- JPMorgan Chase executive says crypto usage for payments decreasing — Speaking in an interview with Bloomberg Television on Tuesday, JPMorgan Chase & Co.’s global head of payments Takis Georgakopoulos said that demand for cryptocurrencies as a payment method has seen a drastic decline in the past six months. “When it comes to crypto as a payment method, we have a lot of demand for our clients, let’s say up until six months ago,” said Georgakopoulos. “We see very little right now.” The price of Bitcoin is down over 55% over the past six months according to data from CoinGecko.
- Bitcoin price falls below US$19,000, XRP gains on SEC lawsuit developments, Ether post-Merge slide continues — Bitcoin fell below the US$19,000 resistance level for the second time in a week in early Wednesday trading in Asia. Ether and most other tokens in the cryptocurrency top 10 by market capitalization lost ground. XRP was the exception, gaining on news the token’s issuer, Ripple Labs Inc, and the U.S. Securities and Exchange Commission (SEC) are seeking a summary judgment to end their protracted lawsuit.
- Ether Funding Rates Revert to Normal Days After Successful Merge—Funding rates on ether (ETH) futures have reverted to normal levels nearly a week following the Merge, during which a popular trade saw traders paying unusually high fees in order to remain in their positions.
- Ripple objects to SEC’s relief suggestion in XRP lawsuit — Ripple Labs Inc. has objected to the U.S. Securities and Exchange Commission’s suggestion that it may seek additional time and pages if other amici curiae (Latin for friends of the court) submit briefs, as the lawsuit the SEC filed in 2020 against Ripple drags on.
- Stablecoin Issuer Tether Ordered to Produce Documents Showing Backing of USDT — Tether has been ordered by a U.S. Judge in New York to produce financial records relating to the backing of USDT as part of a lawsuit that alleges Tether conspired to issue USDT as part of a campaign to inflate the price of bitcoin. The order requires Tether to produce “general ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements”, as well as records of any trades or transfers of cryptocurrency or other stablecoins by Tether including information about the timing of the trades.
- Hacked Crypto Market Maker Wintermute Has $200M in Outstanding DeFi Debt — Cryptocurrency market maker Wintermute, the victim of Tuesday’s $160 million hack, has over $200 million in outstanding DeFi debt to several counterparties, according to on-chain data. The largest debt involves a $92 million tether (USDT) loan issued by TrueFi, which is due to mature on Oct. 15.
- NFT Marketplace OpenSea to Support Ethereum Roll-Up Arbitrum — OpenSea, the largest non-fungible token (NFT) marketplace by volume, said Tuesday it’s planning to support Arbitum, allowing creators to list NFTs minted on the Ethereum roll-up. The marketplace said in a tweet that, starting Wednesday, creators will be able to set fees associated with selling NFTs on the network. OpenSea said it’s planning to support several collections already minting on Arbitrum, including Smolverse, GMX Blueberry Club and Diamond Pepes.
- Bitcoin’s Pre-Fed Weakness Has Chart Analysts Focused on Support at $18.3K — Bitcoin (BTC) is on the defensive ahead of a pivotal Federal Reserve decision on Wednesday on interest rates and appears to be on track to test support at $18,300, which, if breached, could make the bear market worse, according to technical analysis by Katie Stockton, founder and managing partner at Fairlead Strategies.
- Michael Saylor’s MicroStrategy buys the dip with fresh $6 million bitcoin purchase, adding to its crypto stockpile — MicroStrategy, helmed by famed bitcoin-bull Michael Saylor, purchased about $6 million in bitcoin between August 2 and September 19, a Tuesday SEC filing showed. That’s good for about 301 bitcoin, bought at about an average price of $19,851 per token using excess company cash. Leading up to September 22, MicroStrategy held about 130,000 bitcoin, bought at an average price of $30,639. The world’s biggest cryptocurrency has fallen more than 10% in the last four weeks, and is down more than 60% in 2022.
- Twitch To Ban Crypto Gambling Livestreams After Backlash From Influencers — Twitch, which is owned by Amazon.com Inc., will prohibit livestreaming gambling sites like Stake.com, Rollbit and Duelbits.com that “aren’t licensed either in the US or other jurisdictions that provide sufficient consumer protection,” Twitch said in a statement posted on Twitter. Stake.com, the most popular of these sites, is licensed in Curacao. The ban goes into effect October 18.
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