The FASB's recent accounting rule revisions are poised to provide a more favorable outlook for companies holding digital assets, helping them mitigate the unfavorable optics generated by impairment losses, as stated in the report.
A death cross signals a possible enduring shift towards a bearish momentum, while a golden cross implies the contrary.
The SEC was instructed last week to revisit its earlier denial of the Grayscale Bitcoin Trust (GBTC) conversion, with no automatic implication of approval.
Towards the conclusion of August, Bitcoin validated an overextended decline in its monthly stochastic indicator, a warning sign that has historically coincided with market pinnacles.
The regulatory authority has recently confirmed postponements for all six of the pending ETF applications.
The report noted that the news of SpaceX, led by Elon Musk, writing off a portion of its Bitcoin holdings in the previous quarter, played an added role in fueling the correction within the cryptocurrency markets in August.
The relative strength index of Bitcoin has significantly fallen below 30, marking its most pronounced oversold reading since March 2020.
CoinGecko's data indicates that both Bitcoin and Ether maintained their stability in the past 24 hours, as there were minimal fundamental catalysts driving market fluctuations.
Bitcoin experienced a decline of more than 10% in the previous week due to the surge in the yield of the 10-year inflation-indexed security, marking its highest point since 2009.
Funding rates plummeted across multiple exchanges, signaling a significant markdown in bitcoin perpetual futures.