Cryptocurrencies, including Bitcoin, are struggling amid market volatility this Tuesday. This week appears uneventful for crypto due to a lack of macroeconomic news. The market is currently searching for direction after a period of stagnant trading.
The robust U.S. Dollar Index could exert short-term pressure on Bitcoin and specific altcoins. Nevertheless, early morning buying activity around the $26,000 mark indicates bullish determination to protect this level. Bitcoin is striving for its first positive monthly close in September since 2016. Additionally, the potential approval of a Bitcoin spot ETF and the upcoming 2024 halving event may offer added support to its price.
In the past 24 hours, cryptocurrency markets have witnessed some selling activity among traders, causing a slight 1-point dip in the "Greed and Fear Index." As a result, the index currently holds the 46th position out of 100.
On Tuesday, Bitcoin stayed above $26,000. Altcoins like Ethereum, Dogecoin, Ripple, Solana, and Litecoin posted modest gains. Frax Share led with a 5% 24-hour increase, while Algorand was the biggest loser, down nearly 4% in 24 hours.
Binance is partnering with MUFG's trust banking arm to launch stablecoins in Japan by 2024, targeting the booming crypto industry. Japan's stablecoin market could reach $34 billion, but Binance must obtain a license for electronic settlement services to proceed. Despite regulatory challenges, Binance continues to expand its global presence.
A significant XRP token transfer to Bitstamp raised concerns of a potential price dump. An anonymous whale moved around 50 million XRP to various exchanges, with large transactions occurring, possibly indicating sell-off intentions. Cryptocurrency markets face liquidity challenges amidst a restrictive monetary policy by the US Federal Reserve.
Binance, the cryptocurrency exchange, has reopened its platform for users in Belgium following a three-month hiatus due to European Economic Area regulations. Belgian residents can now register on the platform, with services subject to conditions. The move comes ahead of the EU's MiCA rules, set to take effect in December 2024, while Binance's CEO expressed compliance intentions and stablecoin plans.
Celsius creditors have voted in favor of a reorganization plan that promises repayment in Bitcoin, Ether, and equity in a new entity, "NewCo," pending approval from the US Bankruptcy Court. While some opposed receiving shares in a new venture, the plan aims to address Celsius' legal troubles and offers hope to creditors.
Empower Oversight Whistleblowers & Research has filed a new FOIA request seeking communication records between former SEC Chairman Jay Clayton and individuals related to the SEC's cryptocurrency enforcement decisions. This move aims to uncover potential conflicts of interest and provide transparency amid controversies in the crypto industry.
Ripple Labs CEO, Brad Garlinghouse, has secured a new defense attorney, Rahul Mukhi of Cleary Gottlieb Steen & Hamilton LLP, in the ongoing XRP lawsuit. This move raises questions about the potential impact on the case, which has already seen various attorney representations.
The BBC is set to release a documentary titled "Panorama: Downfall of the Crypto King" shedding light on Sam Bankman-Fried's journey and the collapse of FTX. The documentary explores overlooked red flags and how celebrity hype obscured alleged crimes, leaving crypto in crisis. Hollywood has also shown interest in the FTX saga, with Mark Wahlberg's production company working on a documentary. Bankman-Fried faces challenges, including a temporary order limiting public statements during his trial.
Former executives of China Evergrande, Xia Haijun and Pan Darong, have been detained amid an ongoing investigation into fraudulent activities that led to the company's downfall. China Evergrande's bankruptcy had global economic repercussions, causing a downturn in crypto markets. Bitcoin fell 2.4%, and other top altcoins followed suit. This development highlights the broader concerns associated with such collapses in both traditional and digital finance. Crypto creditors hope for the release of their locked holdings during bankruptcy proceedings.
Bitwise Asset Management has updated its Bitcoin Exchange-Traded Fund (ETF) application, addressing 8 "Disagreements" raised by the SEC in its previous denials. The amendment rebuts concerns about price discovery metrics and analysis frequency, seeking approval for the ETF.
Russian actor Dmitry Tkachenko fell victim to a cryptocurrency scam involving entrepreneur Grigory Muluzyan. Tkachenko initially invested 7.5 BTC, saw consistent returns, but later faced losses, with 10 BTC frozen. Muluzyan urged him to deposit an additional 0.5 BTC to unlock the frozen funds. Tkachenko reported the incident to the police, losing approximately $262,000.
COIN GABBAR Views: Is the Dollar's Decline Beneficial or Detrimental to Crypto? Can Bitcoin and Ethereum Rely on a Spot ETF Approval to Counteract Their Downtrends? Will the Crypto Market Experience Growth or Decline Leading up to the Bitcoin Halving in 2024? Is October Expected to Bring Bullish Momentum to the Crypto Market? Stay tuned for the latest news at www.coingabbar.com
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, 25 Sep: FTX and JPEX Make Headlines in Crypto
