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Cryptocurrency News: Bitcoin, Ethereum Rise; SEC Chair Gensler's Crypto Comments – Investor's Business Daily

BREAKING: Market Jumps To Cap Solid Week

Cryptocurrency News: Bitcoin and Ethereum jumped on Friday and the cryptocurrency markets are very green heading into the evening. And there’s plenty of crypto news to ring in the weekend.
SEC Chair Gary Gensler reiterated the need to regulate cryptocurrencies in a speech at the Practising Law Institute yesterday. Gensler said most crypto tokens are securities and the industry needs regulation to protect investors.” Nothing about the crypto markets is incompatible with the securities laws,” he said.
Sam Bankman-Fried’s FTX continues to make headlines. The crypto exchange’s investment arm, FTX Ventures, is buying a 30% stake in SkyBridge Capital, the investment firm led by former press secretary Anthony Scaramucci. Financial terms weren’t disclosed, but SkyBridge will use a portion of the funding from FTX to deploy $40 million in crypto investments to hold on its balance sheet long-term.
But FTX Ventures didn’t stop there. It also led a $300 million investment round in Mysten Labs, a web3 development company behind the Sui blockchain. The Series B round values Mysten upwards of $2 billion and included investments from a16z, Apollo, Binance, Coinbase, O’Leary Ventures and others.
Crypto exchange Coinbase (COIN) is funding a lawsuit against the Treasury Department over its sanctions of Tornado Cash smart contracts. Coinbase is asking the court to remove Tornado Cash from the U.S. sanctions list. CEO Brian Armstrong says the sanctions exceed the Treasury’s authority, harm innocent people, remove privacy and security options for crypto users and stifle innovation.
Click here to jump to more on today’s Cryptocurrency News.
Bitcoin trended toward $21,300 Friday afternoon on the stock market rebound and weakened U.S. dollar. September is historically the worst month for the world’s largest cryptocurrency. Bitcoin’s price has fallen an average 8.5% in September over the last five years.
It’s been a tough summer for BTC. Its value tumbled 13.9% during August, sending it below its 200-week moving average of $22,680. Bitcoin’s price is trading below the investor cost basis of $19,360, a critical area of support, according to ARK Investment Management’s latest cryptocurrency report.
Ethereum also rose on the day, climbing toward $1,720 by market close. Ethereum is currently upgrading its network to a proof-of-stake consensus algorithm. The first phase of the merge, known as the Bellatrix upgrade, launched on Tuesday and prepares the blockchain for the merge. While the second phase, called the Paris update, will commence in the coming days. The merge is expected to complete between Sept. 16 – Sept. 20.

Scroll down for more cryptocurrency news and price updates.
Digital asset investments are extremely volatile. While cryptocurrency’s fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.
Despite their original promise, cryptocurrencies haven’t acted as hedges against inflation. Instead, they’ve trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.
View IBD’s Best Cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.
Want a deeper dive into crypto? Check out the What Is Cryptocurrency? explainer page.
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10:20 AM ET As always, it was a busy week for crypto. From Ethereum kicking off its merge and Coinbase[ticker symb=COIN] suing the…
10:20 AM ET As always, it was a busy week for crypto. From…
Google has circled in on Amazon’s e-commerce turf while failing to take a major bite of revenue — so far. (© Dave Cutler)
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Deidre Richardson is a tech enthusiast who loves to cover the latest news on smartphones, tablets, and mobile gadgets. A graduate of the University of North Carolina at Chapel Hill (B.A, History/Music), you can always find her rocking her Samsung Galaxy Note 3 and LG Nexus 5 on a regular basis.