Binance, Binance.US und Geschäftsführer Changpeng Zhao haben allesamt die Abweisung der Klage der amerikanischen Börsenaufsicht beantragt.
Shiba Memu (SHMU) defies gravity as hawkish Fed jitters remain
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The Federal Reserve decided to leave interest rates unchanged.
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It also signaled that it will deliver another rate hike later this year.
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Shiba Memu has defied gravity by raising over $3.1 million.
Stocks and cryptocurrencies came under intense pressure this week as the Federal Reserve pointed to higher interest rates in the coming months. The Dow Jones, Nasdaq 100, and S&P 500 slipped for four straight days. Similarly, Bitcoin dropped to $26,000, down from this month’s high of almost $28,000.
Federal Reserve decision
The main catalyst for the performance of stocks, cryptocurrencies and bonds was the latest Federal Reserve interest rate decision. In it, the bank decided to leave interest rates unchanged between 3.50% and 3.25%. At the same time, the committee hinted that it was still concerned about inflation.
As a result, the dot plot pointed to another 0.25% hike by the end of the year. If this happens, interest rates will peak at 5.75%, the highest level in more than 23 years. The Fed is right to be worried about inflation.
Recent data shows that the price of crude oil has continued soaring. Brent, the international benchmark, rose to $95 and most analysts believe that it is just a matter of time before it hits $100.
The price of other agricultural commodities is also rising. Live cattle has jumped by 20% this year and is sitting at the highest point on record. Cocoa, which is used to make chocolate, has soared because of low yields in Ghana and Ivory Coast. Orange juice has also soared.
Therefore, there is a likelihood that the Federal Reserve will continue rising rates in the coming months. Besides, the UAW workers are on a major strike while a long traffic jam is happening at the Panama Canal.
Shiba Memu is thriving despite risks
The actions of the Fed risks plunging the American economy into a recession. For one, the M2 money supply in the economy has dropped by more than $2 trillion in the past few months. Delinquency rates have also jumped while mortgage rates are nearing 8%.
Still, investors are still interested in Shiba Memu, the upcoming meme coin that has some AI features. Data in its website (use this link) shows that the token has already raised over $3.1 million from investors. This makes it one of the biggest winners this year
For starters, Shiba Memu aims to be a better version of Shiba Inu, the giant meme coin. It will do that by incorporating AI features that will help it in self-marketing. Therefore, if it succeeds, Shiba Memu will likely become a bigger deal than other meme coins like Dogelon Mars and Pepe, which have no major utility.
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Ethereum remains under pressure as the dollar strengthens
- The US dollar strengthened following the FOMC September meeting
- The Fed sees the funds rate higher for longer
- Ethereum should hold above $1,400 for the bullish bias to persist
This year had two distinct parts for financial market participants – one characterized by the dollar’s weakness and one dominated by the dollar’s strength.
The US dollar runs the show both in the traditional and cryptocurrency markets. EUR/USD is the best example of the correlation between the two markets.
It opened the year at 1.06, rallied to 1.12, where it peaked during the summer, and then gave up its gains. The same dollar cycle may be seen in many cryptocurrencies.
For example, Ethereum rallied from the start of the trading year, peaked at $2,000, where it met resistance, and then corrected. Therefore, cryptocurrency traders may want to focus on the dollar’s direction in order to position on the right side of the cryptocurrency market.
The Federal Reserve’s September meeting did not change the dollar’s course
On Wednesday, the United States Federal Reserve released its monetary policy decision. It chose to keep the funds rate unchanged as the latest inflation news is encouraging.
Market participants wildly expected the decision, so the focus shifted to the press conference. Jerome Powell was hawkish during the conference in the sense that it kept all the options on the table, including further rate hikes. The hawkish part was that he implied that future rate cuts may not be as many as in the past. In other words, interest rates would remain higher for longer.
Naturally, the dollar rallied.
Ethereum is trapped in a tight range
Ethereum is one of the most popular cryptocurrencies. Also, it is very liquid compared to other cryptocurrencies.
Before the rally that started in 2023, Ethereum formed a contracting triangle. The good news is that such triangles appear at the end of complex corrections.
It means that if they act as reversal patterns, as is the case here, the new move that follows is part of a different pattern.
The chart above shows that Ethereum corrected 50% from its highs but remains in a relatively tight range. By tight, one should refer to the historically high volatility in the cryptocurrency market.
Bulls may want to wait for Ethereum to close above $2,000 before going long. Also, they would want to see Ethereum holding above the $1,400 support area.
On the other hand, bears may want to see the market dropping below the support area provided by the $1,400 level. A drop to $1,000 might be in the cards on such a move.
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Coinbase secures registration with the Bank of Spain
- Coinbase’s registration with the Bank of Spain marks a significant stride in its mission to provide secure and compliant crypto services to users worldwide.
- The registration allows Coinbase to offer our full suite of products and services to retail and institutional users in Spain.
- Spain is a member of the EU which recently adopted the Markets in Crypto Assets (MiCA) regulations.
Coinbase, a leading cryptocurrency exchange and custodian wallet provider, on September 22 announced that it had achieved a significant milestone in its global expansion strategy by securing Anti-Money Laundering (AML) registration with the Bank of Spain.
This registration enables Coinbase to offer its full range of cryptocurrency services to both retail and institutional users in Spain while complying with the country’s regulatory framework.
Coinbase in Spain
Users from Spain can now access a comprehensive suite of services provided by Coinbase, including the secure custody of crypto assets, seamless buying and selling of crypto assets in legal tender, and the trading of various cryptocurrencies against one another.
Nana Murugesan, the Vice President of International and Business Development at Coinbase, expressed enthusiasm about this achievement, highlighting its importance in supporting and growing their user base in Spain.
Coinbase’s commitment to regulatory compliance is evident in its recent accomplishments, including VASP registrations in Italy, Ireland, and the Netherlands, along with approvals and launches in Singapore, Brazil, and Canada. Collaborating with regulators worldwide is a pivotal element of Coinbase’s international growth strategy.
Coinbase’s global expansion strategy
Coinbase’s Phase II international expansion strategy focuses on obtaining licenses and registrations, customizing the user experience to meet local requirements, establishing strategic local partnerships, and strengthening operations in markets that prioritize regulatory clarity, as exemplified by Spain.
Spain has exhibited a growing interest in cryptocurrencies, with 29% of adults believing in their potential as the future of finance. Cryptocurrencies have gained popularity as a payment method, surpassing traditional bank transfers. A study by Bitnovo revealed that a significant portion of Spanish citizens view cryptocurrencies as long-term investments and a means of making payments. Furthermore, Spain boasts a thriving blockchain ecosystem, with numerous startups and a high demand for blockchain-related skills.
The adoption of the Markets in Crypto Assets (MiCA) regulations by the European Union is a pivotal moment for the cryptocurrency industry in the region. MiCA offers much-needed regulatory clarity, demonstrating the EU’s recognition of the transformative potential of emerging technologies. In contrast, many other jurisdictions are grappling with the challenge of establishing coherent regulatory frameworks for the rapidly evolving crypto industry.
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Bybit wird sich nach „letzter Warnung“ der FCA aus Großbritannien zurückziehen
Wegen veränderter Rahmenbedingungen zieht sich die Kryptobörse Bybit ab Oktober vorerst aus Großbritannien zurück.