Market Still as it Awaits FOMC Rate Hike
In this newsletter:
Today's cryptocurrency prices: The market is in the red. Ethereum down 2%, Bitcoin down 3%
By Q1 2023, India will determine its position on the legality of cryptocurrencies.
Crypto Market Maker Wintermute Hacked for $160 Million
Today's cryptocurrency prices:
Bitcoin (BTC) was down 2.39 per cent and fell to $19,011.31. Sometime BTC managed to cross over to the green zone, but that was short-lived lived. Soon, BTC created its intraday’s lowest price level and fell below the $19,000 mark.
Ethereum (ETH) fell 1.57 per cent and it's price fell to $1342.51, and Solana was down 2 per cent.Ethereum was trading with gains for the most part of September 20, but the trade was highly volatile with frequent ups and downs
ETHW was the most trending crypto.
Bitcoin (BTC) and Ethereum (ETH) prices among other cryptocurrencies all decreased over the past day. In the last day, the total volume of the cryptocurrency market plummeted by 9.43% to $67.86 billion, and the market capitalization of all cryptocurrencies fell by 0.4% to $926.78 billion.
By Q1 2023, India will determine its position on the legality of cryptocurrencies.
According to reports, the Indian government intends to make a decision about the legality of cryptocurrencies by the first quarter of next year in order to comply with the Financial Action Task Force (FATF). "We'll have our final reply ready by February or March 2023. By May, we must reply to the FATF, a senior official stated.
In addition, a Financial Stability Board (FSB) report is expected in October. It will help the Indian government decide whether to ban cryptocurrency transactions or provide a legal framework for dealing with crypto trade in India,quoted a senior government official.
The finance minister also recently had a meeting with the managing director of the IMF, Kristalina Georgieva, where she urged the IMF to take a lead role in regulating crypto assets.
Crypto Market Maker Wintermute Hacked for $160 Million
According to Evgeny Gaevoy, the founder and CEO of Wintermute, a cryptocurrency market maker based in the UK, the company was the most recent victim of hacks targeting decentralised finance (DeFi), losing almost $160 million.
Over 70 different tokens have been transferred to “Wintermute exploiter,” including $61,350,986 in USD Coin (USDC), 671 Wrapped Bitcoin (wBTC), which is roughly $13,030,061, and $29,461,533 Tether (USDT). The largest token sum appears to be USDC.
Wintermute is an algorithmic market maker working with digital assets such as cryptocurrencies.
The company’s over-the-counter and centralized finance operations were not affected, as the hacker(s) drained funds from its DeFi operations.