On September 13th, Arthur Hayes, co-founder and former CEO of BitMEX, delivered a comprehensive analysis of the crypto landscape at Token2049 in Singapore. His insights, which spanned from macroeconomic trends to the intricate dynamics of AI, culminated in a bullish prediction for Filecoin, a decentralized storage solution in the crypto domain. Why The Bitcoin And Crypto Bull Could Start Early 2024 Hayes began by dissecting the symbiotic relationship between debt, AI, and the intrinsic value of Bitcoin and cryptocurrencies. Historically, he noted, crypto bull markets have been propelled either by fiat currency liquidity or by groundbreaking technological advancements. However, a simultaneous convergence of these two driving forces has been conspicuously absent. “Over the past decade, one of these two factors has always been the reason we’ve had a bull market in crypto. Yet, we haven’t witnessed a bull market where both were present at the same time,” Hayes remarked. Assuming that both factors could play out next year, Hayes ventured a bold prediction for the crypto sector’s trajectory. “I believe the next bull market in crypto could commence in early 2024. This could potentially be the most significant bull market not only for cryptocurrencies but also for risk assets since the eras of World War II and the Great Depression,” he stated. Diving deeper into global economic trends, Hayes highlighted the alarming acceleration of global debt, especially in the wake of the COVID-19 pandemic. He presented a stark picture of the US public debt maturity profile, emphasizing the looming challenges. “What do governments resort to when faced with a mountain of debt that needs issuance, but there’s a dearth of willing buyers at feasible interest rates? The answer is simple: they print money,” Hayes elucidated. As the discussion transitioned to technology’s intersection with crypto, Hayes identified AI as the prevailing zeitgeist. Drawing parallels with past technological revolutions, he emphasized AI’s transformative potential within the crypto space. He cited the meteoric adoption of AI technologies, such as Chat GPT, and the burgeoning investments in AI-centric firms like NVIDIA as testament to this trend. Will Filecoin Rise From The Ashes? Hayes then meticulously connected the dots between AI’s demands and the indispensable role of decentralized storage in the crypto ecosystem. He posited that centralized storage solutions, while prevalent, pose significant risks, especially for burgeoning AI applications. “Why does AI, a dominant force in the crypto and tech sectors, necessitate decentralized storage? Relying on centralized solutions like Amazon means entrusting vast swathes of data to entities that can unilaterally alter terms, hike prices, or even shut down services, potentially under governmental directives,” Hayes explained. This line of reasoning led Hayes to spotlight Filecoin, emphasizing its significance in the crypto landscape. Despite its dramatic price decline from its zenith, Hayes championed the untapped potential of Filecoin. “Filecoin’s value in the crypto space isn’t merely speculative. It’s down nearly 99% from its peak of $300 to $3 today. Yet, its tangible utility is evident, with real customers actively using the network and significant data being stored,” he detailed. Hayes further highlighted his investment in Seal Storage, a Filecoin storage platform. SEAL has undertaken a project named Atlas, associated with CERN, the renowned European particle accelerator. By leveraging SEAL, CERN aims to optimize data costs, and in return, SEAL garners rewards in Filecoin for hosting this data on the network. This synergy isn’t exclusive to CERN. The University of California, Berkeley, recognizing the potential, has integrated SEAL for analogous purposes. Furthermore, SEAL’s innovative approach has caught the attention of other prestigious institutions, leading to collaborative ventures with NASA and various esteemed universities across the United States. At press time, Filecoin (FIL) traded at $3.11

On September 21, Timișoara—Europe’s 2023 Cultural Capital—will host “The Alliance.” This conference, organized by crypto.ro, aims to be a milestone in blockchain and crypto technology. Event Vision “The Alliance,” organized by crypto.ro, is a conference focused on innovation, collaboration, and education. The event aims to accelerate the adoption and development of blockchain technology, both on a local and international scale. It seeks to bring together industry heavyweights, such as Binance—the world’s largest trading platform—as well as key players from Romania like MultiversX, the country’s most significant blockchain project. Sponsors and Partners We are proud to announce our key sponsors and partners for this event, who include Binance, MultiversX, WebIt Labs, and Hodlezz. Their support has been instrumental in bringing this conference to life. Renowned Speakers The event stands out for the presence of top speakers, among which are: Alex Numeris, Founder and CEO at crypto.ro Kyrylo Khomiako, General Manager at Binance CEE & CIS Stefan Szakal, Head of Core Applications at MultiversX Marius Drenea, CEO at Hodlezz and Co-founder at WebitLabs Alex Arghirescu, CMO at IXFI and many other influential names. Why You Should Attend The event is estimated to be marked by over 500 international participants, offering networking opportunities, personal and professional development, and access to exclusive opportunities. Crypto.ro collaborates with major partners, including Binance and MultiversX, to offer memorable experiences and surprises. This event will not be limited to just discussions and presentations, but will provide participants with an unforgettable experience. Among the benefits offered are: Bar Buffet Free Merchandise Party VIP lounge Private Dinner For more information and registration, visit https://events.crypto.ro. About Crypto.ro Crypto.ro stands as Romania’s premier media center at the crossroads of cryptocurrencies and blockchain technology. More than just a news outlet, Crypto.ro functions as a comprehensive educational hub. It offers a wide-ranging library of resources designed to arm both newcomers to the crypto world and experienced investors with the insights needed for informed investment and participation. The platform’s complimentary crypto academy features structured learning tracks, engaging webinars, and real-time market analytics to further contribute to the adoption of crypto assets. Further broadening its influence, Crypto.ro Global serves as a multilingual division that makes this wealth of trusted information available to a diverse, international community.

Traditional financial institutions that have filed crypto ETF applications have focused on a particular market (spot or futures). However, a recent NASDAQ application suggests that the asset manager Hashdex is taking a different approach, which could be a game changer in the Ethereum ETF race. NASDAQ Proposes To List Ethereum ETF According to the application filed with the US Securities and Exchange Commission (SEC), the stock exchange plans to list and trade shares of the Hashdex Nasdaq Ethereum ETF, which will be managed and controlled by Toroso Investments LLC. Interestingly, the fund will hold both Ether futures contracts and Spot Ether. This move from asset manager Hashdex is novel, considering that other asset managers have either applied to offer a Spot Ether ETF or Ether futures ETF or filed applications to offer both separately. However, Hashdex wants to offer a fund holding both Ether futures contracts and a Spot Ethereum ETF. The fund’s sponsors believe that combining Ether Futures Contracts and Spot Ether will help mitigate the risk of market manipulation (a major concern of the SEC) and provide the market with a “regulated product” that tracks Ethereum’s price. This fund will help US investors gain exposure to Spot Ether without relying on “unregulated products, offshore regulated products, or indirect strategies such as investing in publicly traded companies that hold Ether.” In fulfillment of the requirement of having a surveillance-sharing agreement (SSA) for the proposed ETF, Nasdaq stated in the application that the Chicago Mercantile Exchange (CME) will be used to track the price of Ethereum as the CME represents a “regulated market of significant size.” Furthermore, the fund is expected to hold physical Ether. However, the sponsors do not intend to purchase these tokens from “unregulated ether spot exchanges” but from the CME Market’s Exchange for Physical (EFP) transactions. This move is similar to Hashdex’s application to combine a spot Bitcoin ETF with its existing Bitcoin futures ETF. Hashdex, in its application, stated that the CME will be used to track Spot Bitcoin’s price and that all Bitcoin purchases will be from the CME’s EFP. Hashdex Throwing Other Asset Managers Under The Bus? Nasdaq’s application mentions the phrase “unregulated spot exchanges” multiple times in what seems to be a direct attack on Coinbase and the applications of other asset managers. It is worth mentioning some of the other asset managers, including Ark Invest, who have filed to offer an Ethereum-related ETF, have chosen Coinbase as their custodian. As such, Hashdex labeling Coinbase as an “unregulated spot exchange” doesn’t seem right, as this could undoubtedly influence the SEC’s decision when dealing with these applications. Furthermore, asset managers like BlackRock picking Coinbase for their SSA and custodian had already sparked controversy as many had stated that the SEC would not be so inclined to approve an application in which Coinbase is directly or indirectly involved since it has an ongoing lawsuit against the crypto exchange. While many may commend Hashdex’s “innovative approach,” there is a need to be wary of how this approach could hinder the application of others and the eventual effect on the crypto industry in general.

Bitcoin price struggled again near the $26,500 resistance. BTC is forming a double-top pattern and could revisit the $25,000 support zone. Bitcoin recovered above $26,000 but struggled to clear $26,500. The price is trading above $25,800 and the 100 hourly Simple moving average. There is a short-term contracting triangle forming with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another decline if it breaks the $25,550 support zone. Bitcoin Price Faces Uphill Task Bitcoin price started a decent increase above the $26,000 resistance zone. BTC climbed above the $26,200 resistance level but the bears were again active near the $26,500 resistance. The price failed to settle above the $26,500 resistance level. A high was formed near $26,528 and the price started a downside correction. It seems like there is a double-top pattern forming near the $26,500 zone. The price is now trading below the 23.6% Fib retracement level of the upward move from the $24,925 swing low to the $26,528 high. However, Bitcoin is now trading above $25,800 and the 100 hourly Simple moving average. Besides, there is a short-term contracting triangle forming with resistance near $26,000 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com Immediate resistance on the upside is near the $26,000 level. The first major resistance is near the $26,200 level. The main resistance is near the $26,500 level. A proper close above the $26,500 level might start a decent increase. The next major resistance is near $27,200, above which the bulls could gain strength. In the stated case, the price could test the $28,000 level. Another Decline In BTC? If Bitcoin fails to start a fresh increase above the $26,000 resistance, it could continue to move down. Immediate support on the downside is near the $25,800 level. The next major support is near the $25,550 level or the 61.8% Fib retracement level of the upward move from the $24,925 swing low to the $26,528 high. A downside break and close below the $25,550 level might call for more downsides. In the stated case, the price could drop toward $25,000 or even $24,800. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $25,800, followed by $25,550. Major Resistance Levels – $26,000, $26,200, and $26,500.

Ethereum price is attempting a recovery wave above $1,580 against the US Dollar. ETH is struggling to clear $1,620 and might start another decline. Ethereum is struggling to gain pace for a move above $1,600 and $1,620. The price is trading below $1,600 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance near $1,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another decline unless there is a close above $1,620. Ethereum Price Struggles Above $1,600 Ethereum’s price started an upside correction from the $1,530 level. ETH managed to recover above the $1,560 and $1,580 resistance levels, like Bitcoin. The bulls even pushed the price above the 50% Fib retracement level of the key decline from the $1,670 swing high to the $1,530 low. The price climbed above the $1,600 resistance level and the 100-hourly Simple Moving Average. However, the bears took a stand near the key resistance at $1,620. Ether failed to clear the 61.8% Fib retracement level of the key decline from the $1,670 swing high to the $1,530 low. There is also a major bearish trend line forming with resistance near $1,600 on the hourly chart of ETH/USD. Ethereum is now trading below $1,600 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,595 level or the trend line. The next resistance is near the $1,620 level. A close above the $1,620 resistance might send the price toward the $1,670 resistance. Source: ETHUSD on TradingView.com The next major hurdle is near the $1,720 level. A close above the $1,720 level might send Ethereum further higher toward $1,800. Another Drop in ETH? If Ethereum fails to clear the $1,600 resistance, it could start another decline. Initial support on the downside is near the $1,565 level. The first key support is close to $1,550. The next key support is $1,530. A downside break below $1,530 might push the price further lower toward the $1,500 zone. In the stated case, the price could even decline toward the $1,440 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,550 Major Resistance Level – $1,620

Tron price is showing positive signs above $0.080 against the US Dollar. TRX is outperforming Bitcoin and could start another increase toward $0.10. Tron is moving higher above the $0.0800 pivot level against the US dollar. The price is trading above $0.080 and the 100 simple moving average (4 hours). There is a connecting bullish trend line forming with support near $0.0780 on the 4-hour chart of the TRX/USD pair (data source from Kraken). The pair could continue to climb higher toward $0.085 or even $0.095. Tron Price Surges Further In the last Tron price analysis, we discussed the chances of more gains in TRX against the US Dollar. TRX formed a base above the $0.0770 level and started another increase. There was a clear move above the $0.080 resistance zone, outperforming Bitcoin. The price even cleared the $0.082 level. A high is formed near $0.0828 and the price is now correcting gains below the 23.6% Fib retracement level of the upward move from the $0.0770 swing low to the $0.0828 high. TRX is now trading above $0.080 and the 100 simple moving average (4 hours). There is also a connecting bullish trend line forming with support near $0.0780 on the 4-hour chart of the TRX/USD pair. Source: TRXUSD on TradingView.com On the upside, an initial resistance is near the $0.0815 level. The first major resistance is near $0.0828, above which the price could accelerate higher. The next resistance is near $0.085. A close above the $0.085 resistance might send TRX further higher. The next major resistance is near the $0.092 level, above which the bulls are likely to aim a larger increase toward the key $0.10 zone in the coming days. Are Dips Supported in TRX? If TRX price fails to clear the $0.0815 resistance, it could slowly move lower. Initial support on the downside is near the $0.080 zone. The first major support is near the $0.0792 level or the 61.8% Fib retracement level of the upward move from the $0.0770 swing low to the $0.0828 high. The next support is near $0.0780 or the trend line, below which the price could accelerate lower. The next major support is $0.0755. Technical Indicators 4 hours MACD – The MACD for TRX/USD is losing momentum in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level. Major Support Levels – $0.080, $0.0792, and $0.0780. Major Resistance Levels – $0.0815, $0.0828, and $0.092.

Prominent cryptocurrency XRP remains among the major talking points in crypto over the last few months. Following Ripple’s partial victory over the US Securities and Exchange Commission (SEC) in July, analysts have continued to weigh in on XRP’s future, mostly predicting a bullish price trajectory for the altcoin. In the latest development, a crypto analyst, EGRAG CRYPTO on X, predicts that XRP could be set for massive gains in 2024 based on historical price data. XRP To Repeat Price Rally In 2024? According to an X post on September 12, EGRAG CRYPTO describes XRP as possessing “incredible potential.” Using data from the altcoin chart on Tradingview, the analyst projects a possible market gain of 2500% in 2024. EGRAG CRYPTO’s bullish prediction on XRP is based on the token’s price history. Between 2016 and 2018, XRP embarked on a strong bullish run upon forming a symmetrical triangle pattern, which appears again on the token’s monthly chart. For context, a symmetrical triangle chart pattern represents a period of consolidation that can result in either a price breakout or a breakdown. If the bullish prediction holds, the XRP token could experience a similar price breakout as in previous times. In line with EGRAG CRYPTO’s prediction, Sharon Thorp, a crypto analyst and business development executive at Wells Fargo, recently forecasted that XRP could trade at $500 in 2027. This prediction is based on the anticipated growth of the cross-border payment industry, which is expected to reach $250 trillion in valuation by 2027. However, while these predictions may encourage the XRP community, they are individual speculations and should not be considered financial advice. Pain Before Gain? Although there may be a bullish sentiment towards XRP’s potential adoption in the coming years, some analysts believe the token could struggle in the remainder of 2023. According to a recent X post by a pro-XRP analyst, Jungle Inc 2.0, the rest of 2023 does not bode well for XRP or the general crypto market. The crypto analyst hinges this prediction on “tough financial times” marked by increasing interest rates by the US Federal Reserve. Furthermore, investors should remember that Ripple remains in court with the SEC. The US securities watchdog recently submitted a petition urging the court to approve its request to appeal the recent ruling in its case against Ripple. At the time of writing, XRP trades at $0.4805, dipping by 4.32% in the last week. Meanwhile, the altcoin remains the fifth-largest cryptocurrency with a market cap value of $25.46 billion.

Bitcoin (BTC) has welcomed another noteworthy decision from the global investment firm Franklin Templeton. With a portfolio spanning various financial instruments, the company is now setting its sights on one of the most sought-after financial products in the digital currency realm: a spot Bitcoin exchange-traded fund (ETF). This development signifies the firm’s progressive stance on digital assets and underscores the increasing mainstream acceptance of cryptocurrencies, particularly Bitcoin. Following the news, BTC has surged 4.2% in the past day, breaking above $26,000, as of this writing. Details Of The Franklin Spot BTC ETF Based on recent filings, the proposed offering has been dubbed the “Franklin Bitcoin ETF.” One of the fundamental characteristics of this ETF would be its primary assets—essentially constituted of Bitcoin. Coinbase Custody Trust Company, a subsidiary of one of the world’s leading cryptocurrency exchange platforms, will serve as these assets’ custodians. Such a collaboration could provide the proposed fund an extra layer of credibility and security, given Coinbase’s longstanding reputation in the crypto space. Another critical aspect to consider is the chosen trading platform. If the Securities and Exchange Commission (SEC) approves, Franklin Templeton’s Bitcoin ETF will see its shares being traded on the Cboe BZX Exchange. In determining Bitcoin’s pricing, the filing indicates a reliance on the Chicago Mercantile Exchange (CME) CF Bitcoin Reference Rate, specifically the New York Variant. Bitcoin Begins Rally After Bouncing Off $24,900 Following the Franklin Templeton spot Bitcoin ETF filing disclosure, Bitcoin has shown signs of recovery. The top crypto experienced a slight surge, breaking the downward trend that had dominated the market in recent weeks. Over the past 24 hours, Bitcoin has surged by nearly 3%, trading for $26,185 as of this writing. Particularly, the asset broke away from the stagnant price zone of around $25,000 observed over the past week. Complementing its price movement, Bitcoin’s trading volume experienced a significant uptick. A comparison reveals that while the trading volume was as low as $1.7 billion last Wednesday, it increased to $18.4 billion in the past 24 hours. Notably, the financial industry’s anticipation for the first-ever spot crypto ETF is palpable. Franklin Templeton’s decision, while bold and promising, enters a domain where the SEC has shown consistent reticence. Over the last month, the regulatory body decided to postpone its decisions concerning proposals for spot Bitcoin ETFs. This delay can be attributed to the SEC’s current process of sifting through the influx of recent applications in this category. There hasn’t been a single spot crypto ETF that has secured the SEC’s endorsement. Featured image from iStock, Chart from TradingView

Trading volumes associated with CRV, the governance token of Curve, a stablecoin decentralized exchange (DEX), is down 97% barely two months after it was hacked in late July 2023. According to Kaiko, CRV’s trading volume in centralized exchanges, especially Binance, where the token is actively traded, fell from nearly $300 million in late July to $7 million as of September 12. Trackers show that CRV is available for trading in multiple centralized and decentralized exchanges, including Binance, Uniswap, and Curve. However, considering the popularity and liquidity standing of Binance, most CRV trading was concentrated on the world’s popular crypto exchange. To illustrate, Binance’s share of CRV trading is about 20% when writing, while Bitbox is next with a dominance of around 7%. Curve’s TVL, Price, And Trading Volumes Collapse In crypto, a drop in trading volume often indicates waning interest in a digital asset or general caution practiced by investors. With falling volume, the asset’s liquidity takes a hit as traders or investors opt out, even liquidating the coin as they choose stability and refuge. Sometimes, they can adopt a wait-and-see approach, evaluating how the token will react in light of changing market conditions. According to DeFiLlama, Curve has a total value locked (TVL) of approximately $2.17 billion, down from $3.25 billion when the protocol was hacked. The decline in TVL and trading volumes comes amid the general lull in the decentralized finance (DeFi) scene. The drop in CRV valuation and trading volumes was worsened by the July exploit, which saw the protocol lose over $50 million worth of assets. Although Curve recovered most of those funds, the effect of the exploit called into question the general state of security. The Hack And Erogov’s CRV Disposal In the July hack, malicious actors exploited various Curve stablecoin pools using older versions of Vyper, a programming language used to create smart contracts on Ethereum. All Curve’s pools are automated, and this feature allowed hackers to drain multiple pools through a re-entrancy attack. CRV reacted to this hack by dropping, falling sharply on July 30 from around $0.74 to $0.48. It has since exceeded halved, crashing to $0.40, a new 2023 low. During this time, Curve’s CEO, Michael Egorov, had to sell CRV holdings he had used to back his loans via over-the-counter (OTC) to entities and individuals such as Justin Sun when prices started falling. Egorov had taken out loans on Aave and Frax Finance secured by CRV.

Fireblocks has been BNY Mellon and BNP Paribas’ preferred custody technology vendor. Regulatory ambiguity around cryptos has reduced major banks’ excitement for the sector. Two sources acquainted with the situation have reportedly confirmed that HSBC, one of the world’s major banks, is collaborating with the crypto custody technology business Fireblocks. Even before this agreement, Fireblocks had experience dealing with major institutions because of their expertise in crypto custody technologies like multi-party computation (MPC). Fireblocks has been BNY Mellon and BNP Paribas’ preferred custody technology vendor since early 2021. Still Wary of Cryptocurrencies Regulatory ambiguity around cryptocurrencies has reduced major banks’ excitement for cryptocurrency. This is due in large part to the legal battles being fought between crypto businesses and U.S. authorities. This murkiness is allegedly helping foreign financial firms gain ground on their American rivals. Earlier in June it was reported that HSBC, which manages over $3 trillion in assets, started offering bitcoin and ether ETFs to consumers at its Hong Kong office. The bank is still wary about cryptocurrencies, at least in public; in July, HSBC-owned Hang Seng Bank, also located in Hong Kong, declared that licensed crypto firms may create a bank account, but only a “simple” one. On the other hand, Franklin Templeton, one of the largest investment organizations in the world, has submitted an application to the U.S. SEC for a spot Bitcoin exchange-traded fund. This novel financial vehicle, dubbed the “Franklin Bitcoin ETF,” has the potential to herald the next phase of institutional engagement in the crypto market. Highlighted Crypto News Today: Franklin Templeton Applies for a Spot Bitcoin ETF With the U.S. SEC

For years, the SEC has ignored requests for a Bitcoin exchange-traded fund (ETF). The SEC Chair has taken a harsh stance against the crypto market under his supervision. U.S. SEC Chair Gary Gensler went on to criticize the crypto industry today during a Senate hearing with lawmakers, but he would not provide any hints as to the agency’s plans regarding the numerous applications for Bitcoin spot ETFs that it is presently evaluating. Senator Bill Hagerty (R-TN) questioned Gensler about what the SEC needed to see in a submission to authorize a spot Bitcoin ETF in light of the recent seismic decision siding with Grayscale against the agency. Ongoing Scrutiny On Tuesday, Gensler updated the Senate Banking Committee that the SEC was still considering the matter. After Grayscale filed a lawsuit against the SEC last month, the court sided with the company and stated that the SEC’s refusal of Grayscale’s spot Bitcoin ETF application must be reconsidered. For years, the SEC has ignored requests for a Bitcoin exchange-traded fund (ETF), which would provide investor’s access to Bitcoin without requiring them to actually own any of the cryptocurrency. Gensler said once again today that he believed the sector was a Wild West of non-compliance. Some senators have accused Gensler of limiting innovation by not being specific enough in his demands of the cryptocurrency industry. Gensler then drew parallels between the current American crypto sector and the era before the Securities and Exchange Commission was established in 1934. The SEC Chair has taken a harsh stance against the crypto market under his supervision, filing lawsuits against prominent crypto companies. Highlighted Crypto News Today: Founder and Ex-CEO of Celsius Network Files for FTC Case Dismissal

Bitcoin (BTC), the leading cryptocurrency, has defied expectations of a steep decline to sub-$20,000 levels and has rebounded to the $26,000 mark, registering a 3.5% gain over the past 24 hours. This resurgence in Bitcoin’s price coincides with the predictions made by Chartered Financial Analyst Timothy Peterson, whose recent social media post outlined the probabilities of Bitcoin dropping to $22,600 or rallying to $31,200 within the next 90 days. Bitcoin Price Analysis, 8% Chance Of Drop To $22,600 Peterson’s analysis indicates an 8% likelihood of Bitcoin experiencing a downward movement to $22,600, while a 71% chance of the cryptocurrency surging to $31,200. According to the chart above, Bitcoin’s price will likely enter a macro consolidation phase over the next 90 days. During this period, the price may fluctuate within the range of its key Moving Averages (MAs). However, the crucial factor for bullish investors is the low probability of a drop below $22,000. This allows them to regain control of the 50-day and 200-day MAs in the short term, currently positioned at $27,200 and $27,000, respectively. The recent recovery of Bitcoin to the $26,000 level has alleviated concerns among market participants who were apprehensive about a potential downward spiral. The cryptocurrency’s ability to bounce back has instilled renewed confidence among investors. Nevertheless, Bitcoin faces a series of resistance levels that could pose challenges. In the immediate term, resistance at $26,454 has temporarily halted the cryptocurrency’s upward momentum. As mentioned earlier, Bitcoin lost its key MAs in August, resulting in additional obstacles on its journey back to $30,000. However, if these resistance levels are surpassed, there remains only one more hurdle before the cryptocurrency can surpass its annual high zone. This final resistance stands at $29,800, which has historically proven to be a formidable barrier whenever Bitcoin has aimed to achieve new highs. Imminent Final Decline Expected? As the market approaches the final weeks of Q3 and edges closer to the new year, QCP Capital, an analysis firm, has been closely monitoring the market using two critical blueprints: the supermoon cycle and the Elliot Wave count. According to their analysis, an imminent final decline is expected to close the quarter at its lows. The chart above illustrates the projected decline, aligning with QCP Capital’s blueprints. The firm believes that the crypto and macro events calendar also supports this view, with a concentration of upcoming bearish events expected to transition to a neutral stance from mid-October onwards. Notable future events include tomorrow’s likely higher-than-expected CPI (Consumer Price Index) data and a more hawkish-than-expected Federal Open Market Committee (FOMC) meeting next week. Additionally, asset sales of FTX tokens and the conclusion of the Mt. Gox proceedings over the next month contribute to the bearish sentiment. Although QCP Capital’s theory suggests a potential bottom soon after the supermoon early next month, they anticipate the true bottom to materialize in mid-late October when the negative news cycle has run its course. They expect the market to stabilize during this time and potentially reverse its downward trend. Despite the short-term challenges, QCP Capital remains bullish on the overall outlook. They anticipate a positive trajectory from mid-late October, extending into year-end and Q1 of the following year. BTC is currently trading at $26,100, reflecting a 3.5% increase over the past 24 hours and a gain of over 1.5% in the past seven days. Featured image from iStock, chart from TradingView.com

Institution crypto investors have been pulling out of the market for the better part of this year, especially as the bear market has taken hold. However, Ethereum has suffered way more than other assets in this regard with outflows dragging total assets under management (AuM) down. This comes as Ethereum has struggled after falling below the $1,600 support. Institutional Investors Pull Out Of Ethereum In the latest iteration of its Digital Asset Fund Flows Weekly Report, alternative asset manager CoinShares has revealed a growing aversion from institutional investors toward Ethereum. This is characterized by a tremendous amount of outflows spanning months that has caused its asset under management to decline faster than any other crypto asset. The outflow trend also continued into last week as a total of $4.8 million flowed out of Ethereum funds. According to CoinShares, this brings the total year-to-date outflows for the digital asset to $108 million. This figure also represents 1.6% of Ethereum’s total assets under management, the largest percentage of outflows of any asset. This trend points to a waning interest in Ethereum from institutional investors. It is even more glaring given that altcoins such as XRP saw inflows of $0.7 million as investors pulled out of Ethereum. The asset manager put forward that this means that Ethereum is “the least loved digital asset amongst ETP investors this year.” Bitcoin Not Left Out While Ethereum has undoubtedly not been a favorite of institutional investors, it was not the only large cryptocurrency plagued by outflows last week. Bitcoin, once again, saw the largest outflow volumes for the week with $69 million leaving Bitcoin funds. This is in contrast to short Bitcoin which saw a 5-month high weekly inflow of $15 million. Blockchain equities also suffered from another week of outflows totaling $10.8 million this time around. In total, the current run of outflows has seen $294 million leave crypto and blockchain-related funds, accounting for 0.9% of the total assets under management. This bearish sentiment among institutional investors is also highlighted by the fact that trading volumes saw a massive decline. The asset manager reported that volumes were just $754 million for last week, a 73% drop from the previous week’s figures. Despite last week’s negative sentiment, this week seems to be working out better for the top assets with Bitcoin and Ethereum seeing trading volumes on crypto exchanges jump 96.28% and 41.16%, respectively. This could be signaling a coming reversal after a rocky weekend.

Data shows the Bitcoin market sentiment has worsened recently and is approaching extreme fear territory. Bitcoin Fear & Greed Index Has Plunged Inside The Fear Region Recently The “fear and greed index” is a Bitcoin indicator that tells us about the general sentiment among the investors in the Bitcoin and broader cryptocurrency market. This metric uses a numeric scale from zero to a hundred to represent this sentiment. When the index has a value greater than 54, the investors share greed. On the other hand, values under 46 imply the presence of fear in the market. The in-between region naturally suggests that the majority mentality is neutral currently. Here is what the Bitcoin fear and greed index looks like right now: As displayed above, the Bitcoin fear and greed index currently has a value of 30, meaning that most investors in the sector share a mentality of fear. Just yesterday, the indicator had a value of 40, implying that the sentiment has worsened quite a bit during the past day. Besides the three core sentiments already discussed, there are also “extreme fear” and “extreme greed.” These two regions of the indicator have been pretty significant historically for the cryptocurrency. The reason is that extreme fear occurs at and under 25 when the major bottoms have formed for the asset’s price. Similarly, the tops have occurred in extreme greed (at and above 75). Bitcoin has generally tended to go against what most investors expect. The extreme regions are when this expectation is the strongest, hence why a reversal occurred. A trading technique called “contrarian investing” exploits this apparent pattern. Warren Buffet’s famous quote says, “be fearful when others are greedy, and greedy when others are fearful.” The current value of the index (30) is quite close to the extreme fear region, which means that if sentiment worsens further in the coming days, it might drop into this territory. Naturally, if such a drop happens, a contrarian investor might take it as a signal to buy the cryptocurrency. Interestingly, if Bitcoin bottoms out in the coming weeks and sets itself up for a reversal, it would align with the historical Halloween Effect. According to this effect, BTC and other assets usually perform the best between 31 October and 1 May. Those who practice the “sell in May and go away” strategy come back this season to buy back into the asset. It remains to be seen how the Bitcoin sentiment will develop in the coming month and if the Halloween Effect will play any role. BTC Price At the time of writing, Bitcoin is trading at around $26,200, up 1% during the past week.

The filing states that the ETF’s shares will be traded on the Cboe BZX Exchange. BTC’s owned by Coinbase Custody Trust Company will make up the bulk of the fund’s assets. One of the biggest investing firms in the world, Franklin Templeton, has applied to the U.S. SEC for a spot Bitcoin ETF. Named the “Franklin Bitcoin ETF,” this innovative investment instrument has the potential to usher in the next phase of institutional involvement in the cryptocurrency market. Franklin Templeton’s selection of custodian stands out as a significant feature of its ETF proposal. Bitcoins owned by Coinbase Custody Trust Company will make up the bulk of the fund’s assets. Coinbase is well-known for its stringent safety protocols and regulatory conformity. If the ETF application is accepted by regulators, the filing states that the ETF’s shares will be traded on the Cboe BZX Exchange. This is a significant change because it shows how the crypto industry is complementing the existing conventional financial sector. The Cboe is a frontrunner in the market due to its innovative financial products such as futures contracts on BTC. All Eyes on U.S SEC Franklin Templeton is committed to openness and dependability, and this is shown in many ways, including the pricing system it uses. The New York Variant of the Bitcoin Reference Rate maintained by the CME is referenced in the ETF application. By applying to list a Bitcoin exchange-traded fund, Franklin Templeton follows in the footsteps of other major financial institutions, such as BlackRock. Given its prominence in related products, Franklin Templeton’s participation in a Bitcoin ETF may not be surprising. However, the fact that the firm has never applied for a Bitcoin ETF before makes its debut into the crypto ETF field noteworthy. All eyes are now on the U.S SEC. Highlighted Crypto News Today: Trust Wallet’s Security Scanner Foils $10.4M Scam Attempts, Protecting Users

The ex-CEO of Celsius had his lawyers contend that there is insufficient evidence. In July, the FTC fined defunct cryptocurrency lender Celsius Network $4.7 billion. The founder and ex-CEO of defunct cryptocurrency lender Celsius, Alex Mashinsky, has filed a fresh application in court asking for the U.S Federal Trade Commission (FTC) action against him to be dismissed “in its entirety.” The ex-CEO of Celsius had his lawyers contend that there is insufficient evidence to prove that he had intentionally lied to “fraudulently obtain customer information from a financial institution.” Moreover, a claim under the Gramm-Leach-Bliley Act cannot be made based on these allegations, the attorneys say. Also, to illegally obtain financial institution client information by making false claims is a crime under this statute, which dates back to 1999 law. The attorneys also argued that the case lacks merit since it is impossible to show that Mashinsky “is violating” or “is about to violate” the law given that he resigned as CEO of Celsius on September 27 last year. Struggle Continues Furthermore, in July, the FTC fined defunct cryptocurrency lender Celsius Network $4.7 billion and launched a lawsuit against the founder along with co-founders Shlomi Daniel Leon, and Hanoch “Nuke” Goldstein. Lawyers for Goldstein argued that the FTC is only using Goldstein’s retweet of a blog post by Celsius as evidence in the lawsuit against him. Also, Goldstein claims that this action is being taken much too seriously as evidence of involvement in the alleged misbehavior. The founder stepped down as CEO in September of last year, and by the end of 2022, he had been charged on many counts of criminal fraud by the U.S DOJ. Mashinsky was released on a $40 million bond after pleading not guilty to various counts. Highlighted Crypto News Today: Franklin Templeton Applies for a Spot Bitcoin ETF With the U.S. SEC

Arbitrum has managed to maintain its place amongst the top names in decentralized finance (DeFi) despite the unfavorable conditions gripping the space in 2023. However, the price of ARB (the network’s native token), met with a euphoric welcome in March, has been struggling. The Arbitrum token’s price tumbled to a new historical low of $0.747217 on Monday, the 11th of September, with its honeymoon phase seemingly over. The token’s value dipped by more than 12% in the past week, leaving investors wondering what could be behind this bearish movement. Whales Part With Millions Of ARB Token In Selling Spree ARB’s latest price downturn has been associated with the increased market activity of Arbitrum whales in the past few days. On Monday, crypto journalist Colin Wu reported that three whales transferred 10.23 million ARB (worth about $8 million) to Binance. The first whale reportedly sold 3.8 million ARB at $0.77 per token, while the second whale – with the pseudonym vladilena2.eth – sold 3.63 million ARB at $0.83 per token. Meanwhile, the third whale moved 2.8 million ARB for $0.79 per token. This seeming loss of interest from whales may have precipitated the downward pressure that pushed Arbitrum to a new all-time low. Unfortunately, there appears to be no end, as whales have continued to dump their ARB tokens in the last few hours. According to a Lookonchain report, seven whales have dumped 20.41 million ARB tokens (valued at about $16.05 million) in the last 30 hours. The blockchain analytics platform revealed that these whales generated a total loss of $8.15 million. It is worth noting that general market sentiment may have also contributed to ARB’s price performance. As of this writing, the Arbitrum native token is valued at $0.781039, according to CoinGecko data. Other Possible Reasons For Arbitrum Price Decline Another plausible reason for ARB’s recent price downturn is the dwindling activity on the Arbitrum network. While the chain continues to hold its own as a prominent L2 network, it has been experiencing a steady decline in total value locked (TVL). According to DefiLlama data, Arbitrum has a total value of $1.65 billion in assets locked on its network, reflecting a more than 35% decline in the past four months. This current figure also represents the network’s lowest TVL since March. The sustained decrease in total value locked suggests a loss of investor confidence, which could discourage participants from onboarding the network. Recent governance proposals are another factor that may have contributed to the latest fall in Arbitrum price. Notably, PlutusDAO introduced a proposal on September 9 seeking to return tokens from the DAO treasury to ARB holders. If approved, the governance proposal would involve activating a staking mechanism and the creation of native yield for participants, which could see the annual release of up to 2% of the total token supply. Some investors view this proposal as inflationary, as it would likely exert downward pressure on the price of Arbitrum. Ultimately, ARB’s latest market performance appears to result from a combination of loss of investor interest, dwindling network activity, and unsatisfactory governance mechanisms.

In a completely unexpected move, Justin Sun, Founder of Tron and Advisor to Huobi Global has expressed his interest in acquiring FTX’s considerable crypto assets worth billions of dollars. Justin Sun Considers Making A Bid For FTX Crypto Assets Justin Sun, Creator of Tron, one of the world’s largest blockchain ecosystems, has hinted at the possibility of acquiring the assets of insolvent crypto exchange FTX. This statement comes a year after the crypto billionaire was contemplating a majority takeover of Huobi Global. According to data from Messari, a provider of market intelligence products, FTX liquidations hold a total of $1.3 billion in liquid crypto assets excluding stablecoins. The report revealed some of the largest holdings for FTX liquidators which include cryptocurrencies like Solana (SOL), Ethereum (ETH), Aptos (APT), Dogecoin (DOGE), Tron (TRX), and Polygon (MATIC). Given the considerable holdings, there have been fears that the market could witness a crash if the exchange were to start dumping its crypto assets. In response to this, Sun revealed in a post on X (formerly known as Twitter) that he was considering the possibility of purchasing FTX holdings. The Tron Founder explained that the reason behind it was to reduce their selling influence on the crypto market. “Contemplating an offer for FTX’s holding tokens and assets to reduce their selling impact on the crypto community. Let’s unite to bolster our crypto ecosystem,” Sun stated. However, data from Messari revealed that FTX and Alameda’s BTC holdings, which are approximately $353 million, account for only 1% of BTC’s weekly trading volume, meaning the crypto market can easily handle selling impacts. Whereas, FTX’s crypto holdings such as DOGE, TRX, and MATIC which range from $20 million to $30 million account for 6-12% of weekly trading volumes, and liquidations could significantly impact the crypto market. Most of FTX’s SOL are also locked up in Alameda and FTX ventures, and they have a unique liquidation pattern, which allows only $9.2 million SOL to be unlocked every month. This monthly liquidation system allows selling impacts of FTX’s Solana holdings to be easily managed. FTX Insolvency Court Case Still Ongoing On November 11, 2022, FTX and a number of its affiliates filed for bankruptcy in Delaware, United States. At the time, the exchange owed a staggering $8 billion after it collapsed due to a liquidity crisis. The crypto exchange is currently under investigation by the United States Securities and Exchange Commission (SEC) while its Founder and CEO, Sam Bankman Fried was charged on 13 accounts for alleged illegal proceedings he performed in FTX, five of which were later withdrawn in June. FTX liquidators are currently scheduled for a hearing on Wednesday, September 13. The result of the hearing may see the liquidators given clearance to begin liquidations immediately. A recent court filing has also revealed that the bankrupt crypto exchange still holds assets worth $7 billion. Some of these assets include digital assets, venture investments, and reclaimed properties.

Onyx Arches, the pioneering force that fuses the realms of cryptocurrency and travel, is poised to catalyze a groundbreaking shift in how we navigate the payments landscape within the travel industry. With an eye on redefining global travel, Onyx Arches proudly introduces the OXA Token Presale — an exclusive opportunity that holds the promise of revolutionizing secure and seamless travel payments. Project Unveiled: Onyx Arches’ Vision and Mission Onyx Arches emerges as a beacon of innovation, harnessing the power of blockchain technology to reimagine the payment experiences woven into our journeys. Amjad’ur Rahman, CEO of Onyx Arches, said: “The team at Onyx Arches envisions a future where secure, rapid, and transparent transactions seamlessly integrate with the dynamic tapestry of global travel. By seamlessly embracing cryptocurrencies and cutting-edge technology, we seek to establish an unshakable link between convenience and security, propelling us into a new era of travel payment solutions.” Benefits for Travel Enthusiasts and Businesses The reverberations of Onyx Arches’ paradigm shift extend beyond boundaries, poised to reshape the global payments landscape and the very essence of the travel industry itself. By participating in the OXA Token Presale, travelers, businesses, and partners unlock a trove of unprecedented advantages: Cryptocurrencies as Catalysts: Onyx Arches places the world’s most esteemed cryptocurrencies, including Bitcoin and Ethereum, right at your fingertips for payments. This groundbreaking step redefines how we engage with our financial resources, propelling us beyond traditional limits. Real-Time Conversion Mastery: Gone are the days of puzzling over exchange rates. Onyx Arches introduces instant conversion at competitive real-time cryptocurrency exchange rates, ensuring your funds are optimized and you receive the most value from your transactions. Cryptocurrency Convenience: With the introduction of the multi-crypto online wallet, Onyx Arches dismantles the barriers that once separated us from diverse cryptocurrencies. Seamlessly manage, store, and transact with a variety of cryptocurrencies like Bitcoin, ETH, all in one secure place. Empowering Travel Choices: Anticipation meets satisfaction with Onyx Arches’ instant booking confirmation. In a world where time is a prized commodity, this feature eliminates uncertainties and ensures your journey begins with a seamless confirmation. Seamless Integration with API Plugin: Onyx Arches is all about integration, empowering businesses with a fully supported API plugin. This versatile tool allows for the effortless integration of Onyx Arches’ transformative features, propelling businesses into the future of travel payments. OXA Token Presale: The Gateway to a New Era The eagerly awaited OXA Token Presale is set to go live on the official Onyx Arches website. This momentous event marks the starting point of a journey that will shape the future of travel payments. By participating in the presale, supporters and early adopters not only secure their place at the forefront of this revolutionary movement but also gain access to exclusive benefits and rewards. As Onyx Arches paves the way for a new era in travel payments, the OXA Token Presale serves as a rallying call for innovators, travelers, and industry enthusiasts to come together and embrace a future where convenience and security coexist seamlessly. For those intrigued by the potential of Onyx Arches and the OXA Token Presale, staying updated is as simple as a click. For regular updates, insights, and announcements, follow: Twitter: https://twitter.com/onyxarches Instagram: https://www.instagram.com/onyx_arches LinkedIn: https://www.linkedin.com/company/onyx-arches/ Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

Trust Wallet’s vigilance safeguards users from a potential $10.4 million loss. The security scanner’s rapid intervention eases worries and prevents scams. Recent news revolving around the Trust Wallet reveals the crypto wallet’s robust security scanner has successfully prevented users from falling victim to scams, protecting funds worth $10.4 million in the past 30 days. This commendable feat not only ensures the financial safety of users but also eliminates the distress that often accompanies such incidents. With the rise of cryptocurrency-related scams, the need for strong security measures has never been greater, and Trust Wallet’s security scanner has risen to the occasion. The wallet provider’s native security scanner is a cutting-edge technology that continuously monitors transactions and identifies potential threats. Trust Wallet’s Robust Security Scanner By utilizing advanced algorithms and machine learning, the scanner detects suspicious patterns associated with fraudulent activities. Whenever a threat is detected, the security scanner takes swift action to prevent any funds from being transferred to scammers, thus safeguarding users’ hard-earned assets. One of the most significant advantages of Trust Wallet’s security scanner is its proactive approach. Instead of waiting for users to report suspicious transactions, it actively scans for threats in real-time. This proactive stance has proven to be highly effective, as evidenced by the $10.4 million in potential losses averted in the past month alone. The impact of Trust Wallet’s security measures goes beyond financial protection. It provides peace of mind to users who can rest easy knowing that their investments are secure. With its proactive approach and cutting-edge technology, Trust Wallet has alleviated the anxiety associated with cryptocurrency scams. Notably, Trust Wallet addressed a WebAssembly flaw in their open-source library Wallet Core, discovered through their bug bounty program in November 2022. Although the security lapse led to a loss of approximately $170,000 for some users, the company has since patched the issue. This incident highlights both the risks and rewards of such bug bounty programs, emphasizing the ongoing importance of cybersecurity in the growing cryptocurrency sector. Current Stats of Trust Wallet Token In the past 24 hours, Trust Wallet Token (TWT) witnessed an impressive rally of over 6.5%, following a challenging 28-day period of decline. This led TWT to the list of top gainers among the top 100 cryptocurrencies by market cap. This notable increase in TWT’s value is attributed to a substantial surge in trading activity and a significant rise in social media discussions about the token, indicating a growing interest in its potential. Trust Wallet (TWT) Daily Price Chart (Source: CoinMarketCap) Significantly, the daily trading volume of TWT surged 483% to reach $82 million, making it the 38th largest trading volume holder. According to CoinMarketCap, at the time of writing, TWT traded at the price of $0.7866 with a market cap of $327,750,122.