24 Crypto Update, 28 Sep: Crypto market experiences a bull run

Eagerly awaited Ethereum Futures ETFs may launch next week

Bitcoin's price surged on the heels of new U.S. macroeconomic data, with attention shifting to Powell. Bipartisan support for Bitcoin ETFs likely contributed to this rise. Additionally, Coinbase, the cryptocurrency exchange, has launched a derivatives platform for its global user base. Ethereum Futures ETFs are eagerly anticipated for possible launch next week. Notably, Ethereum staking has seen significant growth following last year's "Ethereum Merge," with the Q2 2023 "State of Staking" report from Kraken indicating annualized total staking rewards reaching $5 billion during the quarter.

The global crypto market cap is now $1.07 trillion, up 2.07% in the last 24 hours. Total 24-hour crypto trading volume is $30.49 billion, with DeFi accounting for $2.75 billion (9.02%). Stablecoins make up a substantial part, at $28.68 billion, constituting 94.07% of the 24-hour crypto market volume.

Major Event to be watch

Crypto Fear and Greed:

Over the last 24 hours, the cryptocurrency markets witnessed a surge in buying interest among traders, leading to a modest 2-point uptick in the "Greed and Fear Index." Consequently, the index now stands at the 48th position within its scale of 0 to 100.

Latest Market Update: 

On Friday, Bitcoin lingered below the $27,000 threshold, while major altcoins like Ethereum, Dogecoin, Ripple, Solana, and Litecoin all showed gains. The Compound token was the standout performer, surging over 18% in 24 hours, while GateToken recorded the largest decline, dropping nearly 4% during the same period.

Major Worldwide News Update:

• PayPal is reportedly exploring blockchain opportunities, including Layer 2 solutions and NFTs. Recent patent applications reveal their interest in validators, off-chain NFT transactions, metaverse-related recommendations, and enhancing payment efficiency across network layers. PayPal has been gradually expanding its crypto offerings, including its own stablecoin, PYUSD, in competition with Tether.

• Ethereum price rose in 24 hours, surpassing $1,650, as Valkyrie began acquiring Ether futures contracts for its combined Bitcoin and Ethereum ETF. The SEC is expediting Ethereum futures launches before a potential government shutdown. VanEck is also preparing for its Ethereum futures ETF launch, expected around October 2nd, with marketing efforts underway.

• The SEC has delayed the BlackRock and Bitwise spot Bitcoin ETF filings, diminishing the likelihood of approval in 2023. The delay affects three out of seven total filings. Meanwhile, Valkyrie plans to launch the first ETH futures product in the US on September 30, with other companies ready if the SEC clears them before a potential government shutdown on October 1.

• AlphaSense, backed by Google and Microsoft, has raised $150 million in a Series E funding round, pushing its valuation to $2.5 billion. The company specializes in precise AI-driven business intelligence, distinguishing itself by curating structured insights from vast datasets, aiding agile decision-making. CEO Jack Kokko envisions a prominent role in the B2B generative AI industry.

• SEC Chair Gary Gensler faced criticism for evading questions during a congressional hearing on crypto regulation. Representative Ritchie Torres pressed him on the definition of an "investment contract," leading to Gensler's unclear responses. Ripple's Chief Legal Officer criticized Gensler's demeanor, while Representative Tom Emmer accused him of biased regulation favoring large institutions. Gensler defended his commitment to investor protection and addressing fraud in the crypto market.

• Gemini Trust Co., a major crypto exchange, refuted a New York Post report alleging questionable fund withdrawals and mismanagement. Gemini clarified that the $282 million withdrawn from Genesis in August 2022 belonged to Gemini Earn program users, not corporate or personal funds. They accused Digital Currency Group of manipulating public opinion and distracting from their own alleged misconduct under investigation. Gemini defended its decision to increase the liquidity reserve to protect Earn users during market turmoil.

• The US Bureau of Economic Analysis (BEA) released the revised Q2 GDP growth rate at 2.1%, aligning with expectations. This report reflects economic activity, influenced by factors like consumer spending and investments. The slight deceleration from Q1's 2.2% growth may impact financial markets and the US Dollar, which dipped 0.19% upon the report's release. The crypto market also saw a downturn, with a 0.52% decrease in market cap to $1.06 trillion amid market uncertainties.

• Central banks from France, Singapore, and Switzerland, along with the BIS, conducted a successful trial of cross-border trading using wholesale central bank digital currencies (wCBDCs) on a public blockchain. This Project Mariana experiment highlights the potential of integrating DeFi and automated market makers in future financial systems, streamlining cross-border payments and shaping the digital financial landscape.

• Meta, formerly Facebook, is introducing Meta AI, a chatbot powered by advanced AI models across WhatsApp, Instagram, and Messenger. It offers real-time information access, image generation, and engaging AI personalities. Meta's image editing features, Restyle and backdrop, enhance photo editing with AI. This innovation competes with OpenAI's Dall-E 3.

• Ripple has decided not to proceed with the planned acquisition of crypto-focused firm Fortress Trust, according to CEO Brad Garlinghouse. Ripple will remain an investor in Fortress and expressed admiration for the team. The decision follows recent security concerns and a $15 million cryptocurrency loss at Fortress.

COIN GABBAR Views:Is Bitcoin poised for a significant price swing, and in which direction? With Bitcoin supply on exchanges approaching yearly lows, could this influence October's price trends? Has the recent Bitcoin price breakout marked the beginning of a sustained rally? Did Bitcoin and XRP prices get a boost due to a Coinbase announcement, or is it just a temporary bounce in a potential new bull 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.

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