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Bitcoin NVT golden cross has recently had values that would suggest the crypto may be close to being overbought right now.
Bitcoin NVT Golden Cross Has A Positive Value Currently
As pointed out by an analyst in a CryptoQuant post, the NVT golden cross has now hit its highest value since the last week of May.
The “Network Value to Transactions” (NVT) ratio is an indicator that’s defined as the market cap of Bitcoin, divided by the crypto’s transaction volume in USD.
Bitcoin, in October last year, registered an average closing price of $ 58,051. It enters the first day of the same month this year with far less value, trading at $ 19,358 as of this writing, according to tracking from CoinGecko.
But even with that huge value discrepancy, some experts believe that the maiden cryptocurrency might be on the verge of a significant price movement as it enters October – a month noted to be “favorable” for the asset.
Bitcoin has its back covered by this American senator who believes in the potential of the crypto to bring good things to the U.S. financial sector and economy in general.
Senator Cynthia Lummis may be the most prominent champion for the crypto sector in Congress. Her strong support for the cryptocurrency industry distinguishes her from her counterparts.
During an interview on Hard Money with investigative journalist Natalie Brunell on Wednesday, Lummis did not mince words and said Bitcoin “can’t be stopped,” after Brunell pointed out that many still don’t understand how the crypto works and how it is actually a “powerful tool” in changing people’s lives.
The Ethereum hard fork token (ETHW) has been popular after playing off the popularity of the Ethereum Merge. The fork was carried out in a bid to keep Ethereum in its original proof of work mechanism, and the ETHW token resulted from it. Chandler Guo is now known as the self-appointed organizer of the hard fork and he has shared his thoughts on where he expects the forked token to be in the next decade.
On Par With Ethereum
Leading cryptocurrency Bitcoin found another ally in macroeconomist Luke Gromen who recently claimed that the United States could gain benefits if it begins to view the digital currency as an asset and not as any kind of threat.
Gromen made his statement during his appearance on a September 14 podcast hosted by Natalie Brunell.
Gromen is well-respected in the finance research world for his ability to provide a comprehensive analysis of global and topical macroeconomic trends.
As of Sunday, Do Kwon, the disgraced co-founder of the Terra ecosystem which collapsed dramatically in May and for whom the Singapore Police Force had issued an arrest warrant, is no longer in the country.
Last Monday, Kwon and five others were named in an arrest order issued by South Korean prosecutors. He is largely responsible for creating two cryptocurrencies whose stunning demise in May shook the global crypto markets.
According to the Singapore Police Force:
“The SPF will assist the Korean National Police Agency (KNPA) within the ambit of our domestic legislation and international obligations. Do Kwon is currently not in Singapore.”
According to a court document from the Vermont Department of Financial Regulation, bankrupt cryptocurrency lender Celsius Network made “false and misleading claims” regarding its “financial health and compliance with securities laws”.
Celsius Was Ran Like A Ponzi Scheme
The Vermont Department of Financial Regulation said in a document supporting the Justice Department’s request to appoint an examiner in Celsius’ bankruptcy case that the company may have been paying yields using a Ponzi-like system.
Bitcoin has been labeled with different kinds of names: Fake, misleading, confusing, and pointless. Despite these tags, many will agree that the crypto is never lifeless.
Bitcoin’s price has been surprisingly lethargic over the previous few days, bouncing just above and then below the $ 20,000 threshold. Since June, it has been unable to significantly surpass this level.
Trading below the critical $ 20,000 barrier, the largest digital currency is now outside of the $ 20,000 to $ 25,000 zone in which it has languished for the majority of the summer, following a massive liquidation in mid-June that pushed BTC down from $ 30,000 to $ 20,000.
ZEC, ZEN and XLM “may currently be a security, based on the facts as they exist today,” Grayscale said in recent, little-noticed filings.
CoinDesk
Twice in the Twitter thread, CoinSwitch Kuber CEO Ashish Singhal sought to clarify that the “engagement with the ED” is not about money laundering. CoinDesk has reported the searches have been in connection with India’s Foreign Exchange Management Act (FEMA).
CoinDesk
Bitcoin price dropped about 5% to $ 20,822 after Federal Reserve Chairman Jerome Powell spoke at Jackson Hole, Wyoming, on Friday, stating that the central bank will “use its instruments decisively” and it will take time to combat inflation.
Powell talked briefly during the event and discussed the significance of price stability. He stated that it is “the foundation of the economy” and that the economy will not benefit anyone without it.
He emphasized that pricing stability must be restored and maintained, but until the economy gets to that point, “households and businesses will experience some pain.”
Image: Coinpedia
The crypto industry has evolved exponentially, dating from the time of its creation till now. As a result, several advantages are attached to using these digital tokens as a payment means. Many people are more conversant with making payments using fiat currencies, such as USD. However, adding cryptocurrencies to the already established payment method will be a huge plus.
Some notable advantages of implementing cryptocurrencies as a payment means are better control of funds, simplicity, privacy, reduced fees, and security. However, people are still unable to see these advantages, thereby underrating these digital tokens for payments.
Vitalik Buterin’s Opinion
A significant number of cryptocurrency holders reside in South Korea. As the bitcoin sector becomes more mainstream, the rate of cryptocurrency acceptance in the East Asian nation has increased dramatically.
Recent research, however, suggests that some of these crypto transactions may be used for unlawful operations.
Bloomberg reported that the majority of unlawful foreign currency transactions in South Korea this year involved cryptocurrencies.
In addition, the data reveals that they have been involved in roughly three-quarters of all unlawful foreign exchange transactions so far this year.
South Korea Investigating $ 1 Billion Crypto-Related Cases
One of the crypto winter catalysts was the Federal Reserve’s announcement of a rate increase to curb inflation, taking the country towards a recession. As soon as the information reached the crypto community, investors and traders started a panic sell-off that plummeted crypto prices.
Even though the Terra crash exacerbated the situation, prices have fluctuated whenever the Feds meet to discuss measures to fight inflation.
But in July, crypto prices showed signs of recovery, but the trends didn’t last long. From August 22 to 24, Bitcoin is on the verge of losing its hold on the $ 21K price. Ethereum is not faring well either, as growth seems to stop.
Bitcoin price may have nosedived to $ 21,000 but this analyst says it’s not an entirely bad thing. Willy Woo, on-chain expert analyst says that Bitcoin’s recent decline to $ 21,000 is mostly due to the massive sell-off by traders.
However, there’s no reason to hit the panic button because the sell-off is linked to negative net flow on major exchanges which hints that most of the participants are looking to amass or buy the dip to store in their wallets, taking advantage of the price decline.
As of this writing, Bitcoin price is at $ 21,418, down 12% in the last seven days, data from Coingecko show.
Bitcoin has been put to the extreme test during the past few weeks as this year’s cryptocurrency market crash has raised questions about the viability of the industry, with investors bearing the brunt of the collapse and market fear hitting a new high.
Fears of a worldwide recession and the highest inflation in over four decades have delivered a heavy blow to the young cryptocurrency market in 2022, spawning a brutal crypto winter that has driven once-soaring companies to shut down and investors into panic-selling.
Nearly $ 2 trillion in market value, billions of dollars in frozen assets, and thousands of jobs have been lost because of the turbulence, but these losses may only be the beginning.
If Celsius Network’s CEO, Alex Mashinsky was “being transparent,” there would be “no need to pull in an independent examiner,” Sasha Hodder, founder of Hodder Law Firm, said on CoinDesk TV’s “First Mover.”
CoinDesk
FTX US received a cease-and-desist warning from the United States Federal Deposit Insurance Corporation on Friday, telling the crypto exchange to stop issuing “false” statements and “misleading” consumers about the insurance status of their products.
Four other crypto companies were given the warning by the FDIC. These are: SmartAsset.com, Cryptonews.com, Cryptosec.info, and FDICCrypto.com. The regulator claims that these companies misled consumers on the FDIC’s coverage of certain cryptocurrency-related commodities.
FDIC noted in a press statement that:
“As per evidence gathered by the FDIC, each of these companies made misleading claims, including on their websites and social media profiles, that certain crypto-related products or stocks held in brokerage accounts are FDIC-insured.”
Bitcoin always has big names behind its back, and – why not?
According to MicroStrategy founder Michael Saylor, the emergence of Bitcoin as an investment could herald the end of gold as an asset class in the long run.
Saylor, the outgoing CEO of MicroStrategy and a crypto bull, made this claim in December of last year.
Fast forward eight months: During an interview with Stansberry Research on Saturday, Saylor indicated that the precious metal would most certainly undergo “demonization” as a result of the rise of cryptocurrencies, particularly Bitcoin.
Per a report from news outlet Reuters, payment company Ripple is exploring the possibility of acquiring the assets of bankrupt crypto lender Celsius Network. The purchase might materialize via Ripple Labs, according to a company spokesperson.
Ripple Labs is currently in a legal battle with the U.S. Securities and Exchange Commission (SEC) due to the alleged illegal sales of an unregistered security, the XRP Ledger native token XRP. The person quoted by Reuters said the following about the potential acquisition:
We are interested in learning about Celsius and its assets, and whether any could be relevant to our business.
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