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Bitcoin was trading below US$26,000 on Monday afternoon in Asia, while Ether and all other top 10 non-stablecoin cryptocurrencies posted losses. The market is also under pressure after news that the collapsed FTX crypto exchange may soon liquidate its US$3.4 billion in crypto holdings.\u00a0<\/p>\n
See related article: <\/em><\/strong>FTX sues LayerZero Labs to recover US$21 million<\/a><\/p>\n Bitcoin dropped 0.15% to US$25,811 in 24 hours to 4 p.m. in Hong Kong, bringing its weekly losses to 0.56%, according to CoinMarketCap data<\/a>.\u00a0<\/p>\n \u201cCurrently, Bitcoin\u2019s price is trading without a clear direction amidst cautious market sentiment. Bitcoin, which leads the entire crypto market, will be influenced by various technical factors in the absence of news and legal decisions related to the cryptocurrency market in the coming week,\u201d Rania Gule, market analyst at multi-asset brokerage firm XS.com told Forkast<\/em>.<\/p>\n \u201cI believe that the crucial support level of US$24,995 will determine whether Bitcoin\u2019s price goes up or down. A clear and strong break below this level would send Bitcoin toward the very important support level at US$24,000, which would indicate a clear bearish trend reversal. In the worst-case scenario, the selling momentum in this case could push the price down to around US$21,915, which is roughly the mid-March level,\u201d Gule said.<\/p>\n Ether, the Ethereum blockchain\u2019s native token, fell 0.78% to US$1,611 in the last 24 hours, and dropped 1.63% in the last seven days.\u00a0<\/p>\n Ethereum founder Vitalik Buterin\u2019s account on X, formerly Twitter, was hacked on Sunday, resulting in losses<\/a> for some of Buterin\u2019s followers, according to blockchain investigator ZachXBT. Hackers posted links to a scam non-fungible token (NFT) project on Buterin\u2019s Twitter page, advising users to connect their crypto wallets before withdrawing the funds.<\/p>\n \u201cEthereum price indicators continue to show signals of the ongoing bearish trend, supported by a breach of the trendline that took the price below the critical support level of US$1,687. This paves the way for a potential 27% drop in ETH price. I believe the price could reach a significant level of US$1,200, with intermediate support at US$1,366,\u201d Gule of XS.com pointed out.<\/p>\n The crypto market is also facing downward pressure from the latest FTX news. The collapsed cryptocurrency exchange is likely to receive approval on Sept. 13 to start liquidating its crypto holdings, according to a tweet<\/a> from blockchain analysts Whale Alert. After filing for bankruptcy<\/a> in November last year, the exchange still holds an estimated<\/a> US$3.4 billion worth of crypto assets.<\/p>\n John Stefanidis, chief executive of blockchain infrastructure foundation Balthazar DAO, said, \u201cThe recent dip in value of altcoins could be attributed to the anticipated authorisation of the liquidation of assets held by FTX. With a portfolio encompassing billions in cryptocurrency assets, a potential liquidation could significantly influence market values, notably affecting Solana, Aptos, Dogecoin, Matic, TON, and XRP.\u201d<\/p>\n Toncoin was the biggest loser, declining 3.38% to US$1.70 in the past 24 hours, and losing 9.96% in the past seven days.\u00a0<\/p>\n Ripple\u2019s XRP was the second biggest loser, dropping 2.91% to US$0.4857 on the day and 3.54% on the week. The U.S. Securities and Exchange Commission (SEC) submitted a filing last Friday to push the court of the Southern District of New York to appeal its ruling on the agency\u2019s lawsuit against Ripple Labs. The SEC requested the court to review its prior ruling by Judge Analisa Torres that posed \u201cknotty legal problems,\u201d according to the filing<\/a>. In July, a summary judgment by Judge Torres ruled<\/a> that Ripple\u2019s XRP sales to institutional investors violated securities laws, but sales on public exchanges to retail investors did not.<\/p>\n Ripple Labs also announced<\/a> that it will acquire Nevada-based crypto infrastructure startup Fortress Trust, giving Ripple a regulatory license in the state of Nevada.\u00a0<\/p>\n Elsewhere, the Group of 20 (G20) meeting under India\u2019s presidency<\/a>, said during the weekend that member countries will work together to develop a coordinated global regulatory framework for cryptocurrencies, cross-border cooperation and information sharing.\u00a0<\/p>\n \u201cCrypto assets and how regulation can be put in place \u2013 we contributed to a roadmap so [that] over the next month progress can be made in that area,\u201d Kristalina Georgieva, managing director of International Monetary Fund said<\/a> at the conclusion of G20 leaders summit in India\u2019s capital New Delhi on Sunday.\u00a0<\/p>\n Congratulations to India on a successful #G20<\/a> presidency. Its theme of “one earth, one family, one future” resonated with global leaders, who reached an important consensus on ways to address the global challenges confronting us. My takeaways from \ud83c\uddee\ud83c\uddf3’s successful @g20org<\/a> summit.<\/p>\n \u2014 Kristalina Georgieva (@KGeorgieva) September 10, 2023<\/a><\/p><\/blockquote>\n However, one of the key challenges facing the cryptocurrency industry globally is the delay in implementing these recommendations at a national level, according to Caroline Bowler<\/a>, chief executive of Australian digital asset exchange BTC Markets.<\/p>\n \u201cWhile international organizations are setting the framework for a harmonized regulatory environment, it is imperative that governments and regulatory authorities act promptly to translate these guidelines into actionable regulations. Delayed implementation could hinder the industry\u2019s growth, create uncertainty, and potentially leave investors and consumers exposed to risks,\u201d Bowler said in an emailed statement on Monday.\u00a0<\/p>\n Total crypto market capitalization dropped 0.54% to US$1.03 trillion, while market volume gained 36.82% to US$20.63 billion.\u00a0<\/p>\n The indexes are proxy measures of the performance of the global NFT market. They are managed by CryptoSlam<\/a>, a sister company of Forkast.News under the Forkast.Labs umbrella.<\/strong><\/p>\nAll top 10 cryptos drop<\/strong><\/h2>\n
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Total NFT sales volume, transactions drop<\/strong><\/h2>\n