Cryptocurrency News – Fed Report Out; XRP biggest profit; Nasdaq enters cryptocurrency; Binance tops Voyager offering; Stablecoin arithmetic ban

Caution grows in the cryptocurrency market ahead of today’s Fed rate hike

After seeing a slight recovery on September 20, crypto markets turned volatile as all eyes are on the US Federal Reserve ahead of its interest rate hike on Wednesday, September 21.

In response to the August CPI inflation report, which showed that inflation is still on the rise, experts predict that the Federal Reserve may raise interest rates by 0.75 basis points (bp). For the third time in a row.

Federal Reserve Chairman Jerome Powell is expected to hold a press conference at 19:30 UTC, where he will announce the latest policy decision. Cryptocurrency traders are cautious, which leads to a choppy trading session.

The cryptocurrency markets were a mixed bag, roughly evenly divided between winners and losers. Bitcoin is marginally in the green, holding above the $19K level at the time of writing, while Ethereum (ETH) is down 0.22% after falling to $1350.

Traders are being cautious as they are not sure which direction a Fed rate hike will drive the cryptocurrency market in the short term.

XRP (XRP) Tops Cryptocurrency Gainer With 10% Up

Despite the market volatility ahead of the Fed’s announcement, XRP (XRP) found enough momentum to lead gainers today. Over the past 24 hours, XRP has made the most significant gains, increasing its value by 10%.

The rally helped XRP surge to a new three-month high of $0.4215, making it the best market performer among the top 100 cryptocurrencies ranked by market capitalization. At the time of writing, XRP is trading at $0.4012.

Investors aren’t waiting for an early end to the SEC case against Ripple yet’Summary suggestionsJudgment files, but they also expect Ripple Labs to defeat the Securities and Exchange Commission, which alleges in the lawsuit that the company sold securities in the form of XRP during the ICO.

The positive outcome of the SEC case and the Fed announcement could push the price of XRP higher in the coming days.

Nasdaq opens crypto unit to provide custody services to institutional clients

Multinational financial services firm Nasdaq has set up a crypto unit to provide institutional crypto custody and cryptocurrency services, with demand for digital assets increasing among institutional investors.

Nasdaq (NDAQ) announce Nasdaq Digital Asset will be launched on September 20th. Nasdaq’s crypto arm will begin offering Bitcoin and Ether custody solutions to institutional investors.

Nasdaq Digital Assets’ initial custody solutions will include execution and liquidity services, and will combine the features of hot and cold crypto wallets.

However, the offer is still subject to regulatory approval. According to the announcement, Nasdaq Digital Assets will be headed by Ira Auerbach, who has overseen the services of key brokers on the leading cryptocurrency exchange Gemini.

Nasdaq has become the second largest operator in the US stock market offering cryptocurrency custody services to institutional clients in the US

Binance and FTX bid at asset auction for bankrupt digital Voyager

Cryptocurrency exchanges own Binance and FTX Make leading bids As for the assets of bankrupt crypto lender Voyager Digital Ltd, according to reports Tuesday collected from people familiar with the matter.

The auction of Voyager’s assets began September 13 at the New York office of investment bankers at Voyager Moelis & Company. According to reports, the total bid from Binance is around $50 million, which puts it slightly ahead of the competing bid from FTX.

According to the previous filing, about 88 entities bid on Voyager’s assets, including crypto investment manager Wave Financial, CrossTower trading platforms, Binance, and FTX.

The The Wall Street JournalSpeaking with insiders familiar with the deal, he reported that unless there is a higher bidder, the winner at the upcoming Voyager session will likely be announced by either Binance or FTX. However, the report notes that Voyager has not yet accepted either offer.

The asset auction can help Voyager Digital continue to pay its creditors as it progresses through its bankruptcy hearing.

US House drafts bill to ban algorithmic stablecoins for two years

The US House of Representatives has drafted a bill that would introduce a two-year ban on algorithmic stablecoins such as Terra USD (now TerraUSD Classic) which was depegged from the US dollar in May, worsening the crypto winter.

The bill would make the issuance and establishment of “internally Secured stablecoins are illegal. The legislation provides a two-year grace period for existing algorithmic stablecoin providers to secure their offerings and change their models.

The legislation also includes a mandate to study LUNA-like tokens from the Treasury, and requires the cooperation of the Federal Reserve, the SEC, and Federal Deposit Insurance Corp.

The stablecoin bill will continue to allow banks and non-banks to issue stablecoins with the approval of their existing network of regulators. However, non-banks will be required to register within 180 days of that approval with the Federal Reserve before they are allowed to operate.

The bill seeks to protect investors from explosions similar to that of TerraUSD (UST), which led to a loss of nearly $60 billion, not counting the losses in the broader crypto market that followed.

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