Daily Crypto Roundup - 23 Sep

Today’s Market Update

Bitcoin was up 0.20% at $112,946, Ethereum was up 0.35%, Solana was down 0.58%, and XRP was up 0.74% over the past 24 hours.

Ted Pillows said BTC remains rangebound, with $115,000 as the key resistance to reclaim. Losing $108,000 could open the door to a deeper correction toward $100,000.

Michael van de Poppe added that a bounce here could push BTC back to $115,000, but failure risks a drop into the $106,000–$108,000 "max buy zone."

For Ethereum, van de Poppe expects more sideways movement, possibly dipping toward $3,550–$3,750. With ETH nearly 20% off its highs and compression building near the 20-week MA, he sees this as a reasonable accumulation zone.

Crypto Dynamics Roundup

Analyst: Crypto bull cycle likely over after Fed’s September rate decision

The Block reports that, per Coinglass data, $1.7 billion in positions were liquidated across crypto markets in the past 24 hours, with $1.616 billion in long positions, including $1.09 billion in the last four hours, of which $1.06 billion were longs.

Liquidations occur when traders’ positions are forcibly closed due to significant losses or insufficient margin. Liquidation data, based on public information, often underestimates the actual scale. Analysts say, despite markets viewing the Fed’s September rate decision as a key moment for crypto prices, the bull cycle may be largely over.

View: Bears expect ETH to fall below $4,000 and BTC to retest lows

Greeks.live macro researcher Adam noted in a Chinese community brief that groups are sharply divided on market direction.

Bears expect ETH to drop below $4,000 and BTC to retest lows, while optimists see this as the final dip before a bull run. Traders are focused on rising option implied volatility and open interest liquidations, with trading volume notably down.

UK and US form task force to explore digital asset regulatory cooperation

The Financial Times reports that, to boost the UK’s financial services, the UK and US established a “Future Markets Task Force” to explore cooperation on capital markets and digital asset regulation. UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent agreed to form the group after talks ahead of President Trump’s UK state visit.

Announced Monday, the task force’s focus areas and cooperation forms were not detailed. The UK Treasury said the “Transatlantic Future Markets Task Force” will study short- and medium-term digital asset cooperation as regulations evolve, aiming to ease cross-border financing burdens for UK and US firms. Co-chaired by treasury officials, it includes regulators from both sides and will submit a report within 180 days.

US lawmakers urge SEC to implement Trump’s order allowing 401(k) crypto investments

US legislators urged the SEC to enact President Trump’s August 7 executive order permitting Bitcoin and crypto investments in 401(k) pension plans.

Financial Times: UK and US form “Future Markets Task Force” to explore capital markets and digital asset regulation

The Financial Times reports that the UK and US established a “Future Markets Task Force” to explore cooperation on capital markets and digital asset regulation.

UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent agreed to form the group after Downing Street talks last week. Co-chaired by treasury officials and including regulators from both nations, the task force will focus on short- and medium-term digital asset cooperation amid evolving regulations and aim to reduce cross-border financing burdens for UK and US firms. A report is due within 180 days.

Fed official: Stablecoin interest payment limits must be followed in GENIUS Act

Fed official Mussallem said implementing the GENIUS Act must adhere to stablecoin interest payment restrictions, emphasizing stablecoins as payment tools, not savings vehicles.

Coinbase: Mag7+Crypto stock index futures now live

Coinbase announced on X that Mag7+Crypto stock index futures are live, offered by Coinbase Derivatives for retail and institutional traders via approved FCM partners.

Tether denies exiting Uruguay’s $500 million crypto mining project

Cointelegraph reports Tether denied local media claims of exiting a $500 million crypto mining project in Uruguay. Reports suggested Tether’s facility was cut off over $4.8 million in unpaid electricity bills. Tether called the reports inaccurate, saying its local operator is negotiating with the government to resolve disputes.

Despite Uruguay’s high electricity costs ($60-180/MWh), Tether will keep evaluating optimal paths in Uruguay and nearby regions.

South Korea probes Bithumb’s order book sharing with overseas crypto exchange

South Korea’s Financial Intelligence Unit, under the Financial Services Commission, is investigating Bithumb’s order book sharing with Australia’s Stellar for procedural issues. Authorities are reviewing compliance, with potential measures if violations of the Specific Financial Transaction Information Act are found.

Bithumb launched a Tether (USDT) market on September 22, announcing order book sharing with Stellar, allowing cross-exchange trading. While sharing boosts liquidity, the Act prohibits such arrangements without strict conditions, including licensing, registration, or reporting, and anti-money laundering compliance.