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Altcoins Surge Leaving Bitcoin and Ether Behind After Fed Cuts Interest Rate

The market cap of altcoins rose 5.7% after the central bank announced it would lower interest rates by 50 basis points. Bitcoin’s market cap rose only 4.4%.

Bitcoin (BTC) may have outperformed stocks in the aftermath of the Federal Reserve’s decision to lower interest rates on Wednesday, but the true winners in the crypto universe are altcoins.

Total3, an index that tracks the market capitalization of the top 125 cryptocurrencies, excluding bitcoin and ether (ETH), was trading 5.68% higher since the central bank’s announcement that it would slash the Federal Funds rate by 50 basis points, according to data on TradingView. Bitcoin’s market cap, by contrast, rose only 4.4%.

This isn’t unusual, said Bob Wallden, head of trading at investment firm Abra.

“Altcoins are higher beta than bitcoin and ether, so think of them as a leveraged play on the broader crypto market similar to tech stocks outperforming the S&P 500 (SPX) in time of green shoots,” he said.

The asset class, which includes all crypto assets besides bitcoin and ether, might have also benefited from a recent period of overselling, which Wallden said is adding velocity to their bounce back.

The relatively low liquidity levels of altcoins means they tend to move with greater volatility, said Bohan Jiang, Head of OTC options trading at Abra.

“Altcoins are at the fringes of the liquidity spectrum, and so will always be convex in performance when risk assets perform well and liquidity is abundant, which seems to be the case post-FOMC,” he said.

“They also perform as a function of liquidity and positioning: liquidity in alts is substantially poorer, causing outsized moves both ways. Extended short positioning building up over the past few months can therefore cause short-squeeze-like outperformance higher.”

The Federal Reserve’s decision to lower interest rates pushed bitcoin above $64,000 on Thursday, a price last seen on Aug. 26. It later bounced back and is currently trading at $62,898.

Kris Sandor contributed to the story

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MakerDAO Should Use Solana’s Code to Build Its New Blockchain, Co-Founder Says

Some community members have already pushed back against the idea.

MakerDAO co-founder Rune Christensen said Friday that the platform’s future native blockchain should be built using the codebase that underpins Solana (SOL), a network designed to provide high-speed performance.

In a governance forum post, he said the codebase’s “technical quality,” its “resilience by having gone through the FTX blowup” and already functioning examples make Solana “the most promising codebase to explore further.”

He also mentioned Cosmos as the other “main contender.”

MakerDAO is a largest decentralized finance lender and also the issuer of the $5 billion DAI stablecoin. It is currently undergoing a major, multi-year overhaul called Endgame that includes breaking up the project into smaller, independent entities (SubDAOs) with their own tokens and revamping its governance token MKR and stablecoin DAI.

The plan’s final phase would be the rollout of a bespoke blockchain – under the codename NewChain, for the time being – to connect all SubDAOs and ostensibly make the ecosystem more resilient to governance attacks and technical failures, Christensen explained in the post.

The NewChain is a “major long term project, and will likely take at least 3 years,” he said.

Maker’s endorsement would be a symbolic win for the embattled Solana ecosystem, badly wounded by the collapse of FTX and Sam Bankman-Fried’s downfall, who had been one of the network’s biggest supporters and investors.

“I am honestly speechless,” Anatoly Yakovenko, co-founder of Solana Labs, posted on X (formerly Twitter) following Christensen’s comments. “The more code reuse we have across all ecosystems the faster everything grows.”

Some community members, however, already pushed back against Christensen’s idea, requesting more information about his research or pitching other solutions.

“Solana and Cosmos are the only options? What about an EVM-based rollup?,” prominent crypto researcher Hasu replied to the forum post.

“If Coinbase can deploy its own chain on a layer 2 (BASE), why not Maker?,” long-time community member Tosh9.0 asked.

Large Bitcoin Holders Accumulate $1.5B Worth of BTC as Price Wavers

The accumulation suggests optimism among large investors, IntoTheBlock’s head of research noted.

Large bitcoin (BTC) investors – “whales” in crypto terms – seemed undeterred by the recent weakness in price and substantially increased their holdings.

Data by crypto analytics firm IntoTheBlock shows that addresses holding at least 0.1% of the bitcoin supply – worth more than $500 million – increased their stash by a total of $1.5 billion in the last two weeks of August.

The increase occurred while inflows into centralized exchanges were near zero, suggesting that “there is organic buying demand rather than just funds moving to exchange addresses,” Lucas Outumuro, head of research at IntoTheBlock, wrote in a report.

Whales are entities who control large amounts of a digital asset. Their purchases and sales can have a sizable impact on markets, thus crypto watchers closely follow their behavior to anticipate market movements.The purchases happened during a period when BTC’s price sunk to a two-month low, temporarily lifted by an important court decision in Grayscale’s campaign to list a spot bitcoin exchange-traded fund in the U.S.

Large holders first loaded up after Aug. 17, when BTC plunged more than 10% to below $26,000, its lowest price since June, IntoTheBlock data shows.

They also increased holdings earlier this week following asset manager Grayscale’s court victory over the U.S. Securities and Exchange Commission (SEC). A federal appeals court ordered the agency to vacate and review its denial to convert the $14 billion Grayscale Bitcoin Trust into a more-desirable spot bitcoin ETF.

Analysts interpreted the court’s decision as a key advance towards listing the first spot BTC ETF in the U.S., making the largest cryptocurrency more accessible for a new class of investors.

BTC has erased all gains from the brief rally ignited by the Grayscale ruling and slid back below $26,000 on Friday.

Despite the weak price action, the accumulation suggests that “institutional investors are getting optimistic in Bitcoin as ETF decisions approach,” Outumuro said.

SEC Hasn’t Met Requirements to Argue for an Appeal, Ripple Says

Ripple opposed the SEC motion to try and appeal a federal judge’s ruling in its case against the crypto company from July.

The U.S. Securities and Exchange Commission (SEC) hasn’t made enough of a case to warrant an appeals court intervention in its ongoing legal fight with Ripple, the crypto company argued in a new filing Friday.

The SEC is seeking a federal judge’s approval to appeal her ruling finding that Ripple’s programmatic sales of XRP did not violate securities law. If Judge Analisa Torres, of the Southern District of New York, signs off on the bid, the SEC will need to convince the Second Circuit Court of Appeals to take up the case. In its filing Friday, Ripple argued that there are no controlling law questions and that an appeal wouldn’t lead to a faster resolution of the overall case.

July’s ruling did not “present a controlling question of law,” and neither did the SEC’s motion for an appeal, Ripple said in Friday’s filing, which added that the regulator hasn’t proven that different judges might disagree with the ruling, or that an appeal would lead to a faster end for the court case – all of which are requirements for the judge to approve an appeal, according to the filing.

Judge Torres found in July that while Ripple violated federal securities laws in selling XRP to institutional investors, it had not done the same in making XRP available to retail investors by putting it on exchanges.

A different judge in the same court, Judge Jed Rakoff, disagreed with Judge Torres’ assessment in his own ruling in the SEC’s case against Terraform Labs, a point the regulator brought up when it filed the substantive part of its appeal on August 18.

In Friday’s filing, Ripple said the factual bases underlying each case were different, leading to the different rulings.

“This Court’s summary-judgment ruling relied on record evidence that Ripple made no ‘promises or offers’ to purchasers in Programmatic Sales,” the filing said. “Terraform, by contrast, accepted the SEC’s allegations that Terraform and its founder promised all purchasers – those who bought directly from Terraform or from some other source – ‘rates of returns of 19-20% on the coin owners’ initial investment.'”

The SEC has until September 8 to respond to today’s filing.

LSE Group Plans to Offer Blockchain-Powered Market For Traditional Assets: Report

The London Stock Exchange (LSE) is considering using a separate entity for the blockchain-based markets business, according to the Financial Times.

The London Stock Exchange Group (LSEG.L), one of the oldest stock exchanges in the world, has drawn up plans to offer blockchain-based trading of traditional financial assets, the Financial Times reported Monday.

The company has reached an “inflection point,” having examined the potential for bringing traditional markets to blockchain rails for nearly a year and has now decided to take plans forward, LSE Group’s Head of Capital Markets Murray Ross told FT.

Ross stressed that the project does not involve cryptocurrencies and only uses the blockchain technology underpinning the digital assets to make buying, selling and holding of traditional assets more efficient.

“The idea is to use digital technology to make a process that is slicker, smoother, cheaper and more transparent . . . and to have it regulated,” Ross said.

A blockchain is a distributed, immutable ledger, facilitating record of transactions and tracking assets in a business network.

According to FT, the LSE Group is mulling a separate entity for the blockchain-based markets business and is in talks with regulators, multiple jurisdictions and the U.K. government and Treasury.

The reported move comes as several traditional finance firms look to come on chain to offer tokenised versions of traditional assets like gold and U.S. Treasury notes.

Binance’s Head of Product Departs

Kamat’s departure follows those of Chief Strategy Officer Patrick Hillmann, Senior Director of Investigations Matthew Price and SVP for Compliance Steven Christie, who both left the company in early July

Cryptocurrency exchange Binance has seen another senior executive depart the company, with Global Product Lead Mayur Kamat heading for the door.

“We can confirm that Mayur has stepped down from his role as product lead,” a Binance spokesperson said in an emailed statement. “We are grateful to him for helping guide Binance through some of our most explosive growth and we wish him the very best.”

A former vice president of product at travel agent Agoda, Kamat joined Binance in April 2022.

Kamat’s departure follows those of Chief Strategy Officer Patrick Hillmann, Senior Director of Investigations Matthew Price, SVP for Compliance Steven Christie, who both left the company in early July.

Their departures were linked to founder Changpeng “CZ” Zhao’s response to the investigation of Binance by the U.S. Department of Justice, according to reports. CZ however described this as “FUD” (fear, uncertainty and doubt).

The news of Kamat’s departure was reported earlier by The Block.

Bitcoin’s Use as Margin Collateral in Crypto Futures Trading Is Growing

Using BTC as collateral for a derivative is effectively a double whammy, according to analysts.

Bitcoin (BTC) is unlikely to shed its tag as an unpredictable and volatile asset any time soon because crypto traders are increasingly using the largest cryptocurrency as a margin in futures trading.

Since July, the percentage of bitcoin futures open interest margined with bitcoin has risen to 33% from roughly 20%, according to data tracked by Glassnode. Cash or stablecoin-margined contracts still account for 65% of the total open interest.

Futures are leveraged products, allowing traders to maximize exposure for a deposit at the exchange, known as margin, which is a small percent of the contract size. The exchange provides the rest of the value of the trade. The renewed interest in BTC-margined contracts means potential for volatility-boosting liquidations cascades, according to research provider Blockware Intelligence. That occurs when multiple liquidations – or forced closure of positions due to margin shortage – happen consecutively, causing a rapid price change.

“Using BTC as collateral for a BTC derivative is effectively a double whammy,” analysts at Blockware Intelligence said in a weekly newsletter. “If you’re long BTC with BTC posted as collateral, the price going down brings you to your liquidation point faster because the value of your collateral is declining at the same time. “Leveraging against your BTC during its monetization phase is extremely risky, [as] you can be correct directionally, but volatility can wipe you out regardless.”

Coin-margined contracts are quoted in U.S. dollars, but margined and settled in cryptocurrencies. In other words, the collateral is as volatile as the position, creating a non-linear payoff, where a trader earns less when the market rallies and loses more when the market drops.

So, not only does a long position bleed as bitcoin’s dollar-denominated price drops, but the collateral also loses value, compounding losses. That, in turn, results in a relatively quick margin shortfall and potential liquidation.

The trend is worrying in a sense that should coin-margined contracts become dominant, we may see frequent volatility-boosting liquidations cascades. Such events were quite common before September 2021, when coin-margined contracts accounted for more than 50% of the global open interest.

According to Blockware, the renewed interest in such contracts represents a shortage of cash in the market.

“The spike in this metric over the past few months is curious, it may suggest that traders are running out of cash and are resorting to leveraging against their BTC as the last means of increasing their exposure,” the analysts said.

Liquidity has been leaving the crypto market for some time. According to CCData, the total market value of all stablecoins contracted by 0.4% to $125 billion in August, the 17th consecutive monthly decline. The market cap of tether (USDT), the world’s largest stablecoin by market value, has fallen almost $1 billion to $82.87 billion in the past four weeks, CoinGecko data show.

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Grayscale’s Legal Win Versus SEC Makes Spot Bitcoin ETF Approval More Likely: JPMorgan

For the SEC to defend its denial of Grayscale’s proposal to convert GBTC into an ETF, it would have to withdraw its previous approval of futures-based bitcoin ETFs, which is unlikely, the report said.

It is more likely that the Securities and Exchange Commission (SEC) would be forced to approve the spot bitcoin (BTC) exchange-traded-fund (ETF) applications from several asset managers after a federal court ruled that the regulator must review its rejection of Grayscale’s attempt to convert the Grayscale Bitcoin Trust (GBTC) into an ETF, JPMorgan (JPM) said in a report Friday.

“The most important element of the Grayscale vs. SEC court ruling was that the denial by SEC was arbitrary and capricious because the Commission failed to explain its different treatment of similar products i.e., futures-based bitcoin ETFs,” analysts led by Nikolaos Panigirtzoglou wrote. Grayscale and CoinDesk are both owned by Digital Currency Group (DCG).

The court argued that fraud and manipulation in the spot market posed a similar risk to both futures and spot products because the “spot bitcoin market and CME bitcoin futures market are so tightly correlated,” the report said.

JPMorgan notes that the court ruled there was no justification to allow futures-based bitcoin ETFs but deny spot ETFs. That’s highly significant because it implies that for the SEC to defend its denial of Grayscale’s proposal to convert GBTC, “it would have to retroactively withdraw its previous approval of futures-based bitcoin ETFs.”

A retroactive withdrawal would be extremely disruptive and embarrassing for the SEC and therefore appears unlikely, the bank said.

Still, while the Grayscale ruling may bring closer to the eventual approval of a spot bitcoin ETF, “such an approval is unlikely to prove a game changer for the crypto market,” the note said.

Spot bitcoin ETFs have existed for some time outside the U.S., but have failed to attract considerable investor interest, and bitcoin funds overall, both futures-based and physically backed funds, have attracted little investor interest since the second quarter of 2021, the report added.

Spot-based ETFs allow investors to hold their positions indefinitely while eliminating the rollover cost associated with futures ETFs. The crypto market is optimistic that an eventual launch of spot-based ETFs will unlock floodgates to mainstream money.

Read more: SEC Could Prepare Alternative Arguments to Reject Spot Bitcoin ETFs: Berenberg

Larry David’s Superbowl Ad Casts Doubt on FTX.US Separation, DOJ Says

Sam Bankman-Fried says the FTX exchange’s bankruptcy isn’t relevant ahead of his October fraud trial.

FTX ads featuring comedian Larry David and American football player Tom Brady show a blurring between the bankrupt crypto exchange’s U.S. and international businesses, a Friday night filing by the U.S Department of Justice has said.

Sam Bankman-Fried, FTX’s founder and former CEO, is sparring about exactly what evidence the government can bring in support of charges that include wire fraud – and he’s accused the DOJ of introducing corruption and campaign finance allegations through the back door. Bankman-Fried has pleaded not guilty, and the trial starts Oct. 2.

Bankman-Fried’s lawyers say legally separate U.S operations should be carved out, as accusations relate to the international business. The government says the distinction not so clear-cut, citing a now infamous series of ads aired just months before a great crypto crash that eventually took down Bankman-Fried’s empire.

“Celebrities are featured in advertisements describing ‘FTX’ as ‘a safe and easy way to get into crypto’ and showing customers using a device displaying the FTX logo, not the FTX.US logo,” said the DOJ filing, citing a Superbowl ad featuring David and a separate spot with Brady and his then-wife Gisele Bündchen. “Internal documents indicate that FTX made no distinction between advertising for the international platform and for FTX.US.”

The DOJ also wants to go over the fine details surrounding FTX’s collapse, arguing they’re “inextricably intertwined” with the alleged misappropriation of customer funds.

While Bankman-Fried has argued he was strong-armed into ceding control of a company that could have returned to financial health, the government has said events around the bankruptcy are of interest to the jury even if the eventual fate of FTX is not.

“Whether customers could be made whole in the future ‘is immaterial as a matter of law,’” the DOJ said. Testimony will show that FTX co-founder Gary Wang helped Bankman-Fried move assets to the Bahamas on Nov. 11, which were “plainly acts in furtherance of the charged wire fraud scheme,” the government said.

Bahamas

Bankman-Fried’s lawyers have accused the government of effectively circumventing the terms of his extradition from the Bahamas, from where he ran company operations. The DOJ recently withdrew charges relating to campaign finance laws and the alleged bribery of Chinese officials, as they weren’t covered in the original request to bring him to the U.S.

In bringing in evidence related to those charges, the government is “seeking to claw back the Government’s earlier narrowing of the case and to try Mr. Bankman-Fried on the severed and withdrawn counts,” Bankman-Fried’s filing said. “The sole discernible impact on this trial of admitting evidence of the alleged bribery would be to risk improperly inducing the jury to believe Mr. Bankman-Fried had a criminal propensity.”

Bankman-Fried was arrested in December, and was last month deemed to breach bail conditions by contacting witnesses and leaking potential evidence to the New York Times. His lawyers have protested that prison conditions are making it impossible to prepare his defense.

Crypto ETF Opportunity Doesn’t Stop at Bitcoin, Extends Into Multiple Digital Assets: Bernstein

The industry push for an ether spot ETF will follow immediately after a bitcoin ETF approval since ETH has a similar market structure of a traded CME futures market and a spot market, the report said.

Grayscale secured a landmark win against the U.S. Securities and Exchange Commission (SEC) last week in a court ruling that went past the Grayscale Bitcoin Trust (GBTC) conversion into an exchange-traded-fund (ETF), laying out unambiguous principles for regulators to evaluate spot ETF applications, broker Bernstein said in a report on Monday.

“The crypto ETF opportunity won’t stop at just bitcoin (BTC), but will extend into multiple crypto assets,” analysts led by Gautam Chhugani wrote.

The industry will get its first spot bitcoin ETF some time between mid-October and mid-March, and approval of all spot ETF applications, including Grayscale, will happen at the same time, the report said.

“The industry push for an ether (ETH) spot ETF follows immediately after, given ETH also has a similar market structure of a traded CME futures market and a spot market,” the analysts wrote.

The asset management industry is expected to push beyond bitcoin and ether into areas including other top blockchains, such as Solana and Polygon, and even leading decentralized finance (DeFi) assets, the note said. DeFi is an umbrella term used for lending, trading and other financial activities carried out on a blockchain, without traditional intermediaries.

This is a massive commercial opportunity for the asset management industry to generate healthy fees in a burgeoning asset class, the note added.

“The strong showing in the courts (Ripple and Grayscale in 2 months), improved ETF chances and the progressive institutional interest, are positioning crypto for an unprecedented capital led cycle, unlike the retail led crypto cycles of the past,” the report added.

CoinDesk’s parent company, Digital Currency Group, owns Grayscale.