Cryptocurrencies experienced a mix of bearish and bullish trends 16 September 2024 over the next 24 hours, with Ether showing a bearish trend, while Avalanche and Ripple's XRP are expected to perform better. Over a one-week period, Bitcoin, Binance Coin, and XRP are expected to remain bearish, with Ether, Solana, Cardano, Avalanche, and other altcoins also facing downward pressure.
Bitcoin rose above $60,000 over the weekend due to optimism about potential rate cuts by the US Federal Reserve but fell back early on Monday. Ether also saw a decline. MicroStrategy expanded its Bitcoin holdings, now owning 244,800 Bitcoin, worth $14.3 billion.
The SEC has extended its lawsuit against Binance, adding more tokens as securities, while Kraken is challenging the SEC’s classification of 11 cryptocurrencies as securities. The price of Binance Coin dropped following these developments. The liquid staking market for Solana could see significant growth, with the potential to reach $10 billion.
Lastly, the British High Court of Justice recognized Tether’s stablecoin, USDT, as property, which has implications for its legal treatment in the UK.
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