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Crypto Daily Roundup, 27 Sep: Crypto Volatility and Key Developments

27-Sep-2023 By: Lokesh Gupta
Crypto Daily Roundup

Cryptos with the Top Trending in the past 24 hours

TOP 5 Trending Coins

Indices LTP Change (%)
PEPE 0.000000704714 1.61%
Bitcoin $26243 0.34%
Shiba Inu $0.000007238 1.04%
HXAcoin $0.01023 18.06%
Lavandos $0.0002109 6.70%

Crypto News Key Highlights:

The crypto market experienced volatility on September 27, with investor caution due to uncertainties. Bitcoin dipped to $26,254, while Ethereum saw slight gains at $1,594. XRP slipped to $0.5023, and meme coins like Dogecoin and Shiba Inu had mixed performance. Global crypto market cap stood at $1.05 trillion. Maker surged 5.83%, Aptos dropped 5.07%, and GMX rose 1.88%, likely due to its partnership with Doppel for cybersecurity.

Ripple Labs Inc. has appointed former SoftBank director Lauren Belive as Head of Public Policy, a significant move in the crypto industry. Belive's extensive background, including her tenure at SoftBank and government roles, makes her a valuable addition to Ripple's leadership. This hiring reflects Ripple's commitment to addressing legal challenges and shaping crypto policies, particularly as it faces a court hearing with the SEC, highlighting their intent to excel in the crypto space.

The US Department of the Treasury has targeted the Sinaloa Cartel member, Jimenez Castro, for using Ethereum to fund fentanyl smuggling. The Treasury's OFAC has sanctioned Castro, frozen his US assets, and listed a specific Ethereum address linked to illegal drug operations. This reflects their determination to combat evolving illicit finance methods and the opioid crisis, sending a strong message to criminal organizations.

FTX founder Sam Bankman-Fried's political donations, suspected to be from customer deposits, face scrutiny in light of fraud charges. US District Judge Lewis Kaplan has allowed prosecutors to inquire about these donations during the trial, as they could reveal motive and fraudulent intent in the wire fraud scheme. Bankman-Fried had donated extensively to political parties and candidates, aiming to influence crypto policies. Many recipients are open to returning the funds, but his true intent remains unclear.

Franklin Templeton's Bitcoin ETF proposal has raised questions as it hasn't filed the crucial 19b-4 form with the SEC, noted by Bloomberg analyst James Seyffart. While competitors like VanEck and Grayscale seek approval, the delay could be due to thorough preparation or strategic timing in the highly competitive Bitcoin ETF race.

Citibank's foray into blockchain-based tokenization for institutional savings has sparked interest, with Robert Kiyosaki questioning its impact on Bitcoin and the US dollar. The move aims to modernize banking instruments with smart contracts and address global demand for flexible financial services, but the crypto community downplays any threat to Bitcoin.

Pablo Renato Rodriguez, co-founder of AirBit Club, has been sentenced to 12 years in prison for his role in a $100 million cryptocurrency fraud scheme. Rodriguez and his co-conspirators misled investors with false promises of cryptocurrency trading and mining profits, diverting funds for personal gain. The case aims to deter fraudulent cryptocurrency investments.

Bitcoin has gained 30% against Ethereum (ETH) in 2023, with BTC bulls dominating the market. The weekly chart shows BTC extending its lead over ETH despite occasional attempts by ETH for higher highs. However, BTC's rally has been accompanied by declining trading volume, and regulatory pressures have impacted market sentiment. The upcoming Bitcoin halving event in 2024 could further influence the BTC-ETH dynamic.

HTX (formerly Huobi) is facing controversy as Justin Sun, Tron's founder, is accused of a $2.4 billion user fund shortfall. Adam Cochran's analysis questions HTX's financial stability, pointing to discrepancies in their claimed ETH and USDT holdings. Allegations suggest Justin Sun may be utilizing user assets for various purposes, raising concerns about fund security and exchange trustworthiness. HTX has not yet responded formally to these allegations.

Also read - 24 Crypto Update, 26 Sep: Crypto traded with a negative tone