Lorenzo Stroe
Independent Analyst
Here is what you need to know on Wednesday 16, September.
BTC/USD saw continuation today after the last breakout and it’s trading at $10,759. The first-ranked cryptocurrency did have a slight pullback from $10,930, the high of the past week.
ETH/USD is trading at $363 and didn’t follow Bitcoin today even though the U.S. stock market had a strong open.
XRP/USD is in similar shape, losing 0.7% of its value in the past 24 hours but staying above the 10-SMA.
Chart of the day: BNB/USD daily chart
-637357969471209147.png)
Market
Binance coin had a major 11% correction today after its most recent bull rally. The exchange was also accused of helping launder around $9 million from a 2018 hack. The Japanese cryptocurrency exchange that suffered the hack is now suing Binance alleging that it helped the hackers. The plaintiff states:
The thieves broke the stolen bitcoin into seven thousands of separate transactions and accounts, all valued below the 2-bitcoin threshold. In this way, the thieves converted the stolen bitcoin into other cryptocurrencies and transmitted the value from the Binance platform.
Fisco, the exchange in question, also argues that the case should be trialed in California as Binance has recently acquired Swipe which uses Coinbase and Bitgo which are located in the San Francisco Bay Area.
Industry
According to a September 10 announcement, INX Limited raised around $7.5 million in its IPO and has just started accepting cryptocurrencies as payment methods. It supports BTC, ETH, and USDC. INX is the first-ever SEC-registered security token IPO and it’s aiming to raise a total of $117 million.
INX is a regulated trading platform for digital assets and has become the first SEC-regulated IPO to offer a security token. The initial price of each token was $0.9 with a minimum $1,000 investment per user.
Quote of the day
Well, I think it is working. There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around Bitcoin— People have made fortunes off Bitcoin, some have lost money. It is volatile, but people make money off of volatility too.
– Richard Branson
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.