On Tuesday (September 12) in the Asian market, Bitcoin rebounded slightly to $25,170 after falling below the $25,000 mark overnight, but bearish sentiment is still strong, and technical warnings indicate that the short-term decline may continue. Gary Gensler, chairman of the U.S. Securities and Exchange Commission, criticized the crypto industry for generally not complying with securities. The bankrupt exchange FTX is preparing to liquidate multiple currencies, including $560 million in Bitcoin, which has caused panic. China National Aviation Corporation's CA403 flight to Singapore caught fire and made an emergency landing in the air. The market was crazy that the passengers on board had a total of 300,000 Bitcoins. Fortunately, all the people on board landed safely.
Air China crash-landed after fire; passengers on board hold 300,000 bitcoins
Air China announced on Sunday evening that flight CA403, an Airbus A320neo flying from Chengdu Tianfu Airport to Singapore Changi Airport, was about to land at Changi Airport when the left engine of the aircraft suddenly caught fire and the pilot issued an emergency signal.
The passenger described the situation inside the plane at the time. About 40 minutes before landing, some black and gray smoke began to appear in the cabin. He described: "There was a pungent smell, some rubber and gasoline. I was sitting in the right row of the cabin by the window, but I couldn't see the engine fire. Afterwards, the crew asked the passengers to cover their mouths and noses with clothes and bend down. Most of the passengers cooperated."
Changi Airport officially issued a statement on Sunday saying: "Flight CA403, which took off from Chengdu Tianfu International Airport at 11:05 am on Sunday, suddenly had smoke in the front cargo hold and toilet on its way to Singapore Changi Airport. At around 4:15 pm, the flight landed on Runway 3 of Changi Airport and all passengers and crew members were safely evacuated. The fire in the left engine has now been extinguished. Affected by this, Runway 20L was temporarily closed, and Changi's flights may be affected to a certain extent."
Air China released a full statement on its Weibo account on Monday: "Regarding the incident on flight CA403 on September 10, it was initially determined to be caused by a mechanical engine failure, and further investigation is underway. Faced with the emergency, the crew handled it properly according to procedures, and the passengers on board actively cooperated and successfully completed the emergency evacuation. With the assistance of Changi Airport, the passengers have been accommodated. We deeply apologize to the affected passengers and thank all sectors of society for their attention and support."
As Singapore held several large blockchain events this week, it was widely rumored that most of the passengers on this flight were traveling from China to attend related events. Some people in the Twitter crypto community even said that there were actually many Bitcoin veterans and even whales hidden on the flight, and it was initially estimated that the entire plane may have more than 300,000 Bitcoins in total.
However, it should be noted that the information of the passengers on board has not been disclosed yet, so this statement cannot be confirmed and is very likely to be a false rumor.
FTX prepares to liquidate its currency: 36,000 customers file claims for more than $16 billion
According to the bankruptcy handling company Kroll on Monday, according to the statistics of users of FTX.com and FTX US platforms, a total of 36,075 users have filed claims with a total value of up to US$16 billion. FTX users need to submit proof of claim before the deadline of September 29, 2023 to dispute their scheduled claims. #FTX爆雷#
As of the end of August, FTX held a total of $3.4 billion in cryptocurrencies, of which the top 10 held cryptocurrencies accounted for 72% of the total value. SOL held $1.162 billion, Bitcoin held $560 million, Ethereum held $192 million, APT held $137 million, USDT held $120 million, Ripple held $119 million (XRP), BIT held $49 million, STG held $46 million, WBTC held $41 million, and WETH held $37 million.
Justin Sun, a global advisor to Huobi, said he was considering acquiring these assets to reduce the impact of the sales on the market. However, as he said, consideration is not a certainty.
US, South Korea regulators take action to crack down on cryptocurrencies
Gensler, who will appear before the U.S. Senate Banking Committee, remains adamant that cryptocurrencies must abide by the same laws as other securities, such as stocks, and that many cryptocurrencies fall under the purview of the SEC.
“Given the industry’s pervasive lack of compliance with securities laws, it is not surprising that we are seeing a number of problems in the marketplace,” he said in prepared testimony released Monday. “This is reminiscent of the 1920s, before the federal securities laws were enacted. As a result, we have brought a number of enforcement actions, some of which have been settled and some of which have been litigated.”
Park Min-woo, director of the Capital Markets Division of the Financial Services Commission of South Korea, said at the 3rd Supreme Prosecutors' Office Criminal Law Academy in 2023 that it will become difficult to operate cryptocurrency-related deposit and management services in South Korea in the future.
According to Article 7, Paragraph 2 of the Virtual Asset User Protection Law, virtual asset custody services will be prohibited, and in the future virtual asset service providers (VASPs) must separate their own virtual assets from users' virtual assets, and must hold virtual assets that are substantially the same as the number of virtual assets entrusted by their users.
In addition to the Virtual Asset User Protection Act, the Korea Federation of Banks, official financial institutions and virtual asset trading platforms also negotiated to formulate the Virtual Asset Real-Name Account Operation Guidelines to protect virtual asset users and strengthen anti-money laundering.
The "Virtual Asset Real-Name Account Operation Guidelines" jointly drafted by the above three parties will require virtual asset trading platforms to fulfill their liability for damages to users, including problems arising from hacker attacks and computer failures. In addition, the reserve requirement is to have a reserve fund of at least 3 billion won. This is also the world's first regulation requiring cryptocurrency exchanges to have reserve funds.
Bitcoin Technical Analysis
CMTrade said that judging from the 4-hour chart, Bitcoin's short-term momentum maintained a low-level downward shock, and the short-term decline may continue. The market was shrouded in bearish sentiment, and the short-term decline continued. The MACD indicator was in the short position and remained weak, and the RSI indicator was in the short position and maintained consolidation.
Resistance: 25379 25572
Support: 24906 24749
Trading strategy: short at 25193 below, target 24906 24749
