Grayscale triumphs while China struggles

READING TIME: 4 mins 40 secs

GM you web3 maniac!

This Wednesday feels like a breath of fresh air in the world of web3. The crypto market has bounced back from the bottom, soaring by 4.43% in the last 24 hours!

Here's what we got for you today:

🚀 Bitcoin soars as Grayscale triumphs over SEC

🆘 China's economy struggles - will Bitcoin wobble?

📮 Sending money made easy with "Binance Send"

The U.S. Department of Justice has filed a motion to exclude the testimony of all seven expert witnesses proposed by Sam Bankman-Fried.

The DOJ argues that the proposed experts, including a lawyer, a business school professor, a law professor, and four consulting firm heads, would offer legal conclusions that invade the court and jury's purview or serve to provide an expert patina to inadmissible hearsay testimony about the defendant’s supposed lack of criminal knowledge or intent. The DOJ also argues that some of the testimony is unnecessary given other witnesses and that some testimony improperly usurps the court and jury's roles. If the court decides not to preclude the witnesses' testimony, the DOJ has requested a Daubert hearing to evaluate the admissibility of the challenged expert's testimony in open court.

Bitcoin experienced a near two-week high after Grayscale won a lawsuit against U.S. regulators, questioning the SEC's decision to reject its Bitcoin ETF proposal.

This landmark decision stirred hope in the cryptocurrency community and led to BTC breaking above the $27K threshold, with potential to reach $30K in the next two weeks. The court's ruling was crucial as it gave the digital asset management firm a chance to join firms aspiring to launch the first U.S.-based Bitcoin spot ETF, despite the SEC not approving any Bitcoin-related ETF applications yet. The news led to increased buying across all order classes and could signal the beginning of a new Bitcoin bull cycle.

Binance is expanding its services in Latin America by introducing a new cryptocurrency transfer service called "Binance Send," aimed at simplifying cross-border transactions in the region.

This initiative is designed to revolutionize the traditional remittance scene by offering a faster and more cost-effective solution for sending and receiving a variety of cryptocurrencies. The service will be available in several Latin American countries, where a significant portion of the population lacks access to regular banking. Additionally, Binance Send will allow users to swap their cryptocurrencies for local cash, helping them lock in the amount they are expecting and avoiding surprises due to crypto value fluctuations.

China's struggling economy is causing concern for global growth, with economic activity and credit flow weakening and doubts about the effectiveness of the government's interventions.

The turmoil in China's real estate market may impact the U.S. dollar, commodities, and Bitcoin, as indicated by the recent fluctuations in the Shanghai Shenzhen CSI 300 Index and the correlation with Bitcoin's price. Despite measures announced by China to stimulate the economy, analysts believe they fall short and are short-lived without actual economy support. Foreign capital is fleeing Chinese stocks, contributing to the yuan's dropping value against the U.S. dollar, and potentially leading to slower economic growth in China. This outflow benefits the U.S. stock market and strengthens the U.S. dollar, presenting challenges for Bitcoin.


source: Reddit/Cryptocurrency Memes

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