Bitcoin encounters strong resistance at the $26,500 level, coinciding with a higher-than-expected 0.6% surge in US consumer inflation, driving the annual inflation rate to 3.6%. Elevated inflation could lead the Federal Reserve to contemplate interest rate hikes, diverting attention to safer assets such as money market funds.
The European Central Bank (ECB) raised rates by 25 basis points (bp) but signaled the end of its current rate-hiking cycle. The decision, marking the tenth consecutive hike since July 2022, reflects a prioritization of inflation control over concerns about a potential recession in the eurozone. With a total of 450bp rate increases, the ECB's deposit rate now stands at a historic high.
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 45 out of a total of 100.
Bitcoin (BTC) held above $26,500 on Friday, while major altcoins like Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) all saw gains. Axie Infinity (AXS) led the way with an 11% increase in 24 hours, while ApeCoin (APE) was the top loser, dropping almost 4% in the same period.
Former Celsius Network CRO, Roni Cohen-Pavon, pleads guilty to manipulating CEL token price, facing securities and wire fraud charges. Crypto industry scrutiny grows amid pandemic-related struggles and regulatory concerns. Potential impact on CEO Alex Mashinsky and trial awaits in December 2024.
Binance.US undergoes more leadership upheaval as Head of Legal Krishna Juvvadi and Chief Risk Officer Sidney Majalya exit amid SEC scrutiny. The departures follow a significant workforce reduction, adding to the exchange's mounting challenges, including a lawsuit against CEO Changpeng Zhao.
Genesis Global, a prominent player in crypto trading, is exiting the cryptocurrency trading business, discontinuing all activities through GGC International Ltd. This move follows the winding down of spot trading services and a bankruptcy filing by Genesis Global Holdco earlier this year. It highlights the challenges and volatility in the crypto market, impacting both internal and external factors.
Bill Laboon, Head of Education and Grants at the Web3 Foundation, announces the release of Polkadot Version 1.1.0 with a MEDIUM upgrade priority. This update consolidates multiple repositories into a single monorepo, simplifying development, collaboration, and maintenance. It also highlights Polkadot's compatibility with specific Rust compiler versions and celebrates the Staking Dashboard's 1 million page visits milestone, showcasing growing community engagement and the platform's significance in the Web3 ecosystem.
John Deaton, representing XRP token holders in the Ripple-SEC lawsuit, files a Notice of Appearance for Amicus Curiae Naomi Brockwell in the LBRY case. LBRY was found liable for securities violations, potentially impacting the XRP lawsuit. U.S. District Judge ruled in favor of Ripple in July 2023.
SEC Chair Gary Gensler faced an awkward moment in an interview when questioned about recent crypto lawsuit losses, particularly the Ripple case. Gensler initially criticized the crypto industry but fell silent when the interviewer mentioned sympathetic judges in these cases, hinting at setbacks. Gensler emphasized that such decisions are made collectively by the SEC Commissioners.
Deutsche Bank partners with Swiss firm Taurus to offer secure cryptocurrency custody services for institutional clients, addressing the rising demand for trusted crypto storage solutions. The move aligns with growing interest in digital assets and reinforces the convergence of traditional finance and crypto.
Circle announces native USDC liquidity access on the NEAR protocol ecosystem, offering various use cases such as low-cost payments, 24/7 trading, borrowing, lending, and digital dollar savings without a bank account. This move follows Circle's significant presence in the US crypto ecosystem and its partnership with Coinbase.
A significant transfer of 31.4 million XRP tokens to Bitstamp amid regulatory concerns and FTX's potential crypto sell-off has caught attention. XRP shows resilience despite FTX's troubles and Ripple's ongoing lawsuit with the SEC, with Ripple's President expressing commitment to contesting the lawsuit. Regulatory clarity remains a key industry concern.
Binance announces the burning of Binance-pegged tokens TUSDOLD and BUSD as part of its move away from BUSD and TUSD due to US regulatory challenges. The tokens will be burned on various networks, and equivalent tokens will be released on their respective networks. Binance has also made adjustments in response to SEC statements regarding ADA and MATIC.
Magistrate Judge Faruqui schedules a hearing for September 18 in the SEC lawsuit against Binance, Binance.US, and CEO CZ. The hearing will address arguments related to a protective order and opposition to the SEC's motion to compel a discovery request. Binance.US recently experienced job cuts, leading to speculation about the exchange's stability, which CZ denied.
Elon Musk's X Corp has agreed to settle a lawsuit by nearly 2,000 former Twitter employees who claimed they didn't receive severance pay during a mass layoff last year. Settlement negotiations are scheduled for December. Musk faces multiple lawsuits amid plans to transform Twitter into an "everything app." Dogecoin's price remains relatively stable.
COIN GABBAR Views: Will Bitcoin maintain the $25,000 level? Does the confirmed bullish divergence in Bitcoin have the potential to offset a potentially bearish September and pave the way for a positive October? Is Bitcoin currently experiencing a discount or disaster scenario? Is the current situation a dead cat bounce, or could it be a bull trap? Stay tuned for the latest news at www.coingabbar.com
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For More News: 24 Crypto Update, 13 Sep: Crypto stabilizes after US CPI data release
