JPEX blames partners for ‘maliciously’ freezing funds, causing liquidity crisis

Dubai-based cryptocurrency exchange JPEX has slammed regulators and “third-party market makers” for a liquidity crisis that has seen the platform hike withdrawal fees and suspend certain operations.

In a Sept. 17 blog post, JPEX said “unfair treatment” from certain institutions in Hong Kong, along with negative news, caused its third-party market makers to “maliciously” freeze funds.

Blaming the liquidity crisis, JPEX announced that all operations affiliated with its Earn product would be “delisted” by Sept. 18. Users will no longer be able to place any new Earn orders and existing Earn orders will only continue until the product end date, it said.

JPEX did not specifically address the high withdrawal fee but pledged to gradually adjust the withdrawal fees "back to normal levels" after it finishes negotiations with the third-party market makers.

“We promise to recover liquidity from third-party market makers as soon as possible and gradually adjust the withdrawal fees back to normal levels,” JPEX said in a statement, noting the details will be announced after negotiations conclude.

In addition to shuttering its Earn product, JPEX announced that it would be using a decentralized autonomous organization (DAO) to collect suggestions regarding its restructuring from users.

#news #crypto #jpex

BTC price targets $27K as Bitcoin bulls shrug at PPI inflation surprise

Data from Cointelegraph Markets Pro and TradingView followed BTC price action as it made new September highs, topping out at $26,762.

Bitcoin built on strength seen after the previous daily close, ignoring the implications of the U.S. inflation rebound as confirmed by both the Consumer Price Index (CPI) and Producer Price Index (PPI) August prints.

The latter came in at 1.6% year-on-year against market expectations of 1.3%.

Crypto nonetheless joined traditional markets in rejecting the idea that U.S. macro policy might stay more restrictive for longer in order to tame inflation.

According to CME Group’s FedWatch Tool, there was practically no consensus over the Federal Reserve raising interest rates again later in the month. On the contrary, odds of a rate hike pause stood at 97% at the time of writing.

More conservative on the outlook for BTC price strength was trader and analyst Rekt Capital, who eyed an ongoing repeat of a chart fractal from 2021 — Bitcoin’s latest all-time high.

“Bitcoin bounces from ~$26,000. And as long as $26k holds as support, Phase A-B of the fractal could be in play,” he wrote alongside explanatory charts.

#news #btc #world #us #crypto

Telegram integrates TON crypto wallet, Toncoin price jumps 7%

Messaging app Telegram endorsed TON as its blockchain network of choice for Web3 infrastructure, boosting Toncoin’s price by 7%.

Popular messaging app Telegram has finally unveiled a crypto wallet, nearly three years after it first revealed plans to build a Web3 ecosystem. The wallet was presented during the ongoing Token2049 event in Singapore.

The crypto wallet is developed on The Open Network (TON) blockchain and is now available to Telegram’s 800 million users worldwide. The TON wallet integration into Telegram helped the price of Toncoin soar by nearly 7% on the announcement.

TON Foundation said that projects built on the TON blockchain will get priority access to the messaging app’s advertising platform, Telegram Ads. The wallet feature is currently available in the settings for current users, and a global rollout will begin in November later this year, excluding the United States and a few other countries

#news #telegram #crypto #ton

India working on 5-point crypto legislation as ban is ruled out

Indian crypto platforms could attain similar status as authorized dealers (similar to banks) under the guidelines of the Indian central bank, RBI.

India is working on a crypto regulatory framework based on the joint recommendations of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) that could result in legal legislation in the next five to six months. Sidharth Sogani, CEO of Crebaco, which has worked with government agencies and ministries, told that the Indian government is working on a five-point crypto legislative framework with a global approach.

India recently concluded the G20 summit on a high with several key economic announcements; however, the most notable decision for the crypto community came in the form of the IMF–FSB joint recommendations for crypto regulations, which India and other G20 nations welcomed.

The IMF–FSB crypto recommendations call for regulating the crypto market rather than a blanket ban. The IMF–FSB recommendations are a set of regulatory guidelines and suggestions that the G20 countries can work on to formulate their independent yet collaborative crypto legislation.

#news #crypto #india

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TON, XLM, XMR, and MKR could attract buyers if Bitcoin rises above $26,500

Bitcoin’s weakness has dragged several altcoins lower, with many testing multi-week lows. This indicates that the broader crypto market is in a firm bear grip. Negative markets make it difficult for buyers to identify short-term bullish trades as rallies hardly sustain. However, it could be a good time for long-term investors to build a portfolio.

According to a recent Amberdata report, 24% of asset management firms are appointing senior executives dedicated to the implementation of digital strategies. Down the line, 13% more firms plan to adopt a digital assets strategy. This indicates “seriousness about implementation as well as senior management buy-in,” the report added.

Could Bitcoin break out to the upside, boosting buying interest in altcoins? Let’s study the charts of top-5 cryptocurrencies that are showing promise in the near term.

#BTC #altcoin #markets #news