Bitcoin and Ethereum maintain support levels, Solana Labs gets sued and the SEC takes investors ‘hostage’

Bitcoin and Ethereum continued to trade sideways heading into Thursday, with both coins keeping their heads above their support levels in the opening hours.

Bitcoin’s price of US$20,331 was 1.92% up against the day, while Ether’s US$1,167 price tag represented a slightly more bullish 3.79% gain.

Total market capitalisation across the crypto markets is up 1.32% over the past 24 hours, currently sitting at $915.47bln.

Decentralised cloud storage platform Storj was the day’s top mover, climbing 17.81% to break into the top-100 crypto club with a near US$300mln market capitalisation.

Decentralised finance (DeFi) protocol THORChain continued its bullish performance, having rallied 18% over the past seven days.

In the news, the FTX cryptocurrency exchange announced a partnership with Ledger Nano, allowing customers to trade digital assets from the safety of the third-party wallet manufacturer’s hardware devices.

The move comes amid an anxious time for traders, who continue to be stung by large-scale withdrawal freezes across leading exchanges and lending platforms.

A lead developer for meme coin turned crypto giant Shiba Inu confirmed plans to release a stablecoin by the end of 2022.

The ballsy announcement comes at a time of extreme stablecoin scepticism, following the collapse of Terra USD which wiped hundreds of billions off the market.

It has emerged that Solana Labs, developer of the US$12bln SOL coin, is the subject of a class-action lawsuit in the District Court of California.

Brought by a team of retail investors, the suit alleges that Solana Labs made enormous profits through the sale of unregistered securities at the expense of investors.

The Wall Street Journal has come down hard on the Securities Exchange Commission, after the regulator’s chairman and chief crypto sceptic Gary Gensler placed a blockade on Bitcoin exchange traded products (ETPs).

The financial broadsheet accused Gensler of “taking investors hostage” in a strongly worded polemic.