24 Crypto Update, 17 Sep: Bitcoin, Ether stable; altcoins rise

Bitcoin and ETH are steady, while altcoins are on the rise.

On Monday morning in Asia, Bitcoin saw a decline, settling at approximately $26,500, while Ether experienced a slight drop but managed to remain above its $1,600 support threshold. Among the top 10 non-stablecoin cryptocurrencies, most registered losses, with Toncoin being the most affected, plunging by over 4%.

FTX, the bankrupt cryptocurrency exchange, has been granted court approval to liquidate its cryptocurrency assets, valued at approximately $3.4 billion. This move could potentially increase selling pressure in the cryptocurrency market, particularly among altcoins, for the remainder of the year. At the same time, U.S. stock futures exhibited slight gains as investors awaited the Federal Reserve's upcoming interest rate decision. Wall Street concluded Friday's session on a downward trajectory, driven by mixed U.S. economic data that tempered investor risk appetite.

Major Event to be watch

Crypto Fear and Greed:

In the last 24 hours, the market has exhibited a period of consolidation, indicating a lack of significant shifts in the sentiment index for cryptocurrencies. The current sentiment index stands at 46 out of a total of 100.

Latest Market Update: 

During the weekend, Bitcoin (BTC), the world's first and most valuable cryptocurrency, held its ground above $26,000. Several well-known altcoins like Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) recorded minor gains. Chainlink (LINK) was the standout performer, with a more than 11 percent surge in the last 24 hours, while KAVA suffered the most significant setback, declining by over 4 percent in the same timeframe.

Major Worldwide News Update:a

• Goldman Sachs predicts a delay in the interest rate hike due to factors including the need for further labor market improvement, positive developments in inflation, and an anticipated economic growth slowdown in Q4. They suggest the possibility of gradual rate cuts if inflation cools and anticipate an increase in the Federal Reserve's 2023 U.S. growth estimate. Market sentiment also indicates expectations of no rate change in the upcoming Fed meetings.

• JPEX cryptocurrency exchange faces trading halt following Hong Kong's Securities and Futures Commission (SFC) warnings of misleading statements and unregulated operations. Users complain of fund access issues, high withdrawal fees, and 83 complaints totaling $4.3 million. The exchange blames third-party market makers and plans a DAO reorganization.

• Norman Reed has been proposed as the permanent replacement for Binance US CEO after Brian Shroder's exit. Reed, a former General Counsel for Ripple, has a history dating back to 2015 with the company. Binance US faces increasing scrutiny amid an ongoing SEC lawsuit.

• FTX has restored its claims portal after a cybersecurity breach that targeted its third-party agent, Kroll. The breach, a "SIM swapping" attack, led to unauthorized access to claimant details but didn't compromise passwords or KYC data. FTX plans to enhance security and has court approval to sell crypto assets to repay creditors.

• Under Elon Musk's leadership, Twitter (now "X") has increased cooperation with German authorities on online hate crimes. X shares user data with German authorities, with compliance rising significantly post-acquisition. Critics argue this could set a precedent for future requests from authoritarian governments, raising concerns about user privacy and free speech.

• Neil Hartner, an engineer at Ripple Labs, highlights the XRP Ledger's (XRPL) liquidity allowance for restricted tokens, making its Automated Market Maker (AMM) more flexible. Users can provide liquidity for asset pairs, including restricted tokens, and receive rewards in XRP. XRPL continues to innovate, with NFT developments and upgrades in progress.

• Rumors of BlackRock shifting its crypto focus from Bitcoin to XRP have been met with skepticism within the crypto community. Many consider the news unsubstantiated and label it as fake, emphasizing BlackRock's commitment to regulatory compliance and its pending spot Bitcoin ETF application with the SEC.

• Nine U.S. lawmakers have expressed support for the Digital Asset Anti-Money Laundering Act, which aims to regulate cryptocurrency companies in compliance with anti-money laundering and counter-terrorism financing frameworks. Critics argue it infringes on crypto users' privacy and personal freedom.

• Best-selling author Robert Kiyosaki, known for "Rich Dad Poor Dad," believes cryptocurrency is the future, while fiat currencies, like the U.S. dollar, are "toast" or fake money. He considers gold, silver, and bitcoin as valuable assets in contrast to fiat currencies. Kiyosaki predicts significant value increases for these assets.

• GameStop is ending its involvement in the cryptocurrency space due to regulatory uncertainty, citing the SEC's aggressive stance against crypto companies like Binance and Coinbase. All crypto wallet services will cease in November, and users must ensure access to their secret passphrases by October 1, 2023.

• The BIS Innovation Hub, in collaboration with the Bank of Israel and the Hong Kong Monetary Authority, has successfully completed Project Sela, demonstrating the feasibility of a retail central bank digital currency (rCBDC) that combines accessibility, competition, and cybersecurity while retaining key attributes of physical cash. This project introduced a novel intermediary called the Access Enabler to manage customer-facing rCBDC services without holding end users' funds, promoting competition and innovation.

• North Korean hackers are increasingly using Russian cryptocurrency exchanges to launder stolen digital assets, according to a Chainalysis report. The report highlights a growing alliance between North Korean and Russian cybercriminals and points out the challenges of recovering assets due to Russia's non-compliance track record.

COIN GABBAR Views: Is it advisable to hold or sell BTC, facing the evergreen dilemma? What factors might break the BTC deadlock? Are Bitcoin bulls preparing for a surge? Could a potential double bottom be emerging in Bitcoin, and what criteria should be fulfilled? 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: 24 Crypto Update, 15 Sep:BTC Hits Weekly High, Demonstrates Resilience