The biggest news in the cryptoverse for Sept 19 includes UK regulating warning that FTX has no authorization to operate in the country, Ripple and SEC filing for a summary judgment, Ronin bridge’s TVL declining by 82.7%, crypto market dipping to $900 billion.
CryptoSlate Top Stories
UK regulator says FTX has no authorization to operate in the country
The U.K. Financial Conduct Authority (FCA) has warned the public to exercise caution while dealing with FTX as it has no authorization to operate in the country.
The regulator warned FTX users that if things go wrong, their funds may not be protected by the Financial Services Compensation Scheme (FSCS).
Ripple, SEC file summary judgment as crypto community watch keenly
The two-year-old legal battle between the SEC and Ripple seems to be coming to an end. The parties filed for a summary judgment allowing the court to make its judgment based on the evidence presented.
Ripple reiterated that XRP is not a security; therefore, the SEC has no justification for the token.
The crypto community is closely looking forward to the court ruling, which will define how many other crypto assets are accessed.
Major sell-off sees total crypto market cap dip to $900B
The past seven days have been challenging for the crypto market as it declined from $1.069 trillion to $903 billion.
The buy the rumor, sell the news narrative that played out for the Ethereum merge contributed to the decline. Since Sept. 15, Ethereum has lost 21% of its value, which also dragged the altcoin market down.
The upcoming FOMC on Sept. 20 may lead to further decline as many expect between 75 and 100 basis point hikes.
USDT, USDC exchange balance going in opposite directions
According to Glassnode data analyzed by CryptoSlate, USDC’s balance on exchanges has dropped from $7 billion to a low of $2.1 billion, while USDT balances have reached a high of $17.7 billion.
The contrasting flows of balances between USDC and USDT are linked to recent developments in their ecosystem.
Binance’s move to stop supporting USDC has contributed to its massive outflows, while USDT’s move to become more transparent in its reserve reporting accelerated its net inflows.
Bitcoin traders willing to go long but sentiment remains firmly bearish
The willingness of Bitcoin traders to go long despite obvious bearish sentiment can be explained by reviewing the Options 25 Delta.
Bitcoin’s price has rallied around the $20,000 range for several weeks. However, on four occasions of shooting a green candle, traders have gone long, only to suffer liquidation.