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24 Crypto Update, 12 Sep:Bitcoin and altcoins facing market resistance

Key Takeaways
  • Major cryptocurrency tokens saw a modest uptick in trading values on Wednesday
  • Bitcoin was trading beneath the $26,000 level, and Ethereum also found itself below the $1,600 mark
  • The collective market capitalization of cryptocurrencies saw a modest increase, reaching $1.07 trillion
13 Sep 2023 By: Lokesh Gupta
24 Crypto Update, 12

Bitcoin, Ether rebound; altcoins recover post-FTX scare

Bitcoin and crypto tokens faced hurdles on Wednesday amid challenges from Binance and FTX. Despite this, most tokens saw slight gains. Concerns about potential sales and layoffs are impacting digital markets, with traders awaiting US economic data later today.

Over the past day, Bitcoin has experienced significant price volatility, with its value surpassing the $25,000 threshold. At the same time, Franklin Templeton, a globally respected investment firm known for its diverse portfolio, is venturing into the world of digital currencies. Their upcoming introduction of a spot Bitcoin exchange-traded fund (ETF) represents a noteworthy advancement in the realm of Bitcoin investments.

Major Event to be watch

Crypto Fear and Greed:

Over the past 24 hours, there has been increased purchasing activity in the cryptocurrency market. This change has led to an 11-point uptick in the cryptocurrency sentiment index, bringing it to a current score of 41 out of 100.

Latest Market Update: 

Bitcoin rallied to nearly $26,000 on Wednesday, rebounding from its dip below $25,000 on Tuesday, marking the first time in three months. Ether also climbed to around $1,600, while various popular altcoins, such as Dogecoin, Ripple, Litecoin, and Solana, experienced a mix of fluctuations. VeChain emerged as the top gainer, surging over 6% in 24 hours, while Stellar recorded the largest loss with an 8% dip in the same period.

Major Worldwide News Update:

  • Franklin Templeton, a leading global investment manager, has filed for a Bitcoin Exchange Traded Fund (ETF) with the SEC, potentially opening doors for institutional crypto involvement. The ETF aims to use Coinbase Custody Trust for asset security and lists on Cboe BZX Exchange. Franklin Templeton's entry aligns with growing interest from financial giants like BlackRock, signaling a shift towards mainstream crypto adoption.

  • House Majority Whip Tom Emmer is set to reintroduce the Central Bank Digital Currency Anti-Surveillance State Act, aiming to counter CBDC momentum. The bill seeks to prevent the Fed from issuing a digital dollar. GOP lawmakers and presidential candidates have shown skepticism, while Emmer's supporters hope to raise awareness about CBDC drawbacks. A House Financial Services subcommittee hearing on CBDCs is scheduled for this week.

  • ICE Futures Singapore, a division of global exchange operator Intercontinental Exchange (ICE), is revamping its bitcoin futures using CoinDesk Indices' benchmark. The CoinDesk Bitcoin Futures (BMC) will settle based on the CoinDesk Bitcoin Price Index (XBX) for October contracts, aligning with ICE's global presence.

  • SEC Chairman Gary Gensler addressed the Senate Banking Committee on various topics, emphasizing the need for SEC oversight in the crypto market. He provided little clarity on spot ETF approvals, citing multiple pending filings. This comes after Grayscale raised concerns about the extended review period for their application.

  • FTX founder Sam Bankman-Fried's request for temporary release was denied by a U.S. federal judge. The judge cited Bankman-Fried's actions in interfering with witnesses as a reason for the denial. Bankman-Fried's access to online resources for his defense was also disputed, with the judge ruling that he has adequate legal representation and that his claims of time constraints were largely self-imposed. The trial is set for October 3, with the possibility of a further application for release in the future.

  • PayPal is enhancing its crypto services for US customers with an "Off Ramps" feature, streamlining access to DApps and NFT marketplaces. This aligns with their broader push into blockchain, alongside previous integrations with MetaMask and Ledger, expanding their presence in the crypto sector. Additionally, PayPal introduced its stablecoin, PYUSD, solidifying its position in the crypto market.

  • Ethereum co-founder Vitalik Buterin revealed he lost his X account to hackers through a SIM swap attack, resulting in a $691,000 theft of assets from his followers. SIM swap attacks continue to target crypto figures, emphasizing the need for stronger security measures like authenticator apps and security keys.

  • FTX , a major crypto exchange, faces attention as it plans to liquidate part of its sizable crypto holdings, potentially impacting the market. Notably, Dogecoin (DOGE) and Tron (TRX) are among the most vulnerable assets, while Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) seem less affected due to their higher trading volumes. Solana (SOL) has a unique safeguard against severe price declines. Both DOGE and TRX face bearish indicators in addition to the potential FTX liquidation impact, suggesting possible price drops.

  • Tether and Bitfinex's CTO, Paolo Ardoino, is set to testify in a long-standing class-action lawsuit against the exchanges after a court rejected their request to delay the deposition. The lawsuit, filed in 2019, accuses the firms of causing $1.4 trillion in crypto market damages through bank fraud, money laundering, and market manipulation. Ardoino's testimony will address various critical topics, including the loss of trading documents and Tether's reserves. Tether has denied the allegations, claiming its USDT tokens are fully backed with $3 billion in excess reserves as of June 2023.

  • Justin Sun, the founder of Tron, has expressed interest in acquiring FTX's substantial crypto assets, valued at billions of dollars. FTX is currently undergoing insolvency proceedings after filing for bankruptcy in 2022. Sun's interest is driven by a desire to reduce the potential selling impact of FTX's assets on the crypto market.

  • The removal of zero fees from the BTC/TUSD trading pair on Binance resulted in an 88% decline in daily trading volume, from $636 million to $72 million, according to Kaiko data. This change also increased Tether's dominance on the platform to 80%, while TrueUSD's share dropped significantly.

  • The Bitcoin price has formed a Death Cross pattern, with its 50-day moving average crossing below the 200-day moving average, indicating potential turbulence ahead. Additionally, decreasing liquidity in the crypto market raises concerns about a possible bear market. However, some traders see potential for a bull run if current support levels hold.

COIN GABBAR Views: Is the current selling pressure in the crypto market a reason to worry? The emergence of a 'Death Cross' in Bitcoin raises concerns for bullish investors. Has Bitcoin's peak for 2023 already passed, or are we in for a prolonged downtrend? Could the filing of a spot Bitcoin Exchange Traded Fund (ETF) by global investment giant Franklin Templeton with the SEC ignite a bullish BTC rally? 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: 24 Crypto Update, 11 Sep: Cryptocurrencies experience a sharp decline

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