Bitcoin Rebounds to 95,000 USD as U.S. Regulatory Clarity Boosts Market Sentiment
Bitcoin is trading around the 111.72 million KRW (about 80,737 USD) mark, buoyed by optimism surrounding U.S. financial regulators’ efforts to clarify virtual asset regulations and continued inflows into spot Bitcoin exchange traded funds (ETFs).
As of 9:20 a.m. (KST) on Monday, Bitcoin was trading at 111.72 million KRW (about 80,737 USD) on Bithumb, a leading South Korean cryptocurrency exchange, up 1.07% from the same time yesterday.
Simultaneously, global crypto tracking site CoinMarketCap reported Bitcoin trading at $81,616, a 0.44% increase from the previous day.
Recent moves by U.S. financial watchdogs to refine cryptocurrency regulations have eased market uncertainty, bolstering investor confidence. The Securities and Exchange Commission’s (SEC) five-year conditional regulatory exemption for stock tokens and the Commodity Futures Trading Commission’s (CFTC) submission of virtual asset regulation proposals to the Office of Management and Budget (OMB) for review are seen as positive developments.
The sustained influx of capital into spot Bitcoin ETFs is also underpinning prices. Following a net inflow of 159.45 million USD on September 17, an additional 433 million USD poured in on September 18, marking two consecutive days of substantial inflows.
However, market observers note that concerns over U.S. monetary policy and the upcoming U.S.-China summit may cap further gains. The Federal Reserve’s recent 25 basis point rate hike to 3.75-4.00% and the highly anticipated U.S.-China summit on September 24 are key factors influencing market sentiment.
Goldman Sachs: U.S. Stock Token Deregulation to Benefit Coinbase, Robinhood, and Circle
The SEC’s introduction of an innovation exemption for tokenized stock trading is expected to create opportunities for major crypto players, according to industry analysts.
Reports from financial media on Monday cited Goldman Sachs and Citizens analysts projecting that Coinbase, Robinhood, and Circle stand to gain from the expansion of on-chain securities markets following the SEC’s implementation of the stock token innovation exemption.
The SEC’s five-year exemption allows for U.S. stocks to be tokenized and traded through automated market makers (AMMs) on public blockchains, provided the tokens guarantee shareholder rights such as dividends and voting privileges.
Goldman Sachs analysts predict Coinbase will benefit from tokenized stocks, institutional custody services, and asset tokenization infrastructure. Robinhood is also expected to capitalize on the opportunity if it develops SEC-compliant stock tokens. Circle’s USDC stablecoin is anticipated to see increased usage in settlements and collateral for on-chain securities transactions, indirectly benefiting the company.
PolyMarket Thwarts 10 Million USD Fraud Attempt; CEO’s Response Raises Eyebrows
Prediction market platform PolyMarket has reportedly been targeted in a sophisticated fraud scheme involving stolen debit cards, with attempted transactions totaling at least 10 million USD.
Industry sources revealed on Monday that since February, a group of fraudsters had been using stolen debit cards to fund bets on PolyMarket’s U.S. platform, aiming to withdraw winnings to legitimate accounts under their control. Approximately seven users spearheaded the majority of these attempts, with one individual reportedly making around 4,000 deposit attempts. At one point, payment processor Checkout.com flagged over 80% of PolyMarket’s U.S. deposits as potentially fraudulent and blocked them.
PolyMarket Chief Executive Officer (CEO) Shayne Coplan reportedly prioritized growth over regulatory compliance when informed of the issue, leading to the resignation of the U.S. entity’s Chief Compliance Officer and the dismissal of its CEO. While the exact amount of any successful fraudulent withdrawals remains unconfirmed, sources indicate that most attempts were thwarted.
ZetaChain Announces Shutdown, Plans Migration to Solana Ecosystem
ZetaChain, a Layer 1 blockchain project, has decided to cease its independent network operations and transition its artificial intelligence (AI) application Anuma and ZETA token to the Solana blockchain.
On September 20, the ZetaChain community overwhelmingly approved Governance Proposal 68, with 99.4% voting in favor of shutting down the native blockchain and migrating to Solana. The proposal saw a 58% participation rate, surpassing the 40% quorum requirement, with only 0.3% opposing or abstaining.
The ZETA token will be converted to Solana’s native SPL token on a 1:1 basis, maintaining its current total supply and ticker symbol. While the exact timeline for the network shutdown remains undetermined, ZetaChain plans to finalize details such as balance snapshots, the final block for network termination, token distribution, and procedures for withdrawing assets from connected chains through an upcoming governance proposal.