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TruBit Crypto Weekly Digest (09/12-09/18)
Welcome to this week's digest from TruBit, covering September 12th to September 18th, 2023! We delve into the most significant happenings in the crypto world and offer our unique insights. We aim to keep you at the cutting edge of the crypto universe with the most up-to-date information. Stay tuned, and let's navigate the crypto world together.
📈 Last Week's Trending Tokens to Watch(09/12 -09/18)
1. BCH/USDT 7D Change (+11.41%) 2. INJ/USDT 7D Change (+5.46%) 3. AXS/USDT 7D Change (+4.67%) 4. COMP/USDT 7D Change (+3.15%)
💡Coin Insights (09/12 -09/18)
- Recently, BTC experienced fluctuations. It descended to a level near $24,900, subsequently experienced an upward movement nearing $27,000, and then saw a decline. Over the past months, BTC's behavior has shown similar patterns around the $25,000 zone. Currently, there seems to be a support zone between $25,600 and $25,800.
- Looking ahead, BTC's upside potential seems capped for the moment. We're eyeing resistance levels in the $27,500 to $27,800 range. A break beyond this zone would signal bullish strength.
- Next Wednesday, the Federal Reserve will announce the content of the new interest rate meeting, the market is generally expected that the Fed will not raise interest rates this time. This might be the end of the interest rate hike. The impact on the market has gradually weakened. For a medium-term strategy, it might be prudent to buy in at low points now and patiently wait for the anticipated rate cut cycle next year.
🔥 The Hot News in Crypto Market You Need To Know (09/12 -09/18)
- The Japanese government may allow start-ups to collect funds using digital currencies instead of shares. Also, Japan's Financial Services Agency (FSA) recently proposed changes to the cryptocurrency tax code, which could exempt businesses from certain taxes on digital assets.
- Bitcoin (BTC) went up by 2% on Thursday. This happened after the European Central Bank (ECB) said they might not raise interest rates again soon. The ECB shared that their main interest rates are now at a point where they can help bring inflation back to their target.
- Deutsche Bank from Germany is partnering with Swiss company Taurus to manage digital money and assets. They will use Taurus's technology to handle cryptocurrencies. Deutsche Bank believes big financial companies must adapt to the growing digital money market.
- Franklin Templeton, a big finance company managing $1.5 trillion, plans to start a bitcoin-related fund on the Cboe BZX Exchange. This fund, named Franklin Bitcoin ETF, aims to show the price performance of bitcoin and will be backed by bitcoins stored by Coinbase Custody Trust Company. This move is part of a growing trend, with many other companies trying to launch similar funds.
🌟 What to Expect
- Polygon shared three ideas about the first step of its significant 2.0 changes. They want to switch from MATIC to a new token named POL. This new token, POL, will be used all over the Polygon system for things like staking. They also plan to add a new staking level for Polygon networks.
- WHY IS THIS IMPORTANT? Many teams are racing to improve Ethereum, like Matter Labs, Base, Arbitrum, Optimism, Starknet, and Polygon. Polygon wants to finish changing its token this year, preparing for its PoS Chain and ZkEVM to join.
- 09/19 The FOMC Meeting
- Following the July policy statement, Chairman Powell of the Federal Reserve hinted at the possibility of further interest rate increases after their September meeting.
