Key Highlights:
๐ SEC’s BTC-Spot ETF Delay: SEC postpones seven BTC-Spot ETF reviews, contributing to Bitcoin’s recent price dip to $25,882.
โ๏ธ Ripple vs SEC: Ripple fights back, filing an opposition to the SEC’s interlocutory appeal motion.
๐ Toncoin Soars: Boosted by its new programming language Tact, Toncoin enjoys an 11.09% gain, standing out in a turbulent market.
Last Friday was a bit rocky for Bitcoin, ending the day at $25,882โa 0.56% decline. ๐ The dip was no accident; the Security Exchange Commission (SEC) delayed its decisions on seven BTC-Spot ETF applications until mid-October. The market can generally handle a short one-month wait, but there are rising concerns about additional delays, especially when considering the context of the Grayscale ruling.
Rippleโs Ongoing Battle with the SEC โ๏ธ
Will Ripple Win the Legal Fight? ๐ค
Ripple wasn’t sitting idle either. The legal team of this digital currency filed an opposition to the SEC’s motion for an interlocutory appeal. ๐ผ They argue that the SEC’s application doesn’t check the boxes for this type of appeal. Plus, they’re ready to counter-appeal the institutional sales ruling if the Court goes the SEC’s way.
Toncoin’s Striking Gain ๐
The Introduction of the New Programming Language, Tact ๐ป
Now, not everything was gloomy in the crypto world last Friday. Toncoin (TON) stood out with an impressive 11.09% gain. ๐ The catalyst? The introduction of Tact, a groundbreaking programming language designed to benefit developers, particularly those new to the blockchain universe.
Cambridge Study on Bitcoin Energy Consumption ๐
The Climate Debate ๐ฟ
The subject of Bitcoin’s energy consumption has been controversial, to say the least. Recent data from the Cambridge Bitcoin Electricity Consumption Index indicate a decline from 95.5 TWh in 2022 to 70.4 TWh in 2023. ๐ This drop reignites the discussion about Bitcoin mining’s role in meeting the climate goals set by the Biden administration.
โฟ๐ฅ๐๐๐๐๐ก๐: New reseach from the University of Cambridge finds #bitcoin mining uses less energy than clothes tumble dryers in the U.S.
— Documenting โฟitcoin ๐ (@DocumentingBTC) September 1, 2023
Americans drying clothes = 108 TWh
The world mining bitcoin = 95.5 TWh pic.twitter.com/bO1kZV0WRF
Bitcoin’s Price Actions ๐
Understanding the Trends ๐
Even though Bitcoin showed some recovery, its near-term trend is bearish. An upcoming bearish cross of the 50-day EMA through the 200-day EMA could see Bitcoin targeting sub-$25,000 levels. ๐ฏ
Ethereum’s Market Behavior ๐
What the Future Holds ๐ฎ
Ethereum didn’t have a great Friday either, closing at $1,629, which was a 1.06% drop. ๐ Like its elder crypto sibling Bitcoin, Ethereum is also grappling with uncertainties, especially related to the SEC’s lukewarm approach towards ETH-Spot ETFs.
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Weekend Predictions ๐ฒ
The Role of Dip Buyers ๐ฐ
Market setbacks often attract investors looking to buy the dip. However, the current climate, infused with ongoing SEC lawsuits, spells downside risks for the crypto market. ๐ญ
Ongoing SEC Lawsuits ๐
Ripple vs Coinbase ๐ผ
What comes out of the SEC’s lawsuits against Ripple and Coinbase will undoubtedly set the tone for the U.S. digital asset landscape. ๐บ๐ธ
U.S. Lawmaker Involvement ๐๏ธ
The Regulatory Landscape ๐บ๏ธ
Right now, the U.S. crypto market is like a ship without a compassโfloating aimlessly in the absence of clear legislative direction. Any initiative by U.S. lawmakers to establish a framework could serve as a guiding star. โญ
Investor Sentiment ๐
The Influence of Legislation ๐
Investor sentiment is heavily influenced by legal developments. So eyes are peeled for any sort of regulatory updates, especially those that could foster innovation while ensuring the protection of investors. ๐ก๏ธ
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Sergio Richi
Editor, Logll Tech News