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The price of Ether has fallen to late January levels as traders await Federal Reserve announcements later this week and Trump dodges a second reported assassination attempt. Meanwhile, Brazil’s top prosecutor has defended the country’s ban on social media platform X and MicroStrategy announced the purchase of $1.11 billion worth of Bitcoin.
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ETH falls 6% amid assassination attempt, looming rate cuts, ‘FUD’ wave
The price of Ether tumbled 6% in the last 24 hours amid crypto market jitters, falling from an intraday high of $2,425 on Sept. 15 to bottom out at $2,260 on Sept. 16.
The ETH/BTC ratio is now at its lowest level since April 2021, hitting 0.038 on Sept. 16, according to TradingView.
The move comes amid an apparent wave of “FUD” on X, with even analysts and crypto industry observers seemingly jumping on the Ether-bashing bandwagon.
“Half of my feed is ETH FUD at this point,” exclaimed Ethereum developer ‘antiprosynthesis’ in a post on X on Sept. 15.
It also comes at the beginning of a very busy week for the United States, with the Federal Reserve poised to announce a rate cut on Wednesday, Sept. 18.
Brazil’s top prosecutor backs X ban
Brazil’s Attorney General’s Office, known as PGR, has backed the Supreme Court’s ban on social media platform X.
According to the PGR, suspending Elon Musk’s social media platform does not constitute a violation of Brazilian speech laws. The PGR urged the Supreme Court to dismiss lawsuits that seek to reverse the suspension.
Brazilian Justice Alexandre de Moraes suspended X on Aug. 30 after the social media company refused to name a local representative, which is required by law. The legal battle erupted after Musk refused to comply with court orders to block accounts accused of spreading misinformation in Brazil.
On Sept. 13, Brazil’s Supreme Court lifted the freeze on bank accounts linked to X and Starlink, another company controlled by Musk. The freeze was lifted after Musk settled roughly 18.35 million Brazilian reais (around $3.3 million) in fines.
Although the financial penalties have been paid, X remains off-limits for Brazilians.
MicroStrategy adds 18,300 Bitcoin, now holds $14.14B worth of BTC
Michael Saylor’s MicroStrategy announced the acquisition of approximately 18,300 Bitcoin
BTC $58,621 between Aug. 6 and Sept. 12.
According to the firm’s Form 8-K, which was submitted to the United States Securities and Exchange Commission (SEC), MicroStrategy purchased $1.11 billion worth of BTC at an average price of $60,408, including expenses and fees.
The company’s recent acquisition increased its BTC holdings to approximately 244,800 BTC, currently worth around $14.14 billion.
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