BTC/USD is now trading below $26,000 as of Sept. 1, according to data from Crystallography

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A week in review: Aug. 29 – Sept. 2

Your weekly highlights to stay up to date with the latest crypto news

#1. SEC delays decision on 6 spot Bitcoin Elf applications

The SEC has chosen to postpone delivering a decision on six applications for spot Bitcoin ETFs in the United States. The commission has opted to extend its review period by an additional 45 days, pushing the eventual decision back until October. Shortly after the news broke, the SEC also put BlackRock, the biggest asset manager in the world, in the same delayed decision boat.

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#2. Gray-scale wins SEC lawsuit for Bitcoin Etc review

Crypto asset manager Gray-scale Investments recently scored a big win in its battle against the U.S. Securities and Exchange Commission. In Grayscale’s ongoing efforts to convert its Gray-scale Bitcoin Trust (Genetic) into a Bitcoin exchange-traded fund (Etc), the U.S. appeals court judge accepted Grandpa's argument that the SEC's rejection of its recent Etc application was unfair. The SEC had alleged that the Gate didn’t have enough safe practices and fraud protection in place. Judge Noemi Rao gave the green light to Grayscale’s request for a second review. Previously, Rao said that the SEC did not “offer any explanation” as to why Graphical was in the wrong. However, the victory doesn’t automatically mean Grayscale’s Bitcoin Etc is a done deal. There’s still more to come.

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#3. Fatboy Crypto brand will no longer include YouTuber Ben Armstrong

The parent company of Hit Network, the folks behind the “BitBoy Crypto” brand, just gave their public face, Ben Armstrong, the boot. The company alleged issues of substance abuse and financial damage as reasons behind the decision. In a You're and social media announcement, Hit Network revealed that, despite its efforts to support Armstrong during his struggle with addiction, it has decided to part ways with the influencer. This follows Armstrong facing a series of lawsuits in recent times. He was in a class-action lawsuit where investors accused him and other influencers of promoting Fix without disclosing how much they were getting paid by the exchange. Furthermore, during the lawsuit, there were claims that Armstrong threatened the plaintiff’s lawyers and even blew off a federal judge’s orders to show up in court. The case was put on hold in June.

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#4. Prediction of the week. Bitcoin risks ‘swift’ $23K dive after BTC price loses 11% in August

Data indicates that Bitcoin is on track for a retest of long-term support levels following a drop in BTC price as August came to a close. Reversing the gains witnessed the previous week, BTC/USD is now trading below $26,000 as of Sept. 1, according to data from Crystallography Markets Pro and Tradition. Initially, market participants had reasons to be optimistic as Bitcoin held a key long-term trending and maintained the $27,000 level. However, a decision by the U.S. SEC to delay several Bitcoin Etc applications caused a change in sentiment.  Bitcoin swiftly shed $1,000 in value over just two hourly candles. Traders have been speculating over the movements. “On-chain data suggests that $BTC lacks strong support below the $25,400 mark,” popular pseudonymous trader Ali told X (formerly Twitter) subscribers. On-chain monitoring resource Material Indicators delivered a similarly grim picture for BTC/USD on daily, weekly and even monthly timeframes. Using signals from one of its proprietary trading tools, Trend Precognition, Material Indicators advised that $24,750 needed to hold for bulls to have a chance at clinching a rebound.

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#5. FUD of the week. Exploits, hacks and scams stole almost $1B in 2023: Report

Insecurity firm Certain reported that over $997 million was lost to flash loan attacks, exit scams and exploits in 2023. Malicious actors targeting the crypto space have taken more than $45 million in digital assets from their victims in the month of August alone and a total of $997 million year-to-date. In the report, Certain highlighted that exit scams took around $26 million, flash loan attacks took $6.4 million and exploits took $13.5 million from their victims in August 2023. The cybercrime firm confirmed that the total losses amounted to over $45 million.

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#6. FUD of the week. Brazilian crypto streamer loses money by accidentally exposing private key

Brazilian cryptocurrency streamer Fraternities Crypto is one of the latest victims of unsafe self-custody practices, reportedly losing thousands of dollars due to a private key accident. During a livestream on YouTube, the owner of the Fraternities Crypto channel, Ivan Bianco, unwittingly exposed his private key to a self-custodial cryptocurrency wallet. In the middle of the livestream related to Bitcoin and blockchain games, Bianco apparently tried to access his passwords for the blockchain games platform Gala Games through a text file on his computer. Unfortunately for the streamer, his Gala Games passwords were stored in the same text file as the seed phrase for his Methods wallet, which had a significant amount of Polygon