Daily Crypto Roundup - 11 Sep

Today’s Market Update

Bitcoin was down 0.06% at $113,983, Ethereum was down 0.70%, Solana was up 1.18%, and XRP was down 0.60% over the past 24 hours.

Cryptocurrencies have been boosted recently by hopes of multiple interest-rate cuts by the end of the year. Thursday's CPI data didn't move the dial when it comes to next week's decision -- traders still see a 91% chance of a quarter-point reduction, and a 9% probability of a half-point cut, according to CME's FedWatch tool.

Interest-rate cuts tend to support cryptocurrencies, as lower borrowing costs make risky assets more attractive relative to lower-yielding investments, such as bonds.

Traders are more confident in the central bank cutting three times this year -- giving that a 78% chance of happening, up from 68% Wednesday.

"Bitcoin's rebound to $114,000 looks more like repositioning, rather than the start of a new surge. Markets are still expecting a Fed rate cut in September, with traders waiting for this week's inflation data," analysts at crypto payment solution business B2BINPAY said.

Crypto Dynamics Roundup

US SEC Pushes Crypto and AI Financial Regulation with Minimal Intervention to Protect Investors and Encourage Innovation and Competition

SEC Chairman Paul S. Atkins stated at the OECD Global Financial Markets Roundtable that the SEC will modernize securities regulations through Project Crypto, clarifying the securities status of crypto assets and providing a clear regulatory framework for on-chain financing, trading, staking, and lending.

US ‘Crypto Market Structure Bill’ Gains Higher Chance of Senate Passage, Bipartisan Cooperation Looks Promising

According to crypto journalist Eleanor Terrett, the release today of a comprehensive ‘Crypto Market Structure Bill’ framework by US Senate Democrats has sparked optimism among crypto industry figures and some Republican leaders.

A coalition of 12 Democrats unveiled a detailed framework, signaling their readiness to join efforts—previously led by Republicans—to establish clear crypto market rules, potentially paving the way for bipartisan cooperation in the Senate.

Analysis: Bitcoin-to-Gold Ratio Cyclic Background Suggests Room for Bitcoin Breakout

Singapore-based crypto investment firm QCP Capital noted that, supported by weak US nonfarm payroll (NFP) data last week, gold prices have held near their all-time high of around $3,600 per ounce.

Dubbed “digital gold,” Bitcoin has been oscillating around $112,600. However, the Bitcoin-to-gold ratio is sending an intriguing signal.

South Korea to Lift VC Investment Ban on Crypto Firms on September 16

According to Cryptonews, South Korea’s Ministry of SMEs and Startups announced that it will lift the ban on venture capital (VC) investments in crypto asset-related firms on September 16. Implemented since 2018 to curb excessive speculation, this revision removes crypto trading and brokerage firms from the “restricted risk enterprise” list, allowing them to seek VC funding.

India Resists Comprehensive Crypto Framework, Cites Systemic Risk Concerns

A government document reveals that India leans against enacting comprehensive legislation to regulate domestic cryptocurrencies, opting for partial oversight instead, due to fears that integrating digital assets into the mainstream financial system could trigger systemic risks. The document cites the Reserve Bank of India’s view that effectively controlling crypto risks through regulation will be highly challenging.

US Department of Justice Recovers $12 Million in USDT Linked to Crypto Fraud

The US Department of Justice has recovered $12 million in USDT tied to crypto fraud, with federal prosecutors filing a lawsuit to seize funds traceable to a fake trading platform. Victims were recruited via text messages and directed to fraudulent investment accounts. Decrypt reports that civil forfeiture is being used to combat scams and recover funds for victims.

BlackRock Plans to Launch Bitcoin ETF in UK Next Month

The Bitcoin Historian reports that BlackRock, managing $11 trillion in assets, plans to launch its Bitcoin ETF in the UK next month.

JPMorgan: Crypto Adoption by Institutions Remains Early Stage but Gaining Momentum

According to CoinDesk, a JPMorgan report released Wednesday states that institutional adoption of cryptocurrencies is still in its early stages but gaining traction. The report highlights Bullish’s August IPO and the passage of the GENIUS Act as intensifying interest, with regulatory clarity removing one of the biggest barriers for large investors.

US SEC Commissioner: Securities Laws Don’t Protect in All Areas, Like Meme Coins

At a CoinDesk policy and regulation event, SEC Commissioner Hester Peirce warned that securities laws don’t offer protection in all areas. She said, “Don’t think that if you buy a meme coin and its value drops, the SEC will step in to save you.”

Binance Partners with Franklin Templeton to Advance Digital Asset Products and Plans

According to an official statement, Binance and Franklin Templeton, a global investment leader managing $1.6 trillion in assets, have announced a partnership to develop digital asset plans and solutions for a broad investor base.

Binance.US Lowers Fees on Multiple Trading Pairs Due to Sustained Low Volume

The Block reports that Binance.US has reduced fees on over 20 trading pairs, including Ethereum, Solana, BNB, and Cardano, due to near-exhausted trading volume. The exchange stated that these pairs will now carry a 0% maker fee and a 0.01% taker fee, with no subscription or volume requirements.