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24 Crypto Update, 06 Sep: Crypto remains within a consolidation range

Key Takeaways
  • Major cryptocurrency tokens saw an uptick in morning trading on Thrusday
  • Bitcoin traded at less than $26,000, while Ethereum maintained its position above $1,600
  • The overall cryptocurrency market capitalization was slightly on the rise, reaching $1.08 trillion
07 Sep 2023 By: Lokesh Gupta
24 Crypto Update, 06

G20 Summit in New Delhi to tackle cryptocurrency regulation

On Thursday, Bitcoin struggled to maintain gains, approaching its six-month low, with market sentiment staying pessimistic. Ethereum traded in a tight range between $1,600 and $1,700 for the past week. Ark Invest and 21Shares applied to the US SEC for approval of the Ark 21Shares Ethereum ETF, potentially the first spot Ethereum ETF in the United States.

Later this week, the G20 Leaders Summit in New Delhi will delve into discussions surrounding the foundational elements of cryptocurrency regulation. Concurrently, a jointly authored paper by the Financial Stability Board and the International Monetary Fund is set to provide nations with a comprehensive roadmap for regulating crypto assets.

Major Event to watch

Crypto Fear and Greed:

Over the past day, the cryptocurrency markets have shown signs of selling pressure among investors, leading to a minor decrease of 1 point in the crypto "Greed and Fear Index." At present, the index stands at 41 out of a potential 100.

Latest Market Update: 

Bitcoin remains below $30,000 at $25,785, up 0.08% in the last day. Cardano and Solana saw losses. Ethereum is at $1,637.30, up 0.32% in 24 hours. XRP decreased by 0.35%, Solana by 1.93%, and Polygon by 0.19%. Polkadot rose by 0.49%. Meme cryptocurrencies show mixed sentiment: Dogecoin down 0.67%, Shiba Inu up 0.29% in 24 hours.

Major Worldwide News Update:

  • Federal appellate judges have ruled that Sam Bankman-Fried, facing financial crimes linked to his crypto exchange's collapse, must stay in a Brooklyn jail until his pretrial release motion is decided. His bail was revoked in August for witness tampering. The appeal will be heard by a three-judge panel, with no clear timeline.

  • Amidst cryptocurrency firm collapses like FTX and Celsius, the legal industry has profited, earning over $700 million in fees from crypto bankruptcy cases in the past year. Complex regulatory challenges have driven up legal costs, with FTX-related experts earning the most, notably Sullivan & Cromwell with $110 million in fees.

  • Google has updated its advertising policy for blockchain-based games featuring NFTs, effective from September 15, 2023. The policy permits ads for NFT games that don't promote gambling-related content, with advertisers needing Google's certification. This move supports NFT gaming's growth and offers a safer environment for development and promotion.

  • Ethereum co-founder Vitalik Buterin, along with a team, has introduced "Privacy Pools" in a new paper titled "Blockchain Privacy and Regulatory Compliance: Towards a Practical Equilibrium." This smart contract innovation aims to enhance user privacy and security while maintaining regulatory compliance, addressing previous limitations in mixers like Tornado Cash.

  • Cardano founder Charles Hoskinson made headlines with his remarks suggesting aliens and AI might influence future US elections. His comments reflected criticism of the election process, highlighting the role of pre-selected candidates and unusual hypothetical factors in close races.

  • Binance , a cryptocurrency exchange, faced significant leadership changes in Russia on September 6. The upheaval occurred as Gleb Kostarev, Vice President for Eastern Europe, and Vladimir Smerkis, Director of the Commonwealth of Independent States (CIS), resigned on Facebook. These departures align with growing regulatory uncertainties, especially related to sanctions, raising questions about Binance's future in the Russian market.

  • Story Protocol, a decentralized platform specializing in intellectual property (IP) management and ownership, has secured more than $54 million in a funding round led by a16z crypto, the crypto arm of Andreessen Horowitz.

  • Crypto scammers are using government-owned websites to deceive visitors with fake redirection links connected to the renowned crypto wallet MetaMask. The scam, which targets users in countries such as India, Nigeria, Egypt, Colombia, Brazil, and Vietnam, exploits MetaMask's popularity to trick victims into compromising their crypto access.

  • Sina Weibo, a popular Chinese social media app with 258 million daily users, removed 80 cryptocurrency influencer accounts due to violations of eight regulations, including those related to finance and online marketing. This follows China's crypto ban in September 2021 and previous account purges.

  • The Financial Accounting Standards Board (FASB) will introduce the first U.S. accounting rule for cryptocurrencies, requiring a fair-value approach. This change is set to take effect for fiscal years starting after December 15, 2024, after receiving comments and board approval, aimed at providing investors with better information. Companies are encouraged to adopt the standard early, with advocates like Michael Saylor seeing it as a positive step for corporate Bitcoin adoption.

  • HashKey Hong Kong has partnered with fintech firm OneDegree to offer insurance coverage for digital assets stored on their platform, including both hot wallets and cold storage addresses. The move aims to enhance customer protection and contribute to Hong Kong's digital asset ecosystem.

COIN GABBAR Views:Are major tokens staying flat, and what's in store for Bitcoin and altcoins? Will the G20 Leaders Summit in New Delhi give priority to cryptocurrency regulation, and is there any news regarding collaboration between the Financial Stability Board and the International Monetary Fund to release a comprehensive roadmap for countries to regulate crypto assets? Stay tuned for the latest news at

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: India takes a step ahead towards Global Crypto Regulation

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