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24 Crypto, 19 Sep: Crypto flat before Federal Reserve rate decision

Key Takeaways
  • Leading cryptocurrency tokens experienced an uptick in trading on Wednesday
  • Bitcoin remains steady above $27,000, with Ethereum above $1,600
  • The collective market capitalization of cryptocurrencies witnessed a modest uptick, reaching $1.11 trillion
20-Sep-2023 By: Lokesh Gupta
24 Crypto, 19 Sep: C

Markets await the US Federal Reserve policy meeting outcome

On Wednesday morning in the Asian trading session, Bitcoin surged above the $27,000 mark, briefly peaking at over $27,450 earlier in the day. Meanwhile, Ether held steady around $1,640. Among the top 10 non-stablecoin cryptocurrencies, all recorded gains over the past 24 hours, with Toncoin leading the charge with an impressive 7% surge. The cryptocurrency market received a notable boost from Nomura, Japan's prominent investment bank, as it unveiled a Bitcoin-based fund tailored for institutional investors on Tuesday.

On Wednesday, the Federal Reserve's policy meeting is scheduled and the consensus anticipates no alterations in interest rates by the US central bank. Meanwhile, the ether-to-bitcoin ratio hit its lowest point in 14 months. Ethereum co-founder Vitalik Buterin, according to experts, initiated coin transfers to cryptocurrency exchanges, potentially signaling a precursor to selling.

Major Event to be watch

Crypto Fear and Greed:

In the last 24 hours, a significant surge in buying momentum has swept through the cryptocurrency market. This surge has propelled the cryptocurrency sentiment index to a higher level, with an increment of 1 point, now standing at 46 out of a possible 100.

Latest Market Update: 

Bitcoin surged beyond the $27,000 level on Wednesday. Meanwhile, other well-known cryptocurrencies including Ethereum, Dogecoin, Ripple, Litecoin, and Solana performed inconsistently, with small movements in both directions. Flare emerged as the clear winner, gaining about 7% in a 24-hour period, while eCash fell by more than 3%.

Major Worldwide News Update:

  • Traders anticipate a positive surprise from the Federal Open Market Committee (FOMC) meeting, suggesting a shift away from data-dependent policies. While uncertain about market reactions, Lee looks to Fed Chair Powell's statement regarding inflation and rate hikes during the upcoming conference.

  • Former Deutsche Bank investment banker Rashawn Russell admitted guilt in a cryptocurrency fraud case, potentially facing 30 years in prison and $1.5 million in restitution. Russell deceived investors by posing as a licensed broker, misappropriating their funds for personal use. His change of plea marks a shift in strategy, while Deutsche Bank cooperates with law enforcement and expands its crypto services, underscoring the complexities and risks of bridging traditional finance and cryptocurrencies. This case highlights the need for tighter oversight in the cryptocurrency sector amid the U.S. government's crackdown on fraud.

  • Stanford University plans to refund all funds received from the parents of FTX founder Sam Bankman-Fried, allegedly channeled from the crypto exchange. The university is discussing the refund process with attorneys, aiming to return the money to FTX Debtors. The donations were initially intended for pandemic-related prevention and research but were redirected for personal gain. Similarly, the Metropolitan Museum of Art is returning $550,000 in FTX donations due to negotiations and concerns of fraudulent transfers.

  • Former Atlanta Fed President Dennis Lockhart predicts a potential transition in US Federal Reserve policy by the end of 2023, indicating a shift from current monetary strategies. Market attention focuses on Fed Chair Jerome Powell's speech and the central bank's stance on inflation during the upcoming FOMC announcement. CME FedWatch Tool suggests chances of rate hikes in November and December 2023 meetings.

  • Ripple executives, led by CEO Brad Garlinghouse, are visiting Washington D.C. to meet with US Congress members to discuss proposed crypto bills. This move follows a partial victory in the SEC lawsuit, allowing Ripple to re-engage with the US crypto ecosystem after avoiding it during the legal battle.

  • Google has announced the release of Bard's most capable AI model, enhancing its features and competitiveness. Bard now offers real-time information from Google apps, integrates with Gmail, Docs, and Drive, and allows users to double-check responses with Google Search and share conversations for more ideas.

  • In the first half of 2023, DeFi scams and hacks drained $667 million from digital wallets, highlighting the need for enhanced security in the blockchain space. A new proposal, ERC-7512, aims to standardize on-chain audit reports to improve smart contract security. Co-founder Richard Meissner emphasizes its importance, offering potential benefits like an on-chain reputation system. Adoption by core Ethereum developers remains uncertain.

  • Ripple Labs conducted significant XRP transactions totaling $52.8 million, with a Canadian wallet receiving 100 million XRP and subsequent transfers to various destinations, including Bitstamp. These moves raise questions about Ripple's financial strategy amid legal challenges and regulatory hurdles, while XRP's price has shown a 1.07% gain, currently trading at $0.5091.

  • Coinbase is intensifying its advocacy for the U.S. crypto bill, aiming to move it from committee discussions to a full House vote. The exchange launches a paid media campaign, urges users to contact representatives, and organizes a "fly-in" event with representatives from 35 crypto firms to engage with lawmakers. This reflects the industry's determination to shape crypto legislation amid SEC regulatory actions.

  • Starting in 2024, Thailand will amend its income tax laws to encompass earnings from cryptocurrency trading, offshore accounts, and international stock brokerages earned abroad. All foreign income must now be reported, targeting cryptocurrency traders and individuals with offshore accounts or foreign stock investments. The changes align with the government's efforts to regulate digital assets.

  • FTX founder Sam Bankman-Fried's legal team appeals for his release from a Brooklyn jail ahead of his federal fraud trial on October 3. His bail was revoked due to witness tampering concerns. Lawyers argue his detention infringes on his constitutional rights, including First Amendment rights. Bankman-Fried faces seven fraud-related charges tied to FTX's collapse in 2022.

  • Nomura Group's digital asset subsidiary, Laser Digital Asset Management, has launched its first Bitcoin fund, catering to institutional investors in Japan. The Bitcoin Adoption Fund aims to provide secure and cost-effective exposure to Bitcoin using regulated custody solution Komainu, a partnership of Nomura, Ledger, and Coinshares. Nomura aims to capitalize on the growing demand for digital assets despite recent market challenges.

COIN GABBAR Views: Is Bitcoin set for a rapid ascent to $30,000 in the near future if the Federal Reserve extends its rate pause? How might the FOMC statement and FOMC Economic Projections impact both the crypto market and the broader global markets? Stay tuned for the latest news at

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

For More News: Crypto Daily Roundup 19 sept: Crypto Market Surges in Pre-FOMC Rally