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#Layer2 Gold takes a rocky path to $1,940.00 on Fed reaction, decides to walk down on Fed rate call.Fed outlook sees inflation slightly higher than predicted and holds steady on rates.XAU/USD waffled on market reaction, recovery rally fails to extend.
The XAU/USD slipped to $1,940.00 after the Federal Reserve (Fed) held benchmark interest rates at 5.5% for the time being. The Federal Open Market Committee (FOMC) released their inflation expectations looking forward, seeing inflation a little bit higher than it previously forecast.
Fed Chair Jerome Powell took the podium to outline the Fed's position in a speech shortly after the rate call, and his overall tone kept Gold prices bolted to their initial reaction levels.
Read More:
Jerome Powell speaks on policy outlook following the decision to hold interest rate steady
Fed dot plot points to one more 25 bps hike in 2023 and 50 bps cut in 2024
According to the Fed's 'dot plot', the Summary of Projections (SEP), the US central bank is still on pace to deliver one last 25-basis-point hike in 2023. The median of Fed officials sees the official Fed funds rate at 5.1% by the end of 2024.
Fed Chair Jerome Powell reiterated the Fed's dedication to achieving their long-term 2% inflation target. While Chair Powell noted that the Fed is very likely to be near the top of the rate hike cycle, but reaffirmed that the Fed will base its future decisions on data.
XAU/USD technical outlook
Gold prices initially ramped up during the pre-Fed Wednesday trading session, lifting from the day's opening near $1,931.00, reaching a peak of $1,947.00, just beneath the $1,950.00 critical level.
The XAU/USD swamped out following the Fed, declining to the $1,940.00 level before staging a profit-taking rally that ultimately failed to recover the day's high, and Gold is set to decline further from $1,940.00 if buyers remain on the sidelines.
On daily candlesticks, Gold saw a clear rejection from the 100-day Simple Moving Average (SMA), and current price action is seeing support from the 200-day SMA currently floating up to $1,925.00.
XAU/USD daily chart
XAU/USD technical levels
XAU/USD
OverviewToday last price1940.48Today Daily Change9.10Today Daily Change %0.47Today daily open1931.38

TrendsDaily SMA201924.58Daily SMA501931.99Daily SMA1001945.57Daily SMA2001923.66

LevelsPrevious Daily High1937.44Previous Daily Low1929.79Previous Weekly High1930.77Previous Weekly Low1901.07Previous Monthly High1966.08Previous Monthly Low1884.85Daily Fibonacci 38.2%1932.71Daily Fibonacci 61.8%1934.52Daily Pivot Point S11928.3Daily Pivot Point S21925.22Daily Pivot Point S31920.65Daily Pivot Point R11935.95Daily Pivot Point R21940.52Daily Pivot Point R31943.6#opbnb #crypto2023 #BTC #ETH

#Layer2 U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler filed testimony before House Committee on Financial Services hearing.
Ahead of the U.S. House of Representatives Committee on Financial Services hearing on September 27, 2023, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler appears likely to repeat stance he took during the recent hearing before the Senate Committee on Banking, Housing, and Urban Affairs.
Also Read: Bloomberg Analyst Reveals One Absent Piece in Franklin’s Bitcoin ETF Race
Gary Gensler Hearing: What To Expect
On September 12, 2023, CoinGape reported Gensler’s statement that crypto industry is rife with fraud, abuse, and misconduct. Similarly, he repeated the statement in his latest testimony submitted before the House Committee on Financial Services. The hearing is titled ‘Oversight of the Securities and Exchange Commission’ and will be livestreamed at September 27, 2023 at 10 AM eastern standard time. Extending the US SEC’s widely criticized stance on crypto regulation, Gensler had in the testimony stated, “Most crypto tokens are subject to the securities laws.”
Further, he gave a prior notice of silence on ongoing litigations like the #XRP lawsuit and the Grayscale spot ETF conversion ruling. When asked about the SEC’s actions so far on the approval of spot Bitcoin exchange-traded funds (ETFs), Gensler said it was work in progress with the agency officials. Contrary to Gary Gensler usual style of communication, the Commission’s chair has been relatively silent on the crypto enforcement part since the XRP lawsuit Summary Judgment came out.
“While I’m happy to discuss the SEC’s work, I will not be able to comment on any active, ongoing litigation.”
In a memorandum to the Committee from the Republicans mentioned the SEC’s past actions like the definition of crypto trading platforms and companies running crypto custodial activities. Hence, questions are likely to come up on these lines. In addition, Congressman Blaine Luetkemeyer sent a letter to Gensler along with the Financial Industry Regulatory Authority (FINRA) on concerns of the two bodies’ scrutiny of registered broker dealers with ties to the Chinese Communist Party like Prometheum and Webull.
It may be recalled that since May 2023, the SEC had been under fire from several lawmakers and members of the crypto community for approving Prometheum’s application to offer custody of digital assets following FINRA approval.
Timeline For Crypto Regulatory Framework
In the context of the recent legislative actions to implement laws around crypto industry, the members of House Committee may likely grill the SEC Chair on specifics about timeline based framing of the United States #crypto regulatory framework. In a latest development, a bipartisan coalition of lawmakers has urged Gensler to speed up the spot ETF approval process in the context of the recent court filings like the Grayscale verdict that granted motion to convert the company’s Bitcoin Trust into a spot Bitcoin ETF.#opbnb #crypto2023

#Layer2
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BTC$27,010ETH$1,617BNB$214XRP$0.51ADA$0.252USDC$1.00USDT$1.0000DOGE$0.06SOL$20BCH$214XMR$147.8ZEC$26NEO$7.62XLM$0.116MIOTA$0.15UNI$4.36YFI$5,351MATIC$0.54DASH$27BAND$1.08LINK$6.83DOT$4.14COMP$40.57AAVE$65.36SUSHI$0.61SNX$2.12CAKE$1.17EOS$0.58
Investors who have dollar-cost averaged into Bitcoin over time are profitable regardless of when they began implementing the strategy.
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MARKET ANALYSIS
The weighted average cost of purchased Bitcoin recently reached a level signifying that all investors who have consistently dollar-cost averaged into the leading cryptocurrency are now in the black, regardless of how long they have been holding.
This news comes despite the price of Bitcoin, as measured in U.S. dollars, still being down by over 50% from its all-time high of around $69,000.
Dollar-cost-averaging (DCA for short) is a strategy that consists of making regular purchases of an asset for a fixed dollar amount. The idea is that by spreading buy orders out over time, volatility can be mitigated. Some buys will execute at lower prices while others will be executed at higher prices. This method can be particularly appealing for an asset like Bitcoin, which has been known for its legendary volatility.
And yet, many financial pundits in the space still cling to the notion of Bitcoin’s
BTC
$27,010
entire existence and market cap of nearly $600 billion being based on a Ponzi scheme of some sort. Others continue to deny that saving in the hardest form of money ever known has, so far, been an excellent investment thesis — one that has outperformed all others.
Yes, there may be risks. And yes, volatility definitely comes with the territory. But looking at such factors in a vacuum does not make for adequate analysis of any investment. The alternative strategies available must be taken into consideration, along with other variables such as:
What is the current macro environment, and how might it change going forward? What impact might this have on different asset classes and their performance?What risk/reward ratio does one strategy offer in comparison to others?Can diversification lead to an optimized risk/return profile, or does YOLO’ing all-in provide better returns?
These are just a few potential questions that could be worth investigating when it comes to arguments against dollar-cost averaging (DCAing) into BTC for the long term.
Bitcoin outperforms traditional investments
Some investors, like those at Adamant Research, have been pointing out the reality of Bitcoin’s most favorable risk/reward ratio for many years:
“We assert that the long term risk reward ratio for Bitcoin is currently the most favorable of any liquid investment in the world. We expect for it to trade in a range of $3,000 to $6,500 after which we foresee the emergence of a new bull market.”
The group made similar statements during the bear markets of 2015 and 2011 as well.
Many traditional investments, like gold, real estate, or a portfolio consisting of 60% equities and 40% bonds, have significantly underperformed compared to DCA'ing into Bitcoin.
The following chart illustrates the relative performance of several currencies and asset classes against BTC quite well:
Needless to say, when it comes to comparing the performance of a DCA strategy in Bitcoin versus literally any other asset, there is little comparison to be made.
To diversify or not?
Traditional asset managers tend to abide by certain rules, one of them being the idea of rebalancing. When a particular asset outperforms, profits should be taken and distributed elsewhere, according to this line of thinking.
It can be considered a form of diversification “on the go,” so to speak. But whether discussing diversifying from the onset of constructing a portfolio or as time goes on, how would such a strategy compare to going all-in on what has so far been considered one of the riskiest, most speculative assets of all time?
The answer is simple: Doing so would be “selling the winner to buy the losers,” as investor Michael Saylor has said.
On a five-year basis, BTC/USD is up 376%. Compare this to about 55% for the S&P 500 or gold.
Taking profits from Bitcoin at any point in time and putting them into other assets would have decimated a portfolio’s potential. Income from dividends doesn’t compensate, except for those working with multimillion-dollar portfolios. And even then, the potential income would be dwarfed by the capital gains of holding a large Bitcoin position.
While the concept of “risk” often implies volatility and potential downside, what about the risk associated with “playing it safe?” Some argue that investors should also be concerned about the potential of their portfolios to barely keep pace with the rate of inflation, which has become a significant risk in recent years.
Related: CPI meets low BTC supply — 5 things to know in Bitcoin this week
Macro trends to consider
Proponents of Bitcoin and the DCA strategy have long since contended that BTC serves as the ultimate hedge against monetary inflation and overall financial market uncertainty.
Despite critics’ best efforts aimed at destroying this narrative, it has prevailed.
Look no further than the banking collapses of 2023 and Bitcoin’s resulting rally for proof. Furthermore, while the saying “so much for an inflation hedge” became popular in 2022 as BTC fell sharply from its all-time high, that idea strangely seemed to go by the wayside in 2023.
When it comes to money printing, there is perhaps no #crypto meme more famous than “money printer go brrr.” This meme depicted Federal Reserve Chair Jerome Powell at a printing press spewing freshly minted US dollars.
A big reason that meme was so successful was the truth behind it: The growth of the M2 money supply has been highly correlated to the price of $BTC /USD since its inception.
While money supply and velocity have been trending downward as of late, there’s little reason to believe that the monetary policy of quantitative easing (QE, also sometimes referred to as money printing) has vanished completely. More likely, it simply lies dormant for a time.
Slow and steady wins the race
For many Bitcoin and crypto cynics, no amount of evidence will alter their convictions. Once a Ponzi scheme, always a Ponzi scheme, in their view. But hodlers have taken the orange pill and seen the truth while reaping the just rewards.
While Bitcoiners can invite others to the cause, no one can force a worldview on another. Even if that view has long since become self-evident.
#BTC is up 87% year-to-date. Still, the price remains 44% beneath the all-time high of $69,000. The next halving is less than one year away, projected for May 2024.
Following this event, along with the prospect of increased institutional adoption in the immediate future, it’s widely anticipated that the #bitcoin price could reach six-figure territory and beyond during this cycle.
Disclaimer: The information contained on this widget is not intended as, and shall not be understood or construed as legal, tax, investment, financial, or other advice. Nothing contained on this widget constitutes a solicitation, recommendation, endorsement, or offer by Cointelegraph or any third party service provider to buy or sell any cryptoassets or other financial instruments. We advise you to spend only what you can afford to lose, and always seek independent financial advice if you are in doubt. You should not purchase any cryptoassets if you do not fully understand the nature of your purchase and the risks involved. We recommend that you refer to the issuer’s/ advertiser’s t&c and help/ support pages for more information.#opbnb

#Layer2 Latest data from Kaiko, a blockchain analytics firm, reveals that while XRP prices are down 46% from July 2023 highs, its liquidity has significantly improved in the past two months, expanding 50% from $8 million to $12 million as of early September.
XRP’s Liquidity Rising
The jump in market depth follows a United States court ruling in July that negated the Securities and Exchange Commission (SEC) assertions that the coin was an unregistered security and that Ripple, the blockchain company that relied on the token on its On-Demand Liquidity (ODL) solution, had illegally raised billions in their initial coin offering (ICO).
Based on market data, XRP’s market depth, a metric used to measure a digital asset’s supply and demand at every price level, has steadily risen. However, the analytics platform notes that the 50% jump in liquidity is amid a sharp contraction in trading volumes and prices.
While liquidity has spiked, it still needs to be determined whether buyers are stronger than sellers at any price point, a reading that could help traders determine the short to medium-term trajectory. In an environment with stronger buyers, it hints that demand is high, a development that could support prices going forward.
Bears In Charge, Coin Down 46% From July Peaks
Price action data shows that XRP prices rapidly soared on July 13, rising nearly 100% as prices moved from $0.47 to $0.933. While there was optimism that there would be a follow-through that could lift XRP prices above $1 in the session ahead, prices have been cooling off steadily over the past two months.
Down 46% from July 13 peaks, XRP is changing hands at the early July 2023 zone, though trading volumes are within average when writing.
It is not clear whether prices will recover from spot rates. What’s apparent is that XRP prices are still boxed within the July 13 bull bar, and buyers have a chance, based on volume analysis, provided prices are above July 2023 lows at around $0.45.
Presently, XRP is also down 70% from April 2021 highs, and bears are in control from a top-down preview despite the current upswing that has shifted sentiment following last year’s dump that saw $XRP drop to around $0.30.
While Ripple registered a partial win in the July ruling, buoying #XRP prices, the SEC intends to appeal. Even so, more analysts are convinced that the two parties will settle before the case goes to trial. This may support prices.
Some experts note that this settlement will be in the best interest of the regulator since a trial will mean Ripple might call “#Ethereum ICO Insider,” Steven Nerayoff, as a witness. Nerayoff recently stated that Ethereum got preferential treatment during its initial coin offering (ICO).#opbnb #crypto2023

#Layer2 The Empower Oversight group has filed a Freedom of Information Act (FOIA) request to unearth the communications of former SEC Chair Clayton.
In a continuous effort to enhance transparency and accountability in governmental agencies, Empower Oversight Whistleblowers & Research (“Empower Oversight”) has recently submitted a new Freedom of Information Act (FOIA) request. This application seeks explicit records of communications between Jay Clayton, the former Chairman of the Securities and Exchange Commission (SEC), and various individuals potentially linked to the SEC’s controversial cryptocurrency enforcement decisions.
Clayton’s Controversial Crypto Journey
From May 4, 2017, to December 23, 2020, Clayton notably declared Bitcoin was not a security. Furthermore, affirmations from senior SEC officials echoed his stance on Ether. Significantly, these announcements bolstered the value of both tokens. However, as Clayton’s term ended, the SEC’s sudden lawsuit against Ripple, claiming its #XRP token was a security, threw the cryptocurrency community into a whirlwind of speculation.
Consequently, eyebrows raised when Clayton joined One River Asset Management post-SEC, a hedge fund centering solely on Bitcoin and Ether investments. Given these developments, Empower Oversight intensified its efforts to unearth any behind-the-scenes communication between Clayton and several identified individuals during his time at the SEC.
New Insights Bring New Questions
Additionally, with Empower Oversight’s recent FOIA request, the organization seeks comprehensive communication details between Clayton and figures such as Jasmine Burgess, John D’Agostino, and others. Besides trying to piece together Clayton’s decisions, Empower Oversight is determined to ensure no conflicts of interest during Clayton’s leadership.
Moreover, this move comes at a crucial juncture, with the SEC facing flak from cryptocurrency advocates and leading US legislators. Notably, Patrick McHenry, Chairman of the House Financial Services Committee, criticized the SEC for its lack of transparent regulation concerning crypto-related activities in the US.
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Empower Oversight’s previous requests have already led to revelations. Notably, former senior SEC official William Hinman’s ties with his past employer, Simpson Thacher, garnered attention due to the potential implications of a conflict of interest. Hinman’s public declaration that #Ethereum was not a security contrasts starkly with the SEC’s previous references to similar tokens as unregistered securities.
Hence, as the inquiries deepen and the lines connecting the dots become more evident, the #cryptocurrency realm eagerly waits for clarity. These investigations will bring much-needed transparency and fairness in the rapidly evolving world of digital currencies.#opbnb

#crypto2023 A potential breakout from the overhead trendline could accelerate the bullish momentum in BTC Price.
Throughout September, the #bitcoin price action has been largely confined to a narrow trading range, demonstrating a period of consolidation. During this time, a descending trendline consistently provided resistance, fueling expectations for an extended corrective phase among traders. However, the recent market surge—partly catalyzed by rising concerns of a U.S. government shutdown—saw BTC price attempting another breakout from this overhead barrier, igniting hopes for a renewed bullish phase.
Will the Current Recovery Surpass $28000?
The BTC price above the daily EMAs(20, 50, and 100) could offer additional.
A bullish breakout from the resistance trendline could surge the coin price by 4%
The intraday trading volume in Bitcoin is $6.2 Billion, indicating a 6% gain.
Source-Tradingview
Over the last six weeks, the Bitcoin price has encountered resistance from this overhead trendline on three separate occasions, illustrating that traders have been capitalizing on bullish spikes to sell. Today’s trading was no different; despite an intraday gain of 0.7%, the price met increased selling pressure at around the $27,200 mark.
This resulted in a long-wicked candlestick, hinting at the possibility of an imminent bearish reversal. Should the price dip below the low of $26,671 set on September 29, a further decline toward the $25,000 level would become increasingly likely.
However, the prevailing bullish sentiment suggests another potential outcome. If the daily candle manages to close above this key resistance level, we could see the price make a swift 4% recovery to meet the next level of resistance at $28,200, aligned with the descending trendline from previous highs.
A definitive breakout above this point could serve as a strong indicator of a more durable recovery, potentially propelling the $BTC price past the significant psychological milestone of $30,000.
1 BTC to USD=$27982.655
Buy / Sell
BTC
USD
BTC vs ETH Performance
Source: Coingape| Bitcoin Vs Ethereum Price
Coming to the past month’s price behavior in the two leading cryptocurrencies Bitcoin and #Ethereum , both have showcased the mid-term trend sideways. However, the Ethereum price has outperformed #BTC in last week’s recovery, indicating it is a better asset to ride the current rally.
Exponential Moving Average: The buyers’ reattempting to reclaim the 200-day EMA slope would offer an additional edge to buyers.
Average Directional Index: An uptick in the daily ADX slope reflects the buyers have enough potential to extend further recovery.#opbnb

#crypto2023 #Layer2 Important alert issued to SHIB, BONE, LEASH and Shiboshis holders
Shibarmy Scam Alerts, an X account dedicated to exposing scams and protecting the Shiba Inu community, has reiterated a warning from the Shibarium Discord team.
Shiba Inu users are strongly advised not to connect their wallets containing SHIB, BONE, LEASH, ShibTheMetaverse, Shiboshis, or any other assets to unknown dApps.
Hey there, #Shibizens!
We really want to stress the importance of not connecting your wallet, which holds your precious $Shib $Bone $Leash, #Shiboshis, #ShibtheMetaverse, or any other assets, to unknown Dapps. It's crucial to be cautious and aware of the potential risks in order… pic.twitter.com/ra1rWuPQUB
— Shibarmy Scam Alerts (@susbarium) September 30, 2023
It was reiterated to the Shiba Inu community that there is a critical need to be cautious and aware of the potential risks to protect themselves from scams or misleading activities or information. They would also need to take necessary precautions in this regard.
In this light, Shiba Inu users are urged to always do their research, stay informed and always be cautious when connecting their wallets to unknown dApps.
Shiba Inu community urged to beware
First and foremost, the Shiba Inu community should be wary of phishing dApps. Bad actors often create dApps almost identical to legitimate platforms associated with SHIB, BONE, LEASH, Shiboshis, MV, or other assets.
In this regard, Shiba Inu users are advised to constantly double-check the dApp's name and URL to ensure it is the official and trusted version.
Second, Shiba Inu users should be on alert for fake dApp accounts. Scammers could create fake accounts on dApp platforms, claiming to represent reputable projects or services related to the Shiba Inu ecosystem. Shiba Inu users should verify the legitimacy of the account and the dApp before conversing or revealing any personal information.
Third, the Shiba Inu community should be wary of unsolicited messages, as scammers may use email or chat platforms to imitate well-known projects or team members linked with $SHIB , BONE, LEASH, Shiboshis, MV, or other assets. In this regard, Shiba Inu users should always confirm the sender's identity before acting.
Fourth, Shiba Inu users should keep an eye out for slight variations in the spelling or formatting of token names. Scammers enjoy inventing tokens with names that are eerily similar to known ones, all in the hopes of duping unsuspecting investors. As a result, before interacting with any dApp, users should ensure that they are dealing with the official token name and accompanying details.
Finally, #Shibainu users should be cautious of unofficial channels. They should instead stick to the official communication channels of Shiba Inu ecosystem projects or groups. They should also refrain from doing financial transactions or providing sensitive information through unofficial channels.#opbnb #ETH