Crypto News: Hacks, UK Crypto Rules, and SEC Court Cases in the Spotlight

Key Insights:

• Crypto market trends remain bearish as investors face uncertainties over Fed monetary policy.
• Investor angst toward the ongoing SEC cases against Coinbase and Ripple added to the Sunday losses.
• However, Court rulings in favor of Coinbase or Ripple could kickstart the next crypto bull run.

Sunday Crypto Market Overview: Hacks, the SEC, and Ripple

Fed Fear and Crypto Sensitivity: Market bets on further Fed interest rate hikes have weighed on riskier assets. US inflation figures on Wednesday could cement one unexpected rate hike before the Fed hits the brakes. This sensitivity is because BTC, ETH, and the broader crypto market remain responsive to Fed activity.

UK Financial Conduct Authority: The UK’s Financial Conduct Authority (FCA) announced an extension to January 8, 2024, for crypto firms to incorporate and adhere to strict measures to protect consumers. New rules include the banning of incentives such as refer-a-friend bonuses and offering consumers a 24-hour cooling-off period.

Ethereum Co-Founder Vitalik Buterin Hacked: On Sunday, news hit the wires of cyber criminals hacking Ethereum co-founder Vitalik Buterin’s X account (formerly Twitter). The hacker released a link to dupe Buterin followers into connecting their wallets to mint commemorative NFTs, only to have their wallets emptied. According to 2D investigator ZachXBT, the hack drained $691k from unsuspecting followers.

XRP Returns to Sub-$0.50 as Investors Await Court Ruling: XRP fell by 1.47% to end the week ending September 10 at $0.4972. Investor anxiety ahead of the Judge Torres ruling on the SEC motion for interlocutory appeal left XRP at sub-$0.50 for the first time since September 2. A ruling in favor of the SEC motion would leave the crypto market in limbo. Investors also face the risk of a successful reversal of the Court ruling on programmatic sales.

Technical Analysis

Bitcoin Analysis

Despite the Sunday loss, BTC avoided a break below the trend line, with the trend line rejecting a fall to sub-$25,700. BTC remained above the trend line this morning. However, investor angst toward the future of the BTC-Spot ETF market leaves the trend line and $25,506 support level in play.

Any adverse news related to the SEC cases against Coinbase or Ripple could drive BTC prices below $25,000.

A break above the trend line would signal a bullish trend toward the $26,755 resistance level. However, BTC would likely need a significant crypto event to trigger such a breakout.

The 14-Daily RSI reading of 37.51 shows BTC has some room remaining before entering oversold territory.

Ethereum Analysis

ETH currently traded below the $1,626 resistance level, with ETH continuing to face rejection at $1,650. If ETH breaks out from the $1,626 resistance level and surpasses $1,650, it could pave the way for a bullish run toward the 50-day EMA and the $1,746 resistance level.

Favorable updates from the ongoing SEC cases against Coinbase and Ripple would support a breakout session.

Failure to move through the $1,626 resistance level would leave sub-$1,600 and the $1,502 support level in play.

The 14-Daily RSI reading of 34.93 indicates further downside and an ETH return to sub-$1,600 before entering oversold territory.