United States Securities and Exchange Commission reportedly has no plans to appeal the recent court decision that favored Grayscale Investments. The ruling requires the SEC to review the firm’s spot Bitcoin exchange-traded fund (ETF) application. The SEC’s supposed decision not to appeal doesn’t necessarily mean Grayscale’s application is set to be approved. If the reports are true, the SEC will need to follow the court’s August order and review Grayscale’s application to change its Grayscale Bitcoin Trust into a spot Bitcoin ETF.

Terraform Labs contends Citadel Securities had a hand in its stablecoin collapse

Terraform Labs has again pointed the finger at market maker Citadel Securities for its role in an alleged “concerted, intentional effort” to cause the depeg of its TerraUSD stablecoin in 2022. On Oct. 10, Terraform Labs filed a motion in the United States to compel Citadel Securities to produce documents relating to its trading activity in May 2022, when TerraUSD Classic depegged. In its motion, Terraform argued that the documents are crucial for its defense in the lawsuit filed by the U.S. Securities and Exchange Commission in February, which alleged Terraform Labs and its founder, Do Kwon, had a hand in “orchestrating a multi-billion dollar crypto asset securities fraud.” Citadel Securities has, however, previously denied trading the TerraUSD stablecoin in May 2022.

Mastercard announces successful wrapped CBDC trial results

Mastercard has completed a trial involving wrapping central bank digital currencies (CBDCs) on different blockchains, similar to wrapped Bitcoin and wrapped Ether. The trial was conducted with the Reserve Bank of Australia and the country’s Digital Finance Cooperative Research Centre CBDC. Mastercard said the solution allowed a CBDC owner to purchase a nonfungible token (NFT) listed on Ethereum. “The process ‘locked’ the required amount of a pilot CBDC on the RBA’s pilot CBDC platform and minted an equivalent amount of wrapped pilot CBDC tokens on Ethereum,” the payment processor wrote.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $26,892, Ether (ETH) at $1,551 and XRP at $0.48. The total market cap is at $1.05 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Loom Network (LOOM) at 86.71%, Trust Wallet Token (TWT) at 16.72% and Tether Gold (XAUt) at 5.16%. 

The top three altcoin losers of the week are Mantle (MNT) at -17.27%, Rocket Pool (RPL) at -14.39% and Avalanche (AVAX) at -13.39%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Read also


Features

Despite the bad rap, NFTs can be a force for good


Features

You can now clone NFTs as ‘Mimics’: Here’s what that means

Most Memorable Quotations

“That’s our homework, actually. To really educate people about the benefit of using blockchain.”

Grace Sabandar, co-founder of the Indonesia Blockchain and Metaverse Center

“Crypto-assets markets, including DeFi, do not represent meaningful risks to financial stability at this point.”

European Securities and Markets Authority

“I was worrying about customer withdrawals from FTX, this getting out, people to be hurt. […] I didn’t feel good. If people found out [about Alameda using FTX funds], they would all try to withdraw from FTX.”

Caroline Ellison, former CEO of Alameda Research

“It’s alarming and should be a wakeup call for lawmakers and regulators that digital wallets connected to Hamas received millions of dollars in cryptocurrencies.”

Elizabeth Warren, U.S. senator

“Bitcoin and Ethereum may seem like opposites, but they can co-exist and complement each other.”

Willem Schroé, CEO of Botanix Labs

“People who believe SBFraud is a ‘good guy’ who made ‘mistakes’, and FTX grew too fast and it all got away from him, should NEVER be in charge of other people’s money.”

John Deaton, attorney and crypto advocate

Prediction of the Week 

Ethereum losing streak vs. Bitcoin hits 15 months — Can ETH price reverse course?

The price of Ethereum’s native token, Ether, is trading around a 15-month low versus Bitcoin, and the lowest since Ethereum switched to proof-of-stake. The ETH/BTC pair dropped to as low as 0.056 BTC earlier this week. In doing so, the pair broke below its 200-week exponential moving average (200-week EMA; the blue wave) near 0.058 BTC, raising downside risks further into 2023.

The 200-week EMA has historically served as a reliable support level for ETH/BTC bulls.

ETH/BTC stares at similar selloff risks in 2023 after losing its 200-week EMA as support. In this case, the next downside target looks to be around its 0.5 Fibonacci line near 0.051 BTC in 2023, down about 9.5% from current price levels.

Conversely, ETH price may rebound toward its 50-week EMA (the red wave) near 0.065 BTC if it reclaims the 200-week EMA as support.

FUD of the Week 

Mistake or money laundering? User pays $1.6 million for CrypToadz NFT

One of the CrypToadz NFTs, whose average price doesn’t exceed $1,000, was bought for an astonishing 1,055 wrapped Ether, an equivalent of $1.6 million. The CrypToadz collection was launched during the NFT boom of 2021 and surpassed a trading volume of $38 million worth of Ether during its first 10 days on the market. The price paid by the anonymous user for the NFT raised questions among the community. Two weeks ago, this item was acquired for 0.95 ETH (around $1,600), only to be sold for a price a thousand times higher.

USDR stablecoin depegs to $0.53, but team vows to provide solutions

Real estate-backed stablecoin USDR lost its peg to the United States dollar after a rush of redemptions caused a draining of liquid assets such as Dai from its treasury. USDR, backed by a mixture of cryptocurrencies and real estate holdings, is issued by the Tangible protocol, a decentralized finance project that seeks to tokenize housing and other real-world assets. During the crisis, a trader reportedly exchanged 131,350 USDR for 0 USD Coin, resulting in a complete loss on investment.

HTX claws back $8M in stolen funds, issues 250 ETH bounty to hacker

Huobi Global’s crypto exchange HTX has confirmed the return of the funds stolen by a hacker in late September and issued a 250 Ether bounty after resolving the issue. One of HTX’s hot wallets was drained of 5,000 ETH on Sept. 25, worth roughly $8 million at the time. Shortly after the hack occurred, the firm contacted the hacker and claimed to know their identity. HTX ultimately offered to pay a 5% bounty worth around $400,000 and not to take any legal action if they returned 95% of the funds before a deadline of Oct. 2.

Beyond crypto: Zero-knowledge proofs show potential from voting to finance

An emerging cryptographic technology may provide help with two gaping 21st-century needs: Privacy and truth.

Eleanor Terrett on impersonators and a better crypto industry

Fox Business producer Eleanor Terrett’s following exploded after she began providing commentary on the SEC v. Ripple lawsuit.

SBF’s alleged Chinese bribe, Binance clarifies account freeze: Asia Express

SBF allegedly bribes Chinese officials with $150 million to unfreeze accounts, Binance justifies blocking Hamas users, meanwhile, Huobi hacker returns all $8M in stolen assets.

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.

Cryptocurrency

Gate Launches xStocks Trading Section, Bridging Crypto Finance and Global Capital Markets

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[PRESS RELEASE – Panama City, Panama, July 3rd, 2025]

In July 2025, Gate, a global leading digital asset trading platform, officially launched its xStocks trading section, covering both spot and futures markets. The initial listings include 8 popular tokenized stocks, such as COINX, NVDAX, CRCLX, AAPLX, METAX, HOODX, TSLAX, and GOOGLX, enabling global users to trade tokenized stocks directly with crypto assets like USDT. Gate Alpha has also rolled out support for xStocks, listing MSTRx, CRCLx, SPYx, NVDAx, TSLAx, and AAPLx, further expanding users’ access to on-chain assets and strategic trading options.

This initiative not only diversifies investment channels for crypto users but also marks a new phase in the convergence of crypto finance and traditional markets. Gate is now the first platform to launch a futures market for tokenized stocks, establishing a fully closed-loop trading infrastructure at the intersection of digital and traditional finance.

Removing Barriers: Connecting Global Users to Wall Street

Gate’s xStocks trading section adopts a compliant, asset-backed tokenization model. All tokens are fully collateralized and represent publicly traded U.S. stocks. These tokens are freely transferable and compatible across multiple blockchains and ecosystems.

Unlike traditional brokers that require regional accounts, complex KYC, and fiat settlement, Gate’s tokenized stocks services are globally accessible and require no KYC, allowing users to invest using USDT and other crypto assets. This borderless trading model significantly lowers entry barriers for global participants, offering a seamless path for cross-border capital movement and global portfolio allocation.

The platform also supports 24/7 trading, fractional investment, and on-chain liquidity, breaking down traditional time and regulatory constraints, and delivering a highly flexible, decentralized investment experience that links TradFi and DeFi.

World-First Futures Market for Tokenized Stocks, Redefining Derivatives Boundaries

As the first platform globally to launch the futures market for tokenized stocks, Gate enables users to apply leverage and execute two-way strategies on U.S. stocks, all under a USDT pricing system, empowering more dynamic risk and return management.

The trading infrastructure has been fully optimized for this launch, with upgrades to matching engines, pricing models, and risk control systems. Tailored to the liquidity profiles of U.S. stocks and the behavioral patterns of crypto-native traders, the system delivers high responsiveness, strong compatibility, and robust user experience across both spot and futures markets.

A Strategic Leap Toward the Next-Generation Crypto Exchange

Gate’s expansion into tokenized stocks represents a key milestone in its long-term strategy of bridging traditional and future finance. By building crypto-native infrastructure for traditional assets, Gate is redefining how users access and interact with global capital markets.

Dr. Han, Founder and CEO of Gate, stated: “Our mission isn’t just to add a new asset class, but to transform the relationship between users and assets. We aim to create a truly global, borderless investment platform that empowers everyone to access financial opportunities worldwide.”

In 2025, Gate completed a major brand upgrade and transitioned to the unified domain Gate.com, marking a new chapter in its global strategy. The platform currently ranks Top 2 globally in spot trading volume, with continued strength in derivatives, liquidity depth, and user activity, reinforcing its position as a leader in global crypto financial infrastructure.

As the digital transformation of global finance accelerates, Gate’s launch of tokenized stocks offers a model for the industry and demonstrates a pioneering approach to integrating decentralized infrastructure with traditional capital markets, propelling the platform toward its vision as the next-generation crypto exchange.

About Gate

Gate, founded in 2013 by Dr. Han, is one of the world’s earliest cryptocurrency exchanges. The platform serves over 30 million users with 3,600+ digital assets and pioneered the industry’s first 100% proof-of-reserves. Beyond core trading services, Gate’s ecosystem includes Gate Wallet, Gate Ventures, and other innovative solutions, while its global partnerships extend to top-tier sports brands like Oracle Red Bull Racing in F1 and Inter.

For more information, users can visit: Website | X | Telegram | LinkedIn | Instagram | YouTube

Disclaimer:

This content does not constitute an offer, solicitation, or recommendation. You should always seek independent professional advice before making investment decisions. Gate may restrict or prohibit certain services in specific jurisdictions. For more information, users can read the User Agreement via https://www.gate.com/user-agreement.

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Bitcoin Price Shoots Toward $110K while Fartcoin and BONK Lead Meme Coin Gains: Market Watch

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Bitcoin’s price is starting to heat up again, pushing towards the important $110,000 level and recording an increase of around 1.6% in the past 24 hours. This comes amid an even more impressive rally from certain meme coins such as Fartcoin and Bonk.

The total crypto market capitalization added around $50 billion during the day and is inching closer to $3.5 trillion. All of this happens as important regulatory changes are likely to take effect in the United States.

Bitcoin Price En Route to New All-Time Highs

At the time of this writing, BTC trades at around $109,500 which is around 2% below its all-time high achieved on May 22nd – about a month a go. And while we’re on the topic of statistics – the all-time low recorded on CoinGecko took place on July 6th 12 years ago. Since then, the cryptocurrency has returned the staggering 161,270% increase.

Anyways, back to the day-to-day news. BTC looks eager to take on its former highs and this is happening as the “One Big, Beautiful Bill” proposed by Donald Trump’s administration passed both Senate and the House votes in the past 24 hours.

It doesn’t include any direct crypto regulations, but it does intend to alleviate taxes on retail users and also introduce (or re-introduce, to be more precise) the so-called 100% bonus depreciation rule, which will allow Bitcoin mining companies to write off their equipment immediately, potentially allowing them to ramp up operations and increase the network’s hash rate, which has historically been bullish for the price.

BTCUSD_2025-07-03_11-59-05
Source: TradingView

In other BTC-related news, the BlackRock IBIT ETF, which tracks Bitcoin’s price, is now generating more fees than their legendary S&P 500 fund – a clear indication of the pent up demand and the fact that investors are willing to pay premium fees for exposure.

Fartcoin, Bonk Lead Meme Coin Gains

As you can see in the heatmap below, it’s a sea of green in the altcoins market today. Most of them are charting notable increases. Even the large-caps are up a lot – ETH gains 5.8%, DOGE – 7.7%, ADA – 8.5%, HYPE – 5.5%, SUI – 11.6%, and so forth.

But the most impressive gains for the day come from two of the more polarizing meme coins – Fartcoin and Bonk. The latter is today’s best performer, gaining about 20%, while the latter is up by 17%. Right behind them is Celestia (TIA), which gained 16%.

It’s one of those days where the worst-performing cryptocurrencies are stablecoins (ironically, of course), with just Fasttoken (FTN) and Bitcoin Cash (BCH) struggling to gain and trade flat.

crypto_heatmap_03072025
Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Watch These 3 Ripple (XRP) Price Predictions in July

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TL;DR

  • Analysts see potential for further gains for XRP, with targets ranging from $2.80 to over $3.50 – while some even speculate on a parabolic rally similar to 2017.
  • Despite the bullish outlook, XRP’s Relative Strength Index (RSI) nears 70, signaling potential overbought conditions and raising the chance of a short-term correction before any continued breakout.

What’s Next for XRP?

XRP has followed the overall resurgence of the cryptocurrency market in the last 24 hours, soaring to almost $2.30. Another factor that may have positively impacted its recent price performance is Ripple’s application for a license with the US national bank regulator, the Office of the Comptroller of the Currency (OCC).

According to multiple analysts, its ascent has yet to reach new dimensions. The X user CRYPTOWZRD noted that XRP closed the day “bullish,” setting $2.80 as the next resistance target. 

“The intraday chart was highly volatile and bullish. It is now testing the $2.2550 resistance target. A successful breakout and a close above this level will offer the next long opportunity,” the trader added. 

World of Charts believes an XRP breakout and retest has already been confirmed. The analyst expects a move towards $3 in the coming days, followed by a pump beyond $3.50 sometime this month.

The X user Maxi is even more optimistic. The crypto enthusiast believes XRP could replicate its performance in 2017 when it experienced a staggering 1,200% surge in a matter of days. Nowadays, a spike of that magnitude would drive the token’s valuation to a new all-time high of $30. 

At the moment, such a rally seems quite unrealistic, considering that XRP’s market cap needs to skyrocket above $1.6 trillion. Currently, Bitcoin (BTC) is the only cryptocurrency whose capitalization exceeds that mark, while Ethereum (ETH) is far below with $313 billion.

Observing Some Indicators

Despite the bullish predictions, there are some red flags popping up suggesting the asset could head in the opposite direction in the short term.

The Relative Strength Index, which measures the speed and magnitude of recent price changes, has climbed to almost 70. Such readings generally mean that the valuation has increased too rapidly over a short period of time, signaling that it might be time for a correction.

XRP RSI
XRP RSI, Source: CryptoWaves

If you’re curious about more indicators that could hint at XRP’s next move, check out our in-depth article here.

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