https://thenewscrypto.com/indian-mp-urges-government-action-to-strengthen-web3-payment-services/

Cryptocurrency, like many other emerging technologies, was first ignored in India. It seemed as if Indians were hesitant to even acknowledge the industry existed. Lately, the government’s attitude on VDAs (virtual digital assets) has changed significantly due to widespread usage both internationally and in India. In 2022, this was formalized with a large statutory mandate in the form of direct taxes at a rate of 30% and a TDS of 1%.

The Indian government collected decent figure last year from crypto taxes. If not for exchanges on international markets who don’t have to comply with Indian regulations, this number would be substantially higher. This concern has also been recently addressed. The PMLA, passed by the Indian government earlier this year towards the sector, requires all cryptocurrency buyers and sellers to report their activities to the government for tax and disclosure purposes. As a result, the crypto industry is now required, like banks and other major financial organizations, to implement know-your-customer (KYC) and enhanced due diligence (EDD) practices.

Unfortunately, financial institutions have not yet begun teaming up with cryptocurrency exchanges to facilitate INR conversions. The National Payments Corporation of India (NPCI) issued a circular on April 7, 2022, stating that they were unaware of any cryptocurrency payments being made using the Unified Payments Interface (UPI).

As a result, UPI platform providers cut off service to all cryptocurrency exchanges, and UPI payments could no longer be used by crypto investors. As a result, several cryptocurrency exchanges shut down their banking integrations, making it impossible for consumers to make financial transactions on such platforms.

After Coinbase discontinued support for UPI payments in April 2022, Indian cryptocurrency exchanges also stopped accepting deposits in rupees around the same time. However, a few are now again taking deposits in rupees. 

Highlighting Significant Problems

Karti P. Chidambaram, an Indian MP from the Sivaganga seat, recently sent a letter to Indian Finance Minister Nirmala Sitharaman, which he tweeted about. The legislator highlighted problems with Web3 banking services as a consequence of the difficulty of integrating payment rails in his brief letter.

He said blockchain and VDA are going to be the driving force behind the Web3 explosion, thus they are very important. He added further stating that strong payment mechanisms, especially the Unified Payments Interface (UPI), are crucial to the growth and success of the VDA ecosystem.

The member of the Parliament stated that the lack of consistency in user payments has caused operational difficulties for numerous Virtual Asset Service Providers (VASPS). It has been a major challenge to get Merchant Category Codes (MCCs) and conduct VDA-related transactions without using methods like UPI. In addition, the VDA ecosystem lacks access to widespread payment mechanisms like credit and debit cards because of inadequate connectivity with payment aggregators and gateways.

Karti added that as a result, local KYC-enabled and compliance-focused crypto platforms have seen a significant loss of consumers to international alternatives. In addition, fully compliant Indian VDA investors may have suffered financial losses as a result of the disruption in payment rails. They are hampered in both their capacity to do business and access to capital because of inadequate banking infrastructure.

The legislator emphasized that the trust between users is greatly aided by payment rails like UPI. Without these safeguards, users may lose faith in the token and NFT system as a whole due to security and trust issues around transactions. He urged the Union government to expedite the restoration of UPI and payment services and strongly encouraged them to address these issues in order to provide continuous and smooth services for the VDA industry.

All eyes are now on the Indian Finance Ministry to make the required changes on the key points highlighted by the legislator that are obstructing India’s growth in the Web3 domain.

Highlighted Crypto News Today:

Shiba Inu Team Teases With Shiba Hub’s Upcoming Features

https://thenewscrypto.com/bitcoin-price-witnesses-short-recovery-amid-severe-downtrend/

• The price is continuing a downward trend that began when it faced resistance at $27,420.
• A little wave of recovery has pushed prices back over the $26,200 level.

The recent announcement by Citibank to provide blockchain technology for institutional deposits, convertible into “Citibank tokens” for round the clock cross-border transactions, is a major step forward in the evolution of the financial industry.

Robert Kiyosaki, an investor and author, tweeted that Citibank’s recent engagement might mark a turning point for Bitcoin and the USD. On September 18th, Citi stated that its Treasury and Trade Solutions (TTS) division will begin testing out Citi Token Services, a new venture that would use blockchain and smart contract technology.

Struggle Continues

At the time of writing, Bitcoin is trading at $26,273, up 0.42% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 2.88%. The Bitcoin price is continuing a downward trend that began when it faced resistance at $27,420. The price found support at $26,000 level yesterday, after recently breaking the $26,430 support level.

Recently, there has been a little wave of recovery that has pushed prices back over the $26,200 level. If the price manages to break above the $26,700 resistance level then it will likely rally towards the $27,450 mark. Moreover, if the bulls could drive the price above this resistance level then it will likely test the $28,000 mark.

However, there are a number of upcoming resistance levels and shrinking support levels, suggesting that the present price dynamics of Bitcoin are negative. If the price breaks below $26,000 support level then it will be likely heading towards the $25,450 mark. If the cryptocurrency keeps falling, it may possibly test the $25,000 level, marking a new short-term low.

https://thenewscrypto.com/toncoin-ton-price-declines-in-tandem-with-overall-market-sentiment/

• Bears plagued the first part of Toncoin’s Q3 voyage, but bulls engineered a reversal.
• Despite the recent decline, the price is still up 52.34% in the last 30 days.

Toncoin (TON), a noteworthy Layer-1 blockchain, had emerged as a beacon in the middle of a bear market. The community took notice of its recent price increase after it announced its partnership with Telegram. The official collaboration of the TON network by Telegram was front and center on September 13 during the Token 2049 event in Singapore.

Because of this increase, TON is now among the top 10 cryptocurrencies in terms of market cap as per data from CMC. The price increase in such a short period of time shows how in-demand this cryptocurrency is becoming.

Bears plagued the first part of Toncoin’s Q3 voyage, but bulls engineered a reversal, following a bullish momentum in the chart, and the coin even recorded a whopping 90% increase in the previous month, a few days back.

Bears Take Over

The cryptocurrency’s positive momentum had been going against the overall market sentiment for a prolonged period. However, for the last couple of days it has been declining in tandem with the general market sentiment.

At the time of writing TON is trading at $2.19, down 9.14% in the last 24 hours as per data from CMC. Moreover, the trading volume is up by 12.75%. Despite the recent decline, the price is still up 52.34% in the last 30 days.

If the price goes past the $1.96 support level then it will likely continue further downtrend all the way till $1.64. However, if the bulls could drive the price past $2.6 resistance level, then a fresh rally all the way till $4.4 level is expected.

https://thenewscrypto.com/hong-kong-based-mixin-network-faces-200-million-security-breach/

• Mixin confirmed the incident occurred on September 23 in an official statement.
• The platform’s native XIN token has lost around 9% at the time of writing.

Earlier today, security company SlowMist announced that the Mixin Network had been attacked. They discovered the flaw by digging into the platform’s cloud storage. The security group has said they are collaborating with Mixin to analyze the event and gauge its severity.

Mixin confirmed the incident occurred on September 23 in a subsequent official statement. The investigation revealed the damages to be over $200M. The platform has temporarily suspended all withdrawal and deposit services for the security of user funds. Once all security flaws have been found and patched, only then will they resume service.

Reimbursing Impacted Users

Users may continue to use the blockchain for asset transfers as normal. Mixin has also said that they are preparing to reimburse users who were negatively impacted by this situation.

The Mixin Network in Hong Kong is a blockchain-based system that facilitates decentralized trading of digital assets. They’ve linked with 44 other blockchains to facilitate the transfer of assets. Mixin’s XIN token has lost around 9% at the time of writing amid reports of a security breach spread.

The Mixin team stated:

“After discussion and consensus among all nodes, these services will be reopened once the vulnerabilities are confirmed and fixed. During this time, money transfers are not affected.”

It went on to say that company founder Feng Xiaodong will be giving a livestream explanation of the incident later on today. If the reported $200 million loss from Mixin is verified, it will become one of the most devastating assault on the crypto sector this year.

Highlighted Crypto News Today:

Ethereum Bears Are Gaining Momentum: Here’s Why?

https://thenewscrypto.com/gucci-unveils-unique-milan-fashion-week-metaverse-experience/

• Gucci released three distinct virtual experiences on the three metaverse platforms.
• Sabato De Sarno, Gucci’s newly appointed Creative Director, laid out the presentation.

The “Dream Big” section of Gucci, which is responsible for exploring Web3 and metaverse projects, developed a ground-breaking metaverse experience to accompany the fashion house’s first presentation with its new designer.

Sabato De Sarno, Gucci’s newly appointed Creative Director, laid out the presentation on Friday, September 22 during Milan Fashion Week. Gucci released three distinct virtual experiences on the three most popular metaverse platforms.

Gucci Encora

Despite the fact that the actual Fashion Week event had to be moved inside owing to weather issues, Gucci was able to realize its initial notion of an open-air celebration thanks to these digital forays.

“Gucci Ancora” means “encore” in Italian, and the original plan for the event was to hold it in the neighborhood of the prestigious Accademia di Brera. Gucci has updated the May 2022 debuted “Gucci Town” area inside Roblox. The new name, “Gucci Ancora,” and design were inspired by the creative vitality of Milan’s Brera neighborhood.

In one of the chambers, users may interact with a piece of artwork that changes shape to unlock secrets and a gateway. One may “earn” exclusive prizes by completing all three minigames as stated on the Roblox website.

Gucci supports a public art display to highlight the relationship between the fashion industry and the arts. Roblox, Zepeto, and China’s QQ all provide digital analogues to this idea, assuring its global reach via a digital version of the meticulously replicated Milanese architecture.

Highlighted Crypto News Today:

Coinbase CEO Says AI Should Not Be Regulated

https://thenewscrypto.com/ethereums-price-struggles-as-severe-bearish-momentum-looms/

• For the time being, ETH is likely to consolidate within the confines of its current slump.
• If the price breaks below the $1573 level then it will likely test $1540 key support level.

In light of new allegations of extortion, former Ethereum adviser Steven Nerayoff has launched a new assault on Ethereum co-founder Vitalik Buterin. This comes after XRP attorney John Deaton made the shocking admission that he has seen some of the receipts Nerayoff has that demonstrate problems in the Ethereum ICO in 2014.

Nerayoff elaborated on Vitalik’s video claims of fraud, claiming that the Ethereum creator and his father, Dmitry Buterin, were behind a concerted and orchestrated effort to defame him.

ETH is again seeing heavy selling pressure and at the time of writing, the altcoin is trading below $1,600. However, certain network metrics, such as gas fees, are beginning to level out. According to data aggregator Santiment, Ethereum network transaction costs have dropped to their lowest point of the year, at only $1.15. Lower transaction costs have generally been accompanied with greater adoption of Ethereum.

Struggle Continues

Ethereum’s price action inside the ascending triangle formation suggests it may be nearing the conclusion of the corrective phase. In order to finish the correction, ETH may make a new, lower low before continuing to climb to a new all-time high. For the time being, ETH is likely to consolidate within the confines of its current slump.

At the time of writing, ETH is trading at $1593, down 0.12% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 39.23%. If the price manages to go past $1600 short-term resistance level, then it will likely climb towards $1666 resistance level. However, if the price breaks below the $1573 then it will likely test $1540 key support level.

https://thenewscrypto.com/bitcoin-price-consolidates-pointing-towards-a-significant-breakout/

• The price could not maintain its bullish momentum facing resistance at the $27,460 mark.
• If it manages to go past the recent high of $27,460 then a fresh rally is on the cards.

Smaller Bitcoin holders, defined as those with less than 100 BTC, have seen a meteoric rise in recent months. As a result of this sudden turn of events, they currently own a record 41.1% of all Bitcoins in circulation.

According to a tweet from Santiment, there has been a notable change in the distribution of Bitcoin ownership, suggesting the establishment of a more open and democratic BTC ecosystem. Concurrently, the percentage of bitcoin held by “whales,” defined as those owning 100 to 100,000 BTC, has fallen to 55.5%, a level not witnessed since May.

SkyBridge Capital founder Anthony Scaramucci has been vocal about his optimistic outlook on BTC even as the cryptocurrency has been through a downward trend lately.

Significant Breakout Likely

Reportedly, the founder has urged BTC owners to hold on to their cryptocurrency and assured them that they can ride out the current hurricane. It’s interesting that he brought up the fact that the bearish momentum’s darkest days are over.

At the time of writing, Bitcoin is trading at $26,617, down 0.41% in the last 24 hours as per data from CMC. Also, the trading volume is down 3.78%. As of late, the price is consolidating. A breakout in either direction is expected shortly.

The price could not maintain its short-term bullish momentum as it faced strong resistance at the $27,460 mark. The price recently found short-term support at $26,390 mark, breaking which it is likely to decline all the way till $25,000 support level. If it manages to go past the recent high of $27,460 then a fresh rally all the way till $28,000 is on the cards.

https://thenewscrypto.com/marketacross-and-turingum-collaborate-to-boost-japanese-and-global-web3-ecosystems/

MarketAcross, the top blockchain PR and marketing agency in the world, is excited to announce that it has partnered with Turingum, a renowned Japanese Web3 corporation that specializes in business consultancy, tokenomics design, DeFi, and smart contract development. Through this alliance, MarketAcross and Turingum will be better positioned to support the international Web3 projects’ growth in Japan and vice versa, as well as to take advantage of possibilities in the quickly changing cryptocurrency sector.

By offering one other’s services and growing their clientele, Turingum and MarketAcross will be able to strengthen their brand value and seize new business prospects. Turingum will be able to collaborate with multinational corporations via MarketAcross, which will also serve to increase prospects for cryptocurrency initiatives looking to access the Japanese market. For the Japanese initiatives, MarketAcross will have more access to PR and marketing possibilities and create a long-term presence in Asia.

Together, they will provide companies the necessary knowledge and resources to decide on their Web3 approach when entering a new market. While its primary business is helping token-related initiatives, Turingum has been offering Web3 business consulting services to Japanese businesses.

Through the partnership, customers of Turingum will have access to the PR and marketing know-how of the MarketAcross team, which has assisted in scaling several of the biggest exchanges and blockchain initiatives in the world, including Binance, Polkadot, Solana, Polygon, Crypto.com, Huobi, and eToro. MarketAcross’s experience in PR, content marketing, the brand’s image, social promotions, influencer outreach (KoL), SEO, community development, and other areas may be used by Japanese projects that want to go worldwide.

Due to its tight collaboration with Astar Network, Japan’s top public blockchain, MarketAcross is firmly rooted in the Web3 ecosystem of the nation. Additionally, earlier this year, it served as the official media partner for WebX and IVS Crypto, two of the major Web3 events in Japan. MarketAcross attracted eminent speakers and assisted in raising the visibility of these important events throughout the globe by managing the pre- and post-event marketing and PR activities for WebX and IVS Crypto.

A substantial market for international Web3 projects has formed in Japan. Moreover, Japan has included Web3 into its national policy that promotes blockchain usage while placing a priority on investor safety at a time when the US and other Western countries are finding it difficult to offer regulatory certainty. The Japanese Prime Minister Fumio Kishida restated his commitment to enhancing the environment for using Web3 tokens at the WebX conference in July, acknowledging the importance of Web3 in determining the nation’s digital future.

https://thenewscrypto.com/stake-link-enhances-chainlink-staking-program-with-new-features/

A significant expansion to its upcoming staking programme has been announced by the delegated liquid staking protocol stake.link. The introduction of a number of new features and improvements will support stake.link’s status as the leading Chainlink staking solution.

The new features made public by stake.link are intended to benefit from Chainlink Staking’s v0.2, the version that will go live in Q4. The Priority Pool is a feature that has been created by stake.link among other modifications. Users will be able to stake LINK using a smooth and highly effective approach before Chainlink increases its capacity from 25 million to 45 million tokens. For depositors, the priority pool automates LINK staking, resulting in a “set and forget” staking experience.

Furthermore, according to a statement from stake.link, the company will migrate its stSDL (staked SDL) receipt tokens to reSDL (reward escrow SDL), an NFT version of the SDL token. This will be done with the intention of encouraging long-term platform involvement by raising boosts and governance votes.

Jonny Huxtable, a founding member of stake.link said “This new major iteration of the stake.link platform brings revamped tokenomics and, for the first time, a set-and-forget LINK staking option. Never before has it been so easy for users to participate in Chainlink Staking, creating a dynamic that benefits both the economic security of the Chainlink Network and the long-term stakers of the native stake.link token: SDL. This major release marks a milestone for stake.link, seeing growth that will cement its position in the industry to support the next wave of major infrastructure advancements powered by the Chainlink Network.”

According to the Chainlink roadmap, the 20M LINK that will be made available to the Chainlink staking pool in Q4 will be released in three stages. Less than 20M LINK may be available for deposit after phase three begins, when the LINK from the stake.link priority pool will be staked against the community pool. Therefore, while staking in the priority pool, LINK owned by holders of reSDL will be given preference over LINK held by non-holders of reSDL.

Stake.link has also revealed that it would soon introduce “SergAI,” a chatbot powered by AI.  SergAI will provide answers to queries on issues like liquid staking thresholds, the priority pool, and how receipt tokens work as a subject matter expert on all things Chainlink and stake.link.

https://thenewscrypto.com/ethereum-eth-price-tumbles-as-bearish-sentiment-looms/

• Many Ethereum addresses linked to the platform’s ICO have begun to exhibit movement.
• The ETH price seems to have lost momentum after facing resistance at $1666 level.

To improve the openness and accessibility of smart contract audits for decentralized finance (DeFi) protocols, developers of Ethereum (ETH) have created a new standard called ERC-7512. This month, Richard Meissner, co-founder of Safe, presented a suggestion on the Ethereum Magicians forum that has generated a lot of debate among developers.

The fundamental goal of ERC-7512 is to provide an on-chain depiction of audit reports that can be parsed by contracts, allowing users to extract useful information about the audits, such as the auditors participating and the verified standards, from the audit reports themselves.

After eight years of inactivity, an Ethereum ICO participant sent 32.1 ETH and 160.1 ETH to Coinbase. This specific Ether address was part of the Ethereum Genesis and had been credited with 200 ETH at the outset.

Many Ethereum addresses linked to the platform’s ICO have begun to exhibit movement in the last few months, after lying dormant for years. Speculation and intrigue have been heightened in the crypto market as a result of the unexpected activity.

Bears Dominate

At the time of writing, ETH is trading at $1622, down 1.05% in the last 24 hours as per data from CMC. The ETH price seems to have lost momentum after facing strong resistance at $1666 level. It will now test the first support at $1610 level, breaking which the price will likely decline all the way till $1538 mark.

Moreover, if the price breaks below the key $1538 support level then it is likely to decline all the way till $1431 mark. On the other hand, if the price manages to go above the $1666 mark then it will likely rally towards the $1737 level. 

https://thenewscrypto.com/defunct-ftx-files-lawsuit-against-former-ceo-sbfs-parents/

• SBF’s parents moved millions of dollars from the FTX Group as per the allegations.
• The former CEO is now in prison after the court revoked his bail owing to witness tampering.

Former FTX CEO Sam Bankman-Fried’s parents, Allan Joseph Bankman and Barbara Fried, are being sued by the defunct cryptocurrency exchange FTX. During FTX’s early years, Sam Bankman-Fried’s parents unlawfully moved and obtained millions of dollars, which are now being sought by FTX and Alameda Research’s debtors. 

Sam Bankman-Fried (SBF) was accused by FTX attorneys earlier this year of paying for his defense using money he sent to his father.

FTX Trading filed a lawsuit against SBF’s parents, on September 18 to recoup losses for transfers made directly and indirectly by the couple out of FTX Trading and its subsidiaries.

Indeed, FTX saw itself as a “family business” and operated for the exclusive advantage of a small handful of insiders. Advisor Bankman contributed significantly to terrible mismanagement. He even aided in the denial of claims against company executives.

Assets to be Returned to Creditors

SBF’s parents, Bankman and Fried, moved millions of dollars from the FTX Group as per the allegations. FTX requests that they be held legally responsible for their actions and that their assets be returned to their creditors.

FTX has filed 12 charges against Bankman and Fried, including fraud, complicity in wrongdoing, and failure to uphold fiduciary obligations. Creditors have also provided sufficient proof of fraudulent transactions made for private gain, political contributions, and the protection of company insiders.

SBF is now in prison after the court revoked his bail owing to witness tampering. The trial is set to begin in early October. Since then, authorities have made many allegations of bond breach against SBF and his parents.

Highlighted Crypto News Today:

Binance CEO Dismisses Affiliation Claims With Ceffu Amid SEC Dispute

https://thenewscrypto.com/defunct-ftx-sues-former-ceo-and-founder-sbfs-parents/

• SBF’s parents moved millions of dollars from the FTX Group as per the allegations.
• The former CEO is now in prison after the court revoked his bail owing to witness tampering.

Former FTX CEO Sam Bankman-Fried’s parents, Allan Joseph Bankman and Barbara Fried, are being sued by the defunct cryptocurrency exchange FTX. During FTX’s early years, Sam Bankman-Fried’s parents unlawfully moved and obtained millions of dollars, which are now being sought by FTX and Alameda Research’s debtors. 

Sam Bankman-Fried (SBF) was accused by FTX attorneys earlier this year of paying for his defense using money he sent to his father.

FTX Trading filed a lawsuit against SBF’s parents, on September 18 to recoup losses for transfers made directly and indirectly by the couple out of FTX Trading and its subsidiaries.

Indeed, FTX saw itself as a “family business” and operated for the exclusive advantage of a small handful of insiders. Advisor Bankman contributed significantly to terrible mismanagement. He even aided in the denial of claims against company executives.

Assets To Be Returned to Creditors

SBF’s parents, Bankman and Fried, moved millions of dollars from the FTX Group as per the allegations. FTX requests that they be held legally responsible for their actions and that their assets be returned to their creditors.

FTX has filed 12 charges against Bankman and Fried, including fraud, complicity in wrongdoing, and failure to uphold fiduciary obligations. Creditors have also provided sufficient proof of fraudulent transactions made for private gain, political contributions, and the protection of company insiders.

SBF is now in prison after the court revoked his bail owing to witness tampering. The trial is set to begin in early October. Since then, authorities have made many allegations of bond breach against SBF and his parents.

Highlighted Crypto News Today:

Huge Ethereum Whale Dumps 33K ETH to OKX, What’s Ahead?

https://thenewscrypto.com/ethereum-price-witnesses-brief-uptick-as-crypto-market-recovers/

• If the price manages to break the recent high of $1666 then a further rally is expected.
• The cryptocurrency witnessed $4.8 million outflow last week as per CoinShare.

The cryptocurrency market have experienced a widespread rebound lately with major cryptocurrencies trading in green. Ethereum’s recent fees stabilization has made the network even more appealing, and if the cryptocurrency can push through its present resistance levels, it has the potential to reach $2000 again.

Moreover, a crypto whale has moved a substantial quantity of ETH to Binance. As a result of this transaction, suspicions have circulated that the value of ETH would fall. The whale has now transferred a total of 12,000 ETH to Binance in the last three weeks, when combined with the preceding transactions. There are presently 10,902 ETH and 57 other coins stored at the whale’s wallet address.

High Volatility Expected

Given the timing of the Ethereum whale’s move, it’s worth considering whether or not the whole cryptocurrency market may see bearish momentum following this week’s interest rate decision by Fed Chairman Jerome Powell.

The price of Ethereum at the time of writing is $1649, up 0.54% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 31.59%.

If the price manages to break the recent high of $1666 then a further rally all the way till $1738 is highly expected. On the other hand, if the price goes past the $1605 support level then price is likely to decline further to $1539 key support level.  

Around $54 million worth of withdrawals from digital asset investment products were made last week, making this the fifth week in a row that such outflows have occurred. Year-to-date net inflows have dropped to only $51 million due to $455 million in withdrawals in eight of the last nine weeks.

In spite of positive sentiment towards Ethereum’s long-term potential and robust interest in its staking income, the cryptocurrency witnessed $4.8 million outflow last week.

https://thenewscrypto.com/bitcoin-price-witnesses-sharp-surge-can-bulls-maintain-momentum/

• The price has surged above $27,000 at the time of writing as per data from CMC.
• The number of BTC addresses with a balance of 0.01 BTC or less has hit an all-time high.

Bitcoin has had a great start to the new week and the price is showing strong bullish momentum. Crypto traders and investors alike are paying extra attention to the FOMC meeting due to its impact on the overall market in recent years.

Two major events on Wednesday might have a significant effect on markets throughout the world, not just the cryptocurrency market. U.S. Fed Chairman will conduct a news conference after the release of the Fed’s interest rate call.

According to the most up-to-date statistics, the number of Bitcoin addresses with a balance of 0.01 BTC or less has hit an all-time high. Nearly 37 million addresses own less than or equal to 0.01 BTC.

Glassnode reports that Long-Term Holders (LTH) possess a record-breaking 70% of Bitcoin’s total supply, or 14,787,265 BTC, and that this percentage is only growing. Notably, after holding their Bitcoin for an average of over 155 days, 69.2% of these long-term investors are profitable.

Bulls in Total Control

Bitcoin has lately shown strong bullish momentum. The price has surged above $27,000 at the time of writing. It is now trading at $27,065 as per data from CMC. Moreover, the trading volume is up by 43.07%.

If the price manages to go above the $28,000 resistance level, then it will likely test the next resistance level at $31,480. On the other hand, if the price manages to go below the $26,370 support level then it will likely test the $25,000 key resistance level. All eyes will be on the upcoming FOMC meeting which can swing the price in either direction.

https://thenewscrypto.com/layer-2-network-base-achieves-1-88-million-daily-transactions/

• The layer-2 network processed more transactions than Optimism and Arbitrum combined.
• Despite the success, the layer-2 network remains behind prominent layer-2 networks.

Statistics from blockchain analytics provider BaseScan shows that Layer-2 Network Base broke its previous record for daily transactions, set on launch in August.

Base reached 1.88M transactions on September 14, exceeding the earlier record of 1.41M transactions reached on August 21. The layer-2 network processed more transactions than Optimism and Arbitrum combined (878,000) in a single day.

Despite the success, the layer-2 network remains behind other, more well-known blockchains like as Polygon and BNB Smart Chain (BSC). On the same day, BSC processed 3.1 million transactions, whereas Polygon processed 2.1 million.

Strong Backing by Crypto Community

Base did not have as many users as it did on August 21, when it set a new record for the most transactions in a day and also exceeded 136,000 daily active users. Data collected by Dune Analytics on September 14 revealed that Base had just around 86,000 DAUs.

On August 9, Base was released to the public, enabling its users to conduct a wide variety of tasks that were previously only possible on layer-2 networks, such as bridging tokens, swapping tokens to create liquidity, minting NFTs, and more.

The crypto community as a whole has embraced the network from its debut. More than 268,000 individual wallets on the layer-2 network created over 700,000 NFTs on September 6. More than $242 million in cryptos were transferred using the blockchain in its first two weeks, with 130,000 different wallets making use of it on a daily basis.

Highlighted Crypto News Today:

TON Joins NFTScan’s Growing Portfolio

https://thenewscrypto.com/ftx-fixes-claims-portal-with-new-security-mechanisms-post-exploit/

• Kroll has guaranteed that neither FTX passwords nor KYC information were exposed.
• FTX has verified that new security mechanisms have been implemented.

After a serious cyberattack, FTX has finally fixed its claims site. Kroll, FTX’s third-party agency managing creditor claims, was the planned victim. However, FTX responded quickly, freezing impacted user accounts as a preventative action to guarantee the safety of its customers.

Interestingly, a technique known as “SIM swapping” was the root of the security flaw. Information on BlockFi, FTX, and Genesis claimants was compromised in this assault. In spite of this disturbing fact, Kroll has guaranteed that neither FTX passwords nor KYC information were exposed.

In addition, FTX has made it known that it plans to improve safety. FTX has verified that new security mechanisms have been implemented now that the portal is live. Users might feel more at ease when using the system.

Liquidation Likely

In addition to the safety measures, Delaware District Judge John Dorsey’s permission has been drawing a lot of attention. By doing so, FTX may liquidate a significant percentage of its crypto holdings—likely in the billions—to pay back its debtors.

A financial adviser is designated in the authorized plan to manage token sales. The result is a weekly limit of $100 million for the vast majority of coins. Token per token basis, the limit might be raised to $200 million. In addition, the U.S. Trustee’s office must be notified 10 days in advance of any Bitcoin or Ether transactions.

Additionally, FTX intends to hedge Bitcoin and Ether to protect against the volatile crypto market. This tactical shift has been made to mitigate the effects of price volatility on sales revenues. 

Highlighted Crypto News Today:

Billionaire Investor Mark Cuban’s Crypto Wallet Drained of $870k

https://thenewscrypto.com/u-s-sec-pushes-to-disclose-sealed-documents-in-binance-lawsuit/

• Binance U.S has argued that the SEC’s demands are uncalled for in a restraining order.
• Magistrate Judge Faruqui issued an order setting the next hearing for September 18.

The United States SEC recently submitted evidence against Binance U.S in the ongoing action, demonstrating the exchange’s failure to comply in compliance with a previously negotiated consent order. In a separate development, Binance U.S has argued that the SEC’s demands are uncalled for in an emergency restraining order.

After filing classified papers last month that prompted panic in the cryptocurrency market, the United States SEC has now filed a “motion to unseal” to divulge their contents. Also, with numerous Binance and Binance U.S. officials leaving in the wake of the ongoing lawsuit’s protective order, investor confidence and trading volumes have taken a hit.

Ongoing Legal Pursuit

Representatives for the United States SEC filed a move on 15 September to unseal or withdraw the SEC’s prior motion to lock up documents in the Binance lawsuit.

The SEC and the defendants Binance and Binance U.S. have reached an agreement to unseal a large number of SEC filings from last month. The SEC has voiced concern in various filings connected to the request to compel that BAM Management and BAM Trading (Binance U.S.) are not cooperating with the segregation of wallets, systems, and staff from Binance.

In support of its request to compel and in opposition to Binance U.S.’s move for protective order, the SEC submitted 31 exhibits. The most recent filings only included information on 10 of the 31 exhibits. Also, the SEC is requesting that the court deny BAM’s request for a protective injunction. On Wednesday, Magistrate Judge Faruqui issued an order setting the next hearing in the case for September 18.

Highlighted Crypto News Today:

Bitcoin Surges Above $26,500: Can Bulls Propel Prices Further?

https://thenewscrypto.com/crypto-exchange-remitano-reportedly-exploited-of-2-7-million/

• Amidst the chaos, Tether took prompt action, freezing $1.4 million in USDT.
• Remitano has not yet made any official comments about the breach so far.

The crypto exchange Remitano had a security breach yesterday. Suspicious activity was observed with the withdrawal of over $2.7M in cryptocurrency. Amidst the chaos, Tether took prompt action, freezing $1.4 million.

At around 12:45 PM, an alert was generated when a verified Remitano hot wallet began transmitting funds to an unknown address. A total of $1.4 million in Tether (USDT), $208,000 in USDC, and 2,000 USD worth of Ankr tokens were involved in the questionable transactions. This prompted an instant warning from Cyvers, a blockchain analytics platform, to the cryptocurrency sector.

Rising Cases of Exploits

Remitano has not yet made any official comments about the breach so far. However, this is not the first hack of its kind in 2023. Other breaches at cryptocurrency exchanges have already revealed private keys and resulted in substantial thefts.

The Lazarus Group is responsible for a large number of high-profile crimes this year. Including an assault on the Stake platform that was reported to have netted over $200 million. Not just financial firms, but even governmental institutions, have been the targets of their activities.

Moreover, the FBI has asked crypto businesses to be on high alert and to avoid any transactions with addresses it has identified as being related with the criminal organization.

According to blockchain security company SlowMist and on-chain investigator ZachXBT, the assault on cryptocurrency exchange CoinEx, which lost at least $55 million, was carried out by the same hacking organization Lazarus. Inadvertently revealing its address, the same one used in the previous Stake and Optimism breaches, helped identify the hacking outfit.

Highlighted Crypto News Today:

Crypto Lender Delio Reportedly Plans Lawsuit Against Authorities

https://thenewscrypto.com/xrp-price-makes-brief-rebound-after-prolong-bear-dominance/

• If the XRP price manages to break above $0.51 then a further rally to $0.55 is expected. 
• Ripple is still planning to expand internationally despite the ongoing SEC pursuit.

Ripple’s relentless resistance against the United States SEC continues to attract attention from the crypto community at large. The firm plans to keep moving forwards with key innovations and collaborations. Ripple is still planning to expand internationally despite the ongoing SEC pursuit and bearish market sentiments.

According to David Schwartz, Ripple’s CTO, the arrival of an Automated Market Maker (AMM) has the potential to convert XRP’s renowned price volatility into yield.  The AMM, which is a part of the latest upgrade to XRPLedger, is meant to capitalize on price fluctuations and increase demand for the cryptocurrency, particularly if its value declines. The majority of the interest this will generate will come from current XRP holders, which should lead to a net rise in purchasing pressure.

Ripple released XRPLedger 1.12.0 earlier this week. All server operators were urged to upgrade to the new version so that they may participate in voting on proposed changes. There are several advantages to using this protocol, including the elimination of front-running and the introduction of a fresh method of liquidity provisioning.

Can Bulls Drive Price Further?

At the time of writing, the price of XRP is trading at $0.48, up 0.14% in the last 24 hours as per data from CMC. Moreover, the trading volume of XRP is down 22.49%. If the price manages to break above $0.51 then a further rally all the way till $0.55 is expected. 

On the other hand, if the bears dominate and the price goes below the $0.47 support level, then a strong downturn is highly anticipated all the way till $0.33, which acts as a strong support level. Any positive or negative development in the ongoing SEC lawsuit will largely impact the impending direction of the price.

https://thenewscrypto.com/ethereum-price-sees-concise-surge-as-crypto-market-rebounds/

• The crypto market reacted positively to the recent U.S CPI data release.
• If the ETH price falls below the $1541 support level, then a fresh decline is highly anticipated.

Vitalik Buterin, co-founder of Ethereum, spoke with David Hoffman at Blockworks’ Permissionless event recently, outlining his hopes for Ethereum and the larger Web3 ecosystem. Buterin said that existing advancements in the blockchain field, such as DeFi and NFTs, are vital but relatively restricted in magnitude, and he called for more innovative thinking.

To ensure that user interaction in decentralized social networks is authentic and not controlled, Buterin emphasized the significance of developing sybil-resistant systems. In contrast to the current Web2 scene, the co-founder emphasized the potential of crypto-based solutions to improve decentralization, privacy, and security.

Buterin’s vision for the future, highlights the adaptability of Ethereum and the promise of Web3 to usher in a more decentralized, and secure digital ecosystem.

Brief Recovery

The crypto market reacted positively to the recent U.S CPI data release. According to the Consumer Price Index (CPI) report from the U.S. Bureau of Labour Statistics, annual U.S. inflation hit 3.7% in August, above the consensus estimate of 3.6%.

Bitcoin managed to climb all the way to $25,540. Ethereum also witnessed an uptick with the price reaching $1636. However, the price faced resistance at this point. At the time of writing ETH is trading at $1620 and is up 1.69% in the last 24 hours.

If the price manages to break above the recent high of $1636 then it will test the next resistance level at $1655. Contrarily, if the price falls below the $1541 support level, then a fresh decline is highly anticipated. The price will then likely test the $1431 support level.

https://thenewscrypto.com/hong-kong-monetary-authority-forges-key-partnership-for-cbdc-pilot/

• Since all trades are settled on the balance sheet of the central bank, credit risk is eliminated.
• The novel arrangement will encourage creativity, rivalry, and improved service delivery.

In an effort to test the viability of a CBDC, the Hong Kong Monetary Authority (HKMA), the Bank for International Settlements (BIS) Hong Kong Centre, and the Bank of Israel (BOI), have collaborated. Project Sela is an effort to build a robust, decentralized, reliable CBDC (rCBDC) ecosystem that puts privacy and security first.

The project is examining the allocation of tasks between the private sectors. In this proposed framework, sector intermediates would handle customer-facing services and regulation while the central bank controls the ledger and accounts for end users. Those in the know say this novel arrangement will encourage creativity, rivalry, and improved service delivery.

Facilitating Wider Access

Moreover, by creating a new class of service providers called “Access Enablers” (AEs), legal study has established the feasibility of Project Sela’s proposed structure. Also, these specialist businesses handle consumer contacts without themselves controlling or holding digital money.

Since all trades are settled on the balance sheet of the central bank, which retains ultimate accountability for the currency, credit risk is eliminated. This agreement lowers requirements for AEs, which might increase the number of available payment processors and stimulate competition.

Project Sela’s emphasis on cyber security is a response to concerns that facilitating wider access might introduce new vulnerabilities. The objective is to guarantee that security remains intact. While benefitting from accessibility by exploiting Israel’s experience in cybersecurity and drawing ideas from initiatives in Hong Kong.

Highlighted Crypto News Today:

Ethereum Price Witnesses Brief Uptick as Bulls Fight Back

https://thenewscrypto.com/ethereum-price-witnesses-brief-uptick-as-bulls-fight-back/

• The price of Ethereum recently broke the key support level of $1600.
• ETH price witnessed a brief surge lately after finding support at $1539 level.

Glassnode, a blockchain analytics platform, recently reported that just around 53.5% of Ethereum addresses are profitable. The cryptocurrency’s price has dropped by 13.66% over the previous 30 days. Moreover, the price of Ethereum recently broke the key support level of $1600.

According to Glassnode’s calculations, the last time the percentage of profitable Ethereum addresses fell under 54% was on January 12 this year. In the latter days of 2022 and the first few days of the current year, the proportion dropped even further.

Retail Traders Likely Buying the Dip

At the time of writing the price of ETH is $1596 as per data from CMC, up 1.08% in the last 24 hours. The price of ETH witnessed a brief surge lately after finding support at $1539 level. The price is testing the $1620 resistance level at the time of writing. If the price manages to close over $1620, it may go higher towards the next resistance level at $1670.

The recent price decline that brought ETH all the way till $1539 is supposed to have sparked a purchasing mania. Retail traders likely saw this as a chance to buy assets at rock-bottom prices, and they rushed in to do so.

On the other hand, Ethereum’s price may drop again if it is unable to break above the $1620 barrier level. The area around $1565 should provide first downward support. Moreover, if the price drops below $1530, it might drop further to the $1500 area. In this scenario, it is possible that the price will further drop below the $1440 mark.

https://thenewscrypto.com/paypal-expands-further-into-web3-with-on-and-off-ramps-payments/

• PayPal is now able to provide direct crypto purchases to its U.S. customers.
• The integration allows Web3 companies to access a wider audience, according to PayPal.

According to a recent press release, PayPal has expanded its presence in the Web3 sphere with the addition of PayPal On and Off Ramps integration.

The most recent change is geared toward making digital wallets, decentralized dApps, and NFT marketplaces more readily available in the U.S to facilitate the buying and selling of supported cryptocurrencies in line with applicable state regulations through PayPal On and Off Ramps.

Boosting Crypto Adoption

Moreover, integrating PayPal’s On and Off Ramps, a reliable and effective payment option, allows Web3 companies to access a wider audience, according to PayPal. In addition, the release demonstrated that they had access to PayPal’s full suite of services for combating fraud, chargebacks, and disputes.

Also, with the introduction of On Ramps and partnerships with MetaMask and Ledger, PayPal is now able to provide direct crypto purchases to its U.S. customers. Meanwhile, with the launch of Off Ramps, American crypto wallet users will have the option of instantly converting their digital assets into USD from their wallets and adding the funds to their PayPal accounts.

The change would make it easier for people in the United States to purchase online, send money to family and friends, save money, and make direct deposits to their bank accounts. Also, in its most recent announcement, PayPal said that PayPal Off Ramps is now live on MetaMask and accessible to wallets, dApps, and NFT marketplaces.

Furthermore, the developments show that PayPal has been interested in the digital assets market for some time. To streamline online transactions, PayPal, has recently established its own stablecoin dubbed PayPal USD (PYUSD).

Highlighted Crypto News Today:

Bitcoin Price Briefly Recovers Post Recent Dramatic Drop

https://thenewscrypto.com/bitcoin-price-briefly-recovers-post-recent-dramatic-drop/

• High volatility is anticipated this week due to the release of crucial data on U.S CPI and PPI.
• If the BTC price manages to go past the $26,380 mark then a fresh rally is expected. 

Bitcoin price has so far managed to avoid further decline by finding support around the $25,000 region; it was around this price that the last upswing to $31,500 began. BTC made a dramatic recovery after yesterday’s drop, climbing to around $26,000 earlier today. In a short time, the BTC price rose from $25,210 to $25,973. Furthermore, high volatility is anticipated this week due to the release of U.S CPI and PPI data.

The former CEO of BitMEX, Arthur Hayes, recently made the suggestion that a rate drop by the Fed might boost BTC to the $70,000 level and revitalize the US financial system. This claim adds a new dimension to the discussion among investors regarding the future course of the crypto market.

High Volatility Expected

According to Glassnode, a blockchain data analytics firm, the market for digital assets “continues to dry up.” The digital asset market’s liquidity, volatility, and volume have all been falling, and several metrics have reverted to their pre-bull levels of 2020.

At the time of writing, Bitcoin is trading at $25,800, up 0.03% in the last 24 hours as per data from CMC. Moreover, the volume is up 111.92% in the last 24 hours. If the price manages to go past the $26,380 mark then a fresh rally towards $28,000 is expected.  

On the other hand, if the bears pull the price below the $25,000 level then a decline all the way till $20,130 is highly expected. Investors and traders are keenly waiting for the upcoming U.S CPI and PPI data release this week to determine the next move.

https://thenewscrypto.com/shiba-inu-price-faces-significant-decline-despite-burn-rate-surge/

• 177.8M SHIB tokens were burnt in the previous 24 hours, an increase of 323.81%.
• The SHIB price has fallen 4.14% to $0.000007107 as per data from CMC.

Shiba Inu burn rate has increased by over 323%, reaching over 177.8M SHIB in the last 24 hours. Despite the recent development, the token’s price continued to fall along with the rest of the cryptocurrency market.

177.8M SHIB tokens were burnt in the previous 24 hours, an increase of 323%, according to statistics from Shibburn, a platform that tracks the burn rate of SHIB. Meanwhile, in the previous 24 hours, the two wallets with the largest burning transactions were 68,999,999 and 41,082,889.

The SHIB price has fallen 4.14% to $0.000007107 as per data from CMC, despite the rising burn rate. Given the recent spike in the burning rate of SHIB, however, traders are keeping a tight eye on the cryptocurrency.

Investors Optimistic

Recent research by IntoTheBlock suggests that the majority of existing memecoin holders are really sitting on unrealized losses. Only 11% of Shiba Inu investors are making a profit. Statistics also show that whales account for 63% of the SHIB.

Record numbers of tokens are being burned by the Shiba Inu community, and development efforts are being redirected toward expanding the cryptocurrency’s presence in the DeFi market. Furthermore, the community’s enthusiasm is clear from the lively debates taking place on various social media sites.

Some market players are bullish on the cryptocurrency in light of these considerations and anticipate a price spike in the near future. But the market’s general upheaval may have discouraged participation from some potential backers.

Highlighted Crypto News Today:

Ethereum Price Breaks Key Support Level; Severe Decline Likely?

https://thenewscrypto.com/ethereum-price-breaks-key-support-level-severe-decline-likely/

• Investors are waiting for this week’s CPI data to confirm the market trend.
• The ETH price has recently broken the key support level at $1600.

All eyes are on the upcoming U.S CPI and PPI inflation release this week. It will set a benchmark for the FOMC to decide over the interest rate decision. Any favorable call will act like a strong catalyst boosting overall market sentiment. It can possibly lead to a much-needed market-wide recovery.

As the job market has cooled and the unemployment rate has increased, the U.S Fed is likely finished raising interest rates. As September is often the worst month for markets, investors are waiting for this week’s CPI data to confirm the market trend.

A whale recently made headlines by trading a huge amount of Ethereum for Bitcoin. Wrapped Bitcoin (WBTC) is a tokenized form of Bitcoin that operates on the Ethereum network, and the whale exchanged 5,500 ETH for 344.1 WBTC. Valued at over $8.85 million, this deal was substantial.

Bear Dominance

In recent weeks, Ethereum has been the subject to high volatility. Ethereum’s price has dropped 2.92% in the last 24 hours and is trading at $1591 as per data from CMC.  The present market sentiment may be attributed to both the upcoming release of the consumer price index and the SEC’s delayed ruling on spot Bitcoin ETFs.

When examining the ETH price chart in more detail, we see that the price has recently broken the key support level at $1600. The price is likely to decline further all the way till the next support level of $1435. If this support is also breached then the price will likely test the $1100 support level. A severe downturn is on the cards if the price holds below the $1600 mark for a sustained period.

https://thenewscrypto.com/altcoin-news-twitter-account-of-vitalik-buterin-hacked-to-promote-crypto-scam/

• Hackers have released a link in a recent tweet in what looks to be a phishing assault.
• Dmitry Buterin, Vitalik’s father, made the announcement about the hack.

Ethereum co-founder Vitalik Buterin’s official Twitter (X) account was reportedly compromised. According to reports, hackers have released a malicious link in a recent tweet in what looks to be a phishing assault.

Dmitry Buterin, Vitalik’s father, made the announcement that his son’s X account had been hacked on September 9. His referenced post has subsequently been removed. In it, Buterin supposedly expresses joy at “Proto-Danksharding coming to Ethereum.” Even though it was reported that the Twitter account had been hacked, it seems that the account was quickly reclaimed.

High-profile Breaches

According to reports, the hackers used a phishing link in a tweet claiming that Consensys was giving away a special NFT to mark the arrival of “Proto-Danksharding” on Ethereum. The Ethereum co-founder’s X account was compromised and PeckShieldAlert warned of a phishing URL.

The hacking of Buterin’s account is only the latest in a string of high-profile breaches involving the cryptocurrency industry. Back in July this year, the Twitter account of Uniswap’s creator, Hayden Adams, was hacked. Buterin’s recent tweets reveal, among other things, that he and Ameen Soleimani co-authored a study on blockchain privacy.

Highlighted Crypto News Today:

Trouble Continues for Pepe Coin as Telegram Account Hacked

https://thenewscrypto.com/blockchain-news-ripple-acquires-fortress-trust-to-further-boost-expansion/

• Ripple has said that Fortress Trust’s licensing and technology are a good fit.
• No information on the financial details of the recent transactions was shared.

Ripple announced on September 8 that it has acquired Fortress Trust in order to increase its portfolio of regulatory licenses in the U.S.  Fortress Trust’s mission is to serve as the regulatory and technological backbone for blockchain enterprises.

Moreover, the firm is licensed as a Nevada Trust, which permits it to act as a custodian for clients’ funds. Also, this purchase comes on top of Ripple’s existing portfolio of over 30 state money transmitter licenses and New York’s mandatory BitLicense for digital currency enterprises.

Speeding Up Expansion

Furthermore, Ripple has said that Fortress Trust’s licensing and technology are a good fit with the company’s future plans. In 2022, Ripple made its first investment in the startup via a seed round. No information on the financial details of the recent transactions was shared.

Brad Garlinghouse, CEO of Ripple stated:

“As an early investor in Fortress Blockchain Technologies, we’ve had a chance to get to know the team, its vision and technology. Since their launch in 2021, they’ve built an impressive business with recurring revenue and a strong roster of both crypto-native and new-to-crypto customers.”

Despite the market downturn, Ripple has been speeding up its expansion. The business spent $250 million to buy Swiss digital asset custodian and tokenization vendor Metaco in May. Also, in January, a Ripple official projected that there will be a flurry of mergers and acquisitions in the cryptocurrency industry in 2023.

Highlighted Crypto News Today:

Twitter Account of Vitalik Buterin Hacked To Promote Crypto Scam

https://thenewscrypto.com/u-s-sec-issues-20-page-reply-in-xrp-lawsuit-appeal/

• The appeal filed by the SEC requests that the whole case be put on hold.
• The SEC requested permission to appeal Judge Analisa Torres’ decision last month.

As part of its move to certify its interlocutory appeal in the XRP lawsuit, the U.S SEC issued a 20-page reply memorandum of law yesterday.

The SEC is seeking to preserve face by appealing the inquiries asked in the lawsuit, on the grounds that it has an institutional interest in settling the matter, while Ripple is trying to extend the case so that it may keep selling XRP.

The appeal filed by the SEC requests that the whole case be put on hold in order to conserve the Court’s and the parties’ time and energy.

Ongoing Legal Pursuit

The SEC makes the bold claim that none of the opinions addressing Howey in which a court came to the conclusion that the interlocutory order did not contain a legal issue was cited by Ripple, the Defendants. The regulatory body further says that Ripple is incorrectly asserting that the judgement was based on proven facts about the marketing and selling of XRP.

Last week, Ripple contended that the SEC hadn’t produced a strong enough case to merit an appeal; Friday’s filing strongly disagreed. The SEC requested permission to appeal Judge Analisa Torres’ decision last month in U.S. District Court.

The court heard the SEC’s arguments and gave Ripple until September 1 to respond. The submission on Friday is in reaction to the opposition document filed by Ripple. The SEC will have to argue its case before the Second Circuit Court of Appeals if Judge Torres grants the regulatory body’s request.

Highlighted Crypto News Today:

Ethereum (ETH) Price Likely to Decline Further Amid Bear Dominance

https://thenewscrypto.com/struggle-continues-for-bitcoin-as-price-hovers-below-26000/

• BTC addresses in loss have begun to rise again, reaching its highest level in 7 months.
• The price has been consolidating for quite some time now.

There are presently around 560,000 unconfirmed transactions on the Bitcoin network. Moreover, there have been considerable increases in transaction costs and delays in processing due to this congestion. The unusual network demand is related to the excitement around Ordinals and BRC-20 minting. According to the Mempool, miners are straining to keep up with the network’s record demand as the average block mining time has grown to 10.9 minutes.

Former BitMEX CEO and co-founder Arthur Hayes has spoken out on what’s next for Bitcoin, predicting a bull run that is already underway and will become more evident in the following 6-12 months. Hayes discussed his forecasts for the Bitcoin market during his talk at Korea Blockchain Week.

Pro-long Consolidation Phase

Bitcoin’s price is stuck below the $26,000 level, unable to sustain a steady ascent, and the crypto market as a whole is experiencing an extended period of low volatility. This lull has lasted for weeks now, and there are no indications of a turnaround.

Moreover, Glassnode data shows that the number of BTC addresses in loss has begun to rise again, reaching its highest level in 7 months. At the time of writing BTC is trading at $25,741, down 0.05% in the last 24 hours. The price has been consolidating for quite some time now.

If the price manages to break over the $26,100 resistance level then it is expected to rally all the way till $27,120. On the other hand, if the price manages to break below the $25,400 support level then a further decline till $24,780 is expected. The price is all set to burst in either direction, waiting for a catalyst, either negative or positive.