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Peter Davis

An writer at FOMOdrive

  • Oct 03, 2023
  • 3 min read

Bitcoin: bears crashed BTC after soaring above $28,000

After bears launched a counterattack, Bitcoin dropped by $1,000.

Bloomberg reported that a reversal of Bitcoin was unavoidable.

Fears of a shutdown have caused an increase in investments in crypto funds.

CommEX has cautioned against any fraudulent projects that may have similar names.

On Monday night, Bitcoin experienced a drop of over $1,000 after reaching a peak of almost $28,600, its highest point in the past month and a half.

Mike McGlone, a Bloomberg strategist, believes that the recent pullback of Bitcoin was inevitable after its sharp rise. He is doubtful that BTC will be able to reach $30,000 in the near future, citing the strict SEC policy and the potential risks of a global recession as the main factors preventing further growth of the asset.

Last week, investments in crypto funds rose for the first time in six weeks, with CoinShares reporting an increase of $21 million. Of this, $20 million was invested in Bitcoin, while Ethereum saw a decrease of $1.5 million. Funds that allow for shorting Bitcoin also experienced a decrease of $1.5 million. Among altcoins, Solana saw a sharp increase of $5 million.

CoinShares suggests that the influx of funds was due to a combination of positive price dynamics, worries about US government debt prices, and the US government shutdown.

The international company Prager Metis was sued by the US Securities and Exchange Commission (SEC) for allegedly breaching auditor independence regulations, as it had audited the now-bankrupt crypto exchange FTX.

Grayscale has submitted a request to the SEC to transform the Grayscale Ethereum Trust into a spot Ethereum ETF. The company anticipates that this will enable it to "broaden the scope of regulation" of the top altcoin in the United States.

In its report, the IMF proposed a crypto-risk assessment matrix (C-RAM) for countries to use in order to identify indicators and triggers of potential threats in the cryptocurrency sector. The document also included an analysis of vulnerabilities and potential regulatory responses to the industry.

UBS Asset Management, a major player in the global stock market, has initiated its first trial of a tokenized money market fund on the Ethereum blockchain.

In September 2023, CertiK reported that attackers had stolen a record-breaking amount of funds - $329.8 million. The majority of this figure was due to the hacking of the cross-chain protocol Mixin, which resulted in a loss of $200 million. Other major incidents included the CoinEx exchange ($53 million) and the crypto casino Stake.com ($41 million).

The TVL on the Solana blockchain has now surpassed $339 million, the highest it has been since November 2022. This is still a far cry from the all-time high of November 2021, when the TVL of the ecosystem was nearly $10 billion.

Users of the CommEX crypto exchange, which Binance - the world's largest trading platform - is transferring all Russian clients to, have been warned about a rise in fraudulent projects with the same name.

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