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Home Blog Bitcoin holds strong in september
Article by Yunis
6 October 2023 (Updated 24 May 2024)

Bitcoin Surges as Positive Signals and Institutional Investments Boost Confidence

There is still bad news in the market regarding bankrupt exchanges and the risk of their asset sell-offs. However, Bitcoin appears to be strong, expecting positive news from the SEC and institutional investors.
Crypto Platform News - September 2023
  • FTX received approval for selling their crypto assets.
  • SEC was after Binance but a US court stopped the investigation.
  • BlockFi clients started to withdraw their assets as Celsius did before.
  • Coinbase's reserves are discovered and the company's total is estimated 1 Million Bitcoin.

It has been a ride since last year's summer. Bears have been on the winning camp, and we kept asking if Bitcoin would dip or not. When we check the charts and consider that Bitcoin halving is less than a year away and the Fed's interest rate raises have come to an end, we can finally start feeling a little bullish. Bitcoin and crypto prices have generally increased in September, showing more hopeful estimates about Bitcoin. The most important aspect is the Bitcoin ETFs. It will be a crucial cornerstone for Bitcoin's cycles. SEC-approved Bitcoin ETFs will take their place among other securities, and big retirement funds and investment funds will be able to officially and directly invest in Bitcoin. This means that a significant amount of money will flow in to support Bitcoin prices as demand increases. September was a good sign that there is a brighter future than the past because we generally received negative news in September.

FTX is allowed to sell crypto assets.

FTX court hearings are still being held to resolve the company's bankruptcy. FTX requested permission to sell its crypto assets and received approval from the court. The company currently holds more than $1.1 billion in Solana and $500 million in Bitcoin. The markets initially reacted to this news with a sell-off, but the recovery came quickly.

Inspecting Binance

A U.S. court has rejected the SEC's request to inspect documents related to Binance U.S., the American arm of the world's largest cryptocurrency exchange. Binance U.S. opposed the SEC's request, calling it excessive. This development comes amid ongoing legal scrutiny, declining trading volumes, and key executives leaving the company. While the court denied the inspection, it requested more documentation and expressed concerns about the exchange's asset control.

BlockFi and Celsius started withdrawals.

Another bankrupt crypto trading platform, Celsius, and BlockFi are also making progress in the court and have started returning funds to some customers based on certain criteria. For example, Celsius is giving funds back only to those who were not using the Earn accounts. BlockFi doesn't have such criteria and started wallet withdrawals in September too.

Coinbase's reserve wallet discovered.

Blockchain researchers recently announced that the biggest U.S. crypto trading company, Coinbase, holds almost 1 million Bitcoin, which is over $25 billion in USD. The cryptocurrency analysis company Arkham's researchers also stated that the company holds close to 1.7 million in Ethereum, which is $2.7 billion in USD. These numbers make Coinbase the world's largest Bitcoin holder. The reserves of crypto platforms are of utmost importance, and blockchain analysts and researchers diligently conduct off-chain investigations to discover more associated wallets. Transparency is a critical aspect that blockchain technology affords us.

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