24 Crypto Update, 24 Sep: The global crypto market traded in the red

24 September Crypto Update: The world's cryptocurrency market saw nega

Bitcoin showed weekend stability but gained volatility later

Leading cryptocurrencies, including Bitcoin and Ethereum, saw losses in the past 24 hours, with Bitcoin down 1.63% and Ethereum down nearly 1%. Other cryptos like BNB, XRP, Solana, Dogecoin, Cardano, Toncoin, Polkadot, Polygon, and Litecoin also experienced declines, with Toncoin dropping over 3.78%. Hong Kong's SFC will list "suspicious" crypto platforms for public awareness of potential unregulated trading platforms.

The cryptocurrency market encountered selling pressure following the Federal Reserve's rate decision. Bitcoin and Ethereum experienced volatility, with Bitcoin slipping below $26,500 and Ethereum dropping under $1,600. Investors are treading cautiously amidst concerns about possible interest rate increases, leading to a market characterized by sideways movement, minor price adjustments, and persistent uncertainty.

Major Event to be watch

Crypto Fear and Greed:

The cryptocurrency markets have shown signs of buying among traders in the 24 hours prior, resulting in a 3-point rise in the cryptocurrency "Greed and Fear Index." The index is now ranked 47th out of 100.

Latest Market Update: 

Bitcoin stayed below $27,000, while major altcoins like Ethereum, Dogecoin, Ripple, Solana, and Litecoin traded flat. Curve DAO Token gained 8% in 24 hours, while Toncoin lost 4%.

Major Worldwide News Update:

• Evergrande's financial crisis sparks Asian market anxiety with a 24% drop. Bitcoin's price remains stagnant, but concerns arise about its connection to Tether's commercial paper holdings. Analysts predict potential Bitcoin fluctuations, with some eyeing $29,200, while historical parallels hint at a modest October rally.

• Mixin Network, a decentralized exchange, faced a $200 million attack, prompting a temporary suspension of deposit and withdrawal services. Mixin's team plans to address lost assets and provide details later. The incident led to a drop in the XIN cryptocurrency's value to $196. Security incidents like these continue to plague the crypto market.

• The second deadline for the US SEC's spot Bitcoin ETF is approaching in October 2023, shifting focus to other significant crypto market events. SEC Chair Gary Gensler's testimony before the House Financial Services Committee on September 27, 2023, may reignite debates on crypto regulation, particularly in light of the XRP lawsuit outcome. Ripple's celebration event on September 29, 2023, might impact trader sentiment, although no major announcements are expected. Crypto analysts anticipate a recovery in Bitcoin's price, with a potential return to the $27,000 level after a recent correction.

• Chainlink (LINK) exhibits increased on-chain activity alongside its price surge since September 18, 2023, coinciding with reports of a major bank testing Australian dollar stablecoin interoperability with Chainlink. A significant 4 million LINK transfer on September 24 led to a 7% price gain, indicating immediate trader interest. Analysts predict LINK's continued uptrend, potentially reaching $13 by the end of 2023.

• Worldcoin celebrates a significant milestone, with over 200,000 Chilean residents, or 1% of the population, creating World IDs using the privacy-focused "Orb" device. This success highlights the project's global appeal and its potential in the AI era, differentiating humans from AI bots. The expansion in Chile and beyond underscores Worldcoin's commitment to expanding digital currency accessibility. Chile's tech-savvy and crypto-friendly environment positions it as a hub for cryptocurrency innovation.

• Judge Lewis Kaplan, overseeing the trial of Sam Bankman-Fried, founder of FTX Derivatives Exchange, has denied access to a key witness, Lawrence Akka, a British barrister and University of Michigan professor. The judge deemed Akka's expert testimony on FTX's Terms of Services and Obligations inadmissible. Bankman-Fried faces various charges, and the trial begins on October 3. The ruling doesn't guarantee the trial's outcome but adds intrigue to the case's progression.

• Bitcoin maintained stability following a dip below $27,200, influenced by the Federal Reserve's unchanged interest rates and Nomura's Bitcoin fund launch. Long-term holders (LTHs) showcased steadfastness, holding 13.44 million Bitcoins, nearly 69% of circulating supply. Short-term holders (STHs) faced unrealized losses, with LTHs acquiring more Bitcoin from them, potentially impacting Bitcoin's price trajectory amid market turbulence.

• Federal Reserve officials project one more interest rate hike by year-end, with a median projection of a 5.6% federal funds rate. While higher interest rates may initially attract investors to traditional assets, Bitcoin's status as a hedge and safe haven asset could sustain its appeal during economic uncertainty, potentially sparking a new bull run.

• South Korea's Upbit cryptocurrency exchange faced a major security breach when a fraudulent deposit of counterfeit Aptos (APT) tokens was mistakenly identified as legitimate. Scammers successfully deposited the fake tokens into around 100,000 user accounts, amounting to $3.4 billion. Upbit suspended APT deposits and withdrawals for wallet system maintenance, while investigations revealed the scammer's token was "ClaimAPTGift." A disaster was averted due to different decimal systems, preventing significant disruptions.

• Sam Bankman-Fried, the founder of the defunct FTX cryptocurrency exchange, has released a 250-page document outlining his potential defense strategy ahead of his trial on October 3rd. He criticized his former girlfriend, Caroline Ellison, for FTX's collapse, cited issues with risk management, and challenged accusations by prosecutors, aiming to challenge the fraud charges against him. His bail was revoked in August, and FTX recently sued his parents to recover allegedly siphoned funds from the exchange.

COIN GABBAR Views: Is BTC Unable to Surpass the $27,000 Barrier, Trapped in a Stalemate? Where Will BTC, ETH, and XRP Prices Head This Week? 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.