Crypto Flipsider News – BTC Under $19k; IOTA Biggest Gainer; Do Kwon’s Red Notice; Binance’s Japan Return; Apple NFT Sales

Crypto daily news flipsider digest

Read in the Digest:

  • Bitcoin (BTC) falls below $19k as whale addresses reduce their holdings.
  • Ethereum (ETH) losses continue – XRP the biggest loser, while IOTA (MIOTA) leads the crypto rally.
  • Interpol issues a red notice for Do Kwon – LUNA ecosystem tokens rally.
  • Binance to return to Japan four years after regulators forced an exit.
  • Apple now supports in-app NFT purchases, but at 30% commission.

Bitcoin (BTC) Falls Below $19k as Whale Addresses Reduce Their Holdings

The world’s largest cryptocurrency, Bitcoin, continues to struggle as the U.S dollar strengthens. Trading in a tight range since the Fed interest rate hike, BTC fell to below $19k for the seventh consecutive day.

BTC graph coinmarketcap bitcoin crypto token

The 7 day price chart for Bitcoin (BTC). Source: CoinMarketCap

Despite the drop in the price of Bitcoin, on-chain analytics firm, Santiment reports that, over the weekend, Bitcoin was the topic of more than 26% of discussions across social media platforms, marking the highest level of public sentiment seen since mid-July.

Bitcoin BTC social dominance

With the price of Bitcoin consistently dropping since reaching its November 2021 all-time high, on-chain data shows that the amount of BTC held by whales has dropped accordingly.

Data from Santiment highlights that whale addresses holding between 10k to 100k $BTC have steadily reduced the percentage of their supply held in crypto’s leading asset, bringing the average level to 29-month lows. 

Bitcoin BTC supply distribution

Flipsider:

  • A recent report from Glassnode suggests Bitcoin is currently experiencing a historic bear market to bull market transition period.

Why You Should Care

The decline in the price of Bitcoin can be linked to ramping inflation, and growing fears that the global recession will draw on.

Digest breakers Coins

Ethereum (ETH) Losses Continue – XRP the Biggest Loser, While IOTA (MIOTA) Leads Crypto Rally

Since deploying the much-anticipated merge on September 15th, the price of Ethereum (ETH) has tumbled 20%, with the efforts of local governments worldwide to manage inflation levels leaving Ethereum (ETH) with no room for recovery.

Over the last 24 hours, the price of ETH has dropped by 2.8% to trade at an inter-day low of $1,275. ETH now trades at $1,290 at the time of writing, and continues to lose dominance amid steeper declines than Bitcoin.

ETH graph coinmarketcap ethereum crypto

The 24 hour price chart for Ethereum (ETH). Source: CoinMarketCap

XRP, which has typically been the trend breaker of the broader crypto market, experiencing rallies as large as 65% while the rest of the market suffered, saw its fortunes reversed, becoming one of today’s biggest losers. Over the last 24 hours, the price of XRP has tanked 9.36% to fall to as low as $0.4598.

XRP graph coinmarketcap ripple crypto token

The 24 hour price chart for XRP. Source: CoinMarketCap

Ripple’s success in court was the main fuel driving XRP’s massive growth seen last week. With Ripple’s executive set to lead Autstralia’s central bank digital currency (CBDC) project, XRP could yet see another pump.

Flipsider:

  • While much of the crypto market suffers significant losses, IOTA (MIOTA) has struck forward as today’s biggest gainer, rallying 9.2% to trade as high as $0.309.
MIOTA graph coinmarketcap crypto token

The 24 hour price chart for IOTA. Source: CoinMarketCap

Why You Should Care

MIOTA has defied the market trend, as its technology recently secured Project ALFRIED, one of Germany’s largest public-funded infrastructure projects.

Digest breakers NFT

Interpol Issues a Red Notice for Do Kwon – LUNA Ecosystem Tokens Rally

Barely two weeks after South Korea issued an arrest warrant for Terra Founder Do Kwon, the International Policing Organization (Interpol) has approved the prosecutor’s request to issue a ‘Red Notice‘ for the 31 year old, which will see law enforcement agencies in 196 countries search for the in-hiding Kwon.

Despite the reports, Kwon’s name is yet to appear on Interpol’s Red Notice list, which curreently features a total of 7, 512 names.

Kwon was previously believed to have been residing in Singapore, but questions about his whereabouts intensified after the Singapore Police Force revealed on September 17th that he was not in the country.

As opposed to the South Korean prosecutor’s claims, Kwon announced via Twitter, on September 17th, that he is not on the, run and was open to talking with government agencies. Kwon’s position under Interpol’s spotlight comes with his location unknown.

Flipsider:

  • Contrary to the downtrend expected by Do Kwon’s arrest warrant, news of the elusive CEO being placed on the most wanted list sparked a rally among LUNA tokens.
  • At the time of this writing, Terra (LUNA) is up 13.62%, while forked tokens Terra Classic (LUNC) and USTC are up by 38.7% and 12% respectively.

Why You Should Care

Do Kwon has been charged with violating capital markets laws in South Korea due to his role in the collapse of Terra, which led to investors losing over $60 billion.

Digest breakers Chart

Binance to Return to Japan, Four Years After Regulators Forced an Exit

Binance, the world’s largest cryptocurrency exchange is reportedly looking to return to Japan, Asia’s third-largest economy. Binance exited Japan in 2018 due to measures taken by the country to tighten its crypto regulations.

Four years later, Binance is looking to apply for authorization to offer its services in Japan. According to a Binance spokesperson, the exchange is now ready to work with regulators and policymakers to protect consumers and move the industry forward.

Since 2018, Japan has taken a friendlier approach to crypto, generating substantial opportunities to onboard new users and service providers to Japan. The country’s new stance is reportedly a core reason for Binance’s decision to return to the country.

Flipsider:

  • Binance is set to appear in a class action lawsuit filed by investors in Italy over outages experienced by the exchange in 2021.

Why You Should Care

Japan’s relaxed crypto regulations have paved the way to Binance’s potential return to Asia’s third largest economy.

Digest breakers Blocks

Apple Now Supports In-App NFT Purchases, but at 30% Commission

Tech giant Apple is allowing apps that trade in non-fungible tokens (NFTs) to be featured on the App Store. The news comes with a sour taste, however, as Apple announced that a 30% commission fee would be applied to all NFT transactions conducted through iOS apps.

The news adds to the list of drawbacks for Web 3.0 designers wishing to use the App Store, as no purchases can be made in cryptocurrencies, with only U.S. dollar payment options available. The lackluster terms have discouraged startups from offering NFT trading services on the platform, and sparked outrage among Apple users.

Tim Sweeney, CEO of Epic Games, has yet again slammed Apple’s “app tax”, describing it as a “grotesquely overpriced in-app payment service,” while Tech blogger Florian Mueller asserted that the tax is “abusive but consistent.”

Tech patent blogger FOSS Patents claims that developers may pay even more than the 30% commission fee cited by Apple in its App Store terms, with some being forced to pay as much as 35%, depending on geographical location. They may also be forced to pay for search ads.

Flipsider:

  • Scammers recently used a faux Apple Youtube channel to defraud thousands of Apple supporters, endorsing a phony cryptocurrency during Apple’s recent press conference for the iPhone 14.

Why You Should Care

Critics claim that Apple’s decision was driven by the company’s desire to avoid direct involvement with the crypto and NFT space due to the negative attention received by the industry.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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