The global
cryptocurrency market on Wednesday recovered a bit from the US Federal Reserve
chief’s hawkish remarks on inflation and indications of a possible interest
rate hike. The Bitcoin price rose to trade above $20,000 after it dipped below
the level in the previous session as the economic slowdown continue to weigh on
riskier assets.

The global
cryptocurrency market cap was at $994.12 billion, up 0.06% in the last 24
hours. However, the total cryptocurrency 24 hours trading volume is $76.02
billion.

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The Bitcoin fear and
greed index on Wednesday, August 31, 2022, went from the fear level of 27 to
the extreme fear level of 23 as per the alternative. me. The Fear and Greed
index is a technique for assessing investors’ emotions toward the market.

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The Bitcoin is currently
trading at $20,321.70, down by 0.36%. In the last 24 hours, the highest it
touched was $20,425.97 and the lowest was $19,617.64. Bitcoin has a current
market cap of $388,884,032,613. It has a circulating supply of 19,137,450.00
coins. BTC coins have a maximum supply of 21,000,000 coins.

The digital token is
down over 50% so far this year and trading over 70% below its record high of
$69,000 it had hit in November 2021.

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US Congressmen to
review all Binance US files related to consumer safety

Brian Shroder, the CEO
of Binance US, received a federal letter requesting the urgent disclosure of
official documents that prove the exchange’s adherence to various
investor-centric safety norms. The letter comes from a Subcommittee chairman
under the United States House Committee on Oversight and Government Reform.

Congressman Raja Krishnamoorthi
from the Subcommittee on Economic and Consumer policy outlined the lack of
participation from crypto exchanges in supporting the US government to control
financial fraud and safeguard investors.

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Binance will require to
produce all requested documents since it started operations. It has been given
a deadline of fewer than two weeks, September 12, 2022, to produce the
documents. Shroder has also been asked to answer queries disclosing the tools
and mechanisms implemented by the exchange to reduce risks, fraud, and scams.

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Busan city
announces FTX partnership to build a local crypto exchange

South Korea’s
second-largest city Busan has announced a partnership with crypto trading
platform FTX to build a local crypto exchange and promote blockchain development.

Sam Bankman-Fried’s FTX
will help in creating the Busan Digital Asset Exchange, according to an
official document from Busan Metropolitan City. The Bahamian-based company will
also support the city in encouraging the growth of the local blockchain
industry.

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Busan City will use
FTX’s technology and infrastructure to establish its own cryptocurrency
exchange. FTX will also be involved in promoting blockchain-specific education
with local universities and projects within the city’s Blockchain Special Free
Zone, which was established in 2019.