Crypto Daily Roundup: Bitcoin's chart exhibits a Death Cross pattern

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Crypto News Key Highlights:

The recent formation of a Death Cross in Bitcoin's price chart, where its 50-day moving average fell below the 200-day moving average, suggests potential turbulence ahead. This is compounded by declining liquidity in the crypto market. However, a glimmer of hope exists with a Double Top Support pattern, which, if maintained, may lead to a significant positive outcome.

Google and Google.org launched the Digital Futures Project, backed by a $20 million fund, to promote discussions on responsible AI. They aim to support research on critical issues like fairness, bias, and misinformation through grants to organizations and independent thinkers. This initiative aligns with the global need for cohesive AI regulation and ethical considerations in AI development.

TRON founder Justin Sun is considering bidding for assets of the bankrupt cryptocurrency exchange FTX, which holds nearly $7 billion in assets, including a $1.2 billion Solana (SOL) token holding. Sun's potential bid aims to minimize the impact of asset selling on the crypto ecosystem.

Ahead of Gary Gensler's hearing before the US Senate Banking Committee on September 11, 2023, Coinbase criticized the SEC's enforcement-focused crypto regulation, urging a legislative approach to protect jobs and innovation. The hearing also raises questions about the recent XRP lawsuit outcome.

Lightspark's CEO, David Marcus, discusses their ambitious Bitcoin Lightning Network project on CNBC Squawk Box, aiming to transform global payments. He highlights the need for a universal protocol for online money transfers and envisions Bitcoin as a settlement layer for seamless cross-border transactions.

The DeFi Education Fund (DEF) has filed a petition against True Return Systems LLC, alleging patent infringement by MakerDAO and Compound Protocol. DEF argues that True Return's patent lacks novelty, pointing to prior art like a Nasdaq patent, while DEF aims to challenge "patent trolling" and protect open-source innovation in the crypto industry.

Defunct crypto exchange FTX is actively considering a relaunch, with plans for a new version by next year. Over 75 bidders have been contacted, with various bids under review. The deadline for new bids is September 24th. The estate has recovered $7 billion in assets, including Solana, Bitcoin, and Ethereum. Potential structures for the relaunch are being explored, and the relaunch could involve an acquisition, merger, recapitalization, or other transaction.

Also read - 24 Crypto Update, 11 Sep: Cryptocurrencies experience a sharp decline