Bitcoin Price Surges to 2-Month High: News of September 27, 2024
Bitcoin's price climbed above $65k, driven by optimism surrounding a potential "soft landing" for the US economy. However, some analysts suggest a possible dip below $60k could follow. Meanwhile, other crypto news includes Arthur Hayes' meme coin investments and Shiba Inu's market cap surge.
Bitcoin price 2-month highs on ‘soft landing’ may precede a sub-60K dip
Data from Cointelegraph Markets Pro and TradingView showed BTC price momentum delivering $65,521 on Bitstamp — its highest in nearly two months.
Continued upside came as US Treasury Secretary Janet Yellen boosted hopes that the Federal Reserve would achieve a “soft landing” on inflation.
Speaking to CNBC, Yellen painted an optimistic picture of the US economy, one that Fed Chair Jerome Powell avoided in prepared remarks at the 2024 US Treasury Market Conference at the New York Fed.
“As I noted when I spoke at this event in 2015, our nation’s entire financial framework has been built around the ability to quickly and efficiently transform Treasury securities into cash liquidity,” he said.
“I said then that ‘these markets need to keep functioning at a high level, and we all have a stake in making sure that they do.’ I remain wholly dedicated to that goal.
PEPE Jumps Nearly 20% as Arthur Hayes Starts Betting on Meme Coins
On Friday, during the early hours of the Asian session, Arthur Hayes revealed an intention to buy meme coins. He highlighted three in particular: Iggy Azalea’s MOTHER, cat-themed culture coin MOG, and PEPE.
“It’s time for a memecoin breakout. I respect my MOTHER, I MOG like no one else, but I can’t neglect PEPE,” Hayes wrote.
Blockchain analytics platform Spotonchain disclosed that Hayes went on to buy 24.39 billion PEPE valued at $252,000. Transactions of such volume or magnitude by renowned personalities in the crypto market often attract attention and could sway traders.
“After ATH, Arthur Hayes turns to accumulate memecoin PEPE! In the past 2 hours, Arthur Hayes deposited 1 million USDC to Binance and withdrew back 24.39B PEPE ($252,000) to wallet 0x6cd for the first time,” Spotonchain reported.
SHIB adds $3.3bn market cap in one day
Shiba Inu (SHIB) saw a staggering $3.3 billion surge in market capitalization today, surpassing the combined market caps of WIF ($2.1 billion) and POPCAT ($1 billion). This unexpected leap has left many wondering—where’s all this liquidity flowing from?
Ripple vs SEC: Regulator Likely to Challenge XRP Non-Security Status
Deaton says Judge Torres’s ruling was very fact-specific, relying on the submitted XRP holder affidavits. Further, the SEC failed to establish a “common enterprise.” This is the second condition of the Howey Test, and appealing the ruling would not make sense.
“An appellate court could say, just as Judge Torres acknowledged, there could be a scenario where secondary sales could qualify as investment contracts because the facts meet all the Howey factors. But in the Ripple XRP case, the facts presented just don’t satisfy it. Thus, the case gets affirmed on appeal but it doesn’t prevent the SEC from arguing secondary sales constitute investment contracts in other cases,” Deaton noted.
Binance Founder Changpeng 'CZ' Zhao Could Be Released on Friday
A Federal Bureau of Prisons rule states that an inmate whose release date falls on a Saturday, Sunday, or legal holiday, may be released on the last preceding weekday.
CZ was sentenced to four months in prison in April after pleading guilty to violating the Bank Secrecy Act by failing to set up an adequate know-your-customer (KYC) program at Binance.
"We are delighted that CZ will be home with his family. While he is not managing or operating Binance, we are excited to see what he does next," a Binance spokesperson said.
