24 Hrs, Sep 13 update: Crypto traded in a tight range (2024)

FTX approved to sell $3.4 billion in digital assets by court

Bitcoin maintained its position above $26,000 during the early hours, thanks to FTX's approval to liquidate its crypto assets in a bankruptcy court. Additionally, slightly higher-than-anticipated U.S. headline inflation data influenced the market.

The August US CPI report pleasantly surprised observers as it outperformed expectations. Year-over-year headline inflation climbed from 3.2% to 3.7%, surpassing the anticipated 3.6% projection. This upswing was primarily attributed to elevated oil prices. Meanwhile, the core CPI, which excludes food and energy expenses, decreased from 4.7% to 4.3%, in line with the expected outcome.

Major Event to be watch

Crypto Fear and Greed:

Over the past 24 hours, there has been a notable surge in purchasing activity within the cryptocurrency market. This increase has led to a 4-point boost in the sentiment index for cryptocurrencies, which currently stands at 45 out of a total of 100.

Latest Market Update:

Bitcoin surpassed $26,000, leading a bullish trend among cryptocurrencies like Ethereum, Dogecoin, Ripple, Litecoin, and Solana. Hedera (HBAR) saw the largest gain at nearly 12%, while Astar (ASTR) experienced the biggest loss, dropping over 5% in 24 hours.

Major Worldwide News Update:

• The European Parliament voted in favor of DAC8, a significant move in regulating cryptocurrencies. Building on MiCA legislation, it strengthens regulations for crypto-asset service providers, aligns with international protocols, and sets a timeline for implementation by 2026, despite some criticism.

• Five years ago, the Blockchain Association's founding raised doubts about cryptocurrency's future in Washington. Today, despite regulatory challenges, crypto's resilience is evident. Looking forward, AML concerns, crypto-specific legislation, and regulatory changes will shape the industry's relationship with the US government.

• Despite regulatory challenges and court actions, the crypto industry pushes forward. The CFTC targeted decentralized crypto platforms, while Consensys introduced upgrades for MetaMask and Infura. Ethereum's plan to replace Goerli testnet with Holesky offers developers a low-risk testing environment with broader validation.

• House Majority Whip Tom Emmer is set to reintroduce the Central Bank Digital Currency Anti-Surveillance State Act to counter the Fed's digital dollar plans. GOP lawmakers are skeptical of CBDCs, while Democrats control the Senate, making its passage unlikely, but it aims to raise awareness about CBDC drawbacks.

• Singapore's remarkable transformation from a third-world country to a global economic powerhouse is contrasted with El Salvador's recent adoption of Bitcoin as legal tender under President Bukele. Both nations emphasize anti-corruption, business-friendly policies, and education, but face distinct challenges. El Salvador's Bitcoin move aims to boost economic growth and financial inclusion, but it must address potential risks and ensure widespread technology access and literacy. The two countries' experiences highlight the importance of boldness, innovation, and commitment to equitable development on the path from third world to first.

• Ethereum (ETH) transaction fees have hit their lowest levels since 2022, with an average fee of $1.83 for transfers and $4.17 for Uniswap token purchases. Reduced gas fees are attributed to decreased on-chain activity, leading to an inflationary period and increased ETH supply, raising questions about Ethereum's value proposition.

• Authorities in Thailand uncovered a $27 million cryptocurrency scam targeting over 3,200 Thai investors. The scheme was operated by five foreign nationals, leading to multiple arrests and property seizures. Thai law enforcement, with international cooperation, pursued charges including money laundering and fraud. Crypto scams are on the rise globally, prompting warnings and preventative actions.

• Economist Peter Schiff has once again emphasized his concerns regarding the potential downfall of the U.S. dollar. He points to substantial budget deficits and unsustainable debt levels as key indicators. Schiff anticipates a scenario where there could be a rush to divest from the dollar, potentially triggering a crisis that could severely impact the economy and cause significant hardship for individuals. Additionally, Schiff highlights the ongoing trend of countries shifting away from the dollar in international trade due to apprehensions about U.S. sanctions.

• Despite recent Bitcoin price fluctuations and regulatory uncertainty, on-chain data shows a consistent increase in Bitcoin wallet activity. In September, daily active Bitcoin addresses rose from around 860,000 to over 1.1 million, the highest in five months. This suggests that investors are undeterred by low prices and may be using them to accumulate Bitcoin. However, the correlation between wallet activity and Bitcoin's price remains unclear, with the market still awaiting decisions on Spot Bitcoin ETF filings.

• Digital Currency Group (DCG), the parent company of Genesis, seeks a repayment plan for creditors, including Gemini Earn program participants. DCG suggests potential full or greater reimbursem*nt and partial payments in Bitcoin and Ethereum. Gemini has expressed skepticism, and DCG aims to garner support from creditors.

• John Deaton, attorney for XRP token holders in the SEC lawsuit, suggested that Binance might face legal action from the DOJ due to recent unusual events. He emphasized the shifting regulatory landscape in crypto and urged participants to brace for a prolonged battle. Attorney Jeremy Hogan noted the exodus of talent and resources from the U.S. and called for urgency in addressing the situation.

• The SEC has taken legal action against Stoner Cats 2 LLC (SC2), alleging an $8 million unregistered offering of crypto asset securities through NFTs for financing an animated web series. SC2 settled without admitting guilt, agreeing to a $1 million penalty, NFT destruction, and a Fair Fund for affected investors.

COIN GABBAR Views: Will the positive CPI data release impact Bitcoin and crypto markets? Is Bitcoin's confirmed bullish divergence enough to counter a potentially bearish September and set the stage for a positive October? Is Bitcoin currently facing a discount or disaster scenario? 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: 24 Crypto Update, 12 Sep:Bitcoin and altcoins facing market resistance

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