Weekly Crypto News: Bitcoin, SEC, Satoshi’s identity, and More

Bitcoin began October trading between €55,200 and €58,800, reaching around €56,000 by October 10. After enjoying a 7% gain in September, its best since 2013, the market was hopeful for the typically bullish “Uptober.” However, geopolitical tensions, particularly in the Middle East, continue to impact the markets. A slight recovery was observed after Bitcoin slipped below €60,000, yet optimism remains. Analysts are targeting $150,000 (€137,000) for this cycle peak, driven by institutional interest and renewed spot Bitcoin ETF anticipation.

Trump continues gaining favor with the crypto community, appearing alongside Elon Musk at a rally and gaining a lead over Kamala Harris on Polymarket. However, it’s suggested that Polymarket’s bettors tend to favor Trump, possibly skewing the results. A Wall Street Journal poll suggests Harris may have the upper hand in battleground states like Arizona and Michigan. This divide reflects their contrasting stances on crypto, with Trump advocating for miners, and Ripple’s co-founder recently donating $1M to Harris, adding intrigue to this dynamic.

HBO’s new documentary Money Electric: The Bitcoin Mystery suggests that Peter Todd, an early Bitcoin developer, might be Satoshi Nakamoto. However, the crypto community largely rejected this claim. Todd himself denied being Nakamoto, stating that the evidence presented in the documentary was weak and insufficient. Cullen Hoback, the documentary's director, previously worked on identifying other secretive figures, and he continues that approach here. Despite the speculation, many remain skeptical about the identity of Bitcoin's elusive creator.

Ripple recently filed a cross-appeal against the SEC in response to the ongoing legal battle. The appeal follows the SEC's earlier move to contest the court’s ruling that XRP is not a security. This legal struggle could extend for another year or two, leaving market conditions uncertain. Like mentioned above, Chris Larsen, Ripple's co-founder, donated $1 million worth of XRP to Kamala Harris's presidential campaign, despite the ongoing regulatory friction. Ripple continues to push forward with its custody solutions aimed at financial institutions.

Crypto.com recently filed a lawsuit against the SEC after receiving a Wells notice  (notice of investigation by the SEC), signaling potential enforcement action by the regulator. The SEC's expanding jurisdiction over digital assets has faced backlash from several crypto firms, including Coinbase and Consensys, who have similarly challenged the agency. Crypto.com argues that the SEC’s approach to labeling cryptocurrencies as securities is outdated and unsuitable for the evolving digital asset market. This lawsuit adds to the broader pushback from the crypto industry as it seeks regulatory clarity.