Bitcoin drops 6.5% after Fed’s 75 bps rate hike; Tether under pressure to produce documents on USDT reserve


Bitcoin’s 6.5% plunge after the Fed announced a 75 bps rate hike, a court ordered Tether to file documents on its reserves, and the biggest news in the crypto industry on Sept. 21 Ethereum developers are looking to enable withdrawals in their next Shanghai upgrade.

CryptoSlate Top Stories

Developer Consensus Supports Ethereum Withdrawals in Upcoming Shanghai Upgrade

In a Sept. 20 article, CryptoSlate, informed by a conversation with Ethereum core developer Micah Zoltu, wrote that the upcoming Shanghai upgrade may not enable staking withdrawals.

In a follow-up discussion, Core Devs Coordinator Trenton Van Epps revealed that the subject of allowing withdrawals is being considered by the Ethereum Devs collective, along with various other improvement proposals.

Iran to launch CBDC on September 22nd

The Central Bank of Iran (CBI) plans to issue a digital currency called “Crypto-Rial” by September 22nd.

Crypto reals are created by converting some Iranian rail banknotes into virtual currency.

Canadian crypto mogul’s assets confiscated as investors try to recoup millions entrusted to him

Investors have filed a lawsuit against 23-year-old Aiden Pleterski, and creditors are trying to locate at least $35 million in funds entrusted to him and his company, AP Private Equity.

The presiding judge has decided to seize $2 million worth of assets from the self-proclaimed “crypto tycoon.”

IMF Calls for Collaborative Approach to Global Crypto Regulation

As crypto markets become more and more integrated into the global financial system, the IMF has called on regulators around the world to adopt a coordinated framework for regulating cryptocurrencies.

The IMF explained that divergent regulatory approaches create an unfair system in which market participants move to the least regulated regions.

A New York court has ordered Tether to provide documents regarding its USDT reserves.

USDT issuer Tether is facing lawsuits for lying about its USDT reserves, which inflated the cryptocurrency market and caused traders to crash.

The court asked Tether to provide financial records proving USDT’s reserves.

Tethering follow up The update said it would submit the requested documents.

Cardano Price Jumps Ahead of Imminent Vasil Hard Fork

Cardano’s ADA token price rose 2.1% to $0.45 in the 24 hours before the Vasil hard fork scheduled for September 22nd.

Public interest in Cardano has also surged by 35.16% over the past seven days.

The Vasil upgrade is expected to help Cardano speed up blockchain verification, improve security, and improve smart contract functionality.

Fed announces rate hike of 75 bps.Bitcoin rises 6.5% on news

At the end of today’s FOMC meeting, the US Federal Reserve raised interest rates by 75 basis points, raising the federal funds rate to 3.25%.

Bitcoin fell 6.5% to bottom at $18,600 on the news.

Kraken CEO Jesse Powell takes chairman role to focus on crypto industry advocacy

Jesse Powell will become Kraken’s Chairman and Dave Ripley will become CEO.

Powell will now focus on product development and crypto industry advocacy on behalf of Kraken.

Crypto Slate Exclusive

Immutable’s Guild of Guardians on building trust in traditional gamer onboarding

Head of Marketing at Immutable Studios Sangita Sarkar said: crypto slate Upcoming Guild of Guardians games will focus on gameplay as they try to promote the concept of “play to earn” instead of playing to earn.

Toxica creators believe NFTs are the future of independent filmmaking

Rona Walter McGunn collaborated with Cardano to release the first feature film released entirely on the blockchain. The movie TOXICA was released as Cardano NFT.

In an exclusive conversation with CryptoSlate, McGunn said that releasing TOXICA as an NFT gave her artistic freedom to create masterpieces that bring more utility to the audience.

research highlights

Ethereum’s move to PoS is a trade-off between decentralization and scalability

On-chain data analyzed by CryptoSlate showed that post-integration Ethereum benefits from increased scalability at the expense of decentralization.

The Ethereum PoS network has greatly improved its scalability. Block time decreased from 13.5 seconds to 12 seconds and block space increased to 15% per day.

Stakers on the network deposited about 13.8 million ETH into ETH2 deposit agreement. However, the network is currently centralized as 70% of the staking volume is concentrated in just four staking service providers (Lido, Coinbase, Kraken, and Binance).

Ethereum Total Value Stake Provider

News around Cryptoverse

JP Morgan CEO calls crypto tokens a ‘decentralized scam’

JP Morgan CEO Jamie Dimon called crypto tokens like Bitcoin a “decentralized Ponzi scheme.” Bloomberg news.

Dimon said that with proper regulation, US-backed stablecoins would not be a problem.

crypto market

Over the past 24 hours, Bitcoin has fallen 2.38%, trading at $18,394. Ethereum is down another 6.72%, trading at $1,236.

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