Category: Cryptocurrency News

a16z crypto, Coinbase, Ledger, Bain Capital Crypto, Blockchain Capital, and Paradigm joined to advocate for clear regulations.

Bitcoin, the world’s most valuable cryptocurrency, is free-falling, looking at price action on September 11. From the daily chart, BTC is trading at $25,135, a marginal improvement after dropping to H2 2023 lows of $24,951 minutes earlier following an unexpected dump in the early trading hours of the New York trading session.  The Bitcoin Sell-Off Takes Form The crash on September 11 saw the coin drop below the consolidation of the past few trading days with the bearish breakdown, looking at price action, canceling bulls of August 31, and setting an increased selling pressure on August 17. The September 11 sell-off has seen a wide-ranging bear candlestick form. Even though it continues to print, it has relatively high trading volume, indicating high participation levels. Since the bar has above-average volumes, BTC will likely edge lower in the direction defined by the conspicuous bear bar of August 17, when the coin fell 12%, forcing BTC to trend below the $28,700 support level. Related Reading: Dogecoin Future In Question: What’s Next After Today’s Price Drop? Looking at price action, Bitcoin bears are in control and are actively reversing gains posted between June and July 2023. Then, Bitcoin prices rose from around the $20,000 level to as high as $31,800 by the end of July 2023. Afterward, the coin peaked and began falling as talks of a spot Bitcoin Exchange-Traded Fund (ETF) faded following the Securities and Exchange Commission’s (SEC) decision to put off their decision.  At spot rates, Bitcoin is down 20% from July 2023 lows but trading at critical Fibonacci retracement levels of the June to July 2023 resistance levels. Even though BTC and crypto prices tend to post deep retracements, the coin may find support at around $25,000. However, further losses from spot rates in continuation of the August 17 bear bar may see sellers press on rewind gains and force BTC towards June 2023 lows at around $20,000. The Death Cross On The Bitcoin Chart Based on technical candlestick arrangements, one analyst notes that the coin closed below the $25,600 mark after the close of last week’s bar. With this dip, the Ichimoku Cloud indicator has printed a “Death Cross.” Related Reading: Pro-XRP Lawyer John Deaton Reveals The Countries Topping The 75,000 Holder List Technical analysts note that Bitcoin prices tend to dump when this pattern forms before eventually rebounding over several weeks. Previous instances of the “Death Cross” occurred in June 2021 and January 2022, which saw BTC drop 19% and 23%, respectively.  Based on this, if a “Death Cross” prints, BTC may dump by 21%, forcing the coin back to the $20,000 level or June 2023 lows. Before then, BTC has to breach strong support levels at $25,600, $24,000, and $23,200 before retesting the $20,300 zone. Feature image from Canva, chart from TradingView

Senators Richard Blumenthal and Josh Hawley’s framework emphasizes that technology companies cannot rely on liability protections to shield them from legal actions.

ARB’s price slumps to a new low as a decline in TVL, a decline in active addresses engaging with its DApps and a general malaise across the crypto market take their toll.

In a recent Monday court filing, it was disclosed that the estate of bankrupt crypto exchange FTX has amassed approximately $7 billion in assets (3.4B in crypto), including $1.16 billion worth of Solana (SOL) tokens and $560 million in Bitcoin (BTC).  The news sent shockwaves through the cryptocurrency market, with SOL and BTC experiencing negative price movements. Related Reading: Lost In Transaction: Bitcoin User Overpaid By $500,000 For A $200 Deal SOL And BTC Experience Declines As FTX Prepares For Liquidation Solana (SOL), trading around the $20 level on Sunday, witnessed a significant decline in response to the news. Its price plummeted to its current level of $17.83. Bitcoin (BTC) also retraced by over 2.7% in the past hours, reaching as low as $24,9000. In addition to SOL and BTC, the court filing revealed other significant holdings of the FTX estate. These include Ethereum (ETH), valued at $192 million, Aptos (APT) at $137 million, Tether’s stablecoin (USDT) at $120 million, and XRP at $119 million, among others such as wrapped Bitcoin (WBTC) and wrapped Ethereum (WETH), Bit (BIT), and Stargate Finance (STG). The court filing further highlighted that the FTX estate had secured cash throughout the Chapter 11 process, employing a post-petition cash management system. The Debtors “successfully” navigated the Q1 2023 financial banking turmoil and obtained fiat from more than 30 banking institutions worldwide.  Cash has been consolidated and safeguarded within a Master account, with unrestricted cash increasing primarily through venture investment monetization and stablecoin conversions. This Wednesday, the FTX estate is expected to seek approval to liquidate approximately $3.4 billion of cryptocurrencies. This step marks a significant milestone in the bankruptcy proceedings. Options For Relaunch? On September 11, Fortune Magazine reported that the FTX estate had approached over 75 potential bidders, evaluating the possibility of relaunching the bankrupt crypto exchange.  The stakeholders were given a deadline of September 24 to submit their proposals for “FTX 2.0.” The process considers various potential structures, including acquisition, merger, recapitalization, or other transactions to relaunch FTX.com and/or FTX US exchanges. While the specific identities of the bidders remain undisclosed, blockchain technology company Figure and venture capital firm Tribe Capital have been previously mentioned as potential suitors for the relaunch.  The exploration of FTX’s relaunch represents a key development in the effort to sell off, rebrand, or restart the exchange, which has been at the center of a high-profile white-collar criminal case. FTX’s native token, FTT, has experienced positive price movement on news of the potential launch of FTX 2.0. On Monday, it traded nearly 17% higher than at the beginning of the year, reflecting market optimism surrounding the prospect of a relaunch. As the bankruptcy proceedings unfold and the FTX estate moves towards liquidation, the crypto industry will closely monitor the impact on the market and the resolution of outstanding debts.  The search for bidders to revive the exchange introduces an additional layer of complexity to this evolving situation, with potential implications for the future of FTX and its stakeholders. Related Reading: Remember That Guy That Lost A Flashdrive With 8,000 BTC? Here’s What He’s Up To Now Overall, the bankruptcy of the failed crypto exchange has revealed substantial asset holdings of $7 billion, including significant amounts of Solana (SOL) and Bitcoin (BTC). The subsequent market reactions and the quest for bidders to relaunch the exchange have brought further uncertainty to the crypto landscape.  The outcome of the bankruptcy proceedings and the relaunch efforts will shape the future trajectory of FTX and its position within the industry. Featured image from iStock, charts from TradingView.com 

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U.S. Rep. Tom Emmer told an audience at Permissionless II that things are looking up for crypto and it’s time to concentrate the narrative on innovation.

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