Weekly Top Crypto News (September 18 – September 24)

This week, the crypto market has been relatively quiet, with Bitcoin still trading above the $26,500 mark. In addition, the Fed’s suspension of interest rate increases shows a sign that the market is being cautious from now until the end of the year. Here, let’s review this week’s top crypto news with Coincu!

Federal Reserve Pauses Interest Rate Hikes For The First Time Since March 2022

The US Federal Reserve maintains interest rates at 5.25% to 5.50%, surprising markets by not raising them for the first time since March 2022. Fed Chair Jerome Powell stresses the need for cautious policy adjustments while combating persistent inflation levels.

Valkyrie Updated Bitcoin Futures ETF Filing Effective Date To October 20

Valkyrie shifts leveraged the Bitcoin ETF launch to October 20, with active BTC exposure management. A Bitcoin spot ETF application with real-time market reflection awaits SEC approval. SEC’s approaching deadlines for Bitcoin ETF decisions raise market uncertainty.

Mt. Gox Postpones Repayment Deadline To October 2024

Creditors of the beleaguered Mt. Gox cryptocurrency exchange have been met with another delay in their quest for repayment. Originally slated for October 31, 2023, the debt repayment deadline has been pushed back yet again, this time to October 31, 2024, as per a recent letter received by Mt. Gox creditors.

South Korea’s FIU Enhances Crypto Exchange Oversight From October 2024

South Korea’s FIU enhances crypto exchange reporting to examine major shareholders’ qualifications. Exchanges must now file renewal reports every three years, starting in October 2024. The goal is to enhance oversight, maintain industry integrity, and protect users from potential risks.

Binance’s Trading Volume Faces Challenge Due To Zero-Fee Promotion Halt

Binance, the world’s largest cryptocurrency exchange, is facing a sharp decline in trading volume, likely due to the end of a zero-fee promotion. Regulatory challenges, including lawsuits from US authorities, have contributed to Binance’s trading struggles and declining market share.

Linear Finance Reported The Attack Causes LUSD Volume Spike Up 7761%

Linear Finance reported the attack, which drains LUSD liquidity and crashes its value to zero. The attacker minted LAAVE tokens and traded them for LUSD on Linear Exchange, then sold them on PancakeSwap and Ascendex. Linear Finance takes swift action, urges users to refrain from LUSD trading, and pauses liquidations while investigating the incident.

Legal Representatives Of Bankman-Fried’s Parents Defend Against Allegations In FTX Lawsuit

Sam Bankman-Fried’s parents fight back against the FTX lawsuit. The company claims they exploited connections for personal gain. Legal battle escalates amid FTX’s bankruptcy woes.

Ant Group Shakes Up Crypto Landscape With $100 Million Withdrawal From Crypto Industry

Ant Group will exit its $100 million crypto investment in A&T Capital. A&T Capital is in turmoil as its founding partner resigns amid a workplace probe. Ant Group unveils a Web3-focused sub-brand, ZAN, for real-world asset management and compliance solutions.

XRP Attorney Clarifies Decision Axes Ripple From New York’s Greenlist

XRP attorney John Deaton comments on New York removing Ripple and Dogecoin from its approved crypto list. New York tightens crypto oversight, updates token listing criteria, and removes 25 assets from its “greenlist,” including XRP. Deaton teases a major upcoming announcement, sparking curiosity about its link to the XRP lawsuit.

Citigroup To Support Instant Global Transfers With New Token Service

Citigroup launches Citi Token Services for instant global transfers. Utilizes a private blockchain, eliminating the need for digital wallets. Demonstrates Citigroup’s commitment to blockchain innovation.

Injective Releases Largest Tokenomics Upgrade With New INJ Burn 2.0 Mechanism

Injective, the fastest L1 blockchain, has announced the release of its largest tokenomics upgrade yet. The upgrade, called INJ Burn 2.0, will enable any dApp on Injective to contribute to burn auctions, extending the benefits of the token burn mechanism to a wider array of protocols.

Coinbase Chief Legal Officer Paul Grewal Confirms Layer 2 Base Will Not Launch Tokens

Coinbase Chief Legal Officer Paul Grewal considers future token issuance for the Base network but prioritizes regulatory clarity. Base Network opens to end users after a phased launch by Coinbase. Base Network gains momentum, with thousands of NFTs minted and millions in assets bridged within two weeks.

Balancer Reported That A Social Engineering Attack Resulted In $238,000 In Crypto Losses

Balancer lost $238,000 in a recent DNS attack linked to social engineering. Its DAO promptly responded, regained control, and secured user subdomains. The attack’s complexity raises security concerns, with potential ties to Russia under investigation.

Google Cloud Supercharges BigQuery with Data Boost for 11 New Series!

Google Cloud adds data from 11 blockchains, including Ethereum, Polkadot, and Tron, to its BigQuery dataset. The Bitcoin BigQuery dataset gains Satoshis and Ordinals, empowering precise transaction analysis.

Ethereum Gas Drops to Single Digits, Binance Pays 500 ETH Fees!

“Binance 14” makes headlines by forking over 529.39 ETH in gas fees within three hours. Gas fees soar to 303 gwei before plummeting back to single digits. Binance Alliance reveals “Binance 14” remained dormant, now active due to lower collection costs.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.