🧐From Crisis to Opportunity🧐: Bitcoin's Resilience in the Face of US Debt Default

 Hello,

Welcome back to Coinpedia Daily News! Crypto Market Update: Bitcoin and Ethereum Hold Steady; Lido DAO Makes a Splash as Huobi Token Takes a Tumble!

Hey there! Here’s the scoop on the latest crypto market happenings:

• Bitcoin (BTC) is playing it cool within the $27,000 range, while Ethereum (ETH) keeps its groove around $1,800.
• We’ve got a mixed bag of gains and losses among popular altcoins like Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL).
• But wait, there’s a star in the show! Lido DAO (LDO) steals the spotlight with a jaw-dropping surge of over 6% in the past 24 hours.
• On the flip side, poor Huobi Token (HT) takes a hit, experiencing a significant dip of more than 6%, making it the biggest loser in town.

All in all, the global cryptocurrency market cap currently sits at a cool $1.13 trillion, showing a slight 24-hour dip of 0.43%. Stay tuned for more exciting updates!

Latest News

Coinbase’s Petition Faces SEC Scrutiny: A Legal Battle Unfolds

• Coinbase, a prominent player in the cryptocurrency industry, has submitted a request to the Securities and Exchange Commission (SEC) seeking something they desire.
• The SEC has responded to Coinbase’s petition, but the outcome has been less favorable than anticipated.
• The SEC emphasizes the use of judicial scrutiny, a process involving a careful review of actions taken against companies to ensure fairness and reasonableness.
• In addition to their petition, Coinbase has submitted two amicus briefs, legal documents supporting arguments in related court cases.

Challenging the SEC: Inconsistent Theories and the Call for Appellate Court Precedents

• John E Deaton raises questions about the SEC’s inconsistent theory regarding the “common enterprise factor.”
• The “common enterprise factor” is a concept utilized by the SEC to determine jurisdiction over specific activities.
• Deaton challenges the SEC’s explanation of the “common enterprise factor” and requests evidence to support their claim.
• Deaton seeks evidence of a court case from any higher court in the US that supports the SEC’s claim.

Celsius Sets Waves in Motion: $781M in stETH Transfers Coincide with Lido Withdrawals Opening

• Celsius, a bankrupt crypto lender, has been actively moving its substantial stash of staked Ethereum (stETH).
• A transaction was observed on Celsius wallets, transferring 428,015 stETH (worth $781 million) to the Lido staked Ethereum wallet, coinciding with Lido enabling withdrawals.
• Celsius performs a test withdrawal of 0.1 stETH, indicating potential preparations for direct staking or as loan collateral for restructuring plans.
• Additionally, Celsius transfers 40,928 ETH to a smart contract called “Figment ETH2 Beacon Depositor 1” and then to the Ethereum Beacon Chain deposit contract, as highlighted by Arkham Intelligence.

Gensler Assures Support: SEC Ready to Aid Crypto Startups Amidst Rising Enforcement Actions

• SEC Chairman Gary Gensler defends the agency’s guidance for crypto companies, asserting that the rules have already been published and offering compliance assistance.
• Gensler’s remarks were made during the 27th annual Financial Markets Conference, where he delivered a keynote speech alongside other financial authorities.
• The SEC’s ongoing court case with Coinbase and concerns about the agency’s enforcement actions in the crypto space were discussed during the conference.
• Gensler emphasizes the SEC’s focus on addressing noncompliance and fraudulent business models in the crypto industry, debunking the notion of complete decentralization and highlighting the commingling of customer funds.

Survey: US Debt Default Could Catapult Bitcoin to Top 3 Assets

• According to a survey conducted by Bloomberg News, if the U.S. were to default on its debt, Bitcoin (BTC) could become the world’s third most sought-after asset.
• The survey reveals that many investors now view BTC as a form of “digital gold” and consider it more popular than fiat currencies like the U.S. dollar, Japanese yen, and Swiss franc.
• Among professional and retail investors, gold ranks as the top asset to hedge against a debt default scenario, followed by U.S. Treasuries. Bitcoin secures third place, with approximately 8% of professional investors and 11% of retail investors planning to purchase BTC as their primary hedge.
• The risk of a U.S. debt default is currently significant, as the country approaches its debt ceiling and faces the possibility of being unable to make debt payments. Discussions between the Biden administration and Congress are underway, with a decision on suspending the debt limit potentially imminent.

Thanks for tuning in to today’s crypto buzz from Coinpedia! But don’t go anywhere just yet, we’ll be back with even more shocking and exciting updates from the world of cryptocurrencies.