top of page
Writer's pictureFrank Taylor

Top Cryptocurrency News of the Day - 26/09/2024



Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.


Terror victims claim DOJ is withholding share of $4.3B Binance penalty.


A lawsuit is demanding that the U.S. Department of Justice (DOJ) allocate more of its $4.3 billion settlement with Binance to a fund for victims of state-sponsored terrorism.


On September 25, four individuals, either victims or relatives of victims of state-sponsored terrorism, filed the suit in a federal court in Washington, D.C. They argue that the DOJ has improperly withheld or delayed transferring funds from Binance's November settlement to the Victims of State Sponsored Terrorism Fund.

According to the lawsuit, under the Victims of State Sponsored Terrorism Act, 100% of criminal proceeds and 75% of civil proceeds from cases like Binance’s are supposed to be deposited into this fund, compensating victims of terrorism.


The plaintiffs allege that the DOJ has only deposited around $898.6 million into the fund and has stated plans to direct at least $1.5 billion into a different fund for crime victims a move the lawsuit claims is unlawful.


'Rich Dad Poor Dad' Author Warns Users to Buy Bitcoin for 'Terrifying' Reason


Robert Kiyosaki, the well-known investor, entrepreneur, and author of the popular personal finance book Rich Dad Poor Dad, has warned about money's future. He shared a "terrifying" reason why everyone should invest in Bitcoin and silver coins to secure their financial future.


Kiyosaki predicts that artificial intelligence (AI), particularly AI-powered bots, will significantly change the financial world.


"Prepare for the future. Buy silver, Bitcoin," Kiyosaki urged in a recent post on the X platform.


He also referenced an unreleased book titled Money GPT by author Jim Richards, which explores how AI, such as ChatGPT, is expected to alter the finance industry drastically. After reviewing the book, Kiyosaki described it as "terrifying." Though he didn’t provide specific details about the book’s content, he hinted at troubling developments in the future, revealing that he had taken out "two months’ worth of expenses in cash" and secured it in a safe place.


Consistent with his earlier posts, Kiyosaki emphasized that he continues to save silver coins as a backup plan to use in place of cash if a major financial crisis occurs. He foresees "one of the greatest financial crises in world history" approaching and is preparing accordingly.


BlackRock Sees Highest Monthly ETF Inflow as US Bitcoin Holdings Climb


On September 26, CryptoQuant founder Ki Young Ju reported that the United States is regaining its dominance in Bitcoin (BTC) holdings. He noted that the country's share of Bitcoin reserves is increasing, largely due to rising demand for spot ETFs.


The chart by Ki Young Ju shows that U.S. Bitcoin holdings have been steadily growing over the past year, although they have not yet returned to the levels seen during Bitcoin's all-time high in March 2024.


In a separate post on X, he mentioned that demand for spot Bitcoin ETFs has rebounded, with the 30-day net change in total holdings turning positive. According to preliminary data from Farside Investors, on September 25, there were inflows of $106 million. This marked the fifth consecutive trading day of inflows for Bitcoin investment products, bringing the total assets in spot ETFs to nearly $18 billion since their launch in January.


Inside a Swiss nuclear bunker’s secret Bitcoin vault


It may sound like something out of a movie, but it's real there's a vault hidden inside a secret nuclear bunker in the Swiss Alps that stores a significant amount of Bitcoin.


Cointelegraph recently visited the facility to see firsthand how multiparty computation (MPC) shards are securely stored in underground bunkers, providing top-level security for one of the world’s first Bitcoin banks.


Many Bitcoin holders are familiar with the saying, "not your keys, not your coins," but relying on hiding your hardware wallet or seed phrase at home isn't a long-term solution. With an estimated two million Bitcoin already lost forever, finding a secure way to store your BTC remains a significant challenge for digital asset owners.


Some Bitcoin holders are willing to take the risk of storing their BTC on an exchange, while others prefer moving their Bitcoin off-chain. For those looking for maximum security, companies like Xapo Bank offer the option of entrusting their Bitcoin to a third party, securing it in underground bunkers.


“You’ve got another five minutes, then I’ll need your phone,” says Albert Rocca, a senior account manager at Xapo. The former detective takes our smartphones, placing them into a backpack equipped with a Faraday cage, which blocks any communication signals. As our helicopter flies deeper into the Swiss mountains, the location remains completely hidden.


When we land, we’re greeted by a small airstrip beneath a steep mountain. At the base lies a smooth granite surface with a single military-style bunker door—just the first of many layers of security protecting what lies inside.


Entering the bunker requires passing through extensive security. After an ID check and pat-down, visitors receive a magnetic card to access different facility sections. The first major obstacle is a six-ton vault door built to withstand a nuclear explosion. A guard scans his retina and enters a code that changes every minute before the door slowly opens, revealing the hidden mysteries.


Ethereum bulls and bears fight to win this week’s $2.8B ETH options expiry.



Ether (ETH) strives to stay above the $2,600 resistance level after a 15.1% gain between September 18 and September 23. This increase comes as recent macroeconomic data suggests a weakening economy, which has fueled a stock market rally and boosted demand for short-term government bonds. Traders are now watching the upcoming $2.78 billion monthly Ether options expiry on September 27, which could reinforce the current bullish trend.


The recent surge in Ether's price has been largely driven by the U.S. Federal Reserve cutting interest rates, signalling a shift toward a more accommodating monetary policy. As a result, the S&P 500 hit an all-time high on September 24. Adding to this outlook, a decline in the S&P Global Manufacturing PMI on September 23 has raised concerns about the economy's health.


In response, yields on U.S. 2-year Treasury bonds dropped to their lowest level in two years as investors sought the relative safety of government-backed assets. The fear of a looming recession has benefited cryptocurrencies like Ether, which investors see as scarce assets.


However, Ether is still down 33% over the past four months despite the recent gains. According to Farside Investors, this decline follows the U.S. launch of a highly anticipated spot exchange-traded fund (ETF), which underperformed, leading to $684 million in outflows.


The $2.77 billion in open options interest includes $1.82 billion in call (buy) options and $0.95 billion in put (sell) options. While bulls currently have the advantage, with $1.47 billion worth of call options targeting prices of $2,700 or higher, those positions will become worthless if Ether stays below that mark by September 27. This leaves room for bears to shift the momentum in their favor, despite having fewer put options.

Comments


bottom of page