The Daily Briefing: Bitcoin and other cryptos rally, Solana records gains in the double digits

Team Luno

October 2, 2023 · 34 minute read

🌝 Is crypto up or down?

Bitcoin is up by more than 4% over 24 hours and is trading above $28.3K, while Ethereum (Ether) and most other cryptocurrencies tag along. The original smart contracts crypto is trading around $1.7K, in the green by more than 2%.

Other noteworthy crypto movements include Polygon (MATIC), which has rallied more than 4%, and Solana (SOL), which is up 14%. On the back of this rally, the market cap of the entire crypto industry is up by 3.2%.

The sudden surge has confounded analysts, many not being able to pinpoint one catalyst other than October having been a strong month for crypto markets in the past.

👾 Read more below 👾

👾 Newsmaker

SEC delays BTC ETF decision, again

The Securities and Exchange Commission (SEC) has delayed its decision on whether to give the go-ahead for several Bitcoin exchange-traded fund (ETF) applications.
“Contrary to market expectations, the SEC’s latest delays occurred two weeks earlier than the scheduled October 16 to 19 deadlines,” Forbes reported. “The regulator’s decision appears to be influenced by the impending US government shutdown, which could disrupt financial regulation and other federal operations, according to the publication.

📣 What they said yesterday

#BITCOIN HAS OFFICIALLY BROKEN THE DOWNTREND!! pic.twitter.com/zoyhufZWYT
— Mister Crypto (@misterrcrypto) October 2, 2023

🌦️The Data

Name	Price	Price Change(24h)	Price change (7 days)
Bitcoin (BTC)	$28,147.15	+4.2%	+7.96%
Ethereum (ETH)	$1,727.98	+2.91%	+9.34%

🌅Total crypto market cap

🔵 $1.12 trillion

🔺 3.8%

What Bitcoin did yesterday

🔺 Daily high $28,038

🔻 Daily low $26,955

Bitcoin market capitalisation

🟠 BTC $551.88 billion

🟡 Gold $12.243 trillion

💳 Visa $478.37 billion

Bitcoin volume

🪣 Total spot trading volume $13.56 billion

🔺 138%

CoinDesk Large Cap Select Index

🔺 4.02%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔻 0.27%

FTSE/JSE Top 40

🔻 0.13%

Fear and Greed Index

Bitcoin’s market dominance

📊 50.39

Relative Strength Index (RSI)

💪 73

Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

*This information should not be construed as a solicitation to trade. All opinions, news, research, analysis, prices or other information is provided as general market commentary for information purposes only and is not investment advice or recommendation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

28/09/2023

🌝 Is crypto up or down?

Bitcoin and Ethereum are firmly in the green over 24 hours as both cryptos reclaim key price levels. The market leader is trading at $27.1K while Ethereum (Ether) changes hands for around $1.68K.

Cryptos bounced back as treasury yields, the price of oil and the US Dollar retraced. There is generally an inverse relationship between these types of lower-risk investments and investments that are considered riskier, like crypto or stocks.

The CoinDesk Market Index, which gives a broad indication of the state of the crypto market, is up 2.7% in the last 24 hours.

In this environment, analysts are also expecting the approval of an Ethereum futures exchange-traded fund (ETF) in the coming weeks. Ethereum is up more than 3% in the last day.

👾 Read more below 👾

👾 Newsmaker

The first ETH Futures ETF could be trading next week, says analyst

“The jockeying has begun in full as Valkyrie announcing they are buying Ether futures for $BTF today (ahead of formal name change on Tue),” Eric Balchunas, ETF analyst for Bloomberg, noted in a post on X yesterday.

Asset manager Van Eck also confirmed the launch of its Ethereum futures ETF.

“As we’ve been saying both with ETH futures, but especially with spot bitcoin, it will be a marketing war like we’ve never seen since they all do same thing and launch on same day. Unprecedented.” Balchunas said in another post on X.

📣 What they said yesterday

Nothing yet but watching for filings to indicate #Ethereum Futures ETFs are indeed being accelerated for launch next week. We expect a lot more filings from the SEC today as they continue to clear their desks as much as possible before the shut down. Normalcy is out the window https://t.co/KSYB1NsZck
— James Seyffart (@JSeyff) September 28, 2023

🌦️The Data

Name	Price	Price Change(24h)	Price change (7 days)
Bitcoin (BTC)	$27,142.5	+2.64%	+1.42%
Ethereum (ETH)	$1,681.5	+3.95%	+5.05%

🌅Total crypto market cap

🔵 $1.08 trillion

🔺 2.71%

What Bitcoin did yesterday

🔺 Daily high $27,283

🔻 Daily low $26,339

Bitcoin market capitalisation

🟠 BTC $529.22 billion

🟡 Gold $12.47 trillion

💳 Visa $481.8 billion

Bitcoin volume

🪣 Total spot trading volume $14.37 billion

🔺 11.09%

CoinDesk Large Cap Select Index

🔺 2.92%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔺 0.59%

FTSE/JSE Top 40

🔺 0.65%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.94

Relative Strength Index (RSI)

💪 62.97
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

28/09/2023

🌝 Is crypto up or down?

Bitcoin and Ethereum wade into green territory

Bitcoin is up by 0.88% this morning, trading around $26.4K. Ethereum (Ether) has notched gains of 1.76% and is changing hands for around $1.6K. The majority of the larger cryptocurrencies are trading somewhere in the middle, as seen by the 1% push in the CoinDesk Large Cap Select Index.

The Fear and Greed Index shows some lingering fear in the markets as high interest rates continue to sway the sceptre.

While investors try to gauge which way the market will go, Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), is testifying in front of Congress about the SEC’s handling of crypto regulation in the US among other matters. There have been a few heated exchanges between the Chair and House representatives, particularly about the SEC’s “crusade against the digital assets ecosystem” as Rep. Patrick McHenry (R-N.C.) referred yesterday to the SEC’s handling of the issue.

👾 Read more below 👾

👾 Newsmaker

SEC’s Gensler continues to answer questions in front of Congress

SEC Chair Gary Gensler took questions from the House yesterday on a wide range of matters, including the SEC’s handling of crypto regulation.
Notably, Chair Gensler said it is yet to decide how to respond about a judge’s ruling that the SEC should relook their stance on bitcoin exchange traded fund (ETF) applications. “It’s still an active consideration of the commission,” Gensler said in his testimony. “We have great respect for the courts.”

📣 What they said yesterday

The 10 year bond interest rate hit a 16 year high today. It's simple but tough. When this rate hits it's high, the market will be bottom. If today was the high in this rate, the market bottomed today. If this rate goes to 5% or higher, then more pain will ensue. That 5% rate is a… pic.twitter.com/oOIw7lTHO5
— Roy Mattox (@RoyLMattox) September 28, 2023

🌦️The Data

Name	Price	Price Change(24h)	Price change (7 days)
Bitcoin (BTC)	$26,462.9	+0.82%	-2.06%
Ethereum (ETH)	$1,617.6	+1.66%	-0.05%

🌅Total crypto market cap

🔵 $1.05 trillion

🔺 0.88%

What Bitcoin did yesterday

🔺 Daily high $26,541

🔻 Daily low $26,339

Bitcoin market capitalisation

🟠 BTC $516.170 billion

🟡 Gold $12.498 trillion

💳 Visa $477.31 billion

Bitcoin volume

🪣 Total spot trading volume $12.9 billion

🔺 77.86%

CoinDesk Large Cap Select Index

🔺 1.01%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔺 0.02%

FTSE/JSE Top 40

🔻 0.13%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.89

Relative Strength Index (RSI)

💪 57

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

27/09/2023

🌝 Is crypto up or down?

Bitcoin and Ethereum mostly unmoved

Bitcoin is marginally down by 0.2% over 24 hours, trading for $26,223, while Ethereum (Ether) remains virtually unchanged at $1,590, a pinch below the key level of $1,6K.

The majority of the large-caps are following a similar pattern, with a few cryptos experiencing deeper sell-offs. Solana (SOL) and Polygon (MATIC) are among these, both in the red by more than 2% over 24 hours.

Analysts say the “higher-for-longer” interest rate narrative continues to dampen investor confidence, taking a toll on crypto and stock markets.

In other news, Members of the House Financial Services Committee are urging Securities and Exchange Commission (SEC) Chair Gary Gensler to OK the many Bitcoin exchange traded fund (ETF) applications currently awaiting approval.

👾 Read more below 👾

👾 Newsmaker

House representatives urge SEC’s Gensler to approve BTC ETF

Four members of the House Financial Services Committee has called on the SEC to approve BTC ETF applications, reported CoinDesk.
“The SEC’s current posture is untenable moving forward,” said the letter from the representatives. “Following the Court of Appeals’ decision, there is no reason to continue to deny such applications under inconsistent and discriminatory standards,” the letter continued.
Last month, a court instructed the SEC to reconsider approving the BTC ETF applications currently under review.

📣 What they said yesterday

1/

IMO the S&P 500 is at an important juncture.

Seasonality (and consensus) expect a Q4 rally.

My question: Where will the leadership come from?

Equal-weight S&P has retraced the entire "Q2 broadening rally" and is below its 150/200-day SMAs. pic.twitter.com/HI5Z4JblSU
— Warren Pies (@WarrenPies) September 25, 2023

🌦️The Data

Name	Price	Price Change(24h)	Price change (7 days)
Bitcoin (BTC)	$26,220.83	-0.16%	-3.39%
Ethereum (ETH)	$1,590.23	+0.1%	-2.76%

🌅Total crypto market cap

🔵 $1.04 trillion

🔻 0.19%

What Bitcoin did yesterday

🔺 Daily high $26,396

🔻 Daily low $26,093

Bitcoin market capitalisation

🟠 BTC $511.253 billion

🟡 Gold $12.639 trillion

💳 Visa $477.62 billion

Bitcoin volume

🪣 Total spot trading volume $7.22 billion

🔻 30.41%

CoinDesk Large Cap Select Index

🔻 0.10%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔻 1.47%

FTSE/JSE Top 40

🔻 0.31%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.49

Relative Strength Index (RSI)

💪 53.63

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

27/09/2023

🌝 Is crypto up or down?

Bitcoin and stocks down as investors digest Fed remarks

Bitcoin is down by roughly 1% in the last 24 hours and Ethereum (Ether) is in the red by 1.09%, as investors continue digesting Jerome Powell’s remarks yesterday about US interest rates possibly remaining higher for longer.

The SP500 dipped 1.6% in the last day.

Younger cryptos like Polygon (MATIC) and Polkadot (DOT) slipped deeper into the red, both down between 2-3%.

The CoinDesk Market Index, which gives a broad indication of the crypto market’s performance, is down 1.57%.

On the news front, Mount Gox, the defunct crypto exchange that suffered a hack in 2014, the early days of crypto, pushed back its repayments to creditors by a year.

👾 Read more below 👾

👾 Newsmaker

Mount Gox delays repayments by a year

The Mount Gox exchange suffered a massive hack in 2014 in which 850,000 bitcoin was stolen. In the following years, the exchange managed to recover about 20% of the funds. Trustees said yesterday that repayments to investors who lost money in the hack will be delayed by a year.
Many investors were worried about the downward pressure this unloading of bitcoin would have on the price of the cryptocurrency.

📣 What they said yesterday

No network/asset/technology other than #Bitcoin can become the neutral global 24/7 settlement network for the world. Anything else is just not “neutral” or decentralized enough.
— David Marcus (@davidmarcus) September 21, 2023

🌦️The Data

Name	Price	Price Change(24h)	Price change (7 days)
Bitcoin (BTC)	$26,716.71	-0.96%	+0.60%
Ethereum (ETH)	$1,600.93	-1.09%	-1.66%

🌅Total crypto market cap

🔵 $1.05 trillion

🔻 1.38%

What Bitcoin did yesterday

🔺 Daily high $27,155

🔻 Daily low $26,382

Bitcoin market capitalisation

🟠 BTC $520.392 billion

🟡 Gold $12.854 trillion

💳 Visa $492.1 billion

Bitcoin volume

🪣 Total spot trading volume $14.048 billion

🔺 11.23%

CoinDesk Large Cap Select Index

🔻 1.38%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔻 1.64%

FTSE/JSE Top 40

🔻 0.72%

Fear and Greed Index

Bitcoin’s market dominance

📊 50.18

Relative Strength Index (RSI)

💪 58

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

22/09/2023

🌝 Is crypto up or down?

Bitcoin dips marginally on Fed’s hawkish comments

Jerome Powell and his team at the Federal Reserve Bank in the US decided to keep interest rates at current levels, no surprise there, but hinted they may need to sustain these levels into next year to keep a lid on inflation.

Stocks and cryptos dipped on these hawkish comments. Bitcoin is down marginally by 0.4%, again circling the $27K-level this morning, while Ethereum (Ether) is down 0.9%, trading for $1,619. Many of the large-caps are following a similar trend.

“Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. Inflation remains elevated,” the Federal Reserve said in a statement yesterday.

👾 Read more below 👾

👾 Newsmaker

The Fed keeps interest rates unchanged, but hints at sustaining current levels

The Federal Reserve Bank decided to keep interest rates unchanged in the target range of 5.5% to 5.75%, but hinted at sustaining these current levels into next year.

Investors and analysts were expecting the pause on rate hikes, but some were surprised by the hawkish stance.

“It was actually a good bit more hawkish than I thought it was going to be. It’s definitely higher for longer, and I just don’t think those kinds of metrics were expected,” Tom Martin, a portfolio manager at Globalt Investments, told Reuters.

“We want to see convincing evidence really that we have reached the appropriate level, and we’re seeing progress and we welcome that. But, you know, we need to see more progress before we’ll be willing to reach that conclusion,” Chief of the Fed Jerome Powell said yesterday.

📣 What they said yesterday

“Inflation has moderated somewhat since the middle of last year, and longer-term inflation expectations appear to remain well anchored as reflected in a broad range of surveys of households, businesses and forecasters as well as measures from financial markets.”
-Jerome Powell, Chair of the Federal Reserve Bank

🌦️The Data

Name	Price	Price Change(24h)	Price change (7 days)
Bitcoin (BTC)	$26,964.90	-0.64%	+2.41%
Ethereum (ETH)	$1,619.28	-1.00%	-0.19%

🌅Total crypto market cap

🔵 $1.07 trillion

🔻 0.56%

What Bitcoin did yesterday

🔺 Daily high $27,378

🔻 Daily low $26,851

Bitcoin market capitalisation

🟠 BTC $525.398 billion

🟡 Gold $12.846 trillion

💳 Visa $503.02 billion

Bitcoin volume

🪣 Total spot trading volume $13.8 billion

🔻 13.88%

CoinDesk Large Cap Select Index

🔻 0.68%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔻 0.94%

FTSE/JSE Top 40

🔻 1.74%

Fear and Greed Index

Bitcoin’s market dominance

📊 50.23

Relative Strength Index (RSI)

💪 60.52
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

21/09/2023

🌝 Is crypto up or down?

Bitcoin holds $27K as investors keep an eye on the Fed

The market leader continues to trade a squeeze above $27K, up by 0.9%, this morning as all eyes are fixed on the Federal Reserve Bank’s interest rate decision later today. Ethereum is marginally dipping into the red and changing hands for $1,630.
Crypto and stock markets seem generally muted, with the CoinDesk Large Cap Select Index showing an uptick of 0.5% over 24 hours, while the SP500 remains virtually unchanged at negative 0.2%.
Most market analysts agree that the Fed will keep rates unchanged but say that the US central bank is not ready to close the chapter on the current hiking cycle just yet.

👾 Read more below 👾

👾 Newsmaker

All eyes on the Federal Reserve Bank today

Investors will be keeping a close eye on the Federal Reserve press conference later today where the Fed will share its latest decision on whether to hike or pause interest rates.

Most analysts and investors agree that rates will remain unchanged but that the central bank will keep its options open.

“The ‘risk management’ aspect of the Powell presser is likely to be: positive in regard to downward adjustments to the policy rate as or if inflation wanes, (but) negative with respect to threats of future tightening,” said Sam Rines, managing director at research firm CORBŪ, commented to Reuters.
In other words, if inflation behaves, there’s a likelihood of the Fed reducing interest rates in future, but it also won’t discount future rate hikes should there be another spike in inflation.

📣 What they said yesterday

BREAKING: 10-year note yield rises as high as 4.37%, the highest since 2007.

Rates continue to rise despite a Fed rate pause expected.

Why?

The US is issuing record levels of Treasury Bonds to fund deficit spending.

There is so much supply that it is driving bond prices lower… pic.twitter.com/EohegAuLEo
— The Kobeissi Letter (@KobeissiLetter) September 19, 2023

🌦️The Data

Name	Price	Price Change(24h)	Price change (7 days)
Bitcoin (BTC)	$27,120.77	+0.79%	+4.59%
Ethereum (ETH)	$1,634.30	-0.26%	+2.86%

🌅Total crypto market cap

🔵 $1.07 trillion

🔺 0.56%

What Bitcoin did yesterday

🔺 Daily high $27,480

🔻 Daily low $26,672

Bitcoin market capitalisation

🟠 BTC $528,991 billion

🟡 Gold $12.864 trillion

💳 Visa $506.55 billion

Bitcoin volume

🪣 Total spot trading volume $14.648billion

🔻 2.47%

CoinDesk Large Cap Select Index

🔺 0.5%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔻 0.2%

FTSE/JSE Top 40

🔻 0.08%

Fear and Greed Index

Bitcoin’s market dominance

📊 50.20

Relative Strength Index (RSI)

💪 62

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

19/09/2023

🌝 Is crypto up or down?

Bitcoin peaked at $27.4 yesterday before retracing, as investors gauge Fed’s direction

Bitcoin broke through $27K yesterday and continued climbing until it met resistance at $27.4K, before eventually settling around $26.8K. Some analysts point to signs that the Federal Reserve Bank is likely to pause rate hikes in its meeting this week as the reason for the mini-rally.
There’s a lot of work to be done before the Fed can take its foot of the gas, say the experts, but some signs of a slowdown in the global economy has traders betting that rates will remain unchanged, at least for now. “Traders see a roughly 97% chance that the central bank keeps rates unchanged in September, according to the CME FedWatch Tool,” CNN Business reported.

Chainlink joined the breakout yesterday, before retracing along with most of the market. LINK, Chainlink’s native crypto, is up by 13% over seven days as news of its partnership with SWIFT, the global interbank messenger network, does the rounds.

👾 Read more below 👾

👾 Newsmaker

Chainlink and SWIFT partner to send investments across different blockchains

Chainlink recently signed a partnership with SWIFT to help develop sending tokenised assets across different blockchains.
The parties involved will use Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to transact across various blockchains.
“Chainlink’s CCIP will enable complete interoperability between the source and destination blockchains,” Yahoo reported.

The deal was already announced in June this year, but LINK rallied on Monday as Chainlink’s co-founder Sergey Nazarov elaborated on the project at SWIFT’s global financial services networking event.

📣 What they said yesterday

Call me crazy but now (if any) is the time to study crypto.

It’s not sexy anymore.
You’re not getting short-term rich off it anymore.

If there is true societal value to the technology, you’re far more likely to find it now with all the grifters & opportunists washed out.
— Alex Lieberman (@businessbarista) September 18, 2023

🌦️The Data

Name	Price	Price Change(24h)	Price change (7 days)
Bitcoin (BTC)	$26,879.48	+0.69%	+4.18%
Ethereum (ETH)	$1,638.32	+0.28%	+3.75%

🌅Total crypto market cap

🔵 $1.07 trillion

🔺 0.59%

What Bitcoin did yesterday

🔺 Daily high $27,413

🔻 Daily low $26,405

Bitcoin market capitalisation

🟠 BTC $523.766 billion

🟡 Gold $12.902 trillion

💳 Visa $508.84 billion

Bitcoin volume

🪣 Total spot trading volume $14,959 billion

🔺 87.19%

CoinDesk Large Cap Select Index

🔺 0.48%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔺 0.07%

FTSE/JSE Top 40

🔻 0.03%

Fear and Greed Index

Bitcoin’s market dominance

📊 50.02

Relative Strength Index (RSI)

💪 58.62

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

18/09/2023

🌝 Is crypto up or down?

Bitcoin up 0.7% in the last day and 3% over seven days

The market leader continues to inch upwards towards $27K, starting the week at $26.7K. Ethereum is trading for around $1.6K, virtually unmoved over the last day but up by 1.6% over a week.
It’s a mixed bag in crypto markets this morning, with a few of the large-caps in the green and other cryptos like Avalanche and Cardano down on the day.
The entire crypto market cap has remained steady at $1.06 billion, hovering in positive territory by a modest 0.3%, with indicators such as the Fear and Greed Index also reflecting a slightly less shaky crypto market than this time last week.
In this trading environment, on-chain data shows that an Ethereum bull recently bought 92,000 ETH.

👾 Read more below 👾

👾 Newsmaker

Crypto bull buys $150 million worth of ETH

The ETH whale bought nearly 92,600 ETH call option contracts worth $150 million, CoinDesk reported.
Call options give investors the right, but not the obligation, to buy a specific stock at a predetermined price before a certain date.
“A call buyer is implicitly bullish on the market,” the publication noted.

📣 What they said yesterday

Understand where #Bitcoin arose from

It was not an out-of-the-dark lone inventor creating a masterpiece; it was created off the back of DECADES of innovation, experiments and failures

Important to understand this clearly as it debunks the "my crypto is a better v2" scam/fantasy https://t.co/Yv9CZ854Pk pic.twitter.com/w7fHtrCbYN
— WizardofAus 🇦🇺丰🔑⚡ (@BTCSchellingPt) September 17, 2023

🌦️The Data

Name	Price	Price Change(24h)	Price change (7 days)
Bitcoin (BTC)	$26,704.43	+0.66%	+3.66%
Ethereum (ETH)	$1,632.29	+0.09%	+1.63%

🌅Total crypto market cap

🔵 $1.06 trillion

🔺 0.43%

What Bitcoin did yesterday

🔺 Daily high $26,614

🔻 Daily low $26,408

Bitcoin market capitalisation

🟠 BTC $520.447 billion

🟡 Gold $12.846 trillion

💳 Visa $501.37 billion

Bitcoin volume

🪣 Total spot trading volume $8.019 billion

🔺 21.22%

CoinDesk Large Cap Select Index

🔺 0.53%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔻 1.22%

FTSE/JSE Top 40

🔻 0.62%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.99

Relative Strength Index (RSI)

💪 57
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

15/09/2023

🌝 Is crypto up or down?

Bitcoin at $26.569K and Ethereum back above $1.6K

Bitcoin continues to improve on its position in increments. The market leader is up 0.8% in the last day, trading firmly above the key $26K level this morning. Ethereum (ETH) is up 0.44%, while Solana (SOL) is showing a bit more pep and is up by more than 2%.
Earlier this week, Franklin Templeton, a global investment company, filed an application with the Securities and Exchange Commission (SEC) to launch a Bitcoin exchange-traded fund (ETF). In doing so, the company joins other global institutional investors such as BlackRock waiting for SEC approval.

👾 Read more below 👾

👾 Newsmaker

Franklin Templeton joins the BTC ETF race

The global asset manager filed its BTC ETF application earlier this week, joining six other financial heavyweights in the queue.

The Securities and Exchange Commission (SEC) delayed its decision on applications filed earlier in the year, with the next deadline in mid-October.

A futures-based ETF derives its value from futures contracts on an underlying asset, while a spot ETF holds the actual physical assets, providing direct ownership of the underlying assets. The SEC has approved futures-based BTC ETFs but is yet to give the nod for a spot-BTC ETF.

📣 What they said yesterday

What Visa has said to the global banking community is “get your crypto act together or we might well go elsewhere to settle our merchants”.
– Steven Boykey Sidley, Professor and Head of the Blockchain and the Cryptoverse Research Group at the Institute for Future Knowledge

🌦️The Data

Name	Price	Price Change(24h)	Price change (7 days)
Bitcoin (BTC)	$26,563.21	+0.84%	+1.32%
Ethereum (ETH)	$1,627.84	+0.44%	-1.03%

🌅Total crypto market cap

🔵 $1.05 trillion

🔺 1.01%

What Bitcoin did yesterday

🔺 Daily high $26,760

🔻 Daily low $26,148

Bitcoin market capitalisation

🟠 BTC $517,609 billion

🟡 Gold $12.79 trillion

💳 Visa $502.27 billion

Bitcoin volume

🪣 Total spot trading volume $12.729 billion

🔻 6.32%

CoinDesk Large Cap Select Index

🔺 0.79%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔺 0.84%

FTSE/JSE Top 40

🔺 0.51%

Fear and Greed Index

Bitcoin’s market dominance

📊 50.05

Relative Strength Index (RSI)

💪 54.54

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

13/09/2023

🌝 Is crypto up or down?

Bitcoin up a fraction and knocking on $26K

The market leader is up around 0.5% and trading for $25.92 this morning, while Ethereum (ETH) is in the green by 0.5% and knocking on the door of $1.6K.
There are significantly more green candles in the crypto markets than this time yesterday. Cryptos such Uniswap (UNI), Chainlink (LINK) are up by more than 1% over 24 hours, while other smart contract cryptos like Cardano (ADA) and Polygon (MATIC) have edged into positive territory.

Investor jitters from earlier in the week seems to have calmed this morning, as analysts say rumours of incoming selling pressure from FTX selling its crypto holdings may be exaggerated.

👾 Read more below 👾

👾 Newsmaker

Sale proceedings of FTX crypto holdings misunderstood, say experts

FTX is waiting on court approval to go ahead with plans to sell its crypto investments. The court hearing is scheduled for today.
“The actual selling pressure could be much smaller than initially anticipated,” David Lawant, head of research at FalconX, told CoinDesk.
Jeff Dorman, chief investment officer at digital asset investment firm Arca, noted that investors front-running the potential sale are misunderstanding how the sale actually works. “This isn’t an every-man-for-himself VC unlock. This is a court-ordered process that Galaxy will sell very slowly and opportunistically,” as quoted by CoinDesk.

📣 What they said yesterday

The former President of PayPal and Head of Facebook payments works on #bitcoin

“#Bitcoin is the universal protocol for money on the internet,” says @DavidMarcus pic.twitter.com/ia6sT1C4I4
— Documenting ₿itcoin 📄 (@DocumentingBTC) September 11, 2023

🌦️The Data

Name	Price	Price Change(24h)	Price change (7 days)
Bitcoin (BTC)	$25,929.15	+0.45%	+0.73%
Ethereum (ETH)	$1,587.06	+0.49%	-2.64%

🌅Total crypto market cap

🔵 $1.03 trillion

🔺 0.57%

What Bitcoin did yesterday

🔺 Daily high $26,472

🔻 Daily low $25,133

Bitcoin market capitalisation

🟠 BTC $504.823 billion

🟡 Gold $12.761 trillion

💳 Visa $514.33 billion

Bitcoin volume

🪣 Total spot trading volume $16.111 billion

🔻 11.9%

CoinDesk Large Cap Select Index

🔺 0.73%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔻 0.57%

FTSE/JSE Top 40

🔻 1.35%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.9

Relative Strength Index (RSI)

💪 46.96
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

12/09/2023

🌝 Is crypto up or down?

Bitcoin back on the same path after yesterday’s dip

Bitcoin (BTC), Ethereum (ETH) and other cryptos dipped yesterday to levels last seen in June. At one point, the market leader was trading below $25K before finding support and bouncing back to $25.8K. Some analysts say rumours of potential selling pressure resulting from the ongoing FTX court proceedings may have spooked investors.

While BTC bounced back to pre-dip levels, cryptos like ETH, Polygon (MATIC) and Solana (SOL) are still trading in the red over 24 hours.

If a bankruptcy court gives FTX the go-ahead to start selling its crypto holdings, the move may put selling pressure on various cryptocurrencies, particularly alt-coins.

👾 Read more below 👾

👾 Newsmaker

FTX sale of crypto assets may lead to selling pressure, say analysts

“An impending sale of assets by the defunct crypto exchange FTX and its affiliate companies helped to fuel market volatility, prompted in part by a filing from the platform detailing its remaining holdings,” Bloomberg reported.

FTX is reportedly holding nearly $1.2 billion in SOL, $560 million in BTC and $192 million in ETH.

“People are preemptively speculating downward pressure for SOL,” Zaheer Ebtikar, founder of crypto fund Split Capital, told Bloomberg.

📣 What they said yesterday

One of the biggest drivers for a #Bitcoin bull market – Federal Reserve Balance Sheet.

Fed expansion -> more cash in system -> BTC bull.

Key chart to watch going into 2024. pic.twitter.com/au0yyLFVWK
— Philip Swift (@PositiveCrypto) September 11, 2023

🌦️The Data

Name	Price	Price Change(24h)	Price change (7 days)
Bitcoin (BTC)	$25,850.11	+0.27%	+0.51%
Ethereum (ETH)	$1,581.72	-1.57%	-2.61%

🌅Total crypto market cap

🔵 $1.03 trillion

🔻 0.68%

What Bitcoin did yesterday

🔺 Daily high $25,897

🔻 Daily low $24,923

Bitcoin market capitalisation

🟠 BTC $503.6 billion

🟡 Gold $12.812 trillion

💳 Visa $514.16 billion

Bitcoin volume

🪣 Total spot trading volume $18.28 billion

🔺 113.98%

CoinDesk Large Cap Select Index

🔻 0.57%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔺 0.14%

FTSE/JSE Top 40

🔺 0.67%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.92

Relative Strength Index (RSI)

💪 46
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

12/09/2024

🌝 Is crypto up or down?

Bitcoin continues to seesaw around $26K

Bitcoin starts the week down by 0.19% while Ethereum is deeper in the red by 1.16%. It’s the same story across most cryptocurrency markets this morning, with a few younger smart-contract cryptos such as Polygon and Avalanche seeing slightly deeper sell-offs.

The Fear and Greed Index needle continues to hover in Fear, as it’s been doing for the last few weeks, while the Bitcoin Relative Strength Index sits around 40, not quite undervalued but also far from being overbought.
In this relatively muted environment, Mastercard continues its push into web3 as it works with governments in expanding Central Bank Digital Currency (CBDC) development.

👾 Read more below 👾

👾 Newsmaker

Mastercard wants to support governments CBDC plans with latest program

“We’re committed to exploring how we can make CBDCs as easy to use as other forms of money,” Raj Dhamodharan, head of digital assets and blockchain at Mastercard, told Blockworks.
The company’s aim with this new project is to connect governments with the relevant parties in the blockchain space.

“Our goal is to drive and support interoperability across the different ways of making payments, as it is essential to a flourishing economy,” Dhamodharan said.

📣 What they said yesterday

very hard to do something novel for the first time; orders of magnitude easier to copy something that is known to be possible.

conviction is either extremely difficult, or free.
— Sam Altman (@sama) September 10, 2023

🌦️The Data

Name	Price	Price Change(24h)	Price change (7 days)
Bitcoin (BTC)	$25,802.34	-0.19%	-0.61%
Ethereum (ETH)	$1,612.10	-0.82%	-1.61%

🌅Total crypto market cap

🔵 $1.03 trillion

🔻 0.53%

What Bitcoin did yesterday

🔺 Daily high $25,897

🔻 Daily low $25,663

Bitcoin market capitalisation

🟠 BTC $502.597 billion

🟡 Gold $12.88 trillion

💳 Visa $514.31 billion

Bitcoin volume

🪣 Total spot trading volume $8.502 billion

🔺 47%

CoinDesk Large Cap Select Index

🔻 0.35%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔺 0.14%

FTSE/JSE Top 40

🔺 1.26%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.58

Relative Strength Index (RSI)

💪 41.61
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

08/09/2023

🌝 Is crypto up or down?

Bitcoin bounces back above $26K with Ethereum in tow

At the time of writing, bitcoin is up by 1.9% since yesterday in what’s been a lacklustre week in crypto markets.

Most other cryptos have followed BTC into the green this morning, albeit to a lesser extent. Ethereum is up 0.2% while other smart contract cryptos such as Solana, Avalanche and Polkadot have gained around 1%. The total crypto market cap is up by 1.5%.

In today’s headlines, JP Morgan is reportedly looking into developing a blockchain-based payments system, pending approval by US regulators.

👾 Read more below 👾

👾 Newsmaker

JP Morgan exploring blockchain-based payments system, Bloomberg

The blockchain network would be used to tokenise certain assets with the aim of improving settlement times and lowering the cost of transactions.
Bloomberg reported that the bank is quite far along in the development of the project and is awaiting approval from the US regulator.

“[The] effort would mark expansion of JPMorgan’s blockchain push,” Bloomberg noted.

📣 What they said yesterday

https://twitter.com/thiccythot_/status/1699959333616750837

🌦️The Data

Name	Price	Price Change(24h)	Price change (7 days)
Bitcoin (BTC)	$26,244.27	+1.92%	+0.96%
Ethereum (ETH)	$1,645.76	+0.20%	-0.02%

🌅Total crypto market cap

🔵 $1.05 trillion

🔺 1.19%

What Bitcoin did yesterday

🔺 Daily high $26,415

🔻 Daily low $26,195

Bitcoin market capitalisation

🟠 BTC $510.662 billion

🟡 Gold $12.855 trillion

💳 Visa $514 billion

Bitcoin volume

🪣 Total spot trading volume $12.412 billion

🔺 3.45%

CoinDesk Large Cap Select Index

🔺 1.55%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔻 0.32%

FTSE/JSE Top 40

🔺 0.3%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.46

Relative Strength Index (RSI)

💪 47

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

07/09/2023

🌝 Is crypto up or down?

Uniswap gains another 2% while Bitcoin and Ethereum continue sideways march

Bitcoin and Ethereum remain virtually unmoved since yesterday, continuing on the same path as in the last few days, while other cryptocurrencies such as Uniswap (UNI) (+2%) and Polygon (MATIC) (+1%) have shown some vigour.
The Fear and Greed Index is still firmly in “Fear”, with analysts pointing to ongoing bearish signals from the broader economy weighing on investors’ minds.

On the news front, Cathie Woods and her investment firm ARK Invest stole some of Bitcoin’s ETF thunder after announcing plans to list for a spot Ethereum ETF, but clearance from the Securities and Exchange Commission (SEC) remains a big hurdle. 👾 Read more in the Newsmaker section below.

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

👾 Newsmaker

ARK Invest and 21Shares want to list an Ethereum ETF

The exchange-traded fund (ETF) would directly hold Ethereum, which would be the first such fund in the US, if approved by the SEC, who are yet to approve any of the six Bitcoin ETF applications currently under review.
“The industry will likely push for more crypto ETFs, emboldened by trust issuer Grayscale’s recent court victory against the SEC, broker Bernstein said in a report last month,” according to CoinDesk. “A spot ETH ETF will be a top contender, the report said, given its similar market structure to BTC with actively traded futures and spot markets on the Chicago Mercantile Exchange (CME), a key regulated marketplace for institutional investors.”

📣 What they said yesterday

4/9

The end of Fed tightening cycles tends to point to peaks in the percentage of unemployed who are willing job leavers. These are people who chose to leave their job because they are confident that they can find another one. This is deteriorating. pic.twitter.com/SVd2ohLomf
— Jeff Weniger (@JeffWeniger) September 5, 2023

🌦️The Data

Name	Price	Price Change(24h)	Price change (7 days)
Bitcoin (BTC)	$25,731.24	+0.04%	-5.62%
Ethereum (ETH)	$1,632.02	+0.20%	-4.44%

🌅Total crypto market cap

🔵 $1.04 trillion

🔺 0.17%

What Bitcoin did yesterday

🔺 Daily high $26,018

🔻 Daily low $25,411

Bitcoin market capitalisation

🟠 BTC $501.16 billion

🟡 Gold $12.811 trillion

💳 Visa $511.96 billion

Bitcoin volume

🪣 Total spot trading volume $11.98 billion

🔺 11.51%

CoinDesk Large Cap Select Index

🔺 0.11%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔻 0.70%

FTSE/JSE Top 40

🔻 1.05%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.12

Relative Strength Index (RSI)

💪 40.92

06/09/2023

🌝 Is crypto up or down?

Chainlink and Uniswap show signs of life as market leaders idle

While Bitcoin and Ethereum (ETH) haven’t moved much in the last day, younger cryptocurrencies such as Chainlink (+3.4%) and Uniswap (+1.96%) collected a few noteworthy green candles.

Bitcoin is trading for around $25.7K and ETH is changing hands for roughly $1.6K, both at the same levels as 24 hours ago.

One analyst pointed out that crypto market indicators are showing strong signs of investor apathy as excitement over the BlackRock BTC application and the Grayscale court ruling has lost steam.

Things may be relatively slow on the crypto front at the moment, but a considerable amount of people around the world own some form of cryptocurrency. A new report by Henley & Partners, an investment migration consultancy, showed an estimated 425 million people globally own cryptocurrency, and roughly 210 million own bitcoin.

👾 Read more in the Newsmaker section below 👾

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

👾 Newsmaker

Only a handful of BTC billionaires, according to new crypto wealth report

Henley & Partners notes in their new Crypto Wealth Report that there are currently around 40,500 bitcoin millionaires and six bitcoin billionaires globally.

The investment immigration firm found there are roughly 425 million crypto investors around the world.

“Now we’re in the stage where today’s crypto companies are building the future — the next Amazon, the next Google, eBay, Uber, take your pick. Those who recognize that — who clearly see the analog to the internet, circa 1999 — are the ones who are going to reap the rewards,” Jeff D. Opdyke, a global investment expert, writes in the report.

📣 What they said yesterday

“Visa has begun to pilot using our Circle account to conduct settlement payments onchain over the Solana blockchain to global acquirers WorldPay and Nuvei.”
– Cuy Sheffield, Head of Crypto at Visa

🌦️The Data

Name	Price	Price Change(24h)	Price change (7 days)
Bitcoin (BTC)	$25,737.06	+0.32%	-6.36%
Ethereum (ETH)	$1,629.60	+0.54%	-5.21%

🌅Total crypto market cap

🔵 $1.04 trillion

🔺 0.15%

What Bitcoin did yesterday

🔺 Daily high $25,864

🔻 Daily low $25,596

Bitcoin market capitalisation

🟠 BTC $501.333 billion

🟡 Gold $12.9856 trillion

💳 Visa $510.25 billion

Bitcoin volume

🪣 Total spot trading volume $10.767 billion

🔺 0.14%

CoinDesk Large Cap Select Index

🔻 0.91%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔻 0.42%

FTSE/JSE Top 40

🔻 0.9%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.71

Relative Strength Index (RSI)

💪 38

06/09/2023

🌝 Is crypto up or down?

BTC and most of crypto gradually slide

Most of crypto is dipping in the red this morning, with bitcoin down by roughly 1% while Ethereum (ETH) follows a similar pattern.
Other large-caps have followed number and two into the red, but here are a few that have bucked the trend. Polygon (MATIC) is up 1.7% while Avalanche (AVAX) has gained 0.34%.

Indicators are reflecting the current market uncertainty. The Fear and Greed Index is firmly in “Fear”, while the moving averages are indicating a “strong sell” position in the bitcoin market.

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

👾 Newsmaker

The London Stock Exchange developing digital marketplace using blockchain technology

After a year of planning and internal debate the London Stock Exchange is going ahead with building a digital marketplace using blockchain technology.

“The idea is to use digital technology to make a process that is slicker, smoother, cheaper and more transparent . . . and to have it regulated,” Murray Roos, head of capital markets at the LSE Group, told the FT.

“Roos stressed that his exchange was ‘definitely not building anything around cryptoassets’ but was looking to use the technology that underpins popular tokens such as bitcoin to improve the efficiency of buying, selling and holding traditional assets,” the FT reported.

📰 Headlines

The Relationship Between Bitcoin and Interest Rates Is Breaking Down: Arthur Hayes

Casio Partners With Polygon (MATIC) To Release G-Shock NFT Watches

📣 What they said yesterday

Really cool to see huge brands like @lufthansa tapping into NFTs to create a better loyalty/miles & more program that will include an own marketplace where customers can buy & sell their #NFTs that can be used for flight upgrades etc.

These kinds of NFTs, with real utility in… pic.twitter.com/RyyFh6hG66
— Patrick Hansen (@paddi_hansen) September 4, 2023

🌦️The Data

Name	Price	Price Change (24h)	Price change (7 days)
Bitcoin (BTC)	$25,659.45	-1.27%	-1.24%
Ethereum (ETH)	$1,621.25	-1.06%	-1.51%

🌅Total crypto market cap

🔵 $1.04 trillion

🔻 0.71%

What Bitcoin did yesterday

🔺 Daily high $26,094

🔻 Daily low $25,660

Bitcoin market capitalisation

🟠 BTC $500.455 billion

🟡 Gold $12.934 trillion

💳 Visa $516.01 billion

Bitcoin volume

🪣 Total spot trading volume $10.745 billion

🔺 11.07%

CoinDesk Large Cap Select Index

🔻 0.91%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔺 0.18%

FTSE/JSE Top 40

🔻 1.00%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.17

Relative Strength Index (RSI)

💪 37.4

04/09/2023

🌝 Is crypto up or down?

BTC and ETH unmoved in the last week

Bitcoin and ether (Ethereum) have been moving sideways for the last week since relinquishing their hold on key levels. Bitcoin continues to trade for a pinch below $26K while ETH hovers just above $1.6K.

Most of the large-caps are following a similar pattern, with a spike here and there being the exception. SOL (Solana), for example, is up 1.5% in the last 24 hours, but it’s mostly been a quiet start to the week.
Will some event move the markets in the coming days?

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

👾 Newsmaker

US Jobs market slowing in response to rate hikes

“US job growth picked up in August, but the unemployment rate jumped to 3.8% and wage gains moderated, suggesting that labor market conditions were easing and cementing expectations that the Federal Reserve will not raise interest rates this month,” Reuters reported.
The latest employment report from the Labor Department showed 736,000 people entered the job market last month, the highest in more than 3 years. “Concerns about an economic slowdown are probably luring people back into the labor market,” the news publication noted.

📰 Headlines

Analysts predict tough September as bitcoin falters after ETF delay

JPMorgan says SEC would likely be forced to approve spot bitcoin ETFs following Grayscale’s win

📣 What they said yesterday

“It looks more likely that the SEC would be forced to approve the spot bitcoin ETF applications that are still pending from several asset managers, including that from Grayscale.”
-JP Morgan analysts in a note

🌦️The Data

Name	Price	Price Change (24h)	Price change (7 days)
Bitcoin (BTC)	$25,956.52	+0.04%	+0.13%
Ethereum (ETH)	$1,638.66	+0.17%	-0.19%

🌅Total crypto market cap

🔵 $1.05 trillion

🔺 0.22%

What Bitcoin did yesterday

🔺 Daily high $26,090

🔻 Daily low $25,816

Bitcoin market capitalisation

🟠 BTC $505.545 billion

🟡 Gold $12.998 trillion

💳 Visa $516.01 billion

Bitcoin volume

🪣 Total spot trading volume $9.712 billion

🔺 13.92%

CoinDesk Large Cap Select Index

🔺 0.22%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔺 0.18%

FTSE/JSE Top 40

🔺 1.02%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.26

Relative Strength Index (RSI)

💪 38

01/09/2023

🌝 Is crypto up or down?

BTC, ETH and other large-caps back to pre-rally levels

Bitcoin is trading back below $26K after a sell-off that caused the price to drop more than 4% in the last day. Ether (Ethereum) is down around 3%. This puts both market leaders in roughly the same spot as a week ago, where they were before the mini-rally.

Other large-caps like SOL (Solana), MATIC (Polygon) and AVAX (Avalanche) have all followed BTC into the red.

The drawdown in crypto markets followed shortly on the news of the Securities and Exchange Commission (SEC) in the US postponing its decision on BTC ETF applications until October.

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

👾 Newsmaker

SEC postpones BTC ETF decision until October

The US regulator is delaying its decision for all six bitcoin exchange traded fund (ETF) applications until October.
“The applicants hope to launch the first spot bitcoin ETF, which advocates have argued would allow for greater retail investment in the bitcoin space while saving investors from the troubles of setting up a wallet or having to buy bitcoin directly,” CoinDesk explains.
The regulator has 240 days to come to a final decision, starting on the date when it first began its review of the applications.

📰 Headlines

Reaching a billion users is ‘the wrong goal’ for crypto, says former Tinder VP

Ether Heads for ‘Death Cross’

📣 What they said yesterday

“While some may argue that a BTC spot ETF might deviate from the foundational ethos of cryptocurrencies, the undeniable fact is its potential to attract institutional investments.”
– Adam Blumberg, Co-founder at InterAxis

🌦️The Data

Name	Price	Price Change (24h)	Price change (7 days)
Bitcoin (BTC)	$25,990.96	-4.67%	+0.08%
Ethereum (ETH)	$1,647.12	-3.49%	-0.25%

🌅Total crypto market cap

🔵 $1.05 trillion

🔻 3.56%

What Bitcoin did yesterday

🔺 Daily high $27,464

🔻 Daily low $25,731

Bitcoin market capitalisation

🟠 BTC $506.24 billion

🟡 Gold $12.998 trillion

💳 Visa $510.96 billion

Bitcoin volume

🪣 Total spot trading volume $20.36 billion

🔺 40%

CoinDesk Large Cap Select Index

🔻 4.40%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔻 0.38%

FTSE/JSE Top 40

🔻 0.47%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.26

Relative Strength Index (RSI)

💪 37.38

31/08/2023

🌝 Is crypto up or down?

BTC and ETH retrace, while alt-coins see deeper sell-offs

BTC and ETH have retraced to trade in the red this morning by less than a percentage point each. The market leader is trading around the $27.2K level while ETH is holding just above $1.7K.

SOL, AVAX and other smart-contract cryptos are deeper in the red this morning, shedding most of their gains from yesterday’s short-lived rally.

Some analysts have pointed out the modest trading volumes compared to other mini-rallies, which could indicate a lack of investor support behind this latest one.

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

👾 Newsmaker

South African invests R2.8m worth of bitcoin in solar at alma mater

“An investor, and Pretoria Boys High School (PBHS) old boy, used bitcoin to buy a solar system worth R2.8 million for the school,” reports News24.
The anonymous person invested in the solar system through a solar crowdsourcing platform, which makes it possible for schools and businesses to get access to solar energy systems for no upfront cost, while earning returns on the investment.

Investments on the platform can be made in bitcoin or fiat currency.

📰 Headlines

Bitcoin Starts to Retrace Grayscale-Fueled Gain; SOL, XRP, DOT Lead Majors Slide

Airline Giant Lufthansa Launches NFT Loyalty Program on Polygon

📣 What they said yesterday

Timing the Market: Why It’s So Hard, in One Chart 📈https://t.co/EGBWMHTNlA pic.twitter.com/nitn792UUd
— Visual Capitalist (@VisualCap) August 29, 2023

🌦️The Data

Name	Price	Price Change (24h)	Price change (7 days)
Bitcoin (BTC)	$27,264.70	-0.59%	+2.99%
Ethereum (ETH)	$1,706.43	-0.6%	+1.93%

🌅Total crypto market cap

🔵 $1.09 trillion

🔻 0.26%

What Bitcoin did yesterday

🔺 Daily high $27,757

🔻 Daily low $27,681

Bitcoin market capitalisation

🟠 BTC $530,560 billion

🟡 Gold $13.01 trillion

💳 Visa $512.1 billion

Bitcoin volume

🪣 Total spot trading volume $14.521 billion

🔻 53.21%

CoinDesk Large Cap Select Index

🔻 0.67%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔺 0.38%

FTSE/JSE Top 40

🔺 0.03%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.77

Relative Strength Index (RSI)

💪 47

30/08/2023

🌝 Is crypto up or down?

BTC up 5% and ETH up by 4%, while other markets also in the green

Red candles are a scarcity in crypto markets today. Bitcoin is trading above $27K for the first time since the sell-off a few weeks ago, while Ether (Ethereum) has followed and is changing hands for around $1.7K.

Bitcoin Cash is up a notable 14%, while third-generation cryptocurrencies like AVAX (+1.9%), ADA (1%) and SOL (6.4%) are all in varying shades of green.

The crypto rally follows a court’s ruling that the Securities and Exchange Commission (SEC) was wrong to reject the Bitcoin ETF application brought by crypto asset manager Grayscale Investments. Total BTC spot trading volumes on exchanges around the world leaped 184% in the last 24 hours as investors reacted to the news.

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

👾 Newsmaker

BTC rises 7% following Grayscale BTC ETF ruling

“To many in the crypto space, the ruling represents a huge victory. The news was so welcome that within minutes of the courts’ ruling on Tuesday, Bitcoin’s price rose over 7% to nearly $28,000,” TechCrunch reported yesterday.

The US District of Columbia Court of Appeals ruled yesterday that the SEC was wrong to reject Grayscale’s BTC ETF application.

The SEC denied Grayscale’s BTC spot ETF application last year, after which Grayscale sued the SEC, arguing that the regulator unfairly dismissed the application while approving BTC futures ETF applications. Grayscale said its spot ETF should be judged on the same grounds as the approved futures ETFs.

“The court’s panel of judges said Grayscale showed that its proposed bitcoin ETF is ‘materially similar’ to the approved bitcoin futures ETFs. That’s because the underlying assets— bitcoin and bitcoin futures – are ‘closely correlated,’ and because the surveillance sharing agreements with the [Chicago Mercantile Exchange] CME are ‘identical and should have the same likelihood of detecting fraudulent or manipulative conduct in the market for bitcoin,’” according to Reuters.

📰 Headlines

SEC Must Review Grayscale’s Bitcoin ETF Bid After Previous Rejection, Appeals Court Rules

What Grayscale’s win against the SEC actually means

📣 What they said yesterday

“The denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products.”
-Court filing by the US District of Columbia Court of Appeals

🌦️The Data

Name	Price	Price Change (24h)	Price change (7 days)
Bitcoin (BTC)	$27,408.57	+5.49%	+5.16%
Ethereum (ETH)	$1,715.85	+4.25%	+4.25%

🌅Total crypto market cap

🔵 $1.09 trillion

🔺 4.26%

What Bitcoin did yesterday

🔺 Daily high $28,046

🔻 Daily low $25,919

Bitcoin market capitalisation

🟠 BTC $534.455 billion

🟡 Gold $12.953 trillion

💳 Visa $510.25 billion

Bitcoin volume

🪣 Total spot trading volume $31.02 billion

🔺 185%

CoinDesk Large Cap Select Index

🔺 5.09%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔺 1.45%

FTSE/JSE Top 40

🔺 0.54%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.77

Relative Strength Index (RSI)

💪 50.82

29/08/2023

🌝 Is crypto up or down?

BTC continues to circle $26K

Bitcoin is again circling $26K this morning after posting a high of $26.2K yesterday. Ether (Ethereum), up by a marginal 0.2% over 24 hours, is following a similar pattern as the market leader. There are a few more green candles in crypto markets than this time yesterday.

ADA (Cardano) and MATIC (Polygon) are both in the green by roughly 1.5% while AVAX (Avalanche) is up by more than 4%.
Having said that, market indicators continue to reflect caution, with the Fear and Greed Index still firmly in Fear territory and the Relative Strength Index, at 27, showing an oversold position.

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

👾 Newsmaker

How’s is PayPal’s stablecoin, PYUSD, doing a few weeks after launch?

Data from CoinMarketCap suggested that PYUSD held the 2,175th position among various crypto assets and 39th among stablecoins, AMB Crypto reported.

“The volume chart from Santiment illustrated the rapid accumulation of trading activity for PayPal USD shortly following its launch,” the crypto publication noted. “The chart demonstrated a noticeable upward trend in volume, reaching its pinnacle at over 4.2 million around 24 August.”

Trading volume for the stablecoin has since dropped to around 1.3 million.

📰 Headlines

Microsoft Infuses AI With Human-Like Reasoning Via an “Algorithm of Thoughts”

We Would Be Long Bitcoin With Tight Stop Loss, Matrixport Says

📣 What they said yesterday

The purchasing power of 🇺🇸 $1 since 1930.

1930: $1
1960: $0.4
1990: $0.1
2023: $0.04
— World of Statistics (@stats_feed) August 28, 2023

🌦️The Data

Name	Price	Price Change (24h)	Price change (7 days)
Bitcoin (BTC)	$25,978.80	+0.2%	-0.42%
Ethereum (ETH)	$1,645.91	+0.2%	-1.19%

🌅Total crypto market cap

🔵 $1.05 trillion

🔺 0.26%

What Bitcoin did yesterday

🔺 Daily high $26,215

🔻 Daily low $25,891

Bitcoin market capitalisation

🟠 BTC $505.937 billion

🟡 Gold $12.876 trillion

💳 Visa $507.11 billion

Bitcoin volume

🪣 Total spot trading volume $$10,.908 billion

🔺 34.26%

CoinDesk Large Cap Select Index

🔺 0.35%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔺 0.63%

FTSE/JSE Top 40

🔻 0.32%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.17

Relative Strength Index (RSI)

💪 27

29/08/2023

🌝 Is crypto up or down?

Bitcoin virtually unmoved, trading just below $26K

Bitcoin has barely moved over 24 hours and is down a marginal 0.72% over seven days. The market leader slipped below $26K last week, where it continues to trade this morning.
Ether (Ethereum) has dipped deeper in the red and is down by 1% in the last day. Other smart-contract cryptos are trading similarly to ETH

Fed Chair Jerome Powell remarked last week the Fed is prepared to continue raising interest rates if inflation doesn’t come down.

“Although inflation has moved down from its peak — a welcome development — it remains too high,” Powell said during a keynote address at the Kansas City Fed’s annual retreat.

Investing in cryptocurrency may result in the loss of capital as the value can fluctuate.

👾 Newsmaker

Solana integrates with Shopify

Solana Pay, a payment protocol by Solana Labs, the company behind the SOL cryptocurrency, has integrated with Shopify. This will enable millions of businesses on Shopify to use Solana Pay for payments, TechCrunch reported.
For now, customers will be able to transact on the app with the USDC stablecoin.

“You need speed at the point of sale for merchant payments. No one wants to sit on a website to wait for wallet transactions. Similarly in a point of sale in a store, can you imagine waiting three minutes for your payment to go through? No one wants to do that,” Josh Fried, business development and partnerships at Solana Foundation said, talking about Solana’s speedy blockchain.

📰 Headlines

JPMorgan Technical Strategist Flips Bearish on the Stock Market, Says Tide Is Turning for Equities

Ripple v. SEC case update as of August 28, 2023

📣 What they said yesterday

10 powerful visuals every investor should memorize:

1: Dollar-cost averaging makes market timing irrelevant. pic.twitter.com/rviJxMWtE7
— Brian Feroldi (🧠,📈) (@BrianFeroldi) August 27, 2023

🌦️The Data

Name	Price	Price Change (24h)	Price change (7 days)
Bitcoin (BTC)	$25,906.41	-0.54%	-0.60%
Ethereum (ETH)	$1,631.06	-1.03%	-2.49%

🌅Total crypto market cap

🔵 $1.04 trillion

🔻 0.59%

What Bitcoin did yesterday

🔺 Daily high $26,174

🔻 Daily low $25,968

Bitcoin market capitalisation

🟠 BTC $504.546billion

🟡 Gold $12.808 trillion

💳 Visa $504.49 billion

Bitcoin volume

🪣 Total spot trading volume $8,143 billion

🔺 37%

CoinDesk Large Cap Select Index

🔻 0.88%

The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies.

SP500

🔺 0.67%

FTSE/JSE Top 40

🔺 0.68%

Fear and Greed Index

Bitcoin’s market dominance

📊 49.22

Relative Strength Index (RSI)

💪 27.82

2icates an oversold or undervalued condition.

ay be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

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