Weekly Crypto Market Wrap September 9-15, 2024
The crypto industry is renewing every single day - and we want to keep up with the updates. That’s why we are testing a brand new format. This kind of Blog post will help you discover the freshest weekly news of crypto.
Starting the week at its lows around $54,600, by Friday, Bitcoin, buoyed by good news, rose to $60,600. Of course, a slight correction followed, but that's to be expected. There was more positivity in the market than negativity. Well, now the main task is not to get back to $50,000.
The market was supported by news that the SEC, in an updated lawsuit against Binance, stated that it regrets any confusion it may have caused by falsely and repeatedly claiming that tokens are securities and promised to avoid using this term in the future.
The data on initial US jobless claims came in at 230,000 (forecast: 227,000). US core inflation was 0.2% (forecast: 0.1%), and the annual rate was 1.7% (forecast: 1.8%). It seems like things are getting better. The interest rate might be lowered in September or October, though that’s still uncertain.
Bitcoin will reach $90,000 if Trump is elected President of the US, according to Bernstein. Meanwhile, Michael Saylor is predicting BTC will rise to $13 million. His words are sweeter than honey.
Tether has printed another $1 billion on the Ethereum blockchain. That's actually is a big deal. These guys are expecting a bull run. It's obvious. Michael Saylor wouldn’t lie about that.
Meanwhile, the 30-day correlation between BTC and the S&P 500 has risen to levels not seen since October 2022. Bull run!
Once again, the SUI coin is trending in social media discussions, having surpassed the important psychological price barrier of $1. It’s worth keeping an eye on this coin—at least one eye.
Tether, Tron, and TRM Labs have joined forces to form a strategic alliance aimed at combating illegal activities related to USDT on the Tron blockchain. Interesting. Anonymous users, time to leave the chat.
Transactions with USDT have almost reached the same volume as Visa cards. Tether’s profit in 2023 reached $6.2 billion, surpassing BlackRock’s $5.5 billion. At this rate, traditional payment services might be in trouble. Or maybe not.
Grayscale has announced the launch of the first XRP trust in the US, a so-called "closed" fund, which will offer accredited investors direct access to XRP, according to Fox Business. The dark horse continues its journey. They don’t have time to waste talents on trifles.
The once-popular trading platform eToro (remember that one?) has reached an agreement with the SEC and will cease trading for almost all crypto assets. An era has ended.
Japan's largest electric power company, Tokyo Electric Power, has started using renewable energy sources to mine Bitcoin. Here comes a new major player in the mining market. The samurai’s journey begins here.
Two weeks of reduced rates on Kaspa via SimpleSwap on Twitter / X.
Upcoming major token unlocks:
That’s it for today. Hope you find this type of article interesting and useful. Till the next time!
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
