Grayscale sues SEC after its spot Bitcoin ETF is rejected

Things are looking pretty shaky in the cryptoverse as a continuous flow of damaging headlines continues to rock the sector. The staunch believers are calling it a "crypto winter" before things heat up again, while the naysayers are pointing to the final demise of "tulip mania" they have been warning about for years. Those in between are acknowledging that a shakeout is underway, but feel that only the strongest players will survive in similar fashion to the aftermath of the dot-com crash. Bitcoin (BTC-USD) is trading under $20,000 again on the developments, and only time will tell which camp prevails.The latest: The failure of the TerraUSD "stablecoin" project in May sent shockwaves through the crypto market, while the Celsius Network froze accounts and now is preparing for a possible bankruptcy. Popular crypto-focused hedge fund Three Arrows Capital was also ordered to liquidate on Wednesday and crypto exchange CoinFlex issued new "Recovery Value USD" tokens in an attempt to resume withdrawals. Meanwhile, Coinbase (NASDAQ:COIN) and BlockFi have said they would slash their workeforces by a fifth, though others remain undeterred, like MicroStrategy's (NASDAQ:MSTR) Michael Saylor, who scooped up another 480 Bitcoins (BTC-USD) for $10M despite undergoing massive unrealized losses.Growing concerns over the industry even prompted the SEC to deny an application to convert the Grayscale Bitcoin Trust (OTC:GBTC) - which has $13B of as...