Cryptocurrency

The BTC/USD pair held quite well as the US dollar index (DXY) retreated to $104.23, a few points below this month’s high of $105.5. This came even after the latest US consumer inflation data showed an increase from 0.2% to 0.6%, higher than the median estimate of 0.4%. As a result, inflation rose to 3.6%, marking its highest level in months.High inflation is typically bearish for Bitcoin and other cryptocurrencies as it pushes the Federal Reserve to hike interest rates leading to better returns from safe assets like money market funds.However, Bitcoin’s price has shown stability as investors react to the decision by Franklin Templeton to file for a Bitcoin ETF. The firm now joins Wall Street companies like Invesco and Fidelity that have filed for these funds, causing investors to anticipate that the SEC will approve one or more of these funds.Technical analysis of the BTC/USD pair reveals that it has been in a tight range in recent days, rising from this week’s low of 24,940 to over 26,000. The pair moved slightly above the 25-period and 50-period moving averages while the Relative Strength Index (RSI) has moved to the neutral point of 50.Analysts also suggested that if U.S. regulators approve a Bitcoin spot price exchange-traded fund (ETF) in the coming months, it could have a positive impact on the price.Despite these developments, some traders caution that on-chain volume appears to be cooling down after a relief rally, indicating that the rally might be short-lived. However, BTC/USD is still holding the key $25,000 level.In terms of Bitcoin’s performance in September, it was on track to be its best-performing September in years. The last time BTC/USD gained in September was in 2016 when it recorded a 6.35% increase. In contrast, it had a 3.1% loss in 2022 but rebounded with a 5.6% increase in October, informally known as “Uptober” among bullish investors.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

According to his post on X (formerly Twitter), the United States Commodities and Futures Trading Commission should avoid taking enforcement actions against DeFi protocols, as they do not function as conventional financial service businesses, and it’s questionable whether the Commodity Exchange Act is even applicable to them.Continue Reading on Coin Telegraph More

The recent upswing in AI stock prices has led some to draw parallels with the late 1990s dot-com bubble, a comparison that Goldman Sachs strongly rejected in a recent publication.Continue Reading on Coin Telegraph More

Despite the recent recovery, some analysts are predicting a possible decline for ETH. In a video, crypto analyst Nicholas Merten told his YouTube subscribers that Ethereum’s inability to move above the resistance of a bullish formation suggests that ETH could be headed for lower levels. He suggested that if Ethereum does not catch a bid soon, it could revisit previous support ranges around $1,100 or even drop to $890 as seen in June.Furthermore, crypto strategist Benjamin Cowen previously mentioned that ETH could potentially nosedive to as low as $400. He stated that there is a good chance for a lower low and it might not be much lower but could go down to just below $800 or even lower.However, despite the bearish predictions, there are still positive developments around Ethereum. Future ETF approvals for Ether in the US are expected in the coming months with spot ETF approvals likely next year. Additionally, Ethereum continues to avoid being labeled as a security by the US SEC unlike some of its major rivals like BNB, SOL and ADA.In terms of technical analysis, Ether remains below its 21-day moving average (21DMA), which has been offering strong resistance recently. It is also below a downtrend that began in August. The formation of a bearish descending triangle structure indicates a possible drop to sub-$1,500 levels.On the other hand, Ethereum is set to undergo major network upgrades to address scalability concerns in the coming quarters, which could boost its use case. Additionally, more ETH are being removed from supply due to its token burn mechanism and ETH staking gains ground. These factors could potentially support Ethereum’s value in the long term, despite short-term bearish predictions.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The number of unique daily Bitcoin addresses active has risen from around 860,000 to over 1.1 million in September, according to Santiment’s report. This surge in wallet activity comes despite Bitcoin’s price currently straining below $26,000 and the market experiencing heavy fluctuations due to regulatory uncertainties. Investors seem undeterred by the BTC price downtrend and are potentially using the current low prices as an opportunity to increase their holdings. The filing for a Spot Bitcoin ETF by asset manager Franklin Templeton also likely contributed to the increased wallet activity as investors rushed to take advantage of a brief uptick in the digital asset’s price.Despite the rise in wallet activity, Bitcoin’s price remains under pressure, suggesting that this metric may not have a significant impact on the cryptocurrency’s value. Investors are continuing to use the network despite low prices, indicating persistent interest in the digital asset.As of now, Bitcoin is trading just above $26,000, with modest gains of 0.64% recorded yesterday. The cryptocurrency is still below its 50-day and 100-day moving averages, suggesting it might continue to trade sideways for most of September.Investors are eagerly awaiting decisions on numerous Spot BTC ETFs filed by fund managers. The outcomes of these filings could be a defining factor for Bitcoin’s price trajectory going forward. However, no major moves are expected for the digital asset in the immediate future given its current performance and resistance levels between $26,000 and $27,000.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The Hong Kong Monetary Authority, the Central Bank of Kazakhstan and an unnamed central bank have integrated their infrastructure with SWIFT’s “CBDC connector solution” for direct testing, the company said.Continue Reading on Coin Telegraph More

Delaware District Judge John Dorsey approved a plan on Sep. 13 to allow FTX, one of the widely known bankrupt crypto exchanges, to liquidate billions of dollars in digital assets.The approval comes after debtors submitted a proposal in August, outlining the sale of the exchange’s cryptocurrency holdings. This move aims to address the complicated financial landscape FTX is navigating, all while attempting to return funds to the creditors.The approved plan places certain restrictions on the sale process to ensure a methodical and structured approach. The estate’s sale activities will be overseen by a financial advisor, with a weekly sales limit set at $100 million for the majority of tokens.This ceiling can be increased to $200 million, although adjustments will be evaluated on an individual token basis. Prior to selling high-profile digital currencies such as Bitcoin(BTC) and Ethereum (ETH), the estate is obligated to provide a 10-day advance notice to the US Trustee’s office.In a strategic move, FTX has expressed its intent to hedge Bitcoin and Ethereum(ETH) to minimize the impact of market volatility on the proceeds generated from the sales.Furthermore, the estate has reserved the right to stake particular tokens—essentially participating in token-based activities that could generate additional income. This is seen as a way to potentially enhance the returns that could be distributed to the creditors.Amidst these developments, tech firm DWF Labs has expressed interest in acquiring FTX’s assets.Andrei Grachev, presumably a representative from DWF Labs, conveyed through a tweet that the firm aims to offer the “best execution price” for the assets.The acquisition would be targeted at mitigating the risk of drastic market fluctuations, potentially triggered by large-scale, aggressive selling.DWF Labs aims to prevent a scenario that could revert the crypto market to its 2020 capitalization levels.This article was originally published on Crypto.news More

Tongyi Qianwen is a ChatGPT-like large language model trained on a corpus of English and Chinese text. While its exact specifications aren’t known — early rumors indicated it would be trained with as many as 10 trillion parameters, 10 times as many as OpenAI’s GPT4, but these remain unsubstantiated — Alibaba previously released two 7 billion-parameter open-source models based on the Tongyi Qianwen architecture. Continue Reading on Coin Telegraph More