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24 Crypto Update, 29 Sep: Crypto market remained relatively stable

30-Sep-2023 By: Lokesh Gupta
24 Crypto Update, 29

The Crypto market remained in a positive state throughout the weekend

Once more, Bitcoin struggles below $27,000, with Ether inching closer to $1,700. The SEC delays decisions on Bitcoin ETFs, including BlackRock's proposal, amid a looming government shutdown, adding to market uncertainty.

In the last 24 hours, the crypto market's trading volume surged by 35.94% to reach $41.5 billion. DeFi contributed $2.32 billion, making up 5.60% of the total volume. Stablecoins dominated with a $39.47 billion volume, accounting for 95.10% of the market's 24-hour volume. Bitcoin's dominance slipped by 0.18% to 48.86%.

Crypto Fear and Greed:

In the past 24 hours, the cryptocurrency markets experienced traders taking profits, resulting in a slight 1-point decrease in the "Greed and Fear Index." As a result, the index currently sits at the 47th position on its scale, which ranges from 0 to 100.

Latest Market Update: 

Bitcoin held above $26,000, and Ethereum remained above $16,000 early Saturday, with BTC experiencing a slight 0.12% loss. Other altcoins, including Litecoin and Dogecoin, posted minor gains. Gala was the top gainer, rising over 6.57% in 24 hours, while Maker was the biggest loser.

Major Worldwide News Update:

  • Bitwise Asset Management will launch trading for two Ethereum-themed ETFs on October 2, 2023. The Bitwise Ethereum Strategy ETF ($AETH) and Bitwise Bitcoin and Ether Equal Weight Strategy ETF ($BTOP) offer investors exposure to CME Ether futures. Bitwise aims to capitalize on Ethereum's diverse investment potential. While Bitcoin ETFs face delays, the Grayscale lawsuit outcome could reshape the landscape in 2024. Nine Ethereum Futures ETFs are set for SEC accelerated approval on October 2, 2023, according to Bloomberg analyst James Seyffart.

  • VanEck will donate 10% of profits from its Ethereum Strategy ETF (EFUT) to support Ethereum core developers, a commitment spanning a decade. This move is significant for Ethereum's growth and product development. The ETF's trading started on September 29, 2023. It coincides with Bitwise's launch of Ethereum ETFs, while Bitcoin ETF approvals face SEC delays.

  • Bitcoin surged to $27,000 as the impending U.S. government shutdown loomed. Some analysts suggest it could reach $30,000 if the shutdown occurs. Analyst Rekt Capital highlights the next 140 days before the Bitcoin halving as a key period for accumulating below $20,000. Post-halving, a parabolic bull run is anticipated, with the halving expected in April 2024 and a potential peak in September or October 2025. October has historically been a strong month for Bitcoin performance, although this year presents unique challenges.

  • Paradigm, a crypto venture capital firm, criticized the U.S. SEC for attempting to modify the law without due rulemaking procedures in its case against Binance. Paradigm argued the SEC is overstepping its jurisdiction and expressed concerns about the potential impact on securities law. Circle, the issuer of USDC stablecoin, also joined the Binance vs. SEC case, asserting that stablecoins should not be classified as securities.

  • Westport police, aided by the Connecticut State Police Organized Crime Task Force, traced and recovered over $3 million in stolen cryptocurrency in a Kraken impersonation scam. The victim transferred retirement savings into a fake Kraken account, but law enforcement's efforts led to the recovery of $3.2 million from culprits in Pakistan. While this impacts Kraken's reputation, it highlights law enforcement's growing expertise in cryptocurrency cases and emphasizes the importance of vigilance in the crypto space.

  • Polygon Labs announced that Google Cloud has become a validator for the Polygon Proof of Stake (PoS) network, underscoring the protocol's security and efficiency. Google Cloud joins over 100 validators, contributing to network integrity and decentralization. Polygon has been making strides in scalability and innovation, including its zero-knowledge Ethereum Virtual Machine and the ongoing Polygon 2.0 initiative.

  • Invesco, a major asset management firm with $1.6 trillion under management, plans to launch the Invesco Galaxy Ethereum ETF, which will directly hold ether, differentiating it from upcoming ether futures ETFs. This move comes as various firms, including Ark Invest and VanEck, compete to introduce spot ether ETFs, potentially driven by Grayscale's recent legal victory against the SEC. Invesco's entry into digital assets, including Bitcoin and ether ETFs, reflects growing institutional interest in cryptocurrencies, although regulatory hurdles in the U.S. persist. The future of crypto investments depends on regulatory decisions and market developments.

  • Linda Yaccarino, CEO of X (formerly Twitter), announced the platform's near-profitability, citing a breakeven point from an Operating Cash Flow perspective, with expectations of profitability in early 2024. Under Elon Musk's leadership, X underwent transformation, with revamped features, enhanced monetization, and a focus on content creators, resulting in increased user engagement and video views. Despite criticism from some media outlets, X's changes have been transformative.

  • Gemini cryptocurrency exchange has temporarily halted operations in the Netherlands to comply with De Nederlandsche Bank (DNB) regulations. Users were urged to withdraw assets before the suspension on November 17. Gemini plans to return to the Dutch market in alignment with Markets in Crypto-Assets regulations (MiCA), focusing on regulatory adherence for sustainability. The Dutch market hosts 37 registered crypto providers, including Coinbase and eToro, under DNB's regulatory guidance.

  • Despite recent challenges and a significant drop in trading volume, some experts believe the NFT market may be nearing its bottom, with potential for a resurgence in 2024 and 2025. Institutional players, including PayPal, are filing patent applications related to NFTs, Layer 2 solutions, and metaverse technology, indicating renewed interest in the sector.

COIN GABBAR Views: Is Bitcoin gearing up for a potential resurgence towards a new all-time high, and what were the factors behind its drastic price drop to $2,700 on Binance? Could Bitcoin's current price, hovering around $27K, signify a resurgence while Ripple (XRP) stuns the market with unexpected volatility? What price trajectory can we anticipate for Bitcoin (BTC) leading up to the upcoming halving event? 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,29 Sep: Is Valkyrie's ETH ETF launching tomorrow?

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