USDT Market Dominance, Trump Launches WLFI, and BTC Reaches $61K- September 18, 2024
A quick and digestible recap of yesterday’s crypto news.
TL;DR: Market Insight in Seconds
SEC: Cracks down on 'Pig Butchering' crypto scams.
FTX: Accounting firm faces fines. Prager Metis pays $195M to settle negligence claims.
Bitcoin: Hits $61K, a 5% gain, but analysts see a potential cap ahead.
WLFI: Trump-Backed World Liberty Financial Launches WLFI Token.
Coinbase: Faces Polygon issues, with low performance after a recent network upgrade.
Tether:: USDT holds 75% of the stablecoin market share.
Price Update
Bitcoin Gains 5%, Now at $61K, But Analysts See a Cap
Bitcoin rallied 5% to reach $61,000, driven by optimism ahead of the Federal Reserve's upcoming interest rate decisions. While the rally is promising, analysts suggest there could be resistance ahead, pointing out that the surge may not last.
Regulatory and Legal News
SEC Charges 3 Individuals and 5 Companies in ‘Pig Butchering’ Crypto Scams
The SEC has filed lawsuits against multiple individuals and companies involved in pig butchering scams. These scams involve befriending victims through social media and persuading them to invest in fake crypto platforms. In one case, fraudsters behind NanoBit defrauded investors out of nearly $1 million. Another group linked to CoinW6 defrauded victims by pretending to develop romantic relationships before pushing them to invest.
FTX’s Accounting Firm, Prager Metis, Pays $195M Fine for Negligence
Prager Metis, responsible for auditing FTX's finances, settled with the SEC for $195 million over allegations of negligence. The firm failed to properly audit FTX's financial statements, contributing to the platform's downfall.
Market Trends and Future Expectations
BlackRock’s Bitcoin ETF Sees First Inflows in Two Weeks
BlackRock's Bitcoin ETF experienced inflows for the first time in two weeks, signaling renewed institutional interest in Bitcoin. Although the volume was modest, this could be an early indicator of increasing demand for regulated crypto products.
Tether’s USDT Market Share Dominates at 75%
Tether’s USDT continues to dominate the stablecoin market with a 75% share, boasting a market cap of $118 billion. Its stronghold in the market is likely to persist as regulatory scrutiny over other stablecoins increases.
Don’t Miss Anything
Trump-Backed World Liberty Financial Launches WLFI Token
Donald Trump’s World Liberty Financial (WLF) crypto venture debuted its WLFI token, a governance token striving to disrupt the DeFi space. The project promises to combine stablecoin liquidity with accessible financial solutions, though it is open only to accredited investors due to regulatory concerns.
Coinbase Reports Performance Issues with Polygon After Network Upgrade
Coinbase has reported degraded performance for transactions on the Polygon network, following a recent network upgrade. The issue has resulted in slower transaction speeds and delays, causing inconvenience for users. Coinbase informed is working to resolve the issue as quickly as possible.
The crypto market continues to ride a wave of cautious optimism. Bitcoin’s rally to $61K shows growing confidence, but analysts are wary of resistance ahead. Meanwhile, regulatory crackdowns, like the SEC’s charges against pig butchering scams, indicate that authorities are tightening control over fraudulent activities. The spotlight remains on the Federal Reserve’s next move, which will likely dictate the market’s direction in the coming weeks. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
Take a look at our website for more insights: https://blockconsulting.cc