The price of Bitcoin (CRYPTO: $BTC ) and other cryptocurrencies strengthened heading into the weekend after a volatile week dominated by an interest rate hike from the U.S. Federal Reserve On the afternoon of Sept. 18, Bitcoin was up 6% and trading at $80,850 U.S. The largest cryptocurrency had been trading near $75,000 U.S. on the eve of the U.S. interest rate decision on Sept. 16. Other digital assets were gaining strength at week's end, with Ethereum (CRYPTO: $ETH ) also up 6% and Solana's (CRYPTO: $SOL ) price rising 11%. It's proving to be a quick recovery for digital assets after the U.S. central bank raised its trendsetting Fed Funds Rate by 25 basis points, its first hike in three years. Crypto appears to be staging a relief rally as the market welcomes slightly higher interest rates that are used to dampen inflation. More From Cryptoprowl: Also giving a lift to crypto heading into the weekend are declining crude oil prices. After trading nearing $110 U.S. a barrel, Brent crude oil, the international benchmark, was trading at $103.80 U.S. a barrel on Sept. 18. Many analysts say that Bitcoin's price needs to rise above resistance at $80,000 U.S. in order for it to stage a lasting recovery and continue marching higher. Here's what else happened in the crypto sector over the past week... Clarity Act Fails In U.S. Senate: The big news was that the "Clarity Act" legislation failed to pass a critical vote in the U.S. Senate. The legislation received 50 votes for and 49 votes against, which was below the minimum 60 votes needed to advance the Clarity Act and move it closer to becoming law. The Clarity Act would provide a regulatory roadmap for digital assets such as Bitcoin and is viewed as important to the future development of the crypto sector. Stocks of leading crypto firms plunged as much as 10% after the bill failed to advance. Strategy Leaves Bitcoin Holdings Unchanged: Strategy (NASDAQ: $MSTR ) again left its Bitcoin holdings unchanged as it focuses on repurchasing its preferred stock (NASDAQ: $STRC ). The serial cryptocurrency acquirer bought back 1.42 million of its preferred shares at a cost of $139.3 million U.S. Strategy did not buy or sell any Bitcoin, leaving its holdings unchanged at 845,050 BTC, worth $65.7 billion U.S., for a second straight week. U.S. Regulators Push Crypto Rules After Clarity Act Stalls: Securities regulators in the U.S. said they plan to move forward with regulations to govern crypto after the Clarity Act legislation stalled in Congress. The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) each signaled plans to move ahead with crypto rules. Democratic lawmakers continue to oppose the legislation over concerns about politicians' crypto interests. Wall Street analysts said they expect the SEC and CFTC to take the lead when it comes to regulating Bitcoin and other digital assets. Kalshi To Offer U.S. Stock And Commodities Trading: Prediction market Kalshi plans to offer customers the ability to trade single-stock perpetual futures contracts in the U.S., as well as bet on the price movements of agriculture commodities. Kalshi said it is seeking regulatory approval to list contracts linked to some of the biggest U.S. stocks, such as Tesla (NASDAQ: $TSLA ) and Nvidia (NASDAQ: $NVDA ). Perpetual futures, known as "perps," are leveraged contracts that allow people to speculate on the price movements of stocks with no expiration date. Hong Kong Crypto Exchange CoinEx To Shutdown: Hong Kong-based cryptocurrency exchange CoinEx is shutting down after nine years of operation. In a statement, the exchange said that it is ceasing operations due to an "increasingly difficult" operating environment. The closure of CoinEx is the latest among crypto exchanges amid a prolonged "crypto winter" that began nearly a year ago. Crypto exchanges Bitmart and BitMEX announced their closures in July of this year, citing similar issues as CoinEx. Investor Cathie Wood Sells Crypto Stocks: Investor Cathie Wood sold a number of cryptocurrency stocks as their share prices rallied. Wood's firm Ark Invest sold shares of Coinbase Global (NASDAQ: $COIN ), Circle (NYSE: $CRCL ), Bullish (NYSE: $BLSH ), and Bitmine (NYSE: $BMNR ) as the stocks rose. The sales come as crypto stocks enjoyed a big rally with the price of digital assets such as Bitcoin and Ethereum up more than 20% since the end of August. Wood's firm routinely adds and reduces its crypto stock holdings depending on market conditions. Deutsche Bank To Offer Crypto Custody For Institutions: German lender Deutsche Bank (NYSE: $DB ) plans to offer cryptocurrency custody to its institutional clients. Germany's largest bank said in a news release that its digital asset custody service is set to go live by the end of this year. Deutsche Bank said the service will give European institutional and corporate clients regulated custody of cryptocurrencies such as Bitcoin. Crypto custody is the secure storage and management of private keys that prove ownership of digital assets such as Bitcoin. Circle Unveils New Arc Blockchain: Stablecoin developer Circle Internet Group has unveiled a new blockchain called "Arc." The blockchain arrives as Circle tries to diversify beyond issuing its $74 billion USDC stablecoin (CRYPTO: $USDC ). Circle said that Arc will help it become one of the biggest blockchain companies and provide rails for moving money and financial assets onchain. Circle was dealt a blow earlier this year when a group of 21 financial institutions announced plans to launch their own U.S. dollar-backed stablecoin in 2027. Revolut Hackers Demand $3 Million Of Monero: Hackers who have targeted digital bank Revolut are demanding that a $3 million U.S. ransom be paid using the cryptocurrency Monero (CRYPTO: $XMR ). The cybercriminals are reportedly threatening to sell sensitive customer data to other criminal organizations unless they receive $3 million U.S. worth of Monero. Hackers and criminal groups often request ransoms be paid in Monero as it is one of the most difficult to trace cryptocurrencies. Revolut is a leading digital financial technology firm and licensed neobank that lets users manage money and trade assets through a mobile app. Dates Confirmed For Ethereum Upgrade: The Ethereum Foundation has confirmed the dates for the upcoming Glamsterdam upgrade. Ethereum developers have set Oct. 6 as the test date for the highly anticipated upgrade to the cryptocurrency's blockchain network. Glamsterdam is Ethereum's first major upgrade in years and is designed to fit more activity into each block without overwhelming the computers that verify it. Ultimately, the upgrade is intended to create room for more payments and trades across the Ethereum blockchain. Original Source: CryptoProwl.com
