Cryptocurrency

Solana

Million

<ul class="list-ic vertical"> 
 <li> 1 <a>Crypto space is always brimming with new events every day.&nbsp;</a> </li> 
 <li> 2 <a>BTC and ETH attained their anticipated support levels at $26,000 and $1,600 respectively.</a> </li> 
 <li> 3 <a>FTX received approval from the U.S. Bankruptcy Court to liquidate its crypto assets.</a> </li> 
</ul> 
Cryptocurrency market today witnessed some significant events important enough to set the course for crypto activities ahead. Major cryptocurrencies saw a boost in their trading prices following the recently released CPI report. Bitcoin (BTC) and Ethereum (ETH) attained their anticipated support levels at $26,000 and $1,600 respectively.&nbsp; 
Bankrupt cryptocurrency exchange FTX saw approval for liquidating crypto assets in its possession to raise funds and repay its customers. SEC took enforcement action against another NFT project suggesting ramping scrutiny over the digital asset space. It shows the circle of regulation is not limited to cryptocurrencies and companies, but non-fungible tokens (NFTs) are also under the watch.&nbsp; 
<h2 class="wp-block-heading" id="strong-bitcoin-ethereum-rises-1-5-solana-5-up-after-cpi-report-strong">Bitcoin, Ethereum Rises 1.5%, Solana 5% Up After CPI Report</h2> 
Cryptocurrency markets have seen notable movements, with Bitcoin and Ethereum finding support levels at $26,000 and above $1,600, respectively. These leading cryptocurrencies experienced modest gains of around 1.5%, while Solana (SOL) outshined them with a remarkable 4% surge, and Litecoin (LTC) also posted a solid 3% rise. This upward trend appears to be linked to the release of the Consumer Price Index (CPI) report. 
The CPI report, released on September 13th, revealed an accelerated annual inflation rate for August, though the CPI, excluding food and energy, declined. This report seemed to fuel optimism in both the cryptocurrency and Wall Street markets, leading to higher U.S. stock futures. 
Bitcoin is currently trading at $26,272, having crossed the $26,000 threshold after weeks of trading below it. Ethereum, after briefly dropping to $1,540, has rebounded, now trading at $1,618. Solana has been the standout performer, rising by over 4% to $18.8. These developments indicate a dynamic and optimistic cryptocurrency market. 
<h3 class="wp-block-heading" id="strong-ftx-s-3-4-billion-crypto-liquidation-got-approval-strong">FTX’s $3.4 Billion Crypto Liquidation Got Approval</h3> 
The bankrupt <a href="https://www.thecoinrepublic.com/2023/06/09/cryptocurrency-exchange-okx-burnt-millions-of-okb-tokens/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency exchange </a>FTX has received approval from the U.S. Bankruptcy Court to liquidate its crypto assets, totaling approximately $3.4 Billion, including $1.16 billion in Solana (SOL), $560 million in Bitcoin (BTC), and $192 million in Ethereum (ETH). The court has allowed FTX to sell up to $100 Million worth of crypto assets weekly, with the potential to increase this to $200 Million. FTX aims to use the proceeds to repay investors and customers in USD. 
FTX cited concerns about crypto market volatility and enlisted Galaxy Digital as an investment advisor to manage risks. Two committees representing FTX customers supported the asset sale, despite concerns from a minority of customers regarding the potential impact of liquidation.&nbsp; 
FTX, once a leading crypto firm valued at $32 Billion, filed for bankruptcy in November but has since recovered over $7 Billion in assets to repay customers, pursued legal action against insiders, and continued operations. 
<h4 class="wp-block-heading">SEC Charges Stoner Cats NFTs for Unregistered Securities</h4> 
The U.S. Securities and Exchange Commission (SEC) has taken action against the well-known NFT project, Stoner Cats NFTs, for conducting unregistered offerings. This marks the second case in a month where the SEC has targeted an NFT project. According to the SEC’s filing on September 13, Stoner Cats 2, the company behind the web-series-based NFT collection, was charged with offering unregistered digital art pieces. 
While Stoner Cats 2 neither admitted nor denied the allegations, it agreed to pay a civil penalty of $1 Million. Additionally, a “Fair Fund” will be established to reimburse injured investors who purchased the NFTs. The company will also destroy the NFTs in its possession and publish the SEC’s order notice on its official websites and social media channels. 
Stoner Cats 2 raised approximately $8 Million from investors, which was used to fund the Stoner Cats animated web series. The NFT collection, consisting of 10,000 art pieces valued at $800 each, sold out within an hour.

Today in Crypto: From FTX Crypto Sale to Price Rise in BTC and ETH

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Thecoinrepublic.com

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