Coin Gabbar Token

<h3 id="major-cryptos-were-starting-to-correlate-with-u-s-equities">Major cryptos were starting to correlate with U.S. equities</h3><p>On Thursday, Bitcoin and various other cryptocurrency tokens exhibited a varied trading pattern. This divergence in prices was influenced by growing concerns about rising interest rates and broader macroeconomic conditions, which contributed to a sense of uncertainty in the market. Additionally, Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC), maintained his confrontational stance on cryptocurrencies during his congressional testimony on Wednesday.</p><p>The global crypto market cap hit $1.05 trillion, up 0.34% in the last day. Over 24 hours, total crypto market volume surged to $28.81 billion, a 47.62% increase. DeFi contributed $2.72 billion (9.45% of volume), while stablecoins accounted for $27.13 billion (94.17% of volume).</p><h3 id="major-event-to-be-watch">Major Event to be watch</h3><p><img src="https://cdn-images-1.medium.com/max/800/0*T5laDMRwDKadfwsO" /></p><h4>Crypto Fear and Greed:</h4><p><img src="https://cdn-images-1.medium.com/max/800/0*iV5VTXj3LWcpCJCK" /></p><p>In the past day, cryptocurrency markets saw increased buying activity among traders, resulting in a slight 2-point uptick in the “Greed and Fear Index.” As a result, the index currently resides at the 46th position within its 0 to 100 range.</p><h4>Latest Market Update:</h4><p>Ethereum surpasses $1,600, while Bitcoin hovers around $26,500. Altcoins like Dogecoin, Solana, Ripple, and Litecoin trade flat. Bitcoin Cash gains 6% in 24 hours, and Immutable loses 4%.</p><h4>Major Worldwide News Update:</h4><ul><li>The U.S. SEC is reportedly expediting the launch of Exchange-Traded Funds (ETFs) ahead of a potential government shutdown. Bloomberg analysts suggest that the Valkyrie Bitcoin and Ether ETF could launch next week. They predict a 90% chance of Ethereum Futures ETFs launching in October 2023. This accelerated timeline may be due to concerns about SEC staff availability during a shutdown.</li><li><a href="https://www.coingabbar.com/en/price-analysis/bitcoin-cash-price-analysis-cmp-bullish-momentum-bulls-firmly-secure-dollar-set-sights-dollar" rel="noopener noreferrer nofollow">Bitcoin Cash</a> (BCH) has surged 8% in the last 24 hours, trading at $233 with a $4.5 billion market cap and $250 million in volumes. Over six months, it’s up 89.67%, and year-to-date it has risen by 136.09%. Whale accumulation suggests strong investor interest, potentially impacting BCH prices positively. Technical indicators point to a bullish outlook.</li><li>Coinbase CEO Brian Armstrong has warned that if proposed crypto legislative actions in the US don’t pass soon, the industry may have to turn to the Supreme Court for clarity. He criticizes the SEC’s strict enforcement without clear regulation and suggests that the crypto industry’s last resort could be legal action in the Supreme Court.</li><li>The <a href="https://www.coingabbar.com/en/price-analysis/ethereum-price-analysis-cmp-dollar-will-eth-dollar-level-survive-secs-battle-binance" rel="noopener noreferrer nofollow">SEC</a> has acknowledged Franklin Templeton’s spot Bitcoin ETF application, adding to its consideration of other crypto ETFs like Hashdex. The SEC also announced delays in decisions for VanEck and ARK’s ether ETF applications, with a final decision potentially delayed beyond May 2024. Congressman Rep Warren Davidson questioned SEC Chair Gary Gensler’s stance on Bitcoin ETFs, highlighting scrutiny over the SEC’s decision-making process.</li><li>Hong Kong faces a major cryptocurrency scandal as the JPEX case defrauds over 2,300 investors of approximately $175 million. Law enforcement has arrested 12 suspects and seized $11 million in assets, but the hunt for central figures continues. There’s a growing call for stricter crypto regulations to protect investors and nurture responsible growth in the emerging Web3 sector, highlighting the challenges in balancing innovation and investor trust.</li><li>Tecpetrol, an oil producer in Buenos Aires, plans to mine cryptocurrencies using associated gas from its oil fields, reducing gas flaring. Mining operations will begin in late October or early November, utilizing gas from six wells producing 60,000 cubic meters daily. Tecpetrol aims to optimize gas usage by installing crypto-mining rigs in three generating facilities. The company’s CEO stressed environmental benefits and cited inspiration from Russian oil firms.</li><li>SEC Chair Gary Gensler faced scrutiny during a House Financial Services Committee hearing. Congressman Rep Warren Davidson questioned Gensler’s respect for the judiciary’s authority in Bitcoin ETF matters, referencing a prior “Arbitrary and Capricious” comment. Gensler’s response raised concerns, and he offered limited insight into the SEC’s approach to Bitcoin ETFs. Fears of favoritism and approval delays for prominent applicants like BlackRock and Fidelity persist, with the SEC postponing decisions on ETF applications from GlobalX and Ark Invest.</li><li>Crypto exchange Kraken is entering the US stock trading arena with its new division, Kraken Securities. It plans to offer stock and ETF trading services in 2024, showcasing its commitment to regulatory standards in the US <a href="https://www.coingabbar.com/en/price-analysis/tron-price-analysis-cmp-dollar-will-the-market-see-a-bullish-rally" rel="noopener noreferrer nofollow">market</a>. This move reflects the growing convergence of traditional and digital financial markets, as cryptocurrencies gain mainstream acceptance.</li><li>Terra Labs founder Do Kwon is facing extradition efforts by the SEC to discuss losses related to Terra and Luna stablecoins. Kwon’s legal team strongly opposes extradition, citing due process and logistical challenges, as he remains held in Montenegro since March. The SEC’s persistence faces staunch opposition, intensifying the legal battle.</li><li>OpenAI has reintroduced the real-time web browsing feature on ChatGPT, addressing concerns over bypassing paywalls. This enhancement, powered by Bing, makes ChatGPT more dynamic, offering current information and authoritative source links. Initially available to ‘Plus’ and ‘Enterprise’ users, it aligns with OpenAI’s goal of enhancing AI accessibility and utility.</li></ul><p>To know more about crypto latest updates, visit: www.coingabbar.com</p>

24 Crypto Update, 27 Sep: Crypto market experiences a surge in buying

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