- Bitcoin has rallied this week, but what is behind the jump?
- Thomas Carreras takes a deep dive into our reporting on Hamas and Bitcoin spot ETFs to find out.
Bitcoin shot from roughly $29,500 to $35,000 — visiting price levels it hasn’t seen since May 2022 — this week and shows no sign of stopping.
BitMEX founder Arthur Hayes, however, said investors are worried about the US getting dragged into a war in the Middle East, and the impact this will have on the economy.
The worse and more prolonged the conflict, the more likely investors are to flee to safe haven assets like gold and Bitcoin, pushing up their price, Hayes said.
In other news, disgraced crypto mogul Sam Bankman-Fried decided to take the stand this week.
The decision came after the prosecution pelted the defence with a barrage of heavy testimonies from the FTX founder’s inner circle — such as his ex-girlfriend and former CEO of Alameda Research Caroline Ellison and FTX co-founder Gary Wang.
Bankman-Fried has pleaded not guilty to criminal charges ranging from fraud to money laundering.
Meanwhile, Senator Elizabeth Warren is citing a Wall Street Journal article to argue that Hamas used crypto to finance its terrorist activities.
However, Elliptic disavowed the publication’s reporting. The blockchain forensics company — whose information the newspaper relied on for its report — said WSJ reporters had “misinterpreted” the data and overstated the impact of crypto in Hamas financing.
Then, on Thursday, the Senate Banking Committee held a hearing on the subject of terrorist financing.
During it, Shlomit Wagman, former director-general of the Israel Money Laundering and Terrorism Financing Prohibition Authority, said “crypto is currently a very small part of the puzzle” for terrorist financing.
In the case of Hamas, “most of the funds are still being transferred by the traditional channels,” Wagman said, including banks, money transmitters, payment systems, money exchanges, trade-based terrorism financing, charity, cash, and shell companies.
Have a great weekend,
Like this newsletter? Sign up for our DeFi newsletter, The Decentralised, and for the regulatory low-down check out The Guidance.
Also, have you joined our TG channel yet? Check out our News Feed for the latest breaking stories, community polls, and of course – the memes.
How did Larry Fink, the CEO of BlackRock, the world’s biggest asset management firm, go from being a crypto-sceptic to being a believer? Tyler Pearson found out.
Bitkraft VC Jonathan Huang told Callan Quinn why he still believes in web3 gaming despite gamers shunning the sector.
While Ramnik Arora was seen as Bankman-Fried’s fixer, the US government has not levelled any charges against him. It’s unclear whether Arora will be called upon to testify as a witness.