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Home ยป Bitcoin lacks momentum; Toncoin leads weekly price increases.

Bitcoin lacks momentum; Toncoin leads weekly price increases.

Crypto market's recent price movements summarized for September 22, 2023.

by V. Sinclair
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Bitcoin showed resilience earlier in the week but traded slightly down on Friday, hovering around $26,500 without significant gains throughout the week. Toncoin (TON) emerged as the top performer, experiencing an almost 10% increase. Toncoin serves as the native cryptocurrency of The Open Network, developed by the team behind messaging app Telegram. Following closely behind was Chainlink’s LINK token, which saw a 6% increase for the week, primarily driven by partnership announcements with traditional financial institutions on Monday.

In other news, bankrupt crypto exchange FTX has filed a lawsuit against former employees of Salameda, an affiliated entity controlled by ex-CEO Sam Bankman-Fried. The exchange aims to recover approximately $157.3 million, alleging fraudulent asset withdrawals leading up to FTX’s bankruptcy.

The court filing names Michael Burgess, Matthew Burgess, Lesley Burgess (their mother), Kevin Nguyen, Darren Wong, and two companies owned or controlled by them, which had accounts registered at FTX.com and FTX US.

Additionally, Binance, Binance.US, and Changpeng Zhao have filed to dismiss a lawsuit by the Securities and Exchange Commission (SEC). They argue that the SEC has not plausibly alleged securities-related violations and is attempting to extend its authority over digital assets without explicit legislative backing.

The SEC had sued Binance, Zhao, and Binance.US in June, accusing them of illegally listing unregistered securities for trading and investment by U.S. investors. The lawsuit sparked a legal battle over access to Binance.US customer funds. Attorneys for Binance and Binance.US claim that the SEC’s allegations exceed its jurisdiction in securities law.

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