Cryptocurrency Market Overview 09/20/2023
News block
1. Nomura Bank has launched a Bitcoin fund
A subsidiary of Laser Digital Asset Management of Japan's largest investment bank, Nomura, has launched a fund focused on the first cryptocurrency for institutional investors.
Nomura is a Japanese financial giant with assets of more than $500 billion. It offers brokerage services to leading institutional investors. The fund created by its digital assets division will now offer investors direct access to BTC.
"Technology is a key driver of global economic growth and is transforming most of the economy from analog to digital. Bitcoin is one of the factors contributing to these long—term transformational changes," said Sebastien Gulietta, head of Laser Digital Asset Management.
Gulietta, who heads the Foundation, was previously the chief researcher at Nomura.
2. India: second place in the world in terms of crypto transactions
According to a new Chainalysis report, India has become the second largest cryptocurrency market in the world in terms of transaction volume, ahead of the UK, Turkey and Russia. And this is despite all the difficulties with tax legislation in this country.
"India is leading the world according to our Global Cryptocurrency Adoption Index," the report says. From July 2022 to June 2023, the volume of crypto transactions in this country amounted to almost $269 billion:
India is becoming the leading cryptocurrency market despite the difficult regulatory and tax environment - this country has a 30% income tax and a 1% tax on all transactions.
According to the same report, the USA is currently the world's largest cryptocurrency market.
3. SEC plans new litigation
The U.S. Securities and Exchange Commission (SEC) has not finished the prosecution of cryptocurrency exchanges and projects in the field of decentralized finance (DeFi), which it considers to violate securities laws, said David Hirsch, head of the agency's Crypto Assets and Cybersecurity Division.
"We are going to continue to press these charges," Hirsch said and clarified that the regulator has in view a number of other companies that operate similarly to Coinbase and Binance (which have previously received lawsuits from the SEC).
"We are going to continue to be active with regard to intermediaries. These may be brokers, dealers, exchanges, clearing agencies or any others that operate in this area, are in our jurisdiction and do not fulfill their obligations," Hirsch said.
It is expected that DeFi projects will also not escape the attention of the law enforcement department.
Overview of the crypto market
🔸 The current capitalization of the crypto market is $1.115 trillion
🔸 Trading volume for the last day is $37.14 billion
🔸 BTC dominance 47.3%
🔸 Fear and greed index:
- today 47, yesterday 46 a week ago 45
where 0 is extreme fear (may be a sign that investors are too scared - often it's a good time to buy), and 100 is extreme greed (the market needs correction).
BTC price increased to $27.2k after Japan's largest investment bank Nomura launched a fund focused on the first cryptocurrency for institutional investors.
Today, the Federal Open Market Committee (FOMC) of the US Federal Reserve System will conclude its two-day meeting. The FOMC is expected to leave the base rate unchanged in the range of 5.25%-5.50%. At the same time, the attention of market participants will be focused on the press conference of Chairman Jerome Powell after the meeting to get more information about the future direction of the Fed's monetary policy.
The US national debt has reached $33 trillion for the first time, which is $11.5 trillion higher than five years ago. In just 92 days, another trillion dollars was added to the size of the US national debt, which is equivalent to 37,355,248 BTC (i.e. more than bitcoins will ever exist):
Unusual activity on the Bitcoin network
The indicator of daily-active addresses in the Bitcoin network has increased dramatically without a significant change in the price of the first cryptocurrency. It is still difficult to explain what this is related to. Perhaps the dynamics of the indicator is influenced by events such as the approaching halving or the launch of a spot bitcoin ETF:
Important observation on ICP
Over the past 2 years, the activity of the developers of the Internet Computer (ICP) project has been constantly in an upward trend, while the price has been declining all this time. Projects that continue to be actively built in the bear market can show excellent growth in the new bull cycle:
