The biggest news in the cryptoverse on Sept. 19 included UK regulatory warnings that FTX was not allowed to operate in the country, Ripple and SEC filing summary judgment, Ronin bridge TVL dropped 82.7% It is included. The crypto market is down to $900 billion.
CryptoSlate Top Stories
According to UK regulators, FTX is not allowed to operate in the country.
The UK’s Financial Conduct Authority (FCA) has warned the public to exercise caution when dealing with FTX as it is not allowed to operate in the country.
Regulators have warned FTX users that their funds may not be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong.
Ripple Summarizes Judgment In SEC File As Cryptocurrency Community Watches Eagerly
The two-year legal battle between the SEC and Ripple appears to be coming to an end. Both parties have filed for summary judgment allowing the court to rule on the evidence presented.
Ripple has reiterated that XRP is not a security. Therefore, the SEC has no legitimacy of the token.
The cryptocurrency community awaits a court ruling that will determine how many other cryptocurrencies will be accessed.
Massive sale plunges crypto market cap to $900 billion
The past seven days have been challenging for the cryptocurrency market as it fell from $1.69 trillion to $903 billion.
Buying rumors and selling news stories unfolding for the Ethereum merger contributed to the decline. Since September 15th, Ethereum has lost 21% of its value, which also dragged down the altcoin market.
With many expecting a rate hike of 75-100 basis points, the FOMC scheduled for Sept. 20 could drop further.
USDT, USDC exchange balances move in opposite direction
According to Glassnode data analyzed by crypto slate, USDC’s exchange balance fell from $7 billion to a low of $2.1 billion, while USDT’s balance reached a high of $17.7 billion.
The contrasting balance flows of USDC and USDT are related to recent ecosystem developments.
Binance’s move to end support for USDC contributed to the massive outflow, while USDT’s move to make its reserve reporting more transparent fueled net inflows.
Bitcoin Traders Want Long, But Sentiment Remains Firmly Bearish
Bitcoin traders’ willingness to go long despite the obvious bearish sentiment can be explained by reviewing the Option 25 delta.
Bitcoin’s price has risen to around $20,000 in a few weeks. However, his 4-time trader who shot the green candle went long and only suffered liquidation.
Crypto Slate Exclusive
Nansen Ronin reports 82.7% TVL drop in Q2, struggling to attract validators but showing bullish signs
CryptoSlate analyzed an exclusive report from Nansen Alpha reveals that the ecosystem has lost 82.7% of its total value locked (TVL) since the Ronin bridge was hacked. At the end of the first quarter, Ronin’s TVL was his $318.71 million, but in the second quarter his lowest was $55.11 million.
Despite reopening the bridge on June 28, Ronin was unable to attract the 21-node validators needed to secure the chain. At the time of writing, there are only 14 validators active on the network.
News around Cryptoverse
Data Suggests Altcoin Season Is in View
According to Blockchain Center’s Altcoin Season Index, altcoin season begins when 75% of the top 50 coins outperform Bitcoin in 90 days.
Finbold analyzed the altcoin seasonal index and revealed that as of September 19, 69% of the top 50 coins have outperformed Bitcoin in the last 90 days. With this premise, it is predicted that “altcoin season” is near.
Hollywood hasn’t given up on NFTs yet
A Bloomberg report reveals that the NFT market is down about 90% since the beginning of the year, but still attracts interest among Hollywood stars.
Hollywood star Dave Broome said the industry still believes in the future of NFTs. He added that Hollywood’s appetite hasn’t diminished, it’s just calming down to adopt the right investment strategy.
Bitcoin moved 0.4% over the past 24 hours, trading at $19,545.29, while Ethereum rose slightly by 3.38%, trading at $1,380.18 at the time of writing.