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In the early hours of Monday, the cryptocurrency market saw Bitcoin sliding to approximately $26,500, while Ether, though lower, managed to maintain its support level of $1,600. However, most of the top 10 non-stablecoin cryptocurrencies also experienced declines, with Toncoin leading the pack with a drop of over 4%. Adding to the selling pressure in the crypto market is the recent court approval for bankrupt exchange FTX to sell its crypto holdings worth around $3.4 billion, particularly affecting altcoins for the remainder of the year. 
As investors anxiously await the Federal Reserve’s upcoming interest rate decision, U.S. stock futures have slightly increased. Wall Street closed on a lower note last Friday, largely influenced by mixed U.S. economic data that tempered investors’ risk appetite. 
Over the last 24 hours, Bitcoin dipped by 0.18%, settling at $26,492.52 as of 07:30 a.m. in Hong Kong. However, for the week, it managed to gain 2.60%. The world’s largest cryptocurrency had reached $26,840.50 on Friday, marking its highest price since August 17. 
Ether, on the other hand, experienced a 0.87% dip, landing at $1,619.94. Despite this recent drop, it remained relatively flat for the week, with a modest 0.18% uptick. 
Most other leading non-stablecoin cryptocurrencies encountered losses within the past 24 hours. Binance’s BNB token was an exception, posting a 0.66% increase to $216.23 and gaining 1.80% for the week. Nevertheless, Binance faces mounting regulatory challenges, as its U.S. affiliate recently laid off one-third of its staff amid concerns about the U.S. Securities and Exchange Commission’s (SEC) regulatory stance. 
FTX’s planned liquidation of its $3.4 billion crypto assets by the end of 2023 further pressures the cryptocurrency market. FTX intends to gradually sell these holdings, initially capping it at $100 million per week to mitigate the impact on crypto prices. However, this cap could increase to $200 million with approval from relevant committees representing FTX customers. 
The ongoing consideration of Bitcoin and Ether exchange-traded fund (ETF) applications in the U.S. may also contribute to the underperformance of altcoins. Investors eagerly anticipate the potential approval of ETFs, while altcoins that could be classified as ‘securities’ continue to face uncertainty. 
In the wider crypto market, the total market capitalization experienced a 0.73% dip within the last 24 hours, settling at $1.05 trillion, accompanied by a 12.08% decrease in trading volume to $17.53 billion. 
Meanwhile, U.S. stock futures have shown upward movement as of 09:30 a.m. in Hong Kong, following Wall Street’s decline last Friday, which saw the Nasdaq Composite leading the losses with a 1.56% drop. Major tech companies such as Nvidia Corp., Meta Platforms Corp., and Adobe Inc. were among the leading decliners. 
The mixed economic data in the U.S. added to market uncertainty, with industrial production rising by 0.4% in August. This exceeded analysts’ expectations, although it was somewhat restrained by a 5% decline in motor vehicle and parts output. 
Investors are now focused on the Federal Reserve’s interest rate decision, with the CME FedWatch Tool predicting a 99% likelihood of the current rate remaining unchanged during the September 20 meeting. 
Amidst this market volatility, all eyes are on Fed Chair Jerome Powell’s remarks, which will accompany the rate hike decision on Wednesday. Powell’s communication may provide valuable insights into the future of the U.S. economy and the cryptocurrency market. 
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The post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/crypto-markets-experience-mild-dip-fueled-by-ftxs-sell-off-plans-and-regulatory-concerns/">Crypto Markets Experience Mild Dip, Fueled by FTX’s Sell-off Plans and Regulatory Concerns</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Crypto Markets Experience Mild Dip, Fueled by FTX’s Sell-off Plans and Regulatory Concerns

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