Bitcoin Falls Below $26K in Absence of Grayscale vs. SEC Court Decision

The markets are ending the week with a crypto sell off. Welcome to Coindesk Daily. I'm your host, Jenna Coin Desk, XX Index is trading below $26,000 this afternoon. It's currently down 7% after the morning came and went without a decision on gray scales lawsuit against the SEC. The company is suing for approval of a Bitcoin spot. Ef Grayscale and Coin Desk are both owned by DC. Bitcoin is on pace for its worst weekly drop since FTX has collapsed since November. The largest Cryptocurrency by market cap is on track to end this week lower over 10%. Here's hash note Ceo Leo Mihara earlier on Coindesk TV, explaining what he thinks is behind the sell off. It almost certainly is a big institution. It could be a SpaceX, it could be a hedge fund, taking advantage of the of the media noise to be able to sell out of a big position. Um The one thing that is certain is that there was a big seller, some whale selling into the market while gray scale awaits a court decision over its Bitcoin spot. ETF, a new report says Ether futures TFS will get a stamp of approval from the Sec Bloomberg says the agency is unlikely to block the products. Several firms have recently applied to list these exchange traded funds which would hold derivatives contracts tied to Ether rather than Ether itself. If approved, we could see them list this October bankrupt crypto lender Celsius will hold a vote on its plan to sell assets on Thursday. A judge approved disclosures that suggested creditors can expect to recover 67 to 85% of holdings starting later this month. Creditors will be sent ballots to vote on plan involving the sale of assets to a consortium including Arrington Capital and Minor us Bitcoin Corp. The vote comes after former CEO Alex Moshinsky was arrested last month on fraud charges. He has pled not guilty to those charges. Crypto Lender Exactly has become the latest protocol to be struck by a hack involving a cross chain bridge. The exploit is worth more than $7 million. Cross chain bridges have become a common target for hackers last year. It was estimated that over $2 billion was lost to bridge hacks. According to chain analysis, that's a wrap for Coindesk daily. Get more updates on coindesk dot com and we'll see you next time.