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Peter Davis

An writer at FOMOdrive

  • Sep 14, 2023
  • 3 min read

Matrixport warned about the collapse of cryptocurrencies due to FTX

After experiencing a brief dip, Bitcoin's value skyrocketed to over $26,000.

Franklin Templeton has submitted an application for a Bitcoin Exchange-Traded Fund (ETF).

The SEC's claims to regulate cryptocurrencies were confirmed by Gary Gensler.

Metrics for Bitcoin have dropped back to the same levels as they were in 2020.

On Tuesday, Bitcoin experienced a 4% surge, increasing its value to over $26,000 (roughly $1,000 more than the day before). This rebound is likely due to the announcement of another application to launch an ETF. Previously, BTC had briefly dropped below $25,000.

Franklin Templeton, one of the world's largest asset management companies, has submitted an application to the SEC for a Bitcoin ETF. This move puts them in competition with other firms vying for a similar crypto fund.

Glassnode has observed that volatility, liquidity, trading volume, and the amount of Bitcoin value transferred on-chain are all at their lowest points in history. This suggests that the market is in a state of extreme apathy and fatigue, which could lead to major price changes in the near future.

This week, Matrixport's court decision to allow creditors of the bankrupt exchange to begin selling $3.4 billion worth of cryptocurrencies has caused a collapse in the cryptocurrency market. Ethereum is predicted to fall to $1,000 by the end of the year, with Solana's downside targets set at $15 and $10. Experts are warning of the potential consequences of this decision.

At a hearing of the US Senate Banking Committee on crypto regulation, Gary Gensler, the head of the US Securities and Exchange Commission (SEC), declared that the majority of cryptocurrencies are securities and thus fall under the SEC's jurisdiction. He further stated that intermediaries, such as brokers and dealers, that operate in the crypto market must register with the SEC.

Sarah Breeden, Deputy Governor of the Bank of England, stated that cryptocurrencies have no intrinsic value and their price could potentially drop to nothing. On the other hand, she believes that blockchain technology could be beneficial for the financial system.

Canaan has unveiled a revolutionary Bitcoin miner that utilizes immersion cooling. This miner offers a hashrate of 170 TH/s and an energy efficiency of 19.5 J/TH.

Coinbase Prime, the paid extension for institutional investors, has announced the launch of a non-custodial Web 3.0 wallet by American crypto exchange Coinbase.

David Marcus, CEO of Lightspark and former head of the Meta blockchain division, believes that the Lightning Network (LN) could revolutionize global payments by eliminating the resource-intensive process of sending money between countries and bringing them out of the “fax era.”

PayPal has now unveiled a new service that allows users to convert cryptocurrencies into US dollars directly from their wallets. This is an expansion of the company's previous feature, which enabled customers to buy cryptocurrency with fiat currency.

The Mountain Protocol project has unveiled USDM, a stablecoin backed by US Treasury bonds that offers a passive income of 5% per annum.

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