Yesterday’s weekly close of the Bitcoin price below the $26,000 mark has raised concerns among analysts and traders. This move could potentially signal a further decline for the leading cryptocurrency, as it appears to be the first step to confirming a double top formation on the weekly chart. Rekt Capital, a prominent figure in the crypto analysis sphere, took to Twitter to share his insights, stating, “BTC has officially Weekly Closed below the ~$26,000 support. Technically, BTC has begun the first step in the process of validating this Double Top formation. Turn $26,000 into new resistance and the breakdown will likely be confirmed.” How Low Can The Bitcoin Price Drop? Remarkably, this isn’t the first time Rekt Capital has voiced concerns about this price level. Already on August 7, the analyst warned, “If BTC drops to $26,000 by mid-September then a Double Top may be forming. A breakdown from $26,000 would validate the Double Top.” Diving deeper into potential price movements, Rekt Capital has speculated that a breach of the $26,000 base could see Bitcoin tumble towards the $22,000 region. The analyst emphasized the importance of observing the price action this week, noting, “if we see a weekly close below $26,000, followed by a rejection from $26,000, then we probably see a confirmed breakdown from this double top.” However, it’s not all gloom and doom. Rekt Capital also highlighted the dangers of getting overly bearish, advising traders, “So it’s really important not to get caught in these downside wicks (below $26,000).” On a brighter note, the analyst pointed to the inverse head and shoulders pattern on Bitcoin’s weekly chart which played out in mid-March this year, suggesting that a retest of its neckline, around $24,000, might indicate the bottom of Bitcoin’s upcoming move. Decentrader, a crypto intelligence platform, weighed in on the current market conditions, tweeting, “The market is currently experiencing the most sustained period of #bitcoin on-chain losses since the bear market lows. Is this a buy the dip opportunity or the start of a deeper pullback?” They further highlighted potential price movements, stating, “Bitcoin Liquidity Map: There is a significant amount of 3x, 5x, 10x liquidity from $23,500 down to $21,600. IF price did get down to $23,500 we could see a fairly swift liquidity escalation event that could move price down fast.” Final Correction? Michaël van de Poppe, another esteemed analyst, provided a comprehensive historical perspective. He emphasized the significance of September as a historically challenging month for Bitcoin, stating, “There’s a level which #Bitcoin must hold in order to avoid a significant crash. Bitcoin is currently holding onto a significant level of support. It’s around the $25,500 barrier.” Van de Poppe delved into the historical and cyclical aspects of Bitcoin’s price movements. He highlights that the months of August and September, especially in a pre-halving year, have traditionally been tough for Bitcoin. In August 2015, Bitcoin experienced a substantial correction towards the 200-EMA but managed to stay above it. A similar pattern was observed in August 2019, with a significant correction followed by a smaller one in November 2019. Drawing parallels between the current market cycle and that of 2015, van de Poppe suggested that given the influx of new institutional participants, the current market could be mirroring the 2015 cycle. If this correlation holds, the current downturn could be the final correction before a potential rebound. At press time, BTC traded at $25,692.

Coinbase clarifies service halt reports for Indian customers. Indian users urged to withdraw funds by Sept. 25. In recent developments, Coinbase, a prominent cryptocurrency exchange, has been at the center of speculation regarding the suspension of its services for Indian customers. However, the company has provided a much-needed clarification on the matter. The controversy began when American online newspaper TechCrunch published a report hours ago, suggesting that Coinbase was gearing up to cease all operations for its Indian user base by September 25. Allegedly, Coinbase India users received emails warning them to withdraw their funds from the platform before the specified date. However, it appears that the email notification was not a sweeping action affecting all Indian users. Instead, it was specifically aimed at those who were found to be in breach of Coinbase’s updated standards. A Coinbase spokesperson shared a portion of the email that was shared on sept.8 to a famous crypto media , stating, “We are reaching out to inform you that we will be discontinuing all Coinbase Retail services linked to your above-mentioned account, as we will be disabling access for the retail accounts that no longer meet our updated standards for these services.” Importantly, the clarification emphasized that this move does not impact users’ access to Coinbase Cloud services, which will remain accessible to them through their accounts. Further clarification from the spokesperson revealed the nature of the action, stating, “It is possible that during the course of a recent routine review of our systems, some accounts may have been identified that no longer meet our updated standards. We will, therefore, be disabling these accounts and allow customers to update their information at a later date.” Notably, Coinbase had initially launched its services in India on April 7, 2022. Unfortunately, just days after the launch, on April 11, the exchange was forced to halt payment services through the United Payments Interface (UPI) on its platform due to regulatory pressures in India. What is Ahead For Users? Coinbase reassured affected users that their funds remain safe, and they will continue to have the ability to withdraw their balances and send them to other cryptocurrency service providers until September 25. However, amidst this development, Coinbase has reportedly restricted Indian users from signing up for accounts on their exchange. Instead, users are prompted to download Coinbase Wallet, the company’s wallet application. Despite this setback, Indian users who had purchased cryptocurrencies before the UPI shutdown were still able to trade their existing assets through peer-to-peer (P2P) trading on the platform. However, as of the time of publication, Indian users on Coinbase are only able to withdraw existing crypto assets from their accounts.

Lido said that LDO and stETH funds are secure but did not confirm any vulnerabilities. SlowMist advises LDO holders to examine the return values of the token contract transfers. Despite hackers apparently exploiting a known security hole in Lido DAO’s token contract, Lido Finance has guaranteed Lido DAO LDO and staked-Ether (stETH) tokens are secure. In response to a post by blockchain security company SlowMist on September 10, Lido said that LDO and stETH funds are secure but did not confirm any vulnerabilities. According to SlowMist, “fake deposit” assaults on exchanges may be enabled by the design flaws in LDO’s token contract, which allow users to conduct transactions despite a lack of the readily available funds. According to SlowMist, this code doesn’t follow the guidelines set out by the Ethereum Request for Comment 20 (ERC-20) token standard. Not Just Limited to LDO Token But Lido Finance stated that the vulnerability is inherent to all ERC-20 tokens, not just the LDO token. According to SlowMist, LDO’s token contract was to blame for the “fake deposit” assaults since it allowed for transfers of a greater value than the user really had, resulting in a false return rather than reversing the transaction. The company claims that this technique has recently been used to abuse Lido’s token contract, although no proof of this has been published on the blockchain. However, on-chain expert “Hercules” warned on September 10 that cryptocurrency exchanges could miss the security hole. In addition to verifying the success or failure of a transaction, SlowMist advises LDO holders to examine the return values of the token contract transfers. Because token contract implementations and behaviors differ from project to project, SlowMist recommends extensive testing prior to incorporating any new tokens. Highlighted Crypto News Today: Ripple Acquires Fortress Trust to Further Boost Expansion

Optimism (OP) has been at the forefront of the blockchain industry with its incentive program, which recently led to the protocol’s cumulative trading volume exceeding an impressive $3.8 billion. Analyst Ryan Holloway has shed light on the remarkable impact of Optimism’s incentive program. The availability of OP trading rewards and incentives on various platforms, including Polynomial, played a pivotal role in this surge in usage metrics. The incentivization strategy employed by Optimism has proven wildly successful, resulting in an astounding 23-fold increase in trading volume for the protocol. This achievement, however, comes with a caveat, as it raises questions about the composition of this newfound trading activity. Rise In Trading Volume Masks Optimism’s Growth In Daily Traders While the surge in trading volume is undoubtedly impressive, a deep analysis reveals a more nuanced picture. The growth in daily traders has been relatively modest, suggesting the possibility of a significant rise in power users or, in a less favorable scenario, potential wash trading activities. But what exactly is wash trading? Wash trading involves artificially inflating trading volumes by executing simultaneous buy and sell orders for the same asset, giving the illusion of increased demand and activity. This practice is illegal in traditional financial markets and is viewed negatively in the cryptocurrency space due to its potential to mislead investors. Optimism Faces DeFi Sector Headwinds Optimism has faced its fair share of challenges in gaining a foothold in the competitive DeFi sector. Recent reports indicate a notable decrease in total value locked and decentralized exchange volumes on the network in recent weeks. This decline in activity is reflected in the network’s financials, with revenue plummeting by 37.5% in the last month, accompanied by an overall activity decrease of 19.7% over the same period. Despite these setbacks, Optimism’s native token, OP, currently holds a price of $1.26 according to CoinGecko, with a 0.9% gain in the last 24 hours. However, it has seen a 6.2% decline over the past week. Sustainability And Challenges In Optimism’s Post-Incentive Era The sustainability of Polynomial’s retention rates after the conclusion of the incentive program will be a crucial factor in determining its long-term impact on Optimism. As the network navigates the challenges posed by wash trading concerns and its struggles to establish a firm presence in DeFi, the cryptocurrency community will be closely watching for signs of resilience and adaptability. While Optimism’s incentive program has undeniably driven an astonishing surge in trading volume, the sustainability of this growth and the resolution of its challenges will determine the protocol’s long-term success in the highly competitive world of cryptocurrency. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Insperity

Amid the bankruptcy proceedings of crypto exchange FTX, the market is in a state of heightened anxiety, and Solana (SOL) in particular saw a 7% drop in price yesterday following the spread of rumors. FTX is scheduled to appear in Delaware Bankruptcy Court on Wednesday, September 13, to seek approval for the liquidation of $3.4 billion in SOL, FTT, BTC, ETH and other crypto assets. The event has led to widespread concerns among market analysts and participants, who speculate that the liquidation could exert significant selling pressure on an already fragile market. As of January 17, FTX’s crypto holdings were estimated to include $685 million in Solana (SOL) tokens, $529 million in FTT tokens, $268 million in Bitcoin (BTC), $90 million in Ethereum (ETH), and various other assets such as Aptos, Dogecoin, Polygon, XRP, and stablecoins. The Solana Situation Solana, which represents FTX’s largest holding, experienced a sharp decline in its price yesterday. This can be largely attributed to the rumors circulating on crypto Twitter (X) suggesting a massive dump of SOL by FTX. But, as it turns out, this rumor lacks substance. A screenshot that surfaced on Twitter, detailing the assets held by FTX debtors as of January 17, 2023, confirms that FTX is in possession of approximately 47.51 million SOL. However, there’s a crucial detail that many seem to have overlooked. The SOL tokens held by FTX debtors are not readily available for sale. Contrary to the narrative presented in the visual data shared, these SOL tokens are under a lockup agreement. FTX, in collaboration with Alameda, had previously acquired 16% of the SOL supply directly from the Solana Foundation. This acquisition came with strings attached, namely a lockup schedule. The current stash of 47.51 million SOL, which represents 8.82% of Solana’s total eventual supply, is bound by this agreement. Thus, the misconception that this SOL reserve is liquid and primed for a market dump is fundamentally flawed. The reality is that these tokens are locked and will undergo a linear vesting process spanning from 2025 to 2028. Accessing these funds prematurely is not an option. As per the terms of the agreement, the SOL tokens will undergo linear monthly unlocks until January 2028. Furthermore, specific tranches, such as the 7.5 million SOL acquired from Solana Labs by Alameda Research, will only become available on March 1, 2025. Another tranche of 61,853 SOL is slated for unlocking on May 17, 2025. In light of these facts, any fear, uncertainty, and doubt (FUD) suggesting an imminent SOL dump by FTX can be confidently labeled as misinformation. SOL/USD 1-Day Yesterday’s 7% drop in the Solana price may have been an overreaction by the market, which believed the rumors of an upcoming dump and sold en masse out of panic. However, not much has changed in the technical chart picture for SOL in the 1-day chart. Already on August 31, SOL fell below the 50% Fibonacci retracement level at $20.26. The attempts to regain it failed in the second half of the week last week. Yesterday’s slide has now left SOL vulnerable to a correction lower to the 61.8% Fibonacci retracement level at $17.39. A price recovery can be expected at this level. A rise above the 20-day EMA, below which Solana fell in mid-August, would be an important step for the bulls on the road to recovery. As then, a recapture of the 50% Fibonacci would be crucial. In a bearish scenario, which currently looks less likely, SOL also loses the 61.8% Fibonacci retracement level. A drop to $13.30 would then be the bears’ next target.

Solana is gaining bearish momentum below $20 against the US Dollar. SOL price is struggling and could drop further toward $16.50 or even $15.00. SOL price is showing bearish signs below $20.00 and $20.50 against the US Dollar. The price is now trading below $20 and the 100 simple moving average (4 hours). There is a major bearish trend line forming with resistance near $19.20 on the 4-hour chart of the SOL/USD pair (data source from Kraken). The pair could continue to down if there is a close below the $17.80 support. Solana Price Drops Further In the past few days, Solana’s price made a couple of attempts to clear the $22.00 resistance. However, SOL failed to gain strength for a move above the $22.00 level. As a result, there was a fresh bearish reaction below the $21.20 support, like Bitcoin and Ethereum. More importantly, FTX’s news of a possible selling of SOL is also putting a lot of pressure on the bulls. The price gained bearish momentum and traded below the $20.00 support. Finally, it found support near $17.80. A low is formed near $17.78 and the price is now consolidating losses. SOL is now trading below $20 and the 100 simple moving average (4 hours). Besides, there is a major bearish trend line forming with resistance near $19.20 on the 4-hour chart of the SOL/USD pair. On the upside, immediate resistance is near the $18.50 level or the 23.6% Fib retracement level of the downward move from the $20.59 swing high to the $17.78 low. Source: SOLUSD on TradingView.com The first major resistance is near the $19.20 level or the trend line. The next key resistance is near the 76.4% Fib retracement level of the downward move from the $20.59 swing high to the $17.78 low at $20.00. A clear move above the $20.00 resistance might send the price toward the $21.20 resistance. Any more gains might send the price toward the $22 level. More Losses in SOL? If SOL fails to clear the $19.20 resistance, it could continue to move down. Initial support on the downside is near the $17.80 level. The first major support is near the $17.20 level. If there is a close below the $17.20 support, the price could decline toward the $16.50 support. In the stated case, there is a risk of more downsides toward the $15.00 support in the near term. Technical Indicators 4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone. 4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $17.80, and $17.20. Major Resistance Levels – $19.20, $20.00, and $22.00.

Today we, the Bitget community, stand at the pinnacle of a remarkable journey — Bitget’s 5th anniversary! This is a moment of triumph, a testament to the unwavering dedication and indomitable spirit that define us as a team. As we raise our glasses to toast half a decade of relentless progress, let us extend our heartfelt gratitude to every invaluable member of the Bitget family — our esteemed users, our dedicated team, and our invaluable partners. Embracing the 10% Philosophy Bitget’s journey was born from a unique belief – the belief in being part of the 10% who stand their ground when the tide recedes. This belief has become the cornerstone of our company’s core values and mission. It propels us forward in the blockchain domain, driving us to explore and grow continuously. In retrospect, 2018 marked the rise of Ethereum and the dawn of a cryptocurrency frenzy. However, as crypto prices plummeted, most speculators fled, leaving only a resilient 10% still holding their ground. It was during this pivotal moment that Bitget emerged. We envisioned a crypto revolution that will reform the way finance works and people invest forever, creating a more equitable future. The Marathon Runner’s Approach Unlike those exchanges that rise swiftly only to vanish quickly, we’ve adopted the marathon runner’s approach. We’ve crafted user-friendly, robust tools, empowering individuals to securely, conveniently, and efficiently integrate into the future of finance. Placing our users at the forefront, we concentrate on product innovation, adhere to long-term values, and tirelessly strive for improvement. Since the latter half of 2021, we’ve expanded our global operations at breakneck speed, achieving global coverage and serving over 20 million users from 100+ countries and regions. We firmly believe that to attain long-term success in the digital asset realm, we must offer diverse services to meet users’ varying needs. Thus, we’ve adopted a progressive strategy, consistently broadening our business horizons and establishing a comprehensive trading ecosystem. This ecosystem encompasses trading, investment, research, DeFi, media, and more. Today, the Bitget group is far more than just a cryptocurrency exchange. It has evolved into a robust ecosystem encompassing a diverse range of products, an incubator for innovation, a thriving hub for groundbreaking ideas, a dedicated research institution, and a pioneering force in setting trends. We no longer merely follow trends; we forge them. Recently, within our ecosystem, BitKeep was officially renamed to Bitget Wallet, with total users surpassing 12 million, ranking first across key metrics in Asia. Foresight News has become the largest and most influential media in the Chinese-speaking world. Foresight Ventures has invested in 77 projects totaling over $60 million USD, including renowned companies like Space and Time, WalletConnect, Sei Network, Gitcoin, and Shardeum. Foresight X has incubated 12 early-stage projects spanning areas like AI+Web3, Bitcoin ecosystem and LSDFi. In addition, Bitget continues to support emerging Layer 2 networks, contributing to the sustainable growth of the industry. A Commitment to The Next Generation Our journey of expansion extends beyond business boundaries. It’s an active endeavor to fulfill our social responsibilities by nurturing young talents. This year, Bitget launched the #Blockchain4Youth global charity campaign to encourage the younger generation to embrace the world of crypto. Our inaugural “Crypto Experience Day” event on International Youth Day (August 12, 2023) spanned 10 global regions, attracting over 1,000 young participants. Over the next 5 years, Bitget plans to invest $10 million in this program to support young talent and enrich the entire crypto ecosystem. Look Towards The Stars In the face of challenging market conditions, our confidence in the future of crypto remains unshaken. When others are looking down, there are those that look towards the stars. History bears witness to this truth. In 1492, Columbus discovered the New World. In 1776, Watt invented the first steam engine. In the late 19th century, Nikola Tesla ushered in a new era with alternating current and wireless transmission. No matter the risks, challenges, and uncertainties, we firmly believe that great undertakings are accomplished by pioneers who do not stick to the rules. In every era, there are those that look towards the stars! A Better Bitget Ahead From pioneering copy trading services and educational programs tailored for Gen Z users to set the highest security standards in the industry and the insightful market reports from our think tank, we’ve become a multifaceted force for progress. We take immense pride in witnessing our initiatives embraced by other industry players. Today, we stand at the forefront of innovation, shaping the future of the cryptocurrency landscape. As we celebrate our achievements, we remain steadfast in our values – “Do the right thing, Honesty earns trust and Turn Wins into Win-Wins”. We find ourselves in a remarkable era where the global digital asset market is expanding rapidly. With industry evolution and improving infrastructure, digital assets have become an integral part of the global financial system. Bitget stands at the forefront of this era, and our momentum is unstoppable. To every member of the Bitget team – you are the heart and soul of our journey. Together, let’s stay true to our initial purpose, pursue excellence, innovate relentlessly, and contribute to the prosperity of the cryptocurrency industry. Here’s to the next five years and beyond – let’s continue to navigate the crypto cosmos! Gracy Managing Director at Bitget

Ethereum price failed to settle above $1,650 and trimmed gains against the US Dollar. ETH is now trading in a bearish zone and could decline heavily. Ethereum peaked near $1,670 and started a fresh decline. The price is trading below $1,650 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bearish momentum if there is a close below $1,600 and $1,580. Ethereum Price Turns Red Ethereum’s price attempted a fresh increase above the $1,620 pivot level. ETH even broke the $1,650 resistance but the bears were active near the $1,670 level. As a result, the price failed to continue higher and started a fresh decline below $1,650, like Bitcoin. There was a downside break below the $1,620 level and the 100-hourly Simple Moving Average. The price even retested the $1,600 support zone. A low is formed near $1,600 and the price is now consolidating losses. Ether is now trading below $1,650 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH/USD. The trend line is close to the 23.6% Fib retracement level of the downward move from the $1,669 swing high to the $1,600 low. On the upside, the price might face resistance near the $1,620 level and the trend line. The next resistance is near the $1,635 level or the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,600 low. Source: ETHUSD on TradingView.com The first major resistance is near $1,650, above which the price could rise toward the $1,670 level. The next major hurdle is near the $1,700 level. A close above the $1,700 level might send Ethereum further higher toward $1,750. Downside Break in ETH? If Ethereum fails to clear the $1,620 resistance, it could start another decline. Initial support on the downside is near the $1,600 level. The first key support is close to $1,580. The next key support is $1,540. A downside break below $1,540 might start a major decline toward $1,450. If there is a downside break below $1,450, the price could test the $1,320 support level. 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 – $1,600 Major Resistance Level – $1,650

Bitcoin price is struggling to recover above $26,500. BTC is clearly struggling and there is a risk of a downside break in the near term. Bitcoin is facing a lot of hurdles above the $26,200 resistance zone. The price is trading well below $26,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $25,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could take a major hit if there is a close below $25,350. Bitcoin Price Remains At Risk Bitcoin price remained in a bearish zone and all attempts to start a decent recovery failed. BTC peaked near $26,500 and started a fresh decline. There was a close below the $26,000 pivot level. The price even spiked below $25,650. A base seems to be forming near the $25,600 level but upsides are still capped. The price is consolidating below the 23.6% Fib retracement level of the downward move from the $26,487 swing high to the $25,650 low. Bitcoin is also trading well below $26,000 and the 100 hourly Simple moving average. Besides, there is a key bearish trend line forming with resistance near $25,800 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $25,800 level. The first major resistance is near the $26,050 level or the 50% Fib retracement level of the downward move from the $26,487 swing high to the $25,650 low. Source: BTCUSD on TradingView.com The next key resistance is near $26,200. A proper close above the $26,200 level might start a decent increase. The next major resistance is near $26,500, above which the bulls could gain strength. In the stated case, the price could test the $27,000 level. More Losses In BTC? If Bitcoin fails to clear the $26,200 resistance, it could continue to move down. Immediate support on the downside is near the $25,600 level. The next major support is near the $25,350 level. A downside break and close below the $25,350 level might increase selling pressure. In the stated case, the price could drop toward $24,500 or even $24,000. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $25,600, followed by $25,350. Major Resistance Levels – $25,800, $26,050, and $26.200.

In order to promote FTX, money was given to athletes and leagues. Experts are looking into whether or not payments were properly made to the athletes. The new FTX administration has consulted with financial experts to determine whether or not it is possible to recoup the millions of dollars that were distributed to athletes, teams, and organizations for promoting the defunct cryptocurrency exchange. Moreover, according to court documents cited by Bloomberg, experts are looking into whether or not payments were properly made to athletes like former NBA star Shaquille O’Neal and tennis pro Naomi Osaka in the days leading up to the Chapter 11 filing. One of the major cryptocurrency exchanges, FTX, filed for bankruptcy in the United States in November 2022. Sam Bankman-Fried (SBF), the company’s founder and former CEO, is due to stand trial in October on fraud and other allegations. Eyeing Millions of Dollars In order to raise awareness of the crypto exchange, money was given to athletes and sports leagues. Also, many of them, the advisors claim, were upfront costs for things like advertising or sponsorship partnerships with groups like MLB or NBA franchises. FTX cautioned that the advisors’ declarations may be incomplete, but they still reveal that around $4.9 million was sent to MLB, another $12.2 million was tied to collaboration agreements with Formula 1 racing club Mercedes-AMG Petronas, and $3.4 million was paid to the NBA’s Golden State Warriors. A $2.5 million payment was made by an FTX subsidiary to an O’Neal-affiliated entity of Authentic Brands Group in August 2022. This was part of a $4.3 million payout to Shaq and his business. Osaka allegedly received $2 million in early November, bringing her total earnings from partnership and endorsement arrangements to roughly $3.2 million. Highlighted Crypto News Today: Terra Luna Classic Considers Deposit Increase to Combat Spam Proposals

The proposed change would demand a deposit of 5M LUNC instead of the current 1M LUNC. The goal is to make it more difficult for scam proposals to go beyond the deposit phase. Worries have been made concerning an increase in spam after the drop in Luna Classic (LUNC) pricing, and the Terra Classic community is now voting on numerous suggestions. The proposed change would demand a deposit of 5 million LUNC instead of the current 1 million LUNC, which might lead to an increase in price before the upgrade is implemented. Proposal 11780, to raise the minimum deposit is currently being considered. The goal is to make it more difficult for scam proposals to go beyond the deposit phase by increasing the minimum deposit. The goal of this change is to reduce the number of spam and pointless proposals floating around the Terra Classic community that seek votes. No Clear Outcome The current 1 million LUNC level is not enough to dissuade such suggestions, according to validators. The Station community wallet has seen an increase in spam suggestions, according to the development team Hexxagon. There are now 34% in favor of the plan, 64% against, and 2% “No with veto.” Hexxagon, Lunanauts, and Coinpayu are only three of the nine validators who found the proposal to be genuine. Meanwhile, on September 12 at 9:57 am UTC, the core of Terra Classic will be upgraded to v2.2.1. To help restore USTC’s peg, the TerraUSD Classic (USTC) quant team has reached out to major centralized exchanges. Recent trade volumes on LUNC and Terra LUNA have increased significantly, driven by large community-approved initiatives. According to CMC, the price of LUNC is $0.00005918, down 2.4% in the last 24 hours. Moreover, the trading volume is up 208%. Highlighted Crypto News Today: Ripple Acquires Fortress Trust to Further Boost Expansion

Bitcoin is the first encrypted digital currency. It has the basic properties of currency: it can be traded and saved, and it can exist as a measure of value. It is called “the future of currency” by many people. The limited number of Bitcoins and their scarcity make many people consider not only its monetary properties but also its investment properties when purchasing Bitcoins. Its dollar value continues to rise, rising even more after Musk’s $1.5 billion acquisition. Some people buy Bitcoin because it is rare and expensive, and they follow the trend when they see others buying it. Unexpectedly, they bought a house and a car because of Bitcoin; Some people are willing to make value investments in Bitcoin because they are interested in technological innovation. She looks at Bitcoin from the perspective of an early equity investor and believes that it has a promising future and can accumulate wealth. James Saye.Technical Adviser I first invested in Bitcoin in 2017. I started with around £500 and was worried about investing too much money. During its rise I made £2,500 and took it on a lovely holiday to Iceland. Iceland is a beautiful but expensive country. Bitcoin income helps me a lot. I bought it again in 2018 when it was worth less and I still hold it. Heather Delaney, founder of Gallium Ventures PR agency I am a “silent” cryptocurrency investor. I started out investing £5 and gradually increased my investment in a controlled manner. This is a long-term investment strategy. When I saw that the money I invested in Bitcoin increased in value by 585.41%, I never withdrew the money. I know other people are doing some exciting things with these investments, but this is part of my retirement plan. Javed Khan, independent investor My Bitcoins are not for investment purposes. Initially it was a money transfer tool. I don’t want to wait for the bank’s approval and prefer the easier method. In 2018, I realized that I could leave some Bitcoin in my account while transferring money and watch it increase in value. I was also surprised to find the value it gained. In January 2020, I converted my Bitcoin earnings into cash and bought myself a Bentley brand car in Dubai, where I live. I took a video and sent it to my mom. My mother looked at all this and was so proud that she even cried. Daniel Crocker, businessman In 2012, I interned at a technology company. At lunch, we usually discuss how to get rich. We researched and invested in Bitcoin for a few weeks when no one had heard of it. The venture didn’t last long, but luckily I kept my share. I sold these last summer and used them to pay half of the deposit on my house. I still hold some but I’ll be patient You Can Join Us Through the Following Methods The cloud mining platform CGMD miner adopts a user-centered approach to transform the cloud mining process, emphasizing user safety and interests. 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Mr. Sergey Balakin, spokesman for Mining Services Limited, said: “Our mission is to support users and make cloud mining accessible and profitable for everyone.” As the crypto space continues to evolve, the CGMD miner remains in Leading the way, advocating for a future where cloud mining is accessible, efficient, and tailored to the needs of each user. To learn more about the product range and plans and start your journey with a reliable partner in cryptocurrency mining, visit https://365miner.com/

Hackers have released a link in a recent tweet in what looks to be a phishing assault. Dmitry Buterin, Vitalik’s father, made the announcement about the hack. Ethereum co-founder Vitalik Buterin’s official Twitter (X) account was reportedly compromised. According to reports, hackers have released a malicious link in a recent tweet in what looks to be a phishing assault. Dmitry Buterin, Vitalik’s father, made the announcement that his son’s X account had been hacked on September 9. His referenced post has subsequently been removed. In it, Buterin supposedly expresses joy at “Proto-Danksharding coming to Ethereum.” Even though it was reported that the Twitter account had been hacked, it seems that the account was quickly reclaimed. High-profile Breaches According to reports, the hackers used a phishing link in a tweet claiming that Consensys was giving away a special NFT to mark the arrival of “Proto-Danksharding” on Ethereum. The Ethereum co-founder’s X account was compromised and PeckShieldAlert warned of a phishing URL. The hacking of Buterin’s account is only the latest in a string of high-profile breaches involving the cryptocurrency industry. Back in July this year, the Twitter account of Uniswap’s creator, Hayden Adams, was hacked. Buterin’s recent tweets reveal, among other things, that he and Ameen Soleimani co-authored a study on blockchain privacy. Highlighted Crypto News Today: Trouble Continues for Pepe Coin as Telegram Account Hacked

Ripple has said that Fortress Trust’s licensing and technology are a good fit. No information on the financial details of the recent transactions was shared. Ripple announced on September 8 that it has acquired Fortress Trust in order to increase its portfolio of regulatory licenses in the U.S. Fortress Trust’s mission is to serve as the regulatory and technological backbone for blockchain enterprises. Moreover, the firm is licensed as a Nevada Trust, which permits it to act as a custodian for clients’ funds. Also, this purchase comes on top of Ripple’s existing portfolio of over 30 state money transmitter licenses and New York’s mandatory BitLicense for digital currency enterprises. Speeding Up Expansion Furthermore, Ripple has said that Fortress Trust’s licensing and technology are a good fit with the company’s future plans. In 2022, Ripple made its first investment in the startup via a seed round. No information on the financial details of the recent transactions was shared. Brad Garlinghouse, CEO of Ripple stated: Despite the market downturn, Ripple has been speeding up its expansion. The business spent $250 million to buy Swiss digital asset custodian and tokenization vendor Metaco in May. Also, in January, a Ripple official projected that there will be a flurry of mergers and acquisitions in the cryptocurrency industry in 2023. Highlighted Crypto News Today: Twitter Account of Vitalik Buterin Hacked To Promote Crypto Scam

An Unauthorized individual had gained access to the account under the name “lordkeklol.” For the next several weeks, PEPE will only be communicating information via its X account. PEPE’s official twitter account shared an update today that the Pepe Telegram account had been compromised. Pepe Coin, a meme coin has been trending as of late, thanks in large part to disagreements among the project’s original developers and a $15 million heist of more than 16 trillion PEPE tokens. The tokens were then sent to centralized trading platforms. The former Telegram account has apparently been hacked and is “no longer” in the authority of the Pepe team, as stated in a recent statement. According to the latest information, an unauthorized individual had gained access to the account under the name “lordkeklol” and was using it to spread frauds, mislead users, and introduce new cryptocurrencies. Trouble Continues Moreover, the project’s crew has verified that the person in question has no ties to PEPE or any of its current or former members. The update also includes a request from the team’s community that the group be flagged as a “fake account” so that it may be deleted and replaced with a fresh account. According to the statement, for the next several weeks, PEPE will only be communicating official information via its twitter account. Also, after the theft of roughly $15 million worth of PEPE tokens by former employees, the cryptocurrency has been in the news, and many investors are worried that its price may continue to fall. There has been tension between the original creators of PEPE coin and the current team working on the meme coin. On August 24, the tokens were unexpectedly transferred to many cryptocurrency exchanges, raising several questions. Highlighted Crypto News Today: G20 Inches Closer to Finalize Global Crypto Framework

On the fringes of the G20 meeting, Sitharaman held a news conference. This comes following PM Narendra Modi’s recent appeal for a worldwide crypto framework. Nirmala Sitharaman, Finance Minister of India, said on September 9 that a worldwide framework to govern crypto assets will be established under the country’s G20 presidency, with support from the IMF and the FSB. Today she announced that the G20 would decide whether or not to regulate or outright prohibit crypto assets. The Finance Minister stated: Banking on Synthesis Paper On the fringes of the G20 meeting, Sitharaman held a news conference with the Foreign Minister S. Jaishankar and the G20 Sherpa Amitabh Kant. It was also noted in the G20 discussion document that the BIS Innovation Hub (BISIH) Report on Lessons Learned on CBDCs is appreciated. Sitharaman further added: According to her, the International Monetary Fund has put greater attention on the macroeconomic consequences of crypto assets, while the Financial Stability Board has prioritized crypto rules. This comes following Prime Minister Narendra Modi’s recent appeal for a worldwide framework to regulate cryptocurrencies during his presentation at the B20 Summit India 2023. Highlighted Crypto News Today: Stellar (XLM) Shines With 18% Gains Amidst Market Uncertainty

The price of Ethereum seems to be back under the influence of the current market sentiment despite enjoying a relatively positive week. On Wednesday, September 6, Ark Invest filed for the first Ethereum spot exchange-traded fund (ETF) in the United States. This ETF application had a tame impact on the price of Ether, with the cryptocurrency only climbing to $1,650 the following day. Moreover, the token has almost fully reversed the minor gains from the significant development. Ethereum Price Registers 0.1% Rise Last Week – Here’s Why Ethereum currently changes hands at about $1,628, according to data from CoinGecko. A negligible 0.1% price increase in the last seven days underscores the struggling market performance of the second-largest cryptocurrency. A spot ETH exchange-traded fund is an investment vehicle that tracks the price of Ethereum on the spot market, allowing investors to buy and sell the crypto asset via a brokerage account. A product of this kind is expected to boost interest and investment in the Ether token. Nevertheless, the price of ETH has remained relatively unmoved this week despite the optimistic news. A recent report by blockchain analytics firm IntoTheBlock has provided insight into why the news barely impacted the price of Ethereum. ‘Supply & Demand Balance’ According to the data analytics platform, the current supply and demand balance is one of the primary reasons why the ETH price continues to move sideways. “Large holdings are concentrated close to ETH’s current price, consolidating prices in a tight range,” IntoTheBlock said. IntoTheBlock data shows that a total of 5.1 million ETH was acquired below the $1,600 mark to create support, while a total of 6.5 million ETH was purchased at a price above this level to establish resistance. The blockchain analytics firm concluded that traders agree to transact within a narrow range with a large concentration of ETH positions. ‘Automated Buying, Discretionary Selling’ Additionally, IntoTheBlock believes that while bullish traders seemed to have bought the news, “discretionary sellers” overtook the narrative not too long after. “A key factor behind the discretionary selling is likely to be FTX’s upcoming liquidation of reportedly $3B in crypto holdings,” the report read. While FTX has yet to disclose when it intends to execute these liquidations, it is likely that recent activity on the exchange’s wallets alarmed the market. This sentiment also seems to be reflected in the performance of SOL after global payment giant VISA disclosed that it will use the Solana network for payment settlements. While the value of SOL jumped by more than 5% to trade above $20 immediately after the announcement, the cryptocurrency is back trading beneath $19.5. With the Ethereum and Solana tokens constituting a significant portion of FTX’s holdings, it is likely that the slow market performance of these assets is driven by traders being cautious because of the impending liquidation.

As the general crypto market experiences a slight gain in total market cap, Stellar (XLM) stands out with a substantial amount of price increase over the last week. According to data from CoinMarketCap, the XRP competitor is up by 17.61%, outperforming every other top 100 cryptocurrency in the past seven days. XLM To Reach $1? With XLM currently hovering around the $0.13 price zone, there are speculations on the next movement. Interestingly, a crypto analyst with the name EGRAG CRYPTO on X (formerly Twitter) predicts that XLM could rise to $1 if certain conditions are met. According to the analyst’s post on September 8, this bullish prediction is formed on a potential crossover between two technical indicators, namely the 200-day Moving Average (MA)and the 21-day Exponential Moving Average (EMA). To explain, the MA indicator reflects the average price data over a specific period of time, e.g., 200 days. It is constantly updated and can be used to identify trade areas and recognize market trends. On the other hand, The EMA performs a similar function but with a focus on more recent price points. Due to its method of calculation, the EMA reacts to price changes faster than the MA. Based on EGRAG CRYPTO’s prediction, if there is an upward crossover of the 21 EMA and 200 MA on XLM’s weekly chart, there is a possibility the token could experience a 500% price surge in the coming months, surpassing the dollar mark to trade at $1.10. This prediction is mainly based on historical price data, as XLM witnessed a similar massive price gain when this crossover occurred between 2020 and 2021. However, it is worth stating that all predictions are speculations without guarantees and should not be relied on as investment advice. Another Partnership For Stellar? In other news, the Stellar community appears to be expecting a massive positive update in the next few days. On September 2, Stellar Development Foundation shared with its crypto community that “Something cool is dropping in 10 days”. This announcement was well received, with the XLM token rising by 10% in the next 24 hours. Interestingly, some enthusiasts predict Stellar could announce a new partnership in the coming week. The blockchain network has already collaborated with companies such as American remittance firm MoneyGram and Circle, the company behind the USDC stablecoin. In fact, Stellar announced a minority investment in MoneyGram earlier in August. For now, it remains unknown what this new development could be. However, there is the possibility it could elicit some effect on XLM’s price trajectory. At the time of writing, XLM is trading at $0.132, having gone up by $0.132 in the last day. In tandem, the token’s daily trading volume has gained by 21.33% and is valued at $119.14 million.

Ripple’s Chief Legal Officer, Stuart Alderoty calls SEC’s latest filing hypocritical pivot. Attorney James K. Filan mocked the SEC for its newfound judicial resource concern after its previous attempt to pause proceedings. The Securities and Exchange Commission (SEC) has filed yet another interlocutory appeal in its relentless pursuit of a legal case against Ripple Labs. This latest move by the SEC has not gone unnoticed, Ripple’s Chief Legal Officer, Stuart Alderoty, was quick to label it as “hypocritical.” Alderoty, who also serves as Ripple’s general counsel in the lawsuit, did not mince words in highlighting the seemingly inconsistent stance of SEC Chairman Gary Gensler. For years, the SEC had maintained a strict posture, insisting that “rules are clear and must be obeyed.” However, in a surprising turn of events, the SEC is now urgently seeking an appeal to address what it describes as “knotty legal problems.” Crypto Community Response The legal community hasn’t been shy about its skepticism either. Attorney James K. Filan took a swipe at the SEC’s sudden concern for conserving judicial resources, pointing out that in a previous filing, the SEC had sought to stay all proceedings. Pro-XRP lawyer John E. Deaton joined the chorus of criticism, ridiculing the SEC’s newfound priorities. Crypto enthusiasts have also voiced their perspectives on the matter, further contributing to the polarized debate surrounding the case. Views fluctuate between criticism and support for both Ripple and the SEC. However, one undeniable fact remains: the Ripple vs. SEC case transcends being just a legal battle. It has emerged as a pivotal determinant for how the future of cryptocurrency will unfold within the United States. As the case continues to evolve, it not only tests the boundaries of cryptocurrency regulation but also has the potential to shape the regulatory landscape for years to come. At the time of writing, Ripple’s native cryptocurrency, XRP, traded at $0.5031 with a daily trading volume of $496 million. Over the past 24 hours, XRP’s price experienced a modest increase of approximately 0.6%. Also the leading altcoin saw a 1.5% rise over the course of the week.

Stellar leads gainers with 18% surge; hints at rebranding and RWA focus. Total Crypto market volume drops by 42% in 24H. The entire crypto market is currently marked by high volatility, contributing to it, the global crypto market cap stands at $1.04 trillion, with a slight 0.26% increase over the last day. The total crypto market volume over the past 24 hours has decreased significantly, down by 41.47%, to $16.89 billion, according to CoinMarketCap. Notably, the total volume in DeFi accounts for $1.78 billion, constituting 10.51% of the total crypto market 24-hour volume. Furthermore, the volume of all stable coins has reached $15.74 billion, representing 93.20% of the total crypto market 24-hour volume. Bitcoin‘s dominance currently sits at 48.29%, marking a decrease of 0.10% over the day. In the midst of this, it has become rare to witness cryptocurrency charts turning green and experiencing significant surges. Nevertheless, there are some hopeful signs among today’s top gainers. Stellar (XLM) Stellar has consistently topped the gainers chart for over a week. After enduring a bearish month with a 7% decline, it has shown signs of recovery over the past seven days, with a notable surge of 18% and an additional 8% increase in just 24 hours. This price upswing follows a somewhat cryptic announcement made by the Stellar organization on social media. While lacking specific details, the announcement hinted at something significant happening on September 12, with phrases like “something cool is dropping” and “change” on the horizon. Meanwhile ,The trading volume for XLM has also increased by 19% in the last 24 hours, and an analysis of its daily chart reveals a bullish sentiment, with the RSI at 58, indicating a neutral sentiment. Kucoin Token (KCS) Kucoin Token, on the other hand, experienced a dark bearish month, with a 26% dip over 30 days. The coin reached a one-year low of $3.82 at the start of September. However, this week has seen a significant recovery, with a 6% surge and an additional 4% increase in just 24 hours. Nonetheless, the trading volume of Kucoin has decreased by 19% in the past 24 hours, and it remains 86% away from it’s all-time high set two years ago. The daily chart analysis for Kucoin Token indicates a bearish sentiment. Currently it is trading at $4.160. Arweave (AR) Arweave follows a similar sentiment to the two previous cryptocurrencies, having also endured a bearish month with a 17% decline. It has seen a slight recovery in the past week and a current surge of 4% in the past 24 hours, with the price hovering around $4.18 to $4.30. However, the trading volume for Arweave has decreased significantly by 49%, resting at $2,675,105. The daily chart reveals a battle between bears and bulls, with the RSI at 43, indicating it is nearing an oversold condition. Highlighted News Today U.S. SEC Issues 20-Page Reply in XRP Lawsuit Appeal