24 Crypto Update, 15 Sep:BTC Hits Weekly High, Demonstrates Resilience

Bitcoin: Double bottom signals potential trend shift.

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.

Crypto Fear and Greed:

Over the past 24 hours, there has been a notable surge in pessimistic sentiment within the cryptocurrency market. This shift has led to a decrease of 2 points in the cryptocurrency sentiment index, which currently registers at 43 out of a total of 100.

Latest Market Update: 

Bitcoin (BTC) and Ethereum (ETH) held above $26,000 and $16,000, respectively, with BTC showing a slight 0.12% loss. Altcoins like Litecoin (LTC) and Ripple (XRP) posted minor gains. THORChain (RUNE) surged by 10.71% in 24 hours, while IOTA (MIOTA) recorded the largest loss.

Major Worldwide News Update:

• Billionaire Mark Cuban fell victim to a hot wallet hack, resulting in losses of around $870,000 in 10 different cryptocurrencies. Unusual activity was detected in his MetaMask wallet after months of inactivity. Cuban suspects he downloaded a compromised version of MetaMask, emphasizing the importance of securing crypto assets.

• Gemini accuses Digital Currency Group (DCG) of presenting a misleading proposal to creditors regarding recovery rates. DCG's plan suggests high recovery rates, but Gemini claims it contains inaccurate assertions aimed at paying less than owed. The dispute stems from the Gemini Earn program, with legal battles involving DCG and a lawsuit against both parties. The case awaits resolution, with creditor votes set to decide its outcome.

• Binance, facing regulatory scrutiny and employee departures, seeks to reassure jittery customers. The CEO, Changpeng 'CZ' Zhao, addressed concerns after about 100 employees left the U.S. arm due to SEC pressure. Brian Shroder, Binance U.S. CEO, stepped down but was praised for his contributions. Norman Reed, an ex-SEC executive, replaces him, aiming to navigate the challenging regulatory landscape.

• In the SEC's lawsuit against Binance Exchange, Judge Zia Faruqui has granted a motion to unseal previously sealed documents, potentially leading to new revelations in the case. Binance was accused of various charges, including supporting the trading of unregistered crypto asset securities. The ruling may impact the cooperative stance of Binance in the investigation, and it's seen as a significant development in the ongoing legal battle.

• Japan has approved the use of cryptocurrency tokens for public funding by startups, diversifying revenue sources and promoting Web3 technologies. These regulations are part of Japan's proactive approach to crypto adoption, in contrast to the US's more stringent stance. Japan's progressive stance reflects its commitment to fostering digital innovation and embracing the digital era.

• Friend Tech, a newcomer in the crypto arena, has outshone Tron and Ethereum, earning an impressive $1 million in daily profits. This achievement, driven by increased transaction volume and fee capture, underscores its disruptive potential and commitment to incentivizing creators and users. Friend Tech's rise highlights the significance of innovative blockchain platforms in the crypto space.

• The Economic Offences Wing (EOW) of the Odisha police is investigating Bollywood actor Govinda's potential involvement in a fraudulent cryptocurrency scheme. Govinda attended a promotional event for Solar Techno Alliance (STA-Token), which operated as a multi-level marketing scheme in Goa. The EOW plans to summon him for questioning to clarify his association with the scheme. However, Govinda strongly denies any involvement in cryptocurrency Ponzi schemes.

• Genesis Global, once a major player in crypto trading, is exiting the cryptocurrency trading business, discontinuing all trading activities through GGC International Ltd. This decision follows the bankruptcy of its affiliate, Genesis Global Holdco, earlier this year. Genesis's exit highlights the challenges and uncertainties in the crypto market, including regulatory scrutiny and market fluctuations.

• The Japanese government has relaxed regulations, allowing startups to accept digital assets as an alternative to traditional stocks for funding. This move aims to create a more supportive environment, align with international digital currency standards, and foster innovation in the blockchain sector. It includes changes to tax codes and could lead to increased accessibility, liquidity, and growth in Japan's digital currency market.

• This week in the crypto industry, PayPal expands its crypto services in the United States, offering on-ramps and off-ramps for cryptocurrencies, while traditional asset manager Franklin Templeton files for a spot Bitcoin ETF. Additionally, Coinbase announces its integration of the Lightning Network to facilitate faster and cheaper Bitcoin transactions, and Meta is developing a powerful AI model to rival OpenAI's technology.

• Coinbase CEO Brian Armstrong has criticized the U.S. Commodity Futures Trading Commission (CFTC) for issuing warnings against decentralized finance (DeFi) protocols like ZeroEx, Opyn, and Deridex. Armstrong argues that these projects are not financial services businesses and questions the applicability of the Commodity Exchange Act, suggesting that these actions may push the industry offshore. One CFTC commissioner, Summer Mersinger, dissented against the enforcement actions, stating they may not be justified.

• Cryptocurrency thefts linked to North Korean hackers have dropped by 80% compared to 2022 but remain a significant concern, with $340.4 million stolen this year. Chainalysis warns against complacency, citing a high benchmark set in 2022, and notes that North Korea's Lazarus Group accounted for nearly 30% of all crypto funds stolen in hacks in 2023. The group has increasingly relied on Russian exchanges to launder funds. The United Nations is seeking to curb North Korea's cybercrime activities, which are believed to fund its nuclear missile program.

COIN GABBAR Views: Are Bitcoin bulls gearing up for a run? Is there a potential double bottom forming in Bitcoin, and what conditions need to be met? Has Bitcoin reached its bottom, with experts cautioning about a possible correction? 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.

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