Crypto Daily Roundup,26 Sep: Is BTC Expected to Reach $30k in October?

Binance and Mitsubishi UFJ Trust and Banking Corporation (MUTB) are collaborating to explore the issuance of Yen and other fiat stablecoins in Japan, utilizing the "Progmat Coin" platform, in line with recent regulatory changes. Japan's stablecoin market is projected to reach $34 billion, and other Japanese banks like Orix are also considering stablecoin issuance, highlighting Japan's growing interest in stablecoins and Web3 adoption.

Justin Bons, CIO and founder of Cyber Capital, emphasizes Ethereum's robustness due to its diverse client distribution, enhancing decentralization and security. Ethereum boasts multiple clients like Geth, whereas Bitcoin primarily relies on Bitcoin core, highlighting Ethereum's decentralized and resilient network compared to Bitcoin.

Presidential candidate Nikki Haley warns that China is an existential threat, with a rapidly advancing military and intentions to dominate Asia and beyond. She alleges China is preparing for war and intends to win, citing concerns about economic, technological, and military developments.

The crypto market faces potential volatility amid global economic uncertainty, with bankruptcy filings in the US rising. While past indicators suggest a stock market crash could affect cryptocurrencies, recent data shows a potential divergence. Bitcoin's decoupling from the US Dollar and positive metrics like hashrate growth and investor confidence indicate resilience. Ethereum's performance also influences the broader crypto market, with its metrics showing mixed signals, including a bearish possibility in the short term.

Ripple's upcoming "Proper Victory Party" following its legal win against the SEC could positively impact XRP's price. The celebration may boost community morale, increase confidence in the coin, and potentially lead to an uptick in its price, with hopes of it recovering above $0.5.

Huobi's HTX crypto exchange experienced a hacking incident resulting in the theft of 5,000 ETH (approximately $8 million). The platform swiftly addressed the breach, fully covering the losses and restoring normal operations. They offer a 5% reward for the hacker to return the stolen funds and potential employment as a security advisor. If the funds aren't returned within seven days, law enforcement may be involved.

The average Ethereum transaction fee has reached a new low for 2023 at $1.15, according to on-chain data from Santiment. This drop in fees suggests reduced network activity but could also encourage increased utility on the Ethereum blockchain, potentially leading to a recovery in market cap levels.

The crypto industry's key matters with the U.S. federal government, including SEC decisions on ETF applications and ongoing court cases, are unlikely to be entirely derailed by a potential government shutdown. The SEC has indicated it will operate with a "skeletal" staff during a shutdown but has some budgetary flexibility to use reserved funds to keep certain operations going. Federal courtrooms are expected to operate normally for a few weeks before a reduced workload and staffing take over if the shutdown persists.

Also read - 24 Crypto Update, 24 Sep: The global crypto market traded in the red