Signs of Seasonal Market Exhaustion
- Today was yet another dicey day for crypto, with a second (and furious) leg down at midnight UTC. Since then, markets have bounced a bit, but not convincingly enough to suggest the pain is over. A handful of tokens are in the green today, but the vast majority are down as fear cripples investors across the globe.
- L1 season has taken a short pause in light of recent market movements. With that said, ATOM and AVAX are holding quite well, up 84% and 82%, respectively, since the low on Sep. 7th. SOL is, surprisingly, the worst performing L1 over that time horizon, which is unexpected given the strength it had well into Sept. If this was indeed a dip and not a dead cat bounce, then it wouldn’t be surprising to see ATOM and AVAX continue to lead the L1 sector. Typically, coins that held up strongest during a correction see a commensurate amount of strength as they bounce.
Key Bitcoin options ‘fear’ indicator reflects traders’ regulatory concerns
- After 46 consecutive days of trading above $42,000, Bitcoin (BTC) price started to show weakness on Sept. 21. Over the last three days, the 13% accumulated loss was enough to erase the hard-earned gains added since Aug. 6. Historicals also show that the previous bearish cycle took 79 days to regain the all-important $42,000 level.
- Traders’ attention turned to the start of the U.S. Federal Reserve’s monetary meeting, where the financial authority is expected to indicate whether it will curtail the $120 billion monthly asset repurchase stimulus program. Curiously, as all this takes place, China’s equity markets, as measured by the iShares MSCI China ETF ($MCHI), rebounded 1% on Sept. 21.
SEC chair Gary Gensler says he wants to clean up crypto before a ‘spill’
- Securities and Exchange Commission (SEC) chair Gary Gensler said Tuesday that he wants to bring crypto “into the public policy framework.”
- During a live interview with the Washington Post today, Gensler said he’s looking to make sure crypto comes under regulatory purview and meets policy goals so the fast-growing sector doesn’t “undermine the stability of the system.”
Smart contracts are coming to Bitcoin through Dfinity’s Internet Computer
- Dfinity Foundation’s Internet Computer blockchain is bringing smart-contract capabilities to the Bitcoin (BTC) network, potentially opening the door to new use cases for the premier cryptocurrency.
- Internet Computer will utilize its so-called chain key cryptography to integrate with Bitcoin, paving the way for smart contracts with native BTC addresses that are hosted directly on Internet Computer, Dfinity Foundation announced Tuesday.
$30M in ETH on the move after authorities confirm arrest of WEX exchange founder
- Earlier this week, reports emerged that Polish authorities had arrested Dmitri Vasiliev, the founder of crypto exchange WEX, in Warsaw.
- Yesterday, as authorities officially confirmed that Vasiliev was in custody, $30 million in ether (ETH) started moving out of a wallet associated with WEX.
PayPal releases new consumer app for crypto, savings and direct deposits
- PayPal has announced the release of a new app billed to be a one-stop-shop for all of the digital payment needs of the company’s customers.
- As previously reported by Cointelegraph, PayPal CEO Dan Schulman stated back in July that the company’s super app was ready for a rollout in the United States.
- According to a release issued on Tuesday, the new PayPal app will enable users to access all of the company’s digital financial products.
