24 Crypto Update, 07 Sep: Crypto market shows slight recovery

Bitcoin Struggles Near Six-Month Low Amid Pessimistic Market Sentiment

BTC and ETH are up slightly, while altcoins mixed trading

On Friday, Bitcoin struggled to maintain gains, approaching its six-month low, with market sentiment staying pessimistic. Ethereum traded in a tight range between $1,600 and $1,700 for the past week. Ark Invest and 21Shares applied to the US SEC for approval of the Ark 21Shares Ethereum ETF, potentially the first spot Ethereum ETF in the United States.

Bitcoin faced difficulty in maintaining its gains on Friday. The focus is now on India's G-20 presidency, where discussions regarding crypto regulations are expected. A joint policy roadmap released by global standard-setting organizations on Thursday emphasized that merely banning cryptocurrency wouldn't eliminate its risks.

Major Event to be watch

Crypto Fear and Greed:

In the last 24 hours, the cryptocurrency markets have witnessed investor interest, resulting in a 5-point rise in the "Greed and Fear Index." Currently, the index registers at 46 out of a possible 100.

Latest Market Update: 

On Friday, Bitcoin surpassed $26,000. Altcoins like Ethereum, Dogecoin, Ripple, Litecoin, and Solana also recorded modest gains. Astar emerged as the top performer, rising nearly 5% in 24 hours, while Synthetic experienced the largest decline, dropping over 3% in the same period.

Major Worldwide News Update:

• OpenAI and Microsoft are facing a lawsuit alleging covert private user data collection for AI training, raising significant data privacy concerns. This comes after OpenAI's previous legal challenges over unauthorized data collection from ChatGPT users, underscoring ongoing AI data ethics issues. Similar accusations have targeted tech giants like Google, intensifying ethical debates on data protection and privacy within the AI sector.

• Australia has introduced the "Earn and Learn" educational platform to promote cryptocurrency adoption and awareness among its residents. Senator Andrew Bragg cautions that not passing the Digital Assets (Market Regulation) Bill may lead Australian investors to unregulated markets, potentially detrimental to the domestic market. The bill, designed to regulate cryptocurrencies for investor protection, awaits a Senate vote in the upcoming session.

• Binance is refunding $1 million USDT to users affected by a CYBER token price issue tied to Upbit. Binance, acknowledging the problem, pledges risk management enhancements, stricter token reviews, and compensation for users through USDT and CYBER token distributions, underscoring the need for robust risk practices in the crypto industry.

• Coinbase is shifting its focus to international markets with clearer cryptocurrency regulations, naming the EU, UK, Canada, Brazil, Singapore, and Australia as priority markets. They plan to secure licenses and expand operations in these regions while advocating for global crypto standards.

• Binance CEO Changpeng Zhao reassured the company's financial stability amid recent market uncertainty, dismissing rumors and emphasizing no liquidity issues. Despite some executive departures, CZ highlighted industry successes like new fiat channels, hires, market expansion, and legal victories.

• JPMorgan is progressing toward a digital finance era with a deposit token in the final development stages, targeting corporate clients to facilitate settlements and payments. Unlike stablecoins, this token, issued by a depository institution, will enable transactions with other banks and support blockchain-based settlements, subject to regulatory approval.

• The US CFTC has taken action against three DeFi firms, Opyn Inc., ZeroEx Inc., and Deridex Inc., for alleged illegal trading of digital asset derivatives without proper registration. Civil penalties of $250,000, $200,000, and $100,000 were imposed. The CFTC is increasing scrutiny and oversight of the DeFi space.

• A crypto whale fell victim to a phishing scam, losing $24 million in Ethereum (ETH) derivatives, including Rocket Pool Ethereum (rETH) and Lido staked Ethereum (stETH). The scammer, using a malicious link, gained access to the whale's wallet and transferred the assets to various addresses, converting them into ETH and DAI stablecoin. Crypto phishing attacks continue to target DeFi users, resulting in significant losses in 2023.

• Caroline Pham, a member of the Commodity Futures Trading Commission (CFTC), suggests the creation of a limited pilot program to regulate cryptocurrencies. She emphasizes the need for a forward-looking approach and fostering digital asset market development. However, regulatory progress may depend on congressional action amid differing views within the U.S. government.

• Recent murders have cast a shadow over the cryptocurrency world, raising concerns about the link between sudden wealth and violence. Victims include crypto influencer Fernando Pérez Algaba and Dr. John Forsyth, both with ties to the crypto industry. These incidents have left the crypto community pondering dark mysteries.

• A court ruling in favor of Ripple's XRP token not being considered a security offering may impact the regulatory scrutiny of the crypto industry in the US. Ripple CTO David Schwartz believes this ruling could set a precedent, with judges showing skepticism toward SEC cases, potentially benefiting the broader industry.

COIN GABBAR Views: Is Bitcoin entering the 'Month of Destruction,' potentially marking the ultimate correction for BTC's price? Are major tokens remaining stagnant, and what lies ahead for both Bitcoin and altcoins? Stay tuned for the latest news at www.coingabbar.com

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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