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

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

Bitcoin Short issuance (BTC) over the weekend proved to be unstable as the cryptocurrency market fell 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.

former comments By Fed Chairman Jerome Powell indicating that the September 21 interest rate hike could be the highest achieved by the major US bank 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.

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.

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%

Latest Ethereum (ETH) to merge Proving his inability to drive away bears, while experimenting with her ether Biggest drop in four monthsIt has lost 11% of its value in the past 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.

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 filtering Of the ETH-based positions, it 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

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

Charles Hoskinson, CEO of Input Output Global (IOG) and Founder of Cardano announce That the Hard Fork Integrator has been successfully applied for 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.

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 launched Since then, she insists 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 SEC . deposit The summary judgment argued that an “investment contract” could exist without a contract.

Ripple, for their part, maintains That XRP sales and trading do not meet the principles ofHowey’s test. According to a Ripple filing, the profits on XRP tokens came from “market forces of supply and demand.”

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 frameworkAnd the Published by the White House, it is based 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) announce It will work with Amazon to create a central bank digital currency (CBDC). Other companies involved in the project include Nexi, 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.

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

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