In September, Binance.US, the American arm of the global cryptocurrency exchange Binance, grappled with a series of challenges that sent its trading activity plummeting to historic lows.
On September 16th, Binance.US reported a mere $5.09 million in trading volume, as disclosed by Amberdata on The TIE Terminal.
The lowest point of the month was recorded on September 9th when trading activity dipped to a paltry $2.97 million.
This stark decline is a stark contrast to September 17, 2022, when the exchange’s trading volume comfortably hovered around $230 million.
The turmoil surrounding Binance.US can be traced back to a lawsuit filed by the Securities and Exchange Commission (SEC) on June 5. The SEC accused both Binance and Binance.US of various infractions, including unregistered securities offerings and wash trading.
The allegations included Binance.US’s failure to register as a broker-dealer and to properly register its staking-as-a-service program.
In response to the lawsuit, Binance.US took the drastic step of suspending trading for more than 100 token pairs.
This move had a substantial impact on the exchange’s overall trading activity.
Internal challenges have further compounded the situation. Brian Shorder, the former CEO of Binance.US, resigned recently, joining a growing list of global executives who have departed the organization in recent weeks.
READ MORE: BitQuant Predicts Bitcoin Will Hit $250,000 After Halving
Following Shorder’s departure, Head of Legal Krishna Juvvadi and Chief Risk Officer Sidney Majalya also announced their resignations.
Speculation is rife that these departures are linked to an ongoing investigation by the U.S. Department of Justice into Binance, its CEO Changpeng “CZ” Zhao, and Binance.US. CZ, in a statement on X (formerly Twitter), indicated that Shorder’s exit was due to a “deserved break” and praised his contributions to the company.
The troubles for Binance.US appear to be far from over.
The SEC has accused the exchange of non-cooperation in the ongoing investigation, citing a meager production of 220 documents during the discovery process.
Additionally, a judge granted the SEC’s request to unseal previously sealed or redacted documents related to the case on September 15.
These documents are expected to shed further light on the ongoing legal challenges faced by Binance.US and are anticipated to become publicly available in the near future.
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DeFi Advocacy and Market Dynamics: A Week of Intense Developments in Decentralized Finance
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London, England, September 21st, 2023, Chainwire
Delegated liquid staking protocol stake.link has announced a major expansion to its forthcoming staking program. A suite of new features and optimizations have been unveiled that will reinforce stake.link’s position as the preeminent Chainlink staking solution.
The new features revealed by stake.link are designed to take advantage of the next iteration of Chainlink Staking, v0.2, that will go live in Q4. Among the various upgrades developed by stake.link is a feature known as the Priority Pool. This will deliver a seamless and highly efficient process for users to stake LINK ahead of Chainlink expanding capacity from 25M to 45M tokens. The priority pool automates LINK staking on behalf of depositors, creating a “set and forget” staking experience.
stake.link has also announced that it will be migrating its stSDL (staked SDL) receipt tokens to reSDL (reward escrow SDL), an NFT representation of the SDL token. This will be undertaken with the aim of promoting long term participation in the platform by increasing boosts and governance votes.
Jonny Huxtable, a Founding Member of stake.link said “This new major iteration of the stake.link platform brings revamped tokenomics and, for the first time, a set-and-forget LINK staking option. Never before has it been so easy for users to participate in Chainlink Staking, creating a dynamic that benefits both the economic security of the Chainlink Network and the long-term stakers of the native stake.link token: SDL. This major release marks a milestone for stake.link, seeing growth that will cement its position in the industry to support the next wave of major infrastructure advancements powered by the Chainlink Network.”
The 20M LINK that will be made available to the Chainlink staking pool in Q4 will be rolled out in three phases as per the Chainlink roadmap. Once phase three activates, the LINK from the stake.link priority pool will be staked against the community pool, and there will likely be less than 20M LINK available to be deposited. LINK deposited by holders of reSDL will thus be prioritised over LINK held by non-reSDL holders when staking in the priority pool.
Finally, stake.link has announced that it will be releasing its own AI-powered chatbot, “SergAI.” As an expert in all things Chainlink and stake.link, SergAI will answer questions concerning topics such as liquid staking thresholds, the priority pool, and how receipt tokens operate.
About stake.link
stake.link is a delegated liquid staking protocol for Chainlink Staking. Powered and governed by the protocol token SDL, with DeFi interoperability enabled by the liquid staking receipt token stLINK, the stake.link protocol enables anyone to provide LINK collateral to and receive a share of rewards from the most reliable and performant Chainlink node operators.
Learn more: https://stake.link/
Contact
Avishay Litani
[email protected]
Singapore, Singapore, September 21st, 2023, Chainwire
Oasys, a game-focused blockchain, is pleased to announce a collaboration with GMO Media, a subsidiary of Japanese internet giant GMO Internet Group, to introduce “GESOTEN Verse” (tentative name) on Oasys. As part of the collaboration, three titles have been confirmed for release in December 2023, in conjunction with the new Verse.
GMO Media started its crypto business in 2014, working on technical development using smart contract and IEO support for business among other services. “GESOTEN Verse” (tentative name) will allow users of the “GESOTEN by GMO” gaming platform to seamlessly play blockchain games using their existing IDs from the platform. “GESOTEN byGMO” has formed partnerships with various domestic point services and e-commerce services, and is planning to develop a system where users can earn cryptocurrencies and various points as rewards while playing games.
The following titles are among the initial ones to be confirmed:
1. “UNIVERSAL STALLION” (Provided by HashLink)
- This is a play-to-earn horse racing game that pursues realism. You can raise your own racehorse, the only one in the world, on the blockchain. You can earn in-game currency and items by winning races with your racehorses, and you can also earn in-game currency by breeding and trading.
2. “KITARO ~ YOKAI STREET ~” (Provided by Fuji Games)
- A nurturing social game where players who have wandered into the world of GeGeGe no Kitaro work with Yokai to defeat the evil Yokai, develop Yokai Alley, and create a paradise where cute Yokai gather. Playing within “GESOTEN byGMO” allows players to acquire NFTs on “GESOTEN Verse” and introduces Play-to-Earn elements into traditional gameplay.
3. “YOLO FOX” (Provided by MetalistGame)
- Yolofox game is the world’s first travel-themed development placement game that uses the concept of “AI + co-creation”, and builds a unique AI-driven game world with players.
- Yolofox Game cooperates with a top AI organization. Players will participate in creating AIGC game content and gameplay, train and train exclusive AI NPCs, and share the game revenue brought by AI creation.
Additionally, “GESOTEN byGMO” will be featured at the Oasys booth during the Tokyo Game Show 2023, starting on September 21st. Attendees can participate in mini-games to earn OAS tokens and receive original merchandise.
We hope you’re as excited as we are for the arrival of “GESOTEN Verse” and the new titles!
About “GESOTEN by GMO” (URL: https://gesoten.com/):
“Gesoten by GMO” is an online game and community service that allows you to play various online games, for free, with a community function that allows users to interact with each other.
It also works with services operated by GMO Media, such as “Point Town by GMO,” allowing players to earn points while playing games.
About Oasys
Oasys is a blockchain project with a focus on gaming, operating under the concept of “Blockchain for Games.” Over 20 members serve as Oasys validators (chain operators), including major gaming companies like Bandai Namco Research and Web3 companies. Oasys uses a PoS (Proof of Stake) consensus mechanism that also considers environmental factors.
The project aims to provide blockchain gamers with fee-free transactions and accelerated transaction processing through its unique Oasys architecture, ensuring a comfortable gaming environment.
Website: https://www.oasys.games/
Twitter(英語): https://twitter.com/oasys_games
Discord: http://discord.gg/oasysgames
Telegram: https://t.me/oasysen
Contact
Akari Oeda
[email protected]
James Tromans, Google Cloud’s Web3 lead, has raised a crucial point about the cryptocurrency industry’s excessive fixation on token prices at the expense of exploring the practical applications of smart contracts in real-world business scenarios.
In a recent interview with Cointelegraph, Tromans emphasized the importance of shifting the focus from token dynamics to the actual business logic embedded within smart contracts.
Tromans highlighted the need to identify and address specific business challenges that smart contracts can resolve.
He asserted that tokens should be seen as tools to execute business logic, rather than the central focus of Web3 technology.
He stated, “It’s the business problem that’s the thing, not the token.” Tromans urged the industry to move beyond discussions of tokens and speculative trading, as they do not constitute the essence of Web3.
Google Cloud plays a significant role in the blockchain space through its Blockchain Node Engine, providing users with self-hosted nodes for accessing blockchain data, conducting transactions, developing smart contracts, and running decentralized applications.
Tromans emphasized that blockchain and smart contracts can drive innovation, reduce operational costs, and create new revenue streams.
Despite the crypto bear market, Google Cloud has experienced robust demand from enterprises seeking to integrate blockchain technology into their operations.
Tromans noted that traditional enterprises continue to express interest in leveraging blockchain to enhance efficiency, reduce costs, and accelerate innovation.
Most of this demand stems from the traditional finance (TradFi) sector, where blockchain technology is employed to address fundamental financial and accounting challenges.
READ MORE: DeFi Advocacy and Market Dynamics: A Week of Intense Developments in Decentralized Finance
Additionally, Google Cloud customers are increasingly exploring blockchain solutions for digital identity and supply chain management.
Digital identity has garnered significant attention in the Web3 space, with the recent launch of Worldcoin, a biometric cryptocurrency project founded by OpenAI CEO Sam Altman in 2019.
However, Tromans cautioned that blockchain technology may not achieve mass adoption until the user experience improves.
He argued that complex concepts like private keys must be abstracted away to make blockchain technology accessible to non-technical users.
Tromans drew parallels with everyday technology like web browsers, highlighting the need for similar user-friendly interfaces in Web3.
He emphasized the importance of building frictionless solutions for key recovery and data management to enhance the overall user experience.
Ultimately, Tromans envisioned a future where blockchain technology seamlessly addresses challenges in various industries, including payments, gaming, and the arts, without users needing to understand the underlying technology.
He concluded that once Web3 achieves mass adoption, it will become synonymous with the web itself, transcending its current distinct identity.
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New York, NY, September 20th, 2023, Chainwire
cheqd, the startup that allows users and organizations to gain control and portability of their identity data, has announced the launch of Credential Payments, a new feature of its decentralized network and SaaS product, Credential Service. With its launch, organizations and individuals now have a way to get paid for providing their identity data while maintaining privacy, building infrastructure to create Trusted Data markets as an entirely new industry category.
Credential Payments is a pioneering capability for Self-Sovereign Identity (SSI), enabling the settlement of on-chain payments for Trusted Data that is stored off-chain to ensure privacy. Thus, making it possible for users to exchange and transact their verifiable Trusted Data in a privacy-preserving way.
cheqd has built products and tools to help companies plug into the network’s identity and payments functionalities. One product is Credential Service, a scalable solution that removes all of the complexity required to build or integrate decentralized identities into existing applications. For more complex features, there are an array of SDKs available for power users.
This paves the way for organizations to create new business models and has clear potential to boost the adoption of SSI by solving the market supply side cold-start problem.
Organizations now have a direct financial incentive to issue credentials/Trusted Data, as with cheqd network Credential Payments it’s possible to create recurring revenue based on a credential being reused. As credentials become available to more verifiers and receivers at a lower cost than existing alternatives, more issuers will enter the market to increase their coverage. Since each side of the market has an incentive to get more organizations and users to join, a flywheel network effect is created.
SSI promises to be an effective solution at a time of increasing regulation pushing global organizations to be more responsible and accountable in dealing with users’ data. Businesses need a way to be compliant with upcoming regulations such as the EU’s eIDAS 2.0, which will govern electronic identification and support Verifiable Credentials as a means to exchange identity data and attestations. In addition, the rise of generative artificial intelligence has led to heightened concerns over fraud, due to its potential to create distrust at an enormous scale. More than ever, businesses need a reliable way to prove that someone is real using verifiable Trusted Data.
It’s for these reasons that cheqd’s research shows the global market for SSI could eventually reach more than half a trillion dollars in value. By offering its industry-first Credential Payments that allow owners of verifiable data to retain full privacy, cheqd sets itself apart from other identity networks. Already, it has forged key partnerships with more than 70% of the SSI application vendor market to date.
Example use-cases
There are a paramount of use cases for an identity network for payments but the two hottest ones are Finance and Education.
In Finance, regulations are being adopted worldwide for the crypto and DeFi industry with a heavy focus on enforcing Know Your Customer (KYC) or qualified investor status. Credentials allow DeFi protocols to set KYC and investor acceptance requirements whilst allowing users to re-use their information seamlessly, aiming to meet regulations whilst maintaining smooth user experience. Issuers of KYC and qualified investor credentials can now be paid for these whenever protocols need to check investor statuses.
And, in Education, certifying accomplishments and achievements can be used for providing more tangible trust around accreditations, with a price to establish trust.
To trust accomplishment credentials, verifiers need to be sure that the issuers are legitimate. Being able to pay to check a list of trusted issuer identifiers gives verifiers the ability to build higher levels of assurance in the credential presented to them, and helps to prevent fraudulent actors. Verifiers can pay the issuers of said credentials, similar to the current operation of university registry offices for checking the veracity of degrees.
Going forward, cheqd is positioned to play a pivotal role in growing the adoption of verifiable, trusted credentials and ensuring that SSI breaks into the public consciousness.
About cheqd
cheqd (cheqd.io) is a privacy-preserving payment and credential network that allows users and organizations to gain control and portability of their data. cheqd builds upon Decentralised Identity (DID), Self-Sovereign Identity (SSI), and Digital or Verifiable Credentials (VCs) with payment infrastructure to create Trusted Data markets as an entirely new industry category.
With its technology, cheqd is creating a new paradigm around Trusted Data economies such as reusable KYC in Web3, preference data markets, and others where the user is at the center. It empowers consumers and businesses with full ownership, portability, and control over their data and identities. In addition, this data can be transacted within a payment network that prioritizes individual privacy and market-first principles. The scale of distribution is unmatched as cheqd engages with organizations across Lending, Supply Chain, eCommerce, Education, Manufacturing, Gaming, and other sectors.
cheqd also features a decentralized reputation platform (creds.xyz) to incentivise and engage Web3 communities through quest or learning credentials, as well as protect users from fraud and scamming across Discord, Telegram and beyond.
Contact
Avishay Litani
[email protected]
Dubai-based cryptocurrency exchange, JPEX, has found itself entangled in a liquidity crisis, prompting a series of actions that have stirred controversy within the cryptocurrency community.
In a blog post on September 17, JPEX attributed this crisis to what it termed as “unfair treatment” by certain institutions in Hong Kong, compounded by negative news coverage.
The exchange claimed that these factors led to its third-party market makers freezing funds and demanding additional information for negotiation, thus restricting liquidity and increasing operational costs to unsustainable levels.
In response to this predicament, JPEX announced the delisting of all operations affiliated with its Earn product, effective September 18.
This decision prevents users from initiating new Earn orders, allowing only existing orders to continue until their respective product end dates.
While regular spot trading activities remain unaffected for now, reports have emerged that JPEX is imposing a hefty 999 Tether withdrawal fee, capped at 1,000 USDT, further unsettling its user base.
JPEX, however, did not provide a direct explanation for the high withdrawal fee but assured users that it plans to gradually restore normal withdrawal fee levels once negotiations with third-party market makers conclude.
The exchange stated its commitment to reclaiming liquidity from these market makers and promised to share the revised withdrawal fee details after these negotiations.
READ MORE: BitQuant Predicts Bitcoin Will Hit $250,000 After Halving
Additionally, JPEX revealed plans to utilize a decentralized autonomous organization (DAO) to gather suggestions from users on its restructuring efforts.
This move reflects the exchange’s desire to engage its community in reshaping its future direction.
Despite these announcements, JPEX has faced scrutiny from regulators.
On September 13, the Hong Kong Securities and Futures Commission (SFC) issued a warning against JPEX for allegedly marketing its services to Hong Kong residents without obtaining the necessary license.
The SFC highlighted various irregularities in JPEX’s practices, including offering exceptionally high returns and other discrepancies in its marketing strategies.
Concerns deepened as an attendee at the Token 2049 conference in Singapore reported that the JPEX booth had been abandoned shortly after the SFC’s warning was issued.
Subsequently, local authorities in Hong Kong received numerous complaints about the exchange, further intensifying the regulatory scrutiny surrounding JPEX’s operations.
As this situation unfolds, the cryptocurrency community and regulatory bodies continue to closely monitor developments with JPEX, with both sides eager to see how the exchange addresses its liquidity crisis and regulatory issues.
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Bitcoin has shown signs of a positive turnaround as it formed successive Doji candlestick patterns on the weekly chart over the last three weeks.
This indicates a resolution of the uncertainty between the bulls and bears in favor of the bulls.
However, the upcoming Federal Open Market Committee meeting on September 20 could introduce volatility, depending on the outcome of Fed Chair Jerome Powell’s press conference following the rate decision.
Most market participants anticipate the Federal Reserve to maintain the current interest rate levels.
Bitcoin’s recovery from strong support near $24,800 has sparked interest in select altcoins, which present trading opportunities.
For these altcoins to sustain their upward trajectory, Bitcoin must remain above $26,500.
Bitcoin has recently surpassed the 20-day exponential moving average ($26,303), indicating a reduction in selling pressure.
The bulls have successfully defended against several bearish attempts to push the price below the 20-day EMA.
If buyers manage to push the BTC/USDT pair past the 50-day simple moving average ($27,295), it may reach $28,143, though this level is expected to face resistance from bears.
Conversely, if the price drops below the 20-day EMA, it could retest the pivotal support at $24,800.
Similarly, altcoins like MKR and AAVE have displayed bullish signs, with MKR above the 50-day SMA ($1,162) and AAVE surging past moving averages on September 16.
MKR/USDT could head towards $1,370, though the level may witness a battle between bulls and bears.
Conversely, if the 20-day EMA ($1,162) is breached, the pair might consolidate within the range of $980 to $1,370.
READ MORE: Bitcoin Miner Returns $500,000 in Fees to Paxos After Transaction Mistake
As for AAVE/USDT, a sustained price above the 50-day SMA ($59) could drive it towards $70 and $76, but a drop below the 20-day EMA ($56) could lead to a decline to the solid support at $48.
THORChain’s RUNE has made a smart recovery, nearing the resistance at $2.
If it breaks through, it may initiate a new uptrend to $2.30 and eventually $2.80.
However, a sharp downturn from $2 could push the price down to the 20-day EMA ($1.62).
Lastly, RNDR broke out and closed above the 50-day SMA ($1.58), suggesting reduced selling pressure.
The moving averages are on the verge of a bullish crossover, and a bounce from the 20-day EMA ($1.50) could lead to a stronger recovery to $1.83 and $2.20.
On the contrary, a drop below the moving averages could send RNDR/USDT down to $1.38 and later to $1.29.
In summary, these cryptocurrencies show promising signs, but their paths forward depend on key support and resistance levels, as well as broader market factors like the Federal Reserve’s decisions.
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Hong Kong, Hong Kong, September 20th, 2023, Chainwire
OKX, a leading crypto exchange and Web3 technology company, today announced that it has successfully completed the Service Organization Control (SOC) 2 Type II audit, demonstrating that the company’s processes for governing its services, managing sensitive data and protecting data privacy meet the highest global standards.
The internationally recognized SOC 2 Type II report, a framework developed by the American Institute of Certified Public Accountants, is one of the most comprehensive audits in the market. The report, completed by an independent external auditor, reviews a company’s policies, procedures and controls over an extended period of time.
Achieving SOC 2 Type II certification is a testament to OKX’s unwavering efforts in ensuring the highest possible standards of safety, security and compliance. It also mirrors OKX’s core operating philosophy and commitment to security, transparency and trust.
This certification underscores the protocols and safety measures OKX has implemented to ensure a premium experience on its industry-leading platform. Moreover, these measures affirm that OKX’s infrastructure specifications, service availability and robustness adhere to stringent criteria, solidifying its position as one of the world’s most secure platforms.
OKX President Hong Fang said: “Completing the SOC 2 Type II audit is an important achievement for OKX, because of the reassurance it provides to all our users, and the diligence and time commitment required in the pursuit of this certification. It demonstrates that OKX is operating at standards comparable to tech giants and traditional finance services firms, as well as our commitment to implementing such standards and practices throughout OKX’s global operations. OKX’s goal is to build the world’s most secure and reliable Web3 ecosystem, and this latest milestone is another crucial step towards our vision.”
About OKX
OKX is a leading global crypto exchange and Web3 ecosystem. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto trading app for traders everywhere.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
Beyond OKX’s exchange, the OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
Disclaimer
This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, hold or offer any services relating to digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. OKX does not provide investment or asset recommendations. You are solely responsible for your investment decisions, and OKX is not responsible for any potential losses. Past performance is not indicative of future results. Please consult your legal/tax/investment professional for questions about your specific circumstances.
Contact
Media
[email protected]
In August, the decentralized finance (DeFi) ecosystem faced a series of challenges, witnessing a decline in on-chain economic activity, as revealed by an analysis conducted by the investment management firm VanEck.
During this period, exchange volume plummeted to $52.8 billion, marking a 15.5% decrease compared to July.
VanEck based its findings on the MarketVector Decentralized Finance Leaders Index (MVDFLE), which monitors the performance of the most substantial and liquid tokens on various DeFi platforms, including Uniswap, Lido DAO, Maker, Aave, THORChain, RUNE, and Curve DAO (CRV).
August proved to be a tough month for the DeFi index, which dropped by 21%, underperforming Bitcoin and Ether.
This decline was further exacerbated by the negative performance of the UNI token, which saw a staggering 33.5% decrease as investors offloaded their tokens to capture profits earned in July.
Despite the underwhelming performance of DeFi tokens in August, the ecosystem did witness some notable positive developments throughout the month.
These included the dismissal of a class-action lawsuit against Uniswap Labs and the remarkable growth of Maker and Curve’s stablecoin.
Following a significant exploit in late July, Curve Finance’s stablecoin, crvUSD, experienced substantial growth in August, reaching an all-time high of $114 million borrowed.
CrvUSD is pegged to the U.S. dollar and operates on a collateralized debt-position (CDP) model, where users deposit collateral like ETH to borrow crvUSD.
“The growth of crvUSD has allowed it to become a significant contributor of revenue for the platform, with crvUSD fees exceeding fees collected from all non-mainnet liquidity pools in 3 of the 4 last weeks,” noted the report.
READ MORE:Ethereum’s Energy Efficiency Soars: The Aftermath of The Merge
However, Curve Finance’s governance token struggled to recover from the exploit, with its price falling by 24% in August to $0.45.
The report also highlighted the concerns surrounding Michael Egorov, the founder of Curve Finance, who had around $100 million in loans backed by 47% of the circulating supply of CRV tokens.
As the CRV price dropped nearly 30% following the hack, there were fears of Egorov’s collateralized loan liquidation, raising concerns of a potential contagion effect within the DeFi ecosystem.
To reduce his debt position, Egorov sold 39.25 million CRV tokens to notable DeFi investors during the crisis.
Furthermore, VanEck pointed out that current global interest rates, particularly in the United States, continued to put pressure on stablecoins.
The aggregate market capitalization of stablecoins declined by 2% in August, reaching $119.5 billion.
This drop was attributed to elevated interest rates in traditional finance, prompting investors to shift from stablecoins to money market funds offering approximately 5% risk-free yield.
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Bitcoin (BTC) concluded the week ending on September 17th with a price of approximately $26,500, showcasing a sense of stability after reaching new highs earlier in the month.
This weekend marked a period of relative calm for the leading cryptocurrency, as indicated by data from Cointelegraph Markets Pro and TradingView.
Just a couple of days prior, Bitcoin had surged to $26,880, marking its highest level for the month.
Credible Crypto, a renowned trader and analyst, examined the state of the Binance BTC/USD order book and observed a cluster of bid liquidity supporting the market.
He noted that some seller absorption was occurring at this level, suggesting a defense of this price point.
Amid this period of consolidation, another trader named Crypto Tony identified two potential scenarios. He highlighted that $26,000 was still acting as a strong support level.
Tony mentioned, “I am still looking for that dip down to $26,100 and a bounce for a long trigger.” Alternatively, he would consider going long if Bitcoin managed to reclaim the $26,600 highs.
READ MORE: DeFi Pioneer Rune Christensen Envisions Decentralized Stablecoins Dominating the Crypto Market
Examining exchange behavior, trader Skew pointed out specific short-term trends among traders, particularly spot entities selling into bounces.
This indicated a pattern of aggressive positions being hunted heading into the next week.
Beyond Bitcoin’s weekly close, participants in the crypto market were eagerly anticipating a crucial macroeconomic event from the United States Federal Reserve scheduled for September 20th.
The Federal Open Market Committee (FOMC) meeting would decide on benchmark interest rates, with the prevailing expectation in the markets being that they would remain unchanged.
CME Group’s FedWatch Tool assigned a mere 2% probability to a surprise scenario.
It’s worth noting that Bitcoin had recently displayed a decreased sensitivity to macroeconomic data, and many believed that it would continue to trade within the range of $25,000 to $27,000 in the short term, even in the face of the upcoming FOMC meeting.
As popular trader Crypto Santa concluded, “Next week’s FOMC and Interest Rate decisions should induce some volatility, but BTC will likely continue to trade within $25k – $27k in the short-term.”
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