OCC Clears U.S. Banks to Hold Crypto for Network Fee Payments

The crypto price chart today indicates that Bitcoin is stabilizing around $90,000, with most major altcoins showing resilience, except for ASTER, which is experiencing a surge. This stabilization follows a period of significant decline in the market, suggesting a calmer tone among investors despite the lack of major upward movement.

Dip-buying has enabled smaller tokens to recover more quickly than the broader cryptocurrency market following a recent flash crash. Falcon Finance (FF), Aster, and Plasma emerged as early movers, with FF trading at approximately $0.145, reflecting a nearly 14% increase over the past 24 hours. The trading volume for FF surpassed $86 million, and its market capitalization is around $340 million, indicating a positive sentiment among traders looking for short-term opportunities.

The United Arab Emirates has enacted a significant regulatory change that many crypto developers believe effectively prohibits self-custody services. This new law from the Central Bank, which came into effect on September 16, has sparked concerns regarding Dubai's status as a leading global hub for digital assets. The implications of this shift could reshape the landscape for cryptocurrency operations in the region, potentially deterring innovation and investment in the sector.

Kraken is reportedly in advanced discussions to secure a new round of funding that could elevate its valuation to $20 billion. A strategic investor is considering an investment ranging from $200 million to $300 million, which would significantly enhance the U.S.-based cryptocurrency exchange's position as it approaches a public offering.

The Office of the Comptroller of the Currency (OCC) has announced that U.S. financial institutions are now authorized to hold cryptocurrency assets to cover blockchain network fees. This decision allows national banks to manage crypto holdings specifically for transaction costs associated with blockchain operations, marking a significant step in the integration of cryptocurrency into traditional banking systems.

Bitcoin's price has sharply declined this week, falling back toward the $90,000 mark. The drop has intensified the bear market for altcoins, with Ethereum, Solana, and mid-cap cryptocurrencies experiencing significant losses. The ongoing discussions in forums and social media reflect growing anxiety among investors, raising concerns about a potential bear market as the recent bull run failed to boost altcoin prices.

Japan's Financial Services Agency is set to reclassify cryptocurrencies as financial products under the Financial Instruments and Exchange Act. This regulatory change will affect 105 cryptocurrencies and is part of a broader tax overhaul aimed at the cryptocurrency sector. The move reflects Japan's evolving stance on digital currencies and aims to provide a clearer regulatory framework for the industry.