Key ideas:
- Crypto market trends remain bearish as investors face uncertainties over the Fed's monetary policy.
- Investor angst over the ongoing SEC cases against Coinbase and Ripple added to Sunday's losses.
- However, court rulings in favor of Coinbase or Ripple could fuel the next cryptocurrency bull run.
Sunday Crypto Market Overview: Hacks, the SEC and Ripple
Fear of the Fed and sensitivity to cryptocurrencies: Market bets on further Fed interest rate hikes have weighed on riskier assets. Wednesday's US inflation numbers could cement an unexpected rate hike before the Federal Reserve hits the brakes. This sensitivity is because BTC, ETH, and the broader crypto market continue to respond to the Fed's activity.
UK Financial Conduct Authority: The UK Financial Conduct Authority (FCA) Announced an extension until January 8, 2024, for crypto companies to incorporate and comply with strict measures to protect consumers. The new rules include banning incentives such as refer-a-friend bonuses and offering consumers a 24-hour cooling-off period.
Ethereum co-founder Vitalik Buterin hacked: On Sunday, news came that cybercriminals hacked Ethereum co-founder Vitalik Buterin's X (formerly Twitter) account. The hacker posted a link to trick Buterin's followers into connecting their wallets to commemorative coins. NFTs, only to empty their wallets. According to 2D researcher ZachXBT, the hack exhausted $691,000 from unsuspecting followers.
XRP is back below $0.50 as investors await court ruling: XRP fell 1.47% to end the week ending September 10 at $0.4972. Investor anxiety over Judge Torres' ruling on the SEC motion for the interlocutory appeal left XRP below $0.50 for the first time since September 2. A ruling in favor of the SEC's motion would leave the cryptocurrency market in limbo. Investors also risk the successful overturning of the Court's ruling on programmatic sales.
Technical analysis
bitcoin analysis
Despite Sunday's defeat, btc It avoided a break below the trend line, and the trend line rejected a drop below $25,700. BTC remained above the trend line this morning. However, investor anxiety over the future of the BTC-Spot ETF The market leaves the trend line and support level of $25,506 in play.
Any adverse news related to the SEC cases against Coinbase or Ripple could push BTC prices below $25,000.
A break above the trend line would indicate an uptrend towards the $26,755 resistance level. However, BTC would likely need a major crypto event to trigger such a breakout.
The 14-day RSI reading of 37.51 shows that BTC has some room left before entering oversold territory.
Ethereum Analysis
ETH It is currently trading below the $1,626 resistance level, and ETH continues to face rejection at $1,650. If ETH breaks the $1,626 resistance level and surpasses $1,650, it could pave the way for a bullish run towards the 50-day EMA and the $1,746 resistance level.
Favorable updates to the SEC's ongoing cases against Coinbase and Ripple would support a work session.
Failure to break the $1,626 resistance level would leave less than $1,600 and the $1,502 support level in play.
The 14-day RSI reading of 34.93 indicates further decline and a return of ETH below $1,600 before entering oversold territory.
