The market this morning

Crypto majors all close lower on 23 September; SEC commissioner says agency dropped crypto cases to avoid credibility problems in court

By Crypto Info News

Good morning. Every major token in the snapshot closed lower on Wednesday. Bitcoin ended at $84382.39990356649, down 2.0896097512489784% on the day. Ether was $2684.342871490596, down 2.480763640700792%. XRP fell furthest among the majors, at $1.50106804404108, down 4.469808274961025%. BNB was $767.2269803859875, down 2.6533523064930513%. The two dollar stablecoins held near their pegs: USDT at $0.9998275744157717, down 0.0014923171040502445%, and USDC at $0.9998551750353984, down 0.0015021693046181803%.

On the regulatory front, Cointelegraph reported that SEC Commissioner Mark Uyeda, a former acting chair, said the agency dropped many cases against crypto companies in early 2025 to avoid potential credibility problems in court.

Prediction markets drew scrutiny on two fronts. CoinDesk reported that Kalshi said it is not being investigated by the CFTC over trading activity, describing unusual patterns in its ether perpetual market as the result of liquidity incentives. Separately, Cointelegraph reported that US lawmakers from gaming states urged the Supreme Court to take up the Kalshi case between New Jersey authorities and the prediction-market company, which could bring clarity over sports bets. The CFTC, in its own release, published a staff advisory on mention markets. The SEC's Division of Economic and Risk Analysis published updated market statistics that it said highlight an increase in the number of IPOs and proceeds raised.

The on-chain picture was mixed. Glassnode, in a note titled "Escape Velocity," said Bitcoin has moved above the cost bases that held it back this year, with light profit taking and picking-up ETF buying, and placed the next major resistance at the mean MVRV price near $96.7K. Chainalysis published its 2026 Global Crypto Adoption Index, saying the crypto economy held firm through the bear market even as total market cap fell about 50%, a $2.1 trillion drop.

In infrastructure, The Block reported that Hut 8 won bidding for Poolin's Texas data centers with a $140 million offer, adding two Texas sites to its AI infrastructure portfolio. And Cointelegraph reported that former Hack VC partner Hsin-Ju Chuang, founder of Dystopia Labs and previously in senior roles at Stellar and Solana, was found dead at 37.

What to watch: whether the Supreme Court takes up the Kalshi case, and how the CFTC's mention-markets advisory and the SEC's updated statistics are read next.