Bitcoin Exchange Volume at 5-Year Low – Gensler’s Testimony Released Today – Microsoft Moves into Crypto

Bitcoin Exchange Volume at the Lowest Level in the Last 5 Years

According to on-chain data published by CryptoQuant on September 25, Bitcoin is experiencing its lowest volume levels since 2018. According to CryptoQuant data, Bitcoin volume in both spot and derivative transactions is at its lowest levels. According to the data, there were between 8,000 and 15,000 spot transactions last week. According to Caue Oliveira, an analyst, this is due to the uncertainty in macroeconomic data.

SEC Chairman Gensler’s Testimony Released Today

“There is no reason why crypto assets should be exempt from the protections of securities laws,” Gensler said in the published document. “Crypto exchanges are required to comply with securities laws, including meeting registration and exemption requirements,” he added. The SEC has identified crypto criminals and taken enforcement actions to protect investors. The SEC has issued rules and recommendations to regulate crypto markets. This includes information on crypto funds and qualified custodians for crypto assets. Finally, Gensler said he could not comment on any active or ongoing litigation.

Crypto Entry Move from Microsoft

Microsoft will integrate crypto wallets into Xbox console devices, according to filings in Microsoft’s lawsuit to acquire Activision Blizzard. Phil Spencer, the head of Xbox, confirmed that the documents were from last year. Apart from Microsoft, technology companies such as Meta, Amazon, Sony and Google also have projects related to crypto integration. However, the US government’s anti-crypto moves are slowing down these processes.

Is Halving or US Treasury Behind BTC Price Rise?

There is a remarkable correlation between the bitcoin halving and US 10-year treasury bonds. Generally, the performance of risky assets declines as investors turn to government-issued bonds. In a chart shared by TXMC, the Bitcoin halving coincided with relative local lows in the 10-year treasury yield.

US House Members Call on Gary Gensler for Bitcoin ETFs

The letter to the Presidency cited the Grayscale decision as the reason for giving the green light to such products. The SEC has not yet approved any Bitcoin ETFs, but the fact that big firms like BlackRock and Fidelity have applied for Bitcoin ETFs could change the course of things.

SEC Delays Ark21Shares and Global X’s spot BTC ETF Filings

The SEC postponed the Ark21Shares spot Bitcoin ETF decision to January 10, 2024 and the Global X spot Bitcoin ETF decision to November 21, 2023. Since the SEC has the right to delay Bitcoin ETF applications until March, it is not in a hurry. As Gensler noted in his speech broadcast today, the SEC has issued rules and proposals to regulate the crypto markets, including information on crypto funds and qualified custodians for crypto assets.

JPMorgan’s UK Bank Chase Bans Crypto-Related Payments

According to an email Chase sent to its customers on Tuesday, users will be banned from crypto-related payments and transfers starting November 16. Chase has halted the purchase of crypto-assets with its debit card and the transfer of funds from Chase accounts to crypto sites due to an increase in the number of scams targeting users in the UK.

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BITCOIN(BTC)

Bitcoin is priced at $ 26,256 with a 0.13% gain in value as of today morning hours. Bitcoin, which found support at the $ 26,000 level after breaking down the middle level of the horizontal band, has the possibility of being rejected from the middle of the horizontal band again. If it is rejected from the middle of the horizontal band, there is a possibility that it may go below the horizontal band, that is, to 25,300 levels. With the horizontal band breaking upwards, our target may be around 27,500 dollars. After the release of construction data, we saw a strengthening in the dollar index. Due to this, we see that the selling pressure is increasing. After a decline to 25,600 levels, we may see 27,500 levels with the volume coming to the market.

ETHEREUM(ETH)

With a 0.10% loss in value as of morning hours, ETH is priced at $ 1592. In Ethereum, we see that the pricing between 1530-1745 continues on the 4-hour chart. Although the price is in the same place due to the lack of volatility, there is still a possibility that it will test the $ 1580 levels and go to $ 1650. In case of a downward move, our first support place seems to be 1550 dollars after 1580.

RIPPLE(XRP)

XRP is priced at $0.4988 as of morning hours, down 0.64%. In XRP, we have seen that the 0.50 level, which is the horizontal resistance level in 4 hours, is working as support, but after breaking down, there is a situation where it sags below the horizontal band due to selling pressure, that is, it comes to 0.4880s. XRP, which is in a good demand zone for the moment, may first recover the 0.5 level and then the 0.55 level as the model starts to price positively. In case of a loss of 0.4880, our first support point seems to be 0.4745.

AVALANCHE(AVAX)

AVAX is priced at $ 9.02 with a 0.22% loss in value as of morning hours. After breaking the resistance at 9.05 in the morning hours, we now see that it is pricing below this level again. After the $ 9 retest, we are likely to see it priced above $ 9.05 again. In case of persistence above 9.05, it may first go to 9.20 and then to 9.30. At a loss of $9, we are likely to see $8.9 levels first.

SOLANA(SOL)

SOL is pricing at 18.97 with a loss of 0.32% as of morning hours. In the short time frame, the price was very compressed. After the loss of 19.07, it found support at 18.90 for the moment. If the upward movement continues, we can see 20.10 levels after the 19.50 level. If the downward movement continues, we are likely to see the $ 18.65 level after $ 18.65.

CHAINLINK(LINK)

As of morning hours, LINK is pricing at 7.372 with a gain of 0.29%. After retesting to 7.27, it continues to rise again. If the upward movement continues, the first resistance level it will face is 7.6 followed by 7.9. After the break of these levels, we can see $ 9.2 if it provides permanence above $ 8. In the loss of the 7.27 level, $ 7 can first work as support.