Welcome to today’s overview of crypto news:
It can be said that the primary cryptocurrency has better times in a row. Within hours, BTC had fallen from $ 48,000 to a daily low of $ 42,500. It tried to recover quickly, but the bears caught the move at around $ 44,000 and pushed it south again.
This time, BTC dropped to just over $ 40,000. Scenario was repeated once more, and BTC stopped at $ 43,000 yesterday. This was followed by another drop in the price, when BTC fell to $ 39,600.
The Altcoins have also suffered greatly these days. ETH is one of the most defeated. The ETH approached $ 3,700 last week, but fell to $ 2,650 a few hours ago. The second largest cryptocurrency is currently still below $ 3,000.
A third of cryptocurrency owners saw Kim Kardashian’s “ETH Max” ad
According to a recent Morning Consult survey, Kim Kardashian’s infamous Instagram ad promoting “ETH Max” was seen by about one of three cryptocurrency holders.
In mid-June, the celebrity shared the story of this dubious cryptocurrency with hundreds of millions of followers. In the ad, she claimed that she learned about the token from her “friend”. This dubious cryptocurrency has no whitepaper and lacks virtually any developer activity.
The third largest BTC whale bought $ 13 million in BTC
The whale sold a significant portion of its shares in April, when the primary cryptocurrency soared to its all-time high of over $ 60,000.
During the subsequent correction, when the asset returned below $ 40,000 and even below $ 30,000, the whale renewed its appetite with several successive purchases. Interestingly, almost all came at a time when BTC had fallen by several thousand dollars from local highs.
These transactions typically take place on the largest US crypto exchange, Coinbase. The last purchase took place a few hours ago, when the entity purchased and transferred 321 BTC for an average price of $ 40,500, which was about $ 1,000 from the intraday floor.
Extreme fear among BTC investors for the first time in two months
Recent developments in the financial market, in particular the recent debt crisis of Evergrande in China, have caused the digital assets industry a major complication. As a result, the price of BTC dropped massively below $ 40,000, making it the lowest price tag since early April. Somewhat expected, a similar development caused a rapid change in the community’s mood for this asset.
The BTC fear and greed index confirms these expectations. Popular metrics that determine general feelings about BTC have fallen into a state of “extreme fear.” The last time it sank to such a low level was on July 21, when BTC fell below $ 30,000.
Banks, crypto exchanges, companies
Rejection of Ripple’s request for access to SEC business history
A federal judge rejected Ripple’s request for access to SEC business history, according to the case file. Ripple sought information on employee transactions with bitcoins, ethers and XRPs, as well as certificates regarding XRP possession.
Judge Sarah Netburn, a U.S. Magistrate Judge, rejected the request, considering developments in the SEC’s trade policies. Ripple argued that individual trading decisions would at least reveal ambiguities regarding XRP status. He argued that this would undermine the SEC’s arguments.
This decision is the next step in a protracted dispute with the SEC. Ripple strongly denies any wrongdoing and has repeatedly defended itself against the allegations. The judge also dismissed the SEC’s request to suppress the dismissal in this case.
Ukraine’s central bank will promote “fair” regulation of BTC
After the adoption of an important law on cryptocurrencies in early September, the Ukrainian parliament decided to support the development of the cryptocurrency industry.
On September 13, the National Bank of Ukraine (NBU) issued an official statement on the basic principles of monetary policy for the coming year, in which it paid special attention to the regulation of cryptocurrencies.
The central bank stressed that the NBU is aware of the importance of technological innovations associated with virtual assets and sees “many promising opportunities”, such as improving access to financial services and increasing competition in the payments market.
According to the NBU, cryptocurrencies such as BTC do not have a significant impact on Ukraine’s monetary policy and financial stability due to their current “relatively limited” level of acceptance and high price volatility.
Major banks are opposed to Basel’s rules on cryptocurrency risks
Opponents of the rules claim that trade in cryptocurrencies would enter unregulated areas of the financial environment. The rules stipulate that banks that own cryptocurrencies must set aside one dollar of capital for every dollar in bitcoins owned.
The Basel Committee on Banking Supervision, based in Switzerland, is a group of global central bankers and regulators. However, the refutation comes from the Global Association of Financial Markets, which includes, for example, JP Morgan and Deutsche Bank. Commitee sent her a letter on Tuesday opposing such strict capital requirements for BTC.
“We consider the proposals in the consultation to be so conservative and simplistic that they would make it impossible for banks to participate in the cryptoactive markets.”
– stands in the letter.