{"id":143806,"date":"2023-09-01T17:12:00","date_gmt":"2023-09-01T11:42:00","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=143806"},"modified":"2023-09-01T17:12:00","modified_gmt":"2023-09-01T11:42:00","slug":"bitcoin-ether-trading-flat-as-sec-targets-nft-firm-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-ether-trading-flat-as-sec-targets-nft-firm-crypto-news\/","title":{"rendered":"Bitcoin, Ether trading flat as SEC targets NFT firm – Crypto News"},"content":{"rendered":"

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Bitcoin and Ether were little changed on Tuesday morning in Asia, while other top 10 non-stablecoin cryptocurrencies traded mixed. Cardano\u2019s ADA led the gains following bullish comments from founder Charles Hoskinson. He predicted a surge in price past both Ether and Bitcoin. Solana\u2019s SOL posted more losses, despite last week\u2019s news of Solana Pay\u2019s tie-up with Shopify. Analysts expect the generally downbeat summer mood in the crypto market to pick up in fall. Elsewhere, the Forkast 500 NFT Index continued to decline, reflecting more bad news for the NFT industry. The U.S. Securities and Exchange Commission (SEC) announced Monday it has charged L.A.-based media company Impact Theory LLC with securities violations related to its offering of NFTs. Meanwhile, U.S. equity futures were trading flat after Monday\u2019s gains.<\/p>\n

Summer blues<\/h2>\n

Bitcoin edged down 0.12% for the last 24 hours to US$26,050.51 as of 07:00 a.m. in Hong Kong. The token is down 0.30% for the week, according to CoinMarketCap data<\/a>. The world\u2019s leading cryptocurrency reached a high of US$26,198.58 in the early hours of the morning before falling back.<\/p>\n

Ether also dipped 0.40% to US$1,650.23 for a 0.99% weekly loss.\u00a0<\/p>\n

\u201cThere might be another selloff taking place, but currently we\u2019ve experienced the standard August and September correction, through which it seems likely that we won\u2019t be continuing that fall for long and rather have an upwards trend from here on out,\u201d Micha\u00ebl van de Poppe, CEO of Amsterdam-based crypto trading company MN Trading, said <\/em>via email.<\/p>\n

Van de Poppe\u2019s comments were in line with a report by JPMorgan Chase & Co. that forecast<\/a> \u201climited downside\u201d for the crypto market as losses slow. The U.S. banking giant\u2019s analysts found a drop in the number of Bitcoin-linked futures contracts on exchanges that are yet to be settled \u2014 a sign that downward price movement is losing its momentum.<\/p>\n

\u201cWe\u2019ll be having a potential run from here,\u201d Van de Poppe said in a weekend tweet. \u201cThis rally should most likely occur in Q4 of 2023, during a good period for crypto markets (October-December tend to be this).\u201d<\/p>\n

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Did #Bitcoin<\/a> bottom on this correction or are we expecting $20K?<\/p>\n

The Million Dollar question is whether #Bitcoin<\/a> is done on this correction, or whether we’ll see more pain.<\/p>\n

If you’d ask people before the drop, you’d be getting a more bullish answer. If you’d ask people right\u2026 pic.twitter.com\/9niq2jhw5k<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) August 26, 2023<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Van de Poppe pointed to Bitcoin\u2019s next halving event, which is expected to occur on April 16, 2024, as a cause for optimism from the fourth quarter of this year. The halving event will see the amount of new Bitcoin issued every 10 minutes cut in half, increasing its scarcity. This is widely anticipated to produce a surge in the token\u2019s price. He also highlighted this week\u2019s release in the U.S. of employment data and the purchasing managers\u2019 index as further potential boosts for Bitcoin\u2019s price.<\/p>\n

The SEC\u2019s decision on Bitcoin exchange-traded fund applications from investment heavyweights BlackRock, Fidelity and others will also play a role, Van de Poppe said. Some of those decisions could be made as early as Saturday.\u00a0<\/p>\n

Other top 10 non-stablecoin cryptocurrencies traded mixed. Cardano\u2019s ADA led the winners, rising 1.46% to US$0.2669 for a weekly gain of 1.24%.<\/p>\n

Cardano blockchain founder Charles Hoskinson, appearing at Denver-based conference Rare Evo<\/a> on Saturday, predicted that ADA will overtake Bitcoin and Ethereum to become the world\u2019s largest cryptocurrency. ADA is currently the world\u2019s seventh largest crypto, with a market capitalization of US$9.36 billion.<\/p>\n

Meanwhile, Solana\u2019s SOL led the losers. It fell 1.35% to US$20.50 for a weekly loss of 3.61%. Those losses arrived despite the news that Solana Pay<\/a> \u2014 a free-to-use payment protocol built on the Solana blockchain \u2014 has partnered with Canada-based e-commerce platform Shopify to allow USDC stablecoin payments for online shopping without intermediary fees.<\/p>\n

The token gained briefly on Aug. 24, the day of the Solana Pay announcement. It added 7% to US$21.98 before falling back.<\/p>\n

Benjamin Stani, director of business development at Hong Kong-based digital asset broker Matrixport, said that the integration of Solana with a mainstream shopping app was a minor victory for the industry and wouldn\u2019t have much effect on markets.<\/p>\n

\u201cThis is just another step towards stablecoins going mainstream in line with PayPal\u2019s PYUSD,\u201d he said. He added that, while good news for Solana, its \u201cnot really a major breakthrough.\u201d\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and Ether were little changed on Tuesday morning in Asia, while other top 10 non-stablecoin cryptocurrencies traded mixed. Cardano\u2019s ADA led the gains following bullish comments from founder Charles Hoskinson. He predicted a surge in price past both Ether and Bitcoin. Solana\u2019s SOL posted more losses, despite last week\u2019s news of Solana Pay\u2019s tie-up […]<\/p>\n","protected":false},"author":2,"featured_media":143807,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-143806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/143806","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=143806"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/143806\/revisions"}],"predecessor-version":[{"id":146169,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/143806\/revisions\/146169"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/143807"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=143806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=143806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=143806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}