Recent strength in Bitcoin’s price despite a brief 7% drop earlier in September. This recovery is attributed to factors such as a stock market rebound, anticipation of upcoming U.S. inflation data, and growing concerns about the U.S. dollar’s dominance. Economists expect a slowdown in inflation, which could lead to a more lenient monetary policy from the U.S. Federal Reserve, potentially benefiting Bitcoin. However, analysts remain cautious about over-optimism due to competition from tech stocks and uncertainties around the effects of a weaker U.S. dollar. The upcoming U.S. presidential election is also highlighted as a potential factor influencing Bitcoin, with candidate Donald Trump proposing policies that could impact global reliance on the dollar. Despite recent market volatility, Bitcoin’s derivatives market has remained stable, indicating solid support around the $54,000 price level.

Digital Chamber Urges Congress to Shield NFTs from SEC Scrutiny

Push by the Digital Chamber, a crypto advocacy organization, urging Congress to clarify the regulatory status of NFTs (non-fungible tokens). This follows a Wells notice issued by the SEC to OpenSea, a major NFT platform, signaling a possible enforcement action. The Digital Chamber argues that many NFTs function as consumer products, not securities, and should be exempt from SEC regulation. This marks a broader regulatory shift by the SEC under Chair Gary Gensler, who is accused of using a “regulation-by-enforcement” strategy. Past SEC actions against other companies like Dapper Labs and Impact Theory have raised concerns in the NFT and crypto communities. Depending on the outcome of the 2024 election, SEC leadership could change, potentially impacting its approach to regulating NFTs.

X Empire Launches Pre-Market NFT Voucher Trading Ahead of Token Airdrop

The launch of pre-market trading for X Empire, a Telegram tap-to-earn game with an Elon Musk theme, ahead of its token airdrop. Players can mint custom NFT vouchers on The Open Network (TON) in exchange for a portion of their future airdrop tokens, similar to the approach used by the earlier game, Notcoin. However, X Empire’s gameplay, which includes avatar upgrades and in-game betting, complicates the token conversion process, and the developers have not yet clarified how the airdrop allocations will work. Players can either mint NFT vouchers now, incurring network fees and a 20% developer royalty, or wait for the airdrop later. The game will end its mining phase on September 30, with the token airdrop following soon after. The X Empire token (X) will have a total supply of 690 billion tokens.

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