Crypto
Cryptocurrency Prices on September 13: Bitcoin holds steady near $58,000; Altcoins trade mixed
“Bitcoin has sustained at the $58,000 level, maintaining the bullish trajectory. The announcement by Trump on plans to launch his son’s crypto business and the bullish predictions by Standard Chartered Bank for BTC have further strengthened the market sentiment. BTC’s resistance level stands at $59,100, and the support level remains at $56,500,” said Edul Patel, CEO of Mudrex.
“Bitcoin has shown resilience, trading around $57,900 despite mixed US data,” said Shivam Thakral, CEO of BuyUcoin. “Expectations of a 0.25% interest rate cut by the Federal Reserve on September 18 are bolstering positive sentiment around Bitcoin.”
Vikram Subburaj, CEO of Giottus, pointed out, “Bitcoin is consolidating around $58,000, with markets hopeful of a 25 bps interest rate cut in the US next week. The net outflow of $750 million worth of Bitcoin from exchanges on Wednesday suggests a potential supply crunch that could lead to a short-term price rally. A decisive break above $60,000 is needed to continue the momentum.”
In today’s trade, XRP (Ripple) surged by 5%. The CoinSwitch Markets Desk noted, “Grayscale has launched an XRP Trust, marking a significant development. This strengthens the case for a Ripple-based ETF in the future and signals growing institutional interest in XRP.”
In the last 24 hours, Bitcoin’s market cap dropped to $1.145 trillion. Bitcoin’s dominance now stands at 56.22%. BTC volume in the same period fell 18.3% to $30.13 billion. Meanwhile, stablecoins accounted for $54.15 billion of this volume, or 91.68%, according to CoinMarketCap.
Avinash Shekhar, Co-Founder & CEO of Pi42, added, “Bitcoin’s price has made a notable recovery, climbing above $58,000 following a brief bearish trend after the release of US CPI data. Investor optimism is building as anticipation grows for next week’s FOMC meeting, where a 25 basis point interest rate cut is expected, which could provide further support to the crypto market.”
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
(You can now subscribe to our ETMarkets WhatsApp channel)
How Indiana’s redistricting could impact the legislative session
Statehouse reporter Kayla Dwyer breaks down tensions between Indiana and the Trump administration regarding the state’s redistricting efforts.
Indiana lawmakers are hoping to make the state a cryptocurrency leader by allowing the state to invest in digital currencies like Bitcoin for state savings and retirement plans while prohibiting local communities from restricting crypto companies.
The legislation, House Bill 1042, comes as excitement grows over the once obscure digital assets that have made millionaires and wiped-out fortunes. Its supporters now include some of the country’s most powerful people, including President Donald Trump and initially hesitant financial institutions, while the first major piece of crypto legislation passed Congress earlier this year.
Now, Indiana is looking for a slice of the windfall. The topic was one of just a few to get an earlier-than-usual hearing as lawmakers consider redistricting, signaling it’s a major topic of interest among Republicans.
“Crypto policy will become a mainstay of this committee’s work for probably years to come,” said bill author Kyle Pierce, R-Anderson, at a House Financial Institutions Committee meeting Dec. 4.
A volatile investment?
Though the bill would allow public investment funds to delve into the world of digital currency, it stops short of allowing direct crypto investments.
Instead, the bill applies to cryptocurrency exchange traded funds, or EFTs — a safer, federally regulated fund that tracks crypto prices, either by holding the digital assets or a contract that speculates on prices in the future.
The state investment programs required to provide such options include the 529 education savings plan and certain retirement funds for teachers, public employees and lawmakers. It also allows other state investment funds to place their assets in crypto EFTs.
While less volatile than a direct investment, it’s not entirely without risk. Because there is less oversight in the underlying crypto market, the Securities and Exchange Commission has warned it’s difficult to prevent fraud and ensure fairness, even for EFT investors.
That was a tentative concern for Tony Green, deputy executive director of the Indiana Public Retirement System, at the House Financial Institutions Committee hearing Dec. 4.
Though neutral on the bill, Green said IPRS would want to ensure there were proper disclaimers about volatility. And while the agency wants to offer choices to their members, he said, those surveyed were generally uninterested.
No anti-crypto regulations
Another aspect of the bill limits how local governments and state agencies can regulate crypto, though Pierce said it’s only intended to ensure laws don’t unfairly target crypto.
Specifically, it would prohibit regulation of an individual or a business’ ability to accept digital currency as payment, including by taxing use of the payment method. It also stops local governments from denying crypto mining facilities in areas zoned for industrial use or applying noise restrictions specific to crypto.
There was some worry about a clause in the bill that bans a public agency from prohibiting a person’s ability to “use or accept digital assets as a method of payment for legal goods and services.”
The bill was welcomed by the founder of the local crypto mining business Megawatt.
Ilya Rekhter, who operates mining facilities in rural areas across the state, said the legislation would help prevent a sudden change in zoning laws after a business has already invested money in a facility, Rekhter said.
“We’re not asking for any special treatment,” he said, “just the same treatment.”
The committee won’t hold a vote on the bill until January.
Contact breaking politics reporter Marissa Meador at mmeador@gannett.com or follow her on X @marissa_meador.
Welcome to the big leagues, Netflix
European Christmas markets fortify security measures as terror threats force major operational changes
‘Another D-Day’: Biden once urged ‘international strike force’ on narco-terrorists as Dems now blast Trump
Fox News Health Newsletter: ‘Beer bellies’ linked to serious heart damage
NFL cites player safety in plan to bring every stadium’s playing surface up to enhanced standards
Florida High School Football Rankings: Top 25 teams – Oct. 21
Cleary's 21 help Le Moyne down Central Connecticut State 69-64 in OT
How old is Bo Nix? What to know about Oregon quarterback ahead of 2024 NFL Draft
99th annual Pony Swim held in Virginia
Video: ‘It Didn’t Have to Happen This Way:’ U.Va. Faculty Call for Review of Police Response to Protests
‘Another D-Day’: Biden once urged ‘international strike force’ on narco-terrorists as Dems now blast Trump
EU members seek fewer ‘Solidarity Pool’ relocations of asylum seekers
West Virginians question National Guard deployments after attack on 2 of their own
ICE arrests Azerbaijan national with multiple criminal convictions including animal cruelty, arson
US Supreme Court to consider Trump’s bid to end birthright citizenship
-
Politics4 days agoTrump rips Somali community as federal agents reportedly eye Minnesota enforcement sweep
-
Technology1 week agoNew scam sends fake Microsoft 365 login pages
-
News4 days agoTrump threatens strikes on any country he claims makes drugs for US
-
Ohio2 days agoWho do the Ohio State Buckeyes hire as the next offensive coordinator?
-
World4 days agoHonduras election council member accuses colleague of ‘intimidation’
-
Politics1 week agoRep. Swalwell’s suit alleges abuse of power, adds to scrutiny of Trump official’s mortgage probes
-
News1 week ago2 National Guard members wounded in ‘targeted’ attack in D.C., authorities say
-
Ohio1 week agoSnow set to surge across Northeast Ohio, threatening Thanksgiving travel