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24 Crypto Update, 26 Sep: Crypto traded with a negative tone

Key Takeaways
  • Major cryptocurrency tokens experienced a decline in trading prices on Wednesday
  • Bitcoin managed to maintain its position above $26,000, Ethereum struggled, trading below the $1,600 mark
  • The overall cryptocurrency market capitalization was gradually edging downward, nearing the $1.09 trillion mark
27-Sep-2023 By: Lokesh Gupta
24 Crypto Update, 26

Crypto Investors PANIC as Recession Looms - MASSIVE Losses!

On Wednesday, Bitcoin and various other crypto tokens faced challenges as the anticipation of prolonged higher interest rates cast a shadow over market confidence. Additionally, the uptick in US Treasury yields exerted downward pressure on riskier assets within the asset class. Moving forward, global macroeconomic signals will play a pivotal role in shaping market dynamics.

In the past 24 hours, the crypto market saw a 13.69% drop in total trading volume, now at $19.58 billion. DeFi contributes $2.22 billion, making up 11.33% of this total. Meanwhile, stablecoins dominate with a volume of $18.88 billion, accounting for a whopping 96.43% of the entire 24-hour crypto market volume.

Major Event to be watch

Crypto Fear and Greed:

Over the last 24 hours, the cryptocurrency markets have experienced a mild bout of selling among traders, leading to a marginal 1-point decrease in the "Greed and Fear Index." Consequently, the index now stands at the 44th spot within its range of 100.

Latest Market Update: 

On Wednesday, Bitcoin stayed above $26,000, while Ether made slight gains but stayed below $1,600. Among the top 10 non-stablecoin cryptocurrencies, Binance's BNB saw gains, while Toncoin from the Open Network experienced losses.

Major Worldwide News Update:

  • Despite recent stability in Bitcoin's price, October has historically shown promise as its best-performing month. Cryptocurrency experts express optimism for a potential resurgence, citing past patterns. However, uncertainty looms due to unprecedented high-interest rates, with $29,500 resistance and psychological $30,000 level posing significant challenges.

  • FTX founder Sam Bankman-Fried faces scrutiny for alleged illegal donations connected to fraud charges. A judge permits prosecutors to inquire about political contributions, suggesting they could be linked to wire fraud. Bankman-Fried's substantial donations to politicians, totaling around $34 million, raise questions about their true intent.

  • The US Treasury targets Sinaloa Cartel member Jimenez Castro for using Ethereum to fund fentanyl smuggling into the US. An Ethereum address linked to illegal activities is revealed. US assets of Castro are frozen, and dealings with him by US individuals are prohibited. Authorities adapt to combat illicit finance in the digital age, aiming to disrupt fentanyl trafficking and address the opioid crisis.

  • Ripple Labs appoints former SoftBank director Lauren Belive as Head of Public Policy, emphasizing Ripple's commitment to navigate regulatory challenges and shape the future of the crypto industry. Belive's extensive experience positions her to lead Ripple's engagement in the evolving crypto regulatory landscape.

  • A 42-year-old man from Moscow faces a criminal case in the Yaroslavl Region, Russia, for eight cryptocurrency-related frauds, defrauding victims of over 5 million rubles ($51,000) between 2017 and 2022. The accused used free classified ad platforms to deceive victims into paying for cryptocurrency mining equipment.

  • Kraken, a leading crypto exchange, obtains regulatory approval to operate in Spain and Ireland. This move enhances its European market presence, offering services across all EU member states and EEA countries while adhering to evolving crypto regulations. Kraken's expansion aligns with the broader trend of exchanges targeting the European market's favorable regulatory environment.

  • Chase Bank UK will decline cryptocurrency-related payments from October 16, joining other UK banks in restricting crypto transactions due to fraud concerns. The move reflects traditional institutions' caution toward digital currencies, impacting users genuinely interested in crypto investments and complicating the landscape. The UK's Financial Conduct Authority (FCA) has facilitated discussions between banks and crypto firms but challenges persist.

  • FCF Pay, a blockchain-based payments processor, announces HSBC customers can pay mortgages and loans with cryptocurrencies like Bitcoin, Ethereum, Ripple, and meme coins. This move highlights the growing integration of cryptocurrencies into mainstream financial services and follows FCF Pay's efforts to enable crypto payments for various services and bills.

  • Nine crypto firms in Taiwan are forming an industry association as the country anticipates regulatory guidelines from the Financial Supervisory Commission (FSC). The FSC's forthcoming regulations focus on consumer protection and aim to standardize the crypto industry. Additionally, self-regulation efforts are underway, aligning with global trends and fostering trust in the sector.

  • The SEC has delayed the decision on the ARK Invest 21Shares spot Bitcoin ETF, potentially reducing chances of approval in 2023. This decision came ahead of SEC Chair Gary Gensler's hearing before the Financial Services Committee. Delays on other ETF filings are possible, including those from BlackRock, Bitwise, and Wisdomtree.

COIN GABBAR Views: Is Bitcoin's price in jeopardy with the US Dollar Index showing a bullish 'golden cross,' and Bitcoin spot trading volume hitting a 6-year low? Will BTC manage to maintain its $26,000 level and the lower trendline of the rising channel? Could October potentially usher in a bullish momentum for the crypto market? 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: Crypto Daily Roundup,26 Sep: Is BTC Expected to Reach $30k in October?