Ex-FTX CEO Set to Testify; Matrixport Holds $45K Bitcoin Forecast; DTCC Website Crashes Amid Bitcoin ETF Watch
Summary:
The ex-CEO of FTX, Sam Bankman-Fried, will testify in his upcoming criminal trial. Meanwhile, Matrixport, a cryptocurrency trading firm, reaffirms its prediction of Bitcoin hitting $45,000 by the end of 2023. Additionally, the possibility of approval for spot Bitcoin ETFs has garnered substantial interest in the crypto world, leading to a crash of the Depository Trust and Clearing Corporation’s (DTCC) website.
In the upcoming criminal trial, ex-FTX CEO Sam Bankman-Fried is set to testify, as verified by his defense attorneys. Additionally, Matrixport, a crypto trading company, is adamant in its forecast that Bitcoin's value will reach $45,000 by 2023's end. The events surrounding the potential approval of spot Bitcoin ETFs have also garnered so much interest in the crypto world that the Depository Trust and Clearing Corporation’s (DTCC) webpage experienced a crash.
Sam Bankman-Fried, the former FTX CEO, will be defending himself through testimony in his criminal trial, as confirmed by his lawyer, Mark Cohen, on October 25. A phone consultation among Bankman-Fried's attorneys, the prosecution, and Judge Lewis Kaplan revealed that Bankman-Fried, along with three other witnesses, will give their testimonies once the prosecution rests its case on October 26. The defense team anticipates that cross-examining these witnesses will not extend beyond three days.
Noteworthy former FTX associates, including Caroline Ellison, Gary Wang, and Nishad Singh, have already made their statements before Bankman-Fried's upcoming testimony.
Matrixport, a crypto trading company established by Bitmain's co-founder, Wu Jihan, is standing firm on its forecast that Bitcoin's value will reach $45,000 by the close of 2023. Matrixport initially proposed this 2023 Bitcoin value goal in early 2023 and reinforced this assertion in an October 24 blog post.
Matrixport has confidently made various market outcome predictions. Specifically, it mentioned its September 2023 report titled, "October Ignites a Bitcoin Boom: Institutions Fueling the Price Surge," which correctly predicted substantial Bitcoin market activities in October. The company anticipated a robust October for Bitcoin due to the buzz around potential approvals of spot BTC exchange-traded funds. Moreover, historically, October has been Bitcoin's most prosperous month, with average returns of 20%.
The crypto community is also actively focused on the Depository Trust and Clearing Corporation’s (DTCC) webpage as it potentially reveals any developments regarding a spot Bitcoin exchange-traded fund (ETF). The temporary disappearance of the ticker for BlackRock's ETF — IBTC — from the DTCC site before its reappearance after a few hours caused Bitcoin's price to drop nearly 3%. This points to the trading fervor around ETF developments.
The DTCC webpage even experienced a crash due to the immense interest in the IBTC. According to Senior Bloomberg ETF analyst Eric Balchunas, This level of scrutiny leveled at the DTCC is unusual and showcases the unique and intense nature of these developments.
On October 25, misinformation circulated on social media suggesting that ARK Invest and 21 Shares' joint spot Bitcoin ETF had been listed on the DTCC site. Instead, many confused ARK's futures ETF tickers for the duo's spot fund. The most recent amended filing dated October 11 for ARK’s spot Bitcoin ETF confirms that it will trade under the ticker “ARKB.”
This article isn't intended to give investment advice or recommendations. Every financial decision entails risk, requiring readers to conduct their research before deciding.
Published At
10/25/2023 8:01:22 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.