Bitcoin’s price saw a notable recovery on Monday, hitting $57,050, a rebound from its initial dip to $53,930 at the beginning of a typically bearish September. The cryptocurrency currently trades at $57,226, sparking hopes for continued growth. However, on-chain analysis hints at a potential final dip before a robust rally expected to last through the end of the year.

Earlier today, an on-chain analytic platform attributed the price surge to intense market Fear, Uncertainty, and Doubt (FUD), leading traders to short Bitcoin significantly on leading exchanges. “On major exchanges like Binance & Bitmex, Bitcoin has been heavily shorted since Saturday. Trader FUD and doubt in this rally will only fuel prices higher,” noted the platform’s post on X.

While certain metrics like the Delta Cap show bullish potential for Bitcoin, they also indicate that a sustained uptrend may not materialize immediately. The Delta Cap, which is useful in pinpointing Bitcoin’s market bottoms by comparing it to the Realized Cap, is currently at $407.36 billion against a Realized Cap of $621.35 billion. This significant disparity suggests a delay before a steady rise begins, potentially positioning Bitcoin close to its bottom, but not quite there yet.

Crypto analyst Rekt Capital weighed in, suggesting resilience through September could lead to substantial gains. “You just need to survive September. Because if history repeats, Bitcoin may be heading for three straight months of positive upside Monthly returns,” he stated.

From a technical perspective, Bitcoin’s current position below the 20-day Exponential Moving Average (EMA) indicates resistance near $58,000. Overcoming this could see Bitcoin challenge the $60,000 mark, potentially dispelling the bearish outlook and setting the stage for a rally towards $70,000. Conversely, failure to surpass these levels could see prices sliding down to as low as $52,954.

Source: Bitcoin (BTC) Retests $57,000: Final Pullback Before All-Out Rally

Singaporean authorities have launched an investigation into seven individuals for allegedly providing unauthorized Worldcoin services. This move highlights ongoing scrutiny around the digital currency and its related operations in the country.

The investigation centers on whether these individuals operated without the necessary licenses and permissions. Worldcoin, a cryptocurrency project aimed at establishing a global digital currency, has faced significant regulatory challenges globally. In Singapore, which is known for its stringent financial regulations, the authorities are particularly vigilant about ensuring compliance with local laws.

Reports suggest that the individuals under investigation might have been involved in activities such as distributing Worldcoin tokens or facilitating transactions without proper regulatory oversight. This could potentially involve breaches of Singapore’s laws governing financial activities and digital currencies.

The regulatory action comes amid growing concerns about the transparency and legality of various cryptocurrency projects. Singapore’s regulatory bodies are keen to ensure that all cryptocurrency-related activities adhere to established legal frameworks to protect investors and maintain market integrity.

As the investigation unfolds, the authorities are expected to provide more details on the nature of the offenses and the potential legal repercussions for those involved. This case underscores the importance of adhering to regulatory requirements in the rapidly evolving cryptocurrency landscape.

For now, the individuals under investigation have yet to comment on the situation. Singapore’s approach to cryptocurrency regulation serves as a reminder to other digital currency operators about the necessity of compliance with local laws and the potential consequences of non-compliance.

Source: Singapore Investigating Seven People for Providing Worldcoin Services

Caroline Ellison’s legal team has recently argued that she should not face jail time in the aftermath of the FTX collapse. The former Alameda Research CEO is under scrutiny following the downfall of the cryptocurrency exchange and its associated trading firm, which led to significant financial losses for investors.

Ellison’s attorneys have presented arguments suggesting that imprisonment would be an excessive punishment. They contend that while the collapse of FTX was a serious incident, Ellison’s actions were influenced by complex circumstances within the company. Her legal team is advocating for a more lenient outcome, citing her cooperation with authorities and the mitigating factors surrounding her role in the company.

The FTX collapse has been a focal point in discussions about regulatory oversight and accountability in the cryptocurrency sector. The exchange’s sudden failure has highlighted the need for clearer regulations and better practices within the industry. As investigations continue, the legal proceedings against key figures like Ellison are drawing significant attention from the public and regulatory bodies.

Ellison’s defense argues that she has been forthcoming with information and has made efforts to assist in the broader investigation into the collapse. They suggest that alternative measures, such as community service or financial restitution, could be more appropriate than jail time.

The outcome of this case may set a precedent for how similar situations are handled in the future. As the legal process unfolds, it will be important to monitor the impact on both individual accountability and regulatory practices in the cryptocurrency world

Source: Caroline Ellison Shouldn’t Go to Jail After FTX Collapse, Attorneys Say

Kalshi, a prominent prediction market platform, has issued a stark warning about the potential consequences of a delay in the approval of its US election betting products. The company, which allows users to place bets on various political outcomes, asserts that such a delay would be “devastating” for its operations.

The firm is currently awaiting regulatory approval from the Commodity Futures Trading Commission (CFTC) to offer its election-related prediction markets. These markets are designed to provide users with the opportunity to wager on election outcomes, a feature that Kalshi believes could significantly enhance public engagement and provide valuable insights into political trends.

Kalshi’s CEO, Tarek Mansour, expressed deep concerns over the potential impact of regulatory delays. He emphasized that the uncertainty surrounding the approval process is not only disrupting the company’s business plans but also affecting its ability to attract investment and grow its user base. The platform has positioned itself as a pioneer in the prediction market space, aiming to offer a unique and engaging way for individuals to participate in and understand political dynamics.

The delay in approval could also have broader implications for the prediction market industry as a whole. Kalshi’s innovative approach to political betting is seen as a potential model for future market developments, and a setback could slow the momentum for similar ventures in the US.

In summary, Kalshi’s concerns highlight the critical role that regulatory approval plays in the evolution of prediction markets. The firm’s warning underscores the importance of timely decision-making by regulatory bodies, not only for the company’s prospects but also for the future of political prediction markets in the US.

Source: U.S. Election Betting Delay Would Be ‘Devastating’ to Kalshi, Firm Says

Woo X, a prominent cryptocurrency exchange, has unveiled a new twist on copy trading, aiming to enhance user experience and market accessibility. The platform’s latest feature allows users to replicate the trading strategies of top investors with a unique approach designed to improve transparency and flexibility.

Traditionally, copy trading has involved users automatically mirroring the trades of experienced traders. Woo X’s version takes this a step further by incorporating a customizable “smart copy” function. This allows users to not only follow trades but also set specific parameters, such as risk levels and investment amounts, tailoring their exposure based on individual preferences.

The feature aims to address some common issues associated with conventional copy trading. Users often have limited control over the trades they copy, which can lead to unexpected losses or missed opportunities. By providing more customization options, Woo X seeks to give users greater control and a more personalized trading experience.

Additionally, Woo X has introduced a new performance-based fee structure for this feature. Instead of a flat fee, users will pay based on the success of the trades they follow, aligning costs with actual performance. This model is intended to make copy trading more accessible and cost-effective, especially for newcomers to the crypto market.

The rollout of this innovative feature is part of Woo X’s broader strategy to differentiate itself in the competitive cryptocurrency exchange landscape. By focusing on user-centric design and advanced trading tools, Woo X aims to attract both seasoned traders and newcomers seeking to make informed investment decisions.

In summary, Woo X’s new copy trading feature represents a significant evolution in how users can engage with cryptocurrency markets. With enhanced customization and a performance-based fee structure, the platform is setting a new standard for transparency and user control in copy trading.

Source: Crypto Exchange Woo X Introduces Copy Trading, With a Twist

Telegram has recently updated its platform rules to allow for moderation of private chats, a move that brings significant changes to its privacy and security policies. This update, announced on September 6, 2024, introduces new tools and guidelines aimed at enhancing the ability to manage and moderate conversations within private groups and channels.

Historically known for its emphasis on user privacy and freedom, Telegram’s new approach reflects a shift towards balancing privacy with increased control and security. The updated rules now enable group administrators and channel owners to apply moderation measures in private chats, which were previously outside their jurisdiction.

The new moderation tools include features that allow administrators to review and manage content more effectively. This includes the ability to mute, ban, or remove users who violate group rules. Additionally, Telegram will now offer more detailed analytics on chat activity, helping administrators understand and address issues more proactively.

This change addresses growing concerns about the need for better control mechanisms in private groups, especially as they become increasingly popular for organizing communities and discussions. The ability to moderate private chats aims to prevent misuse and ensure that conversations remain respectful and constructive.

For users, this update means that while their privacy in one-on-one chats remains intact, their interactions within groups and channels will now be subject to oversight. Telegram’s move aligns with broader trends in the tech industry, where platforms are integrating more robust moderation tools to manage content and user behavior while striving to maintain a balance between privacy and security.

As Telegram continues to evolve, these changes are expected to impact how users interact within private communities, potentially influencing how other platforms approach moderation and privacy in their own services.

Source: Telegram Revamps Rules to Allow Moderation of Private Chats Following CEO Pavel Durov’s Arrest

Visa and Banco Santander have been selected by Brazil’s Central Bank to advance to the second phase of the country’s central bank digital currency (CBDC) pilot program. This development marks a significant milestone in Brazil’s efforts to modernize its financial system with digital currency technology.

The second phase of the pilot, known as “Digital Real,” will see Visa and Santander play pivotal roles in testing and refining the digital currency’s infrastructure. The aim is to evaluate how the CBDC can integrate with existing financial systems and address real-world challenges in payment processing.

Visa, a global leader in payments technology, will contribute its extensive experience in secure and efficient transaction processing. Santander, one of the largest banks in Brazil, brings its deep understanding of local financial practices and consumer needs. Together, these industry giants will test various aspects of the CBDC, including transaction speed, security, and user experience.

Brazil’s Central Bank is keen to explore how a digital currency could enhance financial inclusion, streamline payment systems, and reduce costs associated with traditional banking methods. The pilot program is part of a broader strategy to modernize the country’s financial infrastructure and position Brazil as a leader in digital finance.

The pilot’s success could set a precedent for other countries considering similar initiatives. By collaborating with major financial institutions and leveraging cutting-edge technology, Brazil aims to ensure that its digital currency is both robust and adaptable.

As Visa and Santander embark on this next phase, the outcomes of their tests will be crucial in shaping the future of Brazil’s digital currency. The results will offer valuable insights into the practical implications of CBDCs and could influence global trends in digital financial systems.

Overall, this development highlights Brazil’s commitment to innovation in financial technology and sets the stage for a potentially transformative shift in how digital transactions are conducted.

Source: Visa and Santander Selected by Brazil’s Central Bank for a Second Phase of CBDC Pilot