iGaming Crypto Watch September 2023 – Flat month for cryptos!

There some minor drops in value in the past 14 days. BTC, BCH, TRX, XRP & ETH trade in the green. LTC surprisingly drops below its yearly starting price! (Image from Pierre Borthiry at unsplash.com)

September started flat in the cryptocurrency market after it popped last week… and came off again. On August 28^th, a slight victory with Greyscale’s court case against the SEC, the market immediately spiked at least 6%.

The court found that the SEC ruling against a spot bitcoin ETF was arbitrary, and they were allowed to pursue this new investment asset through the proper channels of the SEC.

This court ruling could open a wave of bitcoin ETF applications, which Blackrock, Fidelity and Ark Investments are currently exploring.

The positive news boosted Coinbase’s stock price by 14%, which is listed as a custodial partner in many of the bitcoin ETF applications.

The biggest asset manager in the world, Blackrock, has only been denied one of 575 ETF applications presented to the SEC and is confident that their Bitcoin ETF application will get approval shortly.

iGaming Crypto Watch: See last momth’s crypto prices via the iGaming Crypto Watch August 2023 update here.

iGaming Crypto Watch September 2023 Updates

Bitcoin (BTC) – When Bitcoin broke through the $29K USD threshold, it plummeted until it hit a solid support level at $25K. Of course, it did get a bit of reprieve when the Greyscale court ruling boosted the coin, but that was short-lived. The psychological support level of $25K is critical; if sellers push it through this level, it could reach close to $20K. Many external factors could affect the BTC price in either direction, such as the Fed’s approval of ETFs and the possibility of interest rate hikes in September. BTC is trading at USD 25,958, in a tight USD 300 range.

Bitcoin Cash (BCH) – Bitcoin Cash broke through the 200 USD resistance, riding on the wave of Greyscale news, but has since pulled back and is trading at 195.52 USD. The public sentiment on BCH remains positive and suggests that investors are optimistic about BCH’s future growth. The number of transactions of BCH remains high, implying stability and affirmation that traders sense a possible bull run.

Litecoin (LTC) – The Litecoin halving event at the beginning of August turned out to be a non-event and the altcoin has been in a downward trend ever since. The negative indicators of LTC are that the halving has reduced the miner’s rates to 6.25 LTC (from 12.5 LTC) and the number of transactions has suffered a significant drop. These 2 factors go hand-in-hand and are causing a bearish trend where selling pressure is more potent than buying pressure. LTC is currently trading at 64.22 USD and technical indicators point out that long-term prospects for the altcoin are not favourable.

TRON (TRX) – TRON has held up well against its peers, with a respectable 40% increase in price since the start of the year. The altcoin has pulled back significantly from its July peak, hitting USD 0.083, a year-to-date high. TRX has been in a horizontal pattern most of August and hasn’t fluctuated more than USD 0.03. TRX has experienced increased active users, daily transactions and market cap but has not translated to a rise in the coin price. Market analysts remain positive on TRX but have mixed short-term price predictions for the rest of the year. Some of the more optimistic outlooks are a target of USD 0.099 by December. The altcoin is currently trading at USD 0.077.

Ripple (XRP) – The SEC has pursued many cryptocurrency firms, but the most followed is the Ripple court case. The altcoin got a boost last month when a judge ruled that XRP tokens are not securities and that blind/ask transactions are not under the SEC securities laws. The SEC has appealed this ruling, and the XRP saga continues as the XRP legal team has challenged the appeal with alternative arguments. The altcoin has been downward since the verdict, and investors are hesitant to buy XRP until a decisive ruling is realised. XRP trades at USD 0.51, with solid support at USD 0.50 and resistance at USD 0.53.

Ethereum (ETH) – Ethereum continues to drop as it maintains its bearish trend, with significant analysts predicting a drop to USD 1,400 in the coming weeks. ETH has fallen 18% after hitting a 4-month high in July of USD 2,004. Some analysts feel the price drop is because traders are waiting for the SEC announcement of a possible Ethereum ETF this month. If the SEC approves this ETF, it will pave the way for other cryptocurrencies and products. ETH is trading at USD 1,639, with solid support at USD 1,629 and resistance at USD 1,658.

Disclaimer: Please do not use this report for investments. It is purely informational and prices will have changed since writing the information provided. Also, this is purely for players that play at Bitcoin casinos so they can keep track of crypto prices every 2 weeks.