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This article discusses theories around sudden Bitcoin price drops, with factors like governmental regulations, exchange manipulations, and whale movements. It highlights the speculation around BlackRock’s influence on Bitcoin’s price, possibly benefiting from reducing Bitcoin’s price before launching its own Bitcoin ETF. However, it emphasizes that such theories often disregard the complexity and evolving nature of the cryptocurrency market.

Coinbase has acquired a minority stake in Circle Internet Financial and both companies dissolved their Centre Consortium associated with issuing USD Coin (USDC). Amid greater regulatory clarity, Circle will become the sole issuer of USDC and control reserve governance, facilitating its integration on various blockchains. This shifting control indicates wider stablecoin adoption in the crypto economy.

Cryptocurrency exchange Coinbase acquired a minority stake in Circle Internet Financial, causing the dissolution of their Centre Consortium venture, responsible for issuing USD Coin (USDC). Despite this, Circle plans to continue in-house issuance and governance of USDC, which is expanding its support network to include six additional blockchains. Notably, no cash was involved in the transaction between Coinbase and Circle.

“Maple Finance, a blockchain-based credit marketplace, has revealed plans to expand into the Asian market, supported by a $5 million investment from firms including BlockTower Capital and Tioga Capital. This move forms part of a growth strategy to extend its technology and create global alliances, primarily within Singapore, Japan, Hong Kong, and Korea.”

“The cryptocurrency market landscape is dynamic with tokens like XRP and Cardano witnessing consecutive downward spirals. Despite high developmental activity, ADA experienced losses, while Binance Coin reported a decrease due to impending liquidation anxieties. However, Bitcoin and ether show resistance, emphasizing the need for strategic movement within the market.”

“Macroeconomist Lyn Alden argues against the feasibility of a forthcoming gold-backed BRICS currency, citing it a tough challenge for BRICS members. Doubts are raised about the model backing a fractional-reserve banking system with gold.”

According to a technical analysis, Bitcoin appears to be severely oversold, indicating a precipitous price drop. The 14-day relative strength index (RSI) is below 30, a situation unseen since the market crash in March 2020. Alex Kuptsikevich, a senior market analyst, confirms a shift to a bearish trend, advising not to misinterpret oversold RSIs as a bullish reversal signal.

“Digital asset investment products faced a major decrease recently, with $55 million in outflows during mid-September. This trend largely connects to declining optimism about the potential approval of a Bitcoin exchange-traded fund (ETF). Two exceptions were Ripple and Cardano, reporting positive figures.”

“The recent crypto market plunge differs starkly from previous instances. While Bitcoin’s futures premium started higher, exceeding the 5% neutral threshold, this derivative market shock was rapidly absorbed. The return of BTC futures rates to a 6% neutral-to-bullish position suggests that the drop didn’t dampen market optimism, reducing the likelihood of prolonged price correction.”

The crypto market is caught amidst bullish and bearish forces with Bitcoin, Ethereum, and BNB showing stability despite declining percentages. Data indicates potential buying opportunities, yet advises patience until market correction ends. Interestingly, long-term stake-holders remain unfazed while the crypto community anticipates U.S. Federal Reserve updates for market impact.

U.S. crypto exchange Coinbase has increased its offer on its $150 million debt buyback program following underwhelming investor demand. This occurs amidst crypto market volatility and despite overcoming allegations of dealing in unregistered securities. Factors such as regulatory clampdowns, financial metrics, and internet culture are significantly influencing the cryptomarket.

“Ethereum’s native token, ether, outperformed bitcoin despite a broader market crash. Historically, investors rally behind bitcoin during market stress, yet the recent spike in the ETH ratio marks a change. This might be due to optimism surrounding potential launch of ether futures-based ETFs in the U.S.”

“Recent market analysis shows Bitcoin and the U.S. inflation-adjusted bond yield showing the strongest negative correlation in four months. This dynamic suggests that traditional finance and macro influences on Bitcoin’s price movement are audible once more. This trend showcases the influence of real yields on high risk alternatives such as technology stocks and cryptocurrencies.”

This week in the crypto world saw a tumultuous phase as the SEC continues its litigation against Ripple Labs, while Bitcoin and Ethereum prices took a plunge. However, there are signs of hope as the EU welcomes its first Bitcoin ETF, and Coinbase gets regulatory approval for offering Bitcoin and Ethereum futures contracts.