Ripple and SEC move to settle lawsuit, FTX not authorized to operate in UK

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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.

Research Highlight

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.

Bitcoin Options 25 Delta Skew chart
Source: Glassnode

CryptoSlate Exclusive

Nansen Ronin report reveals 82.7% drop in Q2 TVL, struggle to attract validators but bullish signs ahead

Cryp­toSlate ana­lyzed an exclu­sive report from Nansen Alpha to reveal that since the Ronin bridge hack, the ecosys­tem has lost 82.7% of its total val­ue locked (TVL). At the end of Q1, Ronin’s TVL sat at $318.71 mil­lion but declined to a low of $55.11 mil­lion in Q2.

Despite reopen­ing its bridge on June 28, Ronin has failed to attract the 21-node val­ida­tors need­ed to secure its chain. As of press time, only 14 val­ida­tors are active on the network.

News from around the Cryptoverse

Data suggests that altcoin season in view

Accord­ing to the Blockchain Cen­ter alt­coin sea­son Index, an alt­coin sea­son is in view as soon as 75% of the top 50 coins out­per­form Bit­coin over a peri­od of 90 days.

Fin­bold ana­lyzed the alt­coin sea­son index to reveal­ing that as of Sept. 19, 69% of the top 50 coins have out­per­formed  Bit­coin in the last 90 days. On this premise, it is pre­dict­ed that the “alt­coin sea­son” is near.

Hollywood not giving up on NFTs yet

Bloomberg report revealed that the NFT mar­ket despite declin­ing about 90% since the start of the year is still gath­er­ing inter­est among Hol­ly­wood stars.

Holy­wood Star Dave Broome said that the indus­try still believes in the future of NFTs. He added that Hollywood’s appetite has not less­ened, it is only calm­ing down to adopt the right invest­ment strategy.

Crypto Market

Bit­coin moved 0.4% in the last 24 hours, trad­ing at $19,545.29 while Ethereum slight­ly increased by 3.38%, to trade at $1,380.18 as of press time.

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