Crypto Flipsider News – Bitcoin (BTC) to 12 thousand dollars; Ethereum (ETH) crash; final stage vasyl ripple case conclusion; US Crypto Framework by DailyCoin


© Reuters Crypto Flipsider News – Bitcoin (BTC) to $12,000; Ethereum (ETH) crash; final stage vasyl ripple case conclusion; US Cryptographic Framework

Read the summary:

  • Goldman Sachs (NYSE:) expects BTC to reach $12,000 as markets dip before the Fed rate hike.
  • Sharp decline sees ETH drop to a two-month low – ETHW loses 86%.
  • Cardano’s Vasil hard fork has entered its final phase, and ADA risks a record low.
  • The Securities and Exchange Commission and Laboratories are both proposals for the immediate termination of the case.
  • The US publishes a crypto framework – the European Central Bank chooses the Amazon (NASDAQ::CBDC) model.

Goldman Sachs forecast Bitcoin (BTC) at $12,000 as markets dip ahead of Fed rate hike

The short issuance of Bitcoin (BTC) over the weekend proved unsustainable as the cryptocurrency market plunged again amid fears of another interest rate hike. The US Federal Reserve is expected to raise interest rates in response to the recently published inflation report.

Previous comments by Federal Reserve Chairman Jerome Powell suggest that the September 21 rate hike could be the highest that the major US bank has done in the past four decades.

The frightening sentiment has caused the price of Bitcoin to drop below the $20,000 support level it has been in over the weekend. Bitcoin is down 6.5% in the past 24 hours to trade as low as $18,390, a new 3-month low.

Bitcoin (BTC) 24 hour price chart. Source: CoinMarketCap

Analyzing the bearish macroeconomic environment, a team of Goldman Sachs economists, led by Jan Hatzius, predicts that the price of bitcoin could fall as low as $12,000 if the Fed continues to raise interest rates.

prank:

  • Famous crypto analyst Kabo, who predicted the cryptocurrency market crash in 2022, has expect The impending short-term rise of Bitcoin.

Why should you care

The ongoing collapse of bitcoin mirrors the collapse of the broader stock markets, which have suffered a weekly decline since June 17.

Sharp drop sees Ethereum (ETH) drop to two-month low – ETHW loses 86%

The latest Ethereum (ETH) merger proved unable to keep the bears away, as Ether experienced its biggest drop in four months, losing 11% of its value in the last 24 hours, and 26% since the merger itself.

The sharp drop brought the price of Ether to $1,287, the lowest point recorded for ETH since mid-July. ETH has since recovered over the past few hours to trade at $1,322 at the time of writing.

Ethereum (ETH) 4 day price chart. Source: CoinMarketCap

The drop in the price of Ethereum has contributed in no small measure to the huge portion of the $400 million liquidations that over 40,000 traders have experienced in the past 24 hours. Since September 20, the liquidation of ETH-based positions has reached over $163 million, surpassing BTC’s $122 million.

Proof of hard work for the Ethereum chain, EthereumPoW (ETHW), has fared worse than Ether since the September 15 merger. After the mainnet transition, the price of ETHW has fallen by more than 86%.

4 day price chart for EthereumPoW (ETHW). Source: CoinMarketCap

prank:

  • While the expected positive effects of the merger are not seen in the short term due to the prevailing macroeconomic pressures, the upgrade is still expected to yield huge results for Ethereum going forward.

Cardano’s Fazel Hard Fork Enters Final Phase – Record Low Risk ADA

Charles Hoskinson, CEO of Input Output Global (IOG) and founder of Hard fork has announced that an application for a hard fork merging tool has been successfully submitted and accepted. This means that the implementation of the Vasil hard fork has entered its final phase.

According to Hoskinson, an automated process of modernizing the Cardano network has already begun. Hoskinson urged the community to upgrade to version 5.0.0 of Daedalus, the latest version of their crypto wallet, which fixes some known issues prior to hard forks.

Although the Vasil mainnet event for the hard fork collector is scheduled for September 22, a combination of technical issues has delayed the Plutus V2 cost model to be available at the start of the 366th era, on September 27.

The positive update confirmation was not able to stop Cardano (ADA) from crashing, and the value of ADA fell by 11% in the past 24 hours to $0.4344.

24 hour price chart for Cardano (ADA). Source: CoinMarketCap

prank:

  • Veteran Trader Peter Brant Highlights that ADA is showing a bearish continuation The pattern, the same as the one that preceded BTC’s 50% crash in the crypto winter 2018.
  • If the ADA completes the pattern, it could drop to the lowest level last seen in January 2021.

Why should you care

Vasil’s hard fork will improve Cardano’s throughput and text efficiency, while reducing latency in block transmissions to increase network capacity.

SEC Labs and Ripple Labs both file two proposals for the immediate completion of the case

The nearly two-year-old case between the US Securities and Exchange Commission (SEC) and Ripple Labs may be on its way to conclusion, as the two parties involved filed separate applications on September 17 asking for an immediate ruling.

In December 2020, the Securities and Exchange Commission filed a class-action lawsuit against Ripple Labs, alleging that Ripple’s initial coin offering (ICO) for XRP violated US securities laws. Ripple Labs has been in court ever since, insisting that XRP is not a security.

Both parties have now submitted for the case to be settled, arguing that the judge overseeing the case had enough information to make a decision. The Securities and Exchange Commission’s filing for a summary ruling argued that an “investment contract” could exist without a contract.

Ripple, for its part, maintains that XRP sales and trading have not met the principles of the “Howey test.” According to a Ripple filing, the profits on XRP tokens came from “market forces of supply and demand.”

prank:

  • The Securities and Exchange Commission and its Chairman, Gary Gensler, have come under fire for their approach to crypto companies and their assets.

Why should you care

When the court issues an expedited ruling, the court ruling will play an important role in determining what type of cryptocurrency constitutes security under US securities laws.

US publishes crypto framework – European Central Bank selects Amazon CBDC prototype

The White House just released its first-ever framework to regulate the crypto space in the United States. The comprehensive framework, published by the White House, is built on six months of extensive research across the digital asset sector.

The framework approves the Securities and Exchange Commission (CFTC) regulation of the cryptocurrency industry, while the Treasury aims to complete the risk assessment of DeFi and NFTs by 2023. The framework also indicates the possibility of issuing a digital dollar.

In Europe, the European Central Bank (ECB) has announced that it will work with Amazon to create a central bank digital currency (CBDC). Other companies involved in the project include Nexi (BIT :), CaixaBank, Worldline and the European Payments Initiative.

Each company will focus on a specific use case for digital prototyping of the European interface. Amazon will be tasked with e-commerce payment solutions for the digital euro, although it will not be implemented until the later stages of the digital currency project.

prank:

  • The Blockchain Association owns Named The White House Crypto Framework is a “missed opportunity” to position the United States at the forefront of cryptocurrency development and innovation.

Why should you care

Moves by governments around the world highlight the potential role crypto can play in the future of finance.

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