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🎢 Weekly Recap: Markets Rollercoaster

The Defiant

Weekly Recap

Happy weekend Defiers!

It was a rollercoaster week for digital assets markets. Bulls drove an early-week rally in response to a U.S. judge ruling on Tuesday that the SEC’s decision to reject Grayscale’s proposed Bitcoin ETF was “arbitrary” considering the agency’s approval of similar ETPs last year. U.S. courts also provided a boon to DeFi when a district judge dismissed a class action lawsuit claiming damages from Uniswap Labs suffered at the hands of scam tokens on the Uniswap decentralized exchange. The judge said the developer and lead investor behind the protocol should not be held accountable for the actions of third-party token issuers.

However, the week’s gains have since been erased and then some, with crypto markets selling off in response to the SEC delaying the deadline for it to deliver a verdict on Bitcoin ETFs proposed by BlackRock, Valkyrie, WisdomTree, and Invesco.