Daily Crypto News
- Bitcoin Rally Cools Ahead of CPI Data, Ethereum Network Upgrade — A rally in Bitcoin is cooling as traders await US inflation data and monitor a seminal upgrade of the Ethereum blockchain, events that could stir volatility in cryptocurrency markets.
- SEC to open digital asset office as it cranks up regulatory scrutiny of cryptocurrencies — Amid an increased focus on cryptocurrency among global regulators and lawmakers, the U.S. Securities and Exchange Commission (SEC) is launching a new office dedicated to reviewing filings related to digital assets.
- SEC seeks to seal information exposing expert witness identities in XRP lawsuit —The U.S. Securities and Exchange Commission has filed a motion seeking to seal portions of the filings that contain information identifying the SEC’s expert witnesses in its lawsuit against Ripple Labs.
- Dogecoin creator says it ‘annoyed’ him when Elon Musk tried to send the cryptocurrency ‘to the moon’ — In an interview with Insider, Palmer said he’s grown weary of being “dragged” into conversations around the currency he helped create over eight years ago. At the time, he saw Dogecoin as a “hobby’ — now he said it’s become a nuisance. “It all kind of annoyed me because it was this thing that had my name tied to it. I don’t think people realize it, but I wish that when something happened with Dogecoin and Elon Musk and my Dogecoin cofounder Billy [Markus] that I didn’t get dragged back into it,” Palmer said.
- After Big Rally Past $21K, Bitcoin’s Price Momentum May Not Last — The sudden burst in the market for bitcoin (BTC) might lose momentum quickly, crypto analysts said. On Friday the largest cryptocurrency by market value rallied over 10% to the $21,000 level, its largest daily gain in six months. BTC was trading at $21,180 as of 3:08 p.m. ET. As recently as Tuesday the price had dipped as low as $18,500. “If buyers continue with the same sentiment, even an area of $22,400-$23,000 could be reached,” Daniel Kostecki, senior market analyst at Conotoxia, told CoinDesk in an email.
- Bitcoin jumps more than 10% as risk appetite ramps up on a pullback in the US dollar from 20-year highs — “Bitcoin is welcoming the return of risk appetite and a falling US dollar. The broad market rally has rejuvenated cryptos and that could continue if investors continue to look beyond hawkish central bank overtures and lingering recession risks,” Edward Moya, senior market analyst at Oanda, said in a Friday note.
- Bitcoin Remains Steady Above $21K — The largest cryptocurrency by market capitalization was recently trading at approximately $21,800, up about 1% and somewhat higher than where it began the weekend. BTC spiked more than 10% at one point on Friday amid market optimism that with prices starting to fall, the U.S. central bank would be able to ratchet back its current diet of robust interest rate increases and liquidity tightening next year.
- Thai Interest in Crypto Grows, but Regulation Lags — a Thailand-based decentralized finance (DeFi) project building a decentralized derivatives exchange, just closed a $5 million funding round. And this isn’t any old round: Venture arms of two of the nation’s biggest banks participated. Kasikornbank bank, and Bank of Ayudhya, both put in an undisclosed amount. Udomsak Rakwongwan, Forward’s co-founder, notes that this is the first time two regulated banks have invested directly in DeFi because they want to digitize and transform banking. But while Thai banks need to operate in a heavily regulated environment — a product of the 1997 financial crisis — there just isn’t a clear regulatory environment for crypto.
- Bitcoin sole gainer in crypto top ten, Ether dips, Polkadot leads losers — Bitcoin held weekend gains to move toward US$22,000 in Monday morning trading in Asia, while other tokens in the top 10 by market capitalization were flat to lower. Ether slipped, along with Polkadot and XRP.
- ETH holders may come out of the Merge with an extra token — Ethereum’s transition from proof of work to proof of stake — also known as the Merge — will change how the network processes transactions. The upgrade is set to finish sometime between September 10–20, with Ethereum’s co-founder, Vitalik Buterin narrowing his expectation as of Monday to between September 13–15; Ethereum developers predict the Merge will finish in the early morning hours of September 15, New York time. Though the transition has been planned for years, a contingent of Ethereum miners is planning to “fork” the blockchain to run a version of the protocol that still relies on proof of work. After the transition from proof of work to proof of stake, network validators that lend into the network will provide the blockchain’s consensus mechanism rather than miners, which currently work to create new blocks of processed transactions.
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