Crypto Daily Roundup: Bitcoin Double Bottom Signals Trend Shift

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Crypto News Key Highlights:

A recent social media rumor suggested that BlackRock, the world's largest asset manager, might be changing its digital currency strategy from Bitcoin to XRP. However, this rumor lacks credible sources and originated from a fake news account. While BlackRock has shown interest in cryptocurrencies, there is no concrete evidence of a shift towards XRP.

The US dollar eased a bit following a drop in consumer sentiment but remained set for its ninth straight weekly gain. The Japanese yen reached a 10-month low. University of Michigan's Consumer Sentiment Index dipped, while import prices and New York Fed factory activity data showed mixed results. The Federal Reserve is likely to maintain unchanged interest rates in its upcoming policy meeting. The dollar index slipped 0.08%, and the euro saw a slight recovery from a six-month low. Meanwhile, the yen continued to weaken against the dollar, hitting a 10-month low.

Robinhood, the once-popular trading app known for meme-stock rallies, is shifting towards becoming a comprehensive financial services firm. It offers retirement accounts, 24-hour trading, and better yields on cash. However, the company has faced challenges, including regulatory scrutiny and changing user preferences, resulting in layoffs and a stock price drop. It aims to diversify its services and expand globally to secure its future in the evolving financial landscape.

Despite Ethereum's dominance in DeFi and NFTs, Bitcoin leads in daily active users, with over 800,000 compared to Ethereum's 378,000 on September 15. However, Ethereum processes over 1 million daily transactions, while Bitcoin confirms less than 600,000. Ethereum's activity has fluctuated, partly due to crypto market fluctuations.

Gemini accuses Digital Currency Group (DCG) of engaging in "fraudulent activities" and attempting to evade responsibility for harm to creditors. DCG's proposed deal, opposed by Gemini, seeks creditors' extensions. Gemini claims DCG concealed terms of a $1.1 billion promissory note and owes $630 million, asserting DCG is responsible for subsidiary insolvency.

In 2009, Kristoffer Koch invested $26 in Bitcoin, acquiring 5,000 BTC. He forgot about it until 2013 when he discovered it had grown to $886,000. Today, with Bitcoin at $26,274, his investment would be worth around $131,370,000. Koch bought a luxury apartment but chose to HODL the rest, highlighting the potential of holding onto digital assets. His story echoes the early days of Bitcoin when few could predict its meteoric rise, exemplified by the legendary pizza purchase with 10,000 BTC in 2010.s

The U.S. Department of Justice has criticized FTX founder Sam Bankman-Fried's proposed jury questions, deeming them "unnecessarily intrusive." The questions range from probing potential jurors' opinions on FTX to inquiries about ADHD and effective altruism. Prosecutors argued that these questions go beyond the purpose of jury selection and may be intended to support the defense's narrative. Additionally, they requested tech infrastructure upgrades for the trial, including high-speed internet and headphones for the jury.

Also read - Crypto Daily Roundup: Is Bitcoin Price Forming Bottom?