Cryptocurrency prices have entered a consolidation phase after the U.S. market activity. With the start of September, the crypto market has continued its bearish trend, extending from the downward trajectory seen in August. Several major coins have experienced substantial corrections, retracing to their monthly support levels.
Grayscale is urging the SEC to expedite the approval process for converting its Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. Furthermore, Grayscale contends that there is no rational justification for distinguishing between a Bitcoin futures ETP and a spot Bitcoin ETP.
In the last 24 hours, the cryptocurrency markets have exhibited indications of increased anxiety among investors, resulting in a slight uptick of 2 points in the crypto "Greed and Fear Index." Currently, the index is positioned at 42 out of a possible 100.
Bitcoin remains below $26,000 at $25,770, up by 0.35% in the last day. Altcoins like Cardano, Solana, and Polkadot saw gains. Ethereum trades at $1,630, up 0.50%, while XRP declined by 0.35%. Solana surged by 4.52%, Polygon rose by 1.84%, and Polkadot increased by 0.33%. In meme coins, Dogecoin grew by 1.19%, but Shiba Inu fell by 2.05% in the last 24 hours.
Grayscale, the world's largest asset manager, seeks SEC cooperation to transform Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, citing a recent court ruling that removes any legal barriers. They argue GBTC should be treated like Bitcoin futures ETFs already approved by the SEC, emphasizing that the court's August 29 ruling against the SEC supports their case. Grayscale highlights their conversion request surpassing SEC regulatory timelines.
Sam Bankman-Fried, the former FTX CEO, is embroiled in a legal battle. On September 1st, he filed a motion opposing government requests he deemed baseless. His bail was revoked in August after a confidential document mishap. Facing multiple charges, Bankman-Fried awaits trials in 2023 and 2024, impacting his future and the crypto community.
The US SEC has delayed its decision on spot Bitcoin ETF applications until October. These submissions, which include BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise, and Valkyrie Digital Assets, come from both crypto and traditional financial firms. Supporters believe a spot Bitcoin ETF would simplify retail investment in Bitcoin, removing the necessity for wallets or direct cryptocurrency purchases.
Following the landmark SEC vs. Ripple summary judgment, XRP's short-term price remains uncertain. Yet, long-term enthusiasts are hopeful, seeing potential for the altcoin to surpass its ATH, thanks to growing institutional adoption. Ripple is also preparing to host a celebratory event in New York to commemorate its significant SEC victory.
Shiba Inu's Shibarium blockchain boasts over 1 million wallets after its recent relaunch. Within two weeks of its debut, nearly 900,000 wallets were added, despite initial technical challenges. Despite heightened activity, the total value locked (TVL) remains low at $1.06 million. Shibarium is collaborating with third-party bridges, renouncing Bone (BONE) governance token contracts, and expanding validators.
DeFi, or Decentralized Finance, leverages blockchain technology to eliminate traditional banks in favor of smart contracts. Leading DeFi platforms like Uniswap, Aave, and Compound are transforming lending, trading, and interest systems. DeFi promotes financial inclusivity, reduces expenses, and revolutionizes finance by providing the unbanked with access, challenging conventions, and reshaping money management.
Genesis Global Trading, owned by Digital Currency Group (DCG), will close its spot crypto business in the U.S. by September 30 due to regulatory uncertainty. International services will continue. This reflects a trend of major crypto companies leaving the U.S. due to regulatory challenges.
The United States Dollar (USD) and Bitcoin (BTC) are currently displaying contrasting performance trends. The USD is set for its eighth consecutive positive week, whereas Bitcoin is experiencing a bearish downturn, as indicated by on-chain data.
In a recent interview, US Federal Reserve Governor Christopher Waller provided a glimpse into the impending Federal Open Market Committee (FOMC) decision regarding interest rate hikes. He suggested that recent economic data might offer the Fed some flexibility in approaching future target rate adjustments.
China is striving to compete in the AI race with ERNIE, an AI bot developed by Baidu. This homegrown platform aims to rival global counterparts, offering features like image and video generation from text prompts. China's tech giants, including Tencent and SenseTime, are also entering the AI arena, with strict regulations in place to govern their products.
VISA has expanded its USDC settlement pilot to Solana blockchain, aiming for efficient, low-cost throughput for issuers and acquirers. VISA aims to accelerate cross-border settlement with blockchain, enhancing payment authorizations for users. It's part of VISA's commitment to blockchain and stablecoin technology.
COIN GABBAR Views: Will Bitcoin's price rebound or dip below $25k? Is the BTC price uncertainty driving it towards $30k or $20k? Are we observing a resurgence of crypto fragility, and might we be approaching a potential bottom? 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: FTX Founder Sam Bankman-Fried Fights DOJ's Legal Requests