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- As the week began on Monday, September 11th, the cryptocurrency market, led by Bitcoin
, experienced a sharp decline. Bitcoin’s price fell to $24,900 at the start of the week.
- The assets of the FTX exchange were disclosed in its bankruptcy case. FTX’s portfolio includes $1.16 billion worth of SOL, $560 million worth of BTC, and $192 million worth of ETH, totaling $3.4 billion in crypto assets.
- The CEO of Bybit, one of the world’s largest cryptocurrency exchanges, announced that they would have to withdraw from many countries and soon exit the United Kingdom.
What happen next week will shape the future of Bitcoin & the crypto market? Get the latest updates on Monday, Sept 11th market fall.
What Happened in the Market Last Week?
At the beginning of the week on Monday, September 11th, the cryptocurrency market, led by Bitcoin, experienced a sharp decline. Bitcoin’s price fell to $24,900 at the start of the week. The price later quickly recovered but failed to surpass $26,888 and continued to trade within certain ranges. Currently, Bitcoin is trading at $26,540.
Additionally, on September 11th, it was reported that EOS would become a tradable asset in Japan starting from September 13th. In addition to these developments, the assets of the FTX exchange were disclosed in its bankruptcy case. FTX’s portfolio includes $1.16 billion worth of SOL, $560 million worth of BTC, and $192 million worth of ETH, totaling $3.4 billion in crypto assets.
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On Tuesday, September 12th, Franklin Templeton, managing $1.5 trillion in assets, applied for a spot Bitcoin ETF. On the same day, SEC Chairman Gary Gensler testified before the U.S. Senate. Gensler refrained from making definitive statements regarding spot Bitcoin ETFs and stated that they were under review.
On Wednesday, September 13th, Brian Armstrong, the CEO of Coinbase, announced that Coinbase would integrate Bitcoin’s Lightning Network. This move was welcomed by the Bitcoin community, as the Lightning Network enables cheaper and faster Bitcoin transfers. On the same day, the name of the Huobi exchange was changed to HTX.
On Wednesday, DWF Labs reported that it was considering purchasing FTX’s cryptocurrency assets to reduce selling pressure. Following this news, FTX received court approval for the liquidation of assets.
On Thursday, September 14th, Deutsche Bank, Germany’s largest bank, announced that it would offer cryptocurrency custody services to its customers in collaboration with Taurus. Additionally, on Thursday, the CEO of Bybit, one of the world’s largest cryptocurrency exchanges, stated that they would have to withdraw from many countries and soon exit the United Kingdom.
Before the week ended, Fidelity Investments applied for a spot Ethereum ETF. With the competition for spot Bitcoin ETFs, the fact that firms are beginning to compete for spot Ethereum ETFs indicates their belief that spot Bitcoin ETFs will be approved. While no ETFs have been approved yet, firms are making moves in that direction.
What Will Happen Next Week?
The most important development of the upcoming week is the announcement of the Federal Reserve’s (FED) interest rate decision. The FED will announce its interest rate decision on Wednesday. Following the decision, FED Chairman Jerome Powell will hold a press conference.
Additionally, the next hearing related to the SEC and Binance case is expected to take place on September 18th. On September 22nd, the secret documents submitted by the SEC will be unsealed. This week could be intense and volatile for Bitcoin and cryptocurrencies.
— COINOTAG NEWS (@coinotagen) September 17, 2023
In addition to these developments, token unlocks for AVAX and LDO will occur. These token unlocks can put pressure on token prices. An $87 million token unlock will take place for AVAX, and an $11 million token unlock will occur for LDO.