Crypto Daily Alpha - September 2, 2024

Welcome to today’s edition of Crypto Daily Alpha. It’s Doc here, ready to guide you through the latest updates, insights, and opportunities in the ever-evolving crypto landscape.

As we turn the page to September, it’s time to reflect on where Bitcoin left off in August. On the monthly BTCUSD chart, Bitcoin closed August with a slight pullback, finishing just below $60,000 after a month of volatile swings. The key question now is: What lies ahead in September? Will Bitcoin build momentum? Or will we see more consolidation as the market digests recent moves? What are your predictions for the month ahead? Anyway, let’s look at today’s updates to get a clearer picture of the space what’s shaping the market.

Project Updates

Aethir's ATH Payment Integration with Auros
Aethir, a front-runner in the Decentralised Physical Infrastructure Networks (DePIN) space, has teamed up with Auros, a major player in algorithmic trading and market-making. This partnership aims to simplify the conversion of Aethir's revenue into ATH tokens, the official currency for GPU cloud computing services within their ecosystem. This move is particularly beneficial for non-Web3 native enterprise clients, including prominent gaming studios and telecommunications giants. Auros will facilitate on-chain ATH purchases, ensuring optimal liquidity and a seamless experience for clients using Aethir's distributed cloud computing infrastructure.

MakerDAO Rebrands to Sky Ecosystem
In a bold move, MakerDAO has rebranded itself as Sky Ecosystem as part of its "Endgame" plan. The rebrand introduces the $SKY token, replacing $MKR, and the upgraded stablecoin $USDS, set to offer enhanced features and rewards. The rebrand aims to further decentralise governance, making Sky Ecosystem more resilient and innovative. Despite these changes, $MKR has seen a 19% drop in the past week, reflecting investor caution. Only time will tell if Sky can turn the tide and redefine DeFi by making it more accessible and rewarding for users.

Ripple and SBI Partnership
Ripple has announced a strategic partnership with Japan's SBI Group, aiming to bolster its presence in the Asian market. This collaboration will focus on expanding Ripple's reach in Bitcoin trading and storage services, further solidifying its position in the region.

Crypto Market Dynamics

Bitcoin Whale Accumulation
Despite recent price volatility, Bitcoin wallets holding over 100 BTC have reached a 17-month high, signalling increased accumulation by large holders. This suggests that whales are taking advantage of the lower prices to expand their positions, potentially laying the groundwork for future price increases.

August Outflows in Crypto Products
Crypto investment products saw a $305 million outflow in August, reflecting market participants' growing sensitivity to interest rate expectations and macroeconomic conditions. This trend highlights the cautious approach investors are taking amid an uncertain economic backdrop.

Regulation Updates

Qatar's Digital Asset Framework
Qatar has introduced a comprehensive regulatory framework for digital assets, aiming to attract international crypto firms and establish itself as a regional hub for digital finance. This move could position Qatar as a key player in the global crypto market.

SEC's Warning on FTX Repayment Plan
The U.S. SEC has raised concerns about FTX's proposed stablecoin-denominated repayment plan for its creditors. The SEC’s warning underscores the legal complexities involved in using crypto assets for debt settlement, which could lead to further regulatory scrutiny.

Political and Crypto Convergence

Venezuela's Return to Crypto
Venezuelan President Nicolás Maduro has announced plans to re-embrace cryptocurrency as part of the country’s economic recovery strategy. This signals a renewed focus on using digital assets to bypass traditional financial systems amidst ongoing sanctions, potentially paving the way for broader adoption in the region.

U.S. Political Fundraising and Crypto
Several crypto executives are reportedly organising a fundraiser to support U.S. Vice President Kamala Harris. Their goal is to persuade her to adopt a more favourable stance towards cryptocurrency regulations, indicating the growing influence of crypto in the political sphere.

Security and Scams

South Korean Crypto Fraud Arrest
South Korean authorities have indicted a crypto fraudster who underwent plastic surgery to evade arrest. The individual was involved in a large-scale scam that defrauded numerous investors. This case serves as a stark reminder of the lengths some will go to avoid justice in the crypto world.

Airdrop Opportunities and Community Engagement

No new airdrops are reported today, but keep an eye on the ongoing community engagement around major projects. These can often lead to surprise opportunities, so stay tuned and active in the space.

Token Unlocks

Here are some of the token unlocks happening today, which may lead to price fluctuations due to the increased supply and potential selling pressure:

• PiBridge ($PIB): $1.29K worth of tokens unlocking today, representing 1.04% of the market cap. Expect minimal price impact.
• Zodium ($ZODI): $1.40K worth of tokens unlocking today, representing 2.13% of the market cap. Monitor for potential price fluctuations.
• Sensay ($SNSY): $86.64K worth of tokens unlocking today, representing 2.58% of the market cap. Watch for some volatility.
• Kunji Finance ($KNJ): $10.71K worth of tokens unlocking today, representing 1.72% of the market cap. Expect minor price movement.
• Cyber Arena ($CAT): $8.12K worth of tokens unlocking today, representing 1.03% of the market cap. Minimal price impact expected.
• SolarX ($SXCH): $12.55K worth of tokens unlocking today, representing 3.13% of the market cap. Monitor for possible fluctuations.
• TabTrader ($TTT): $21.52K worth of tokens unlocking today, representing 1.11% of the market cap. Watch for price changes.
• Infinity Skies ($ISKY): $1.40K worth of tokens unlocking today, representing 3.62% of the market cap. Expect minor volatility.
• Engines of Fury ($FURY): $18.80K worth of tokens unlocking today, representing 1.08% of the market cap. Watch for potential fluctuations.
• Perion ($PERC): $310.29K worth of tokens unlocking today, representing 3.77% of the market cap. Expect notable price movement.
• ReadFi ($RDF): $11.12K worth of tokens unlocking today, representing 15.4% of the market cap. Significant price impact expected.
• Trestle ($TRESTLE): $17.45K worth of tokens unlocking today, representing 2.37% of the market cap. Monitor for fluctuations.
• DEGA ($DEGA): $9.34K worth of tokens unlocking today, representing 2.99% of the market cap. Expect minor price impact.
• UFORIKA ($FORA): $5.94K worth of tokens unlocking today, representing 1.60% of the market cap. Minimal price changes expected.
• Crypto Hunters ($CRH): $1.29K worth of tokens unlocking today, representing 1.50% of the market cap. Expect slight volatility.
• GAIMIN ($GMRX): $55.38K worth of tokens unlocking today, representing 3.89% of the market cap. Watch for potential fluctuations.
• DeMR ($DMR): $11.73K worth of tokens unlocking today, representing 1.25% of the market cap. Expect minimal price movement.
• BITBRAWL ($BRAWL): $7.24K worth of tokens unlocking today, representing 1.86% of the market cap. Minimal price impact expected.
• Bounty Temple ($TYT): $1.18K worth of tokens unlocking today, representing 1.54% of the market cap. Monitor for minor fluctuations.
• Versus-X ($VSX): $33.39K worth of tokens unlocking today, representing 7.76% of the market cap. Significant price impact anticipated.
• Ordify ($ORFY): $13.02K worth of tokens unlocking today, representing 1.64% of the market cap. Expect some price movement.
• Pirates of the Arrland ($RUM): $3.57K worth of tokens unlocking today, representing 2.09% of the market cap. Watch for potential volatility.
• StoryFire ($BLAZE): $4.58K worth of tokens unlocking today, representing 2.12% of the market cap. Monitor for possible price fluctuations.
• Monkey Empire ($MKC): $1.96K worth of tokens unlocking today, representing 1.50% of the market cap. Minimal price impact expected.
• GPTverse ($GPTV): $2.45K worth of tokens unlocking today, representing 1.78% of the market cap. Expect minor volatility.
• TARS Protocol ($TAI): $3.16M worth of tokens unlocking today, representing 22.4% of the market cap. Significant price impact expected.
• ionic ($ION): $92.97K worth of tokens unlocking today, representing 45.8% of the market cap. Watch for substantial price movement.
• BRC20X ($BRCX): $5.88K worth of tokens unlocking today, representing 51.2% of the market cap. Expect significant volatility.
• ARQx ($ARQX): $2.22K worth of tokens unlocking today, representing 2.30% of the market cap. Monitor for minor price changes.
• moonboots DAO ($MBDAO): $8.68K worth of tokens unlocking today, representing 1.14% of the market cap. Expect minor fluctuations.
• Wisdomise AI ($WSDM): $54.62K worth of tokens unlocking today, representing 2.33% of the market cap. Monitor for potential volatility.
• Love Monster ($LOVE): $963.29 worth of tokens unlocking today, representing 1.07% of the market cap. Expect minimal price impact.
• LandRocker ($LRT): $19.17K worth of tokens unlocking today, representing 1.45% of the market cap. Watch for possible fluctuations.
• Elixir Games ($ELIX): $40.19K worth of tokens unlocking today, representing 1.23% of the market cap. Expect minor price changes.
• Saakuru ($SKR): $41.04K worth of tokens unlocking today, representing 5.12% of the market cap. Monitor for possible volatility.
• IntentX ($INTX): $23.15K worth of tokens unlocking today, representing 1.26% of the market cap. Expect some price movement.
• Skillful AI ($SKAI): $127.17K worth of tokens unlocking today, representing 1.74% of the market cap. Watch for fluctuations.
• Athena DexFi ($ATH): $1.01K worth of tokens unlocking today, representing 1.00% of the market cap. Expect minimal price changes.
• Wodo Gaming ($XWGT): $20.96K worth of tokens unlocking today, representing 4.28% of the market cap. Monitor for price movement.
• BLASTOFF ($OFF): $1.74K worth of tokens unlocking today, representing 2.19% of the market cap. Minimal price impact expected.
• Edge Video AI ($FAST): $2.23K worth of tokens unlocking today, representing 1.71% of the market cap. Expect minor volatility.
• Agoradex ($AGA): $4.49K worth of tokens unlocking today, representing 3.19% of the market cap. Monitor for potential price changes.
• CryptoSamurai ($CST): $61.78K worth of tokens unlocking today, representing 1.13% of the market cap. Expect minor price movement.
• RunesTerminal ($RUNI): $26.40K worth of tokens unlocking today, representing 2.67% of the market cap. Watch for potential price fluctuations.
• Dystoworld AI ($DYSTO): $754.92 worth of tokens unlocking today, representing 1.06% of the market cap. Minimal price impact expected.
• udao ($UDAO): $14.82K worth of tokens unlocking today, representing 2.53% of the market cap. Monitor for fluctuations.
• Legion Ventures ($LEGION): $4.86K worth of tokens unlocking today, representing 1.15% of the market cap. Expect minor price changes.
• Orbital7 ($ORBI): $7.27K worth of tokens unlocking today, representing 6.26% of the market cap. Watch for potential volatility.
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Bitcoin and Crypto Market Update

Bitcoin has stabilised around $59,000 after a period of volatility, reflecting resilience in the face of market pressures. Ethereum is also showing signs of recovery, possibly buoyed by ongoing developments within its ecosystem and a potential shift in market sentiment as investors seek stability in blue-chip assets.

Bitcoin Miner Revenues Drop
August 2024 marked the lowest revenue month for Bitcoin miners in 11 months, driven by increasing network difficulty and declining BTC prices. This trend could signal challenges ahead for the mining community as profitability becomes more elusive.

In a recent tweet, Oz highlighted key Bitcoin levels to watch for in September, marking the start of a new month. He outlined three critical price points: a high at $65k, a mid-range at $57.4k, and a low at $49.2k. These levels serve as significant indicators for market participants, providing potential entry and exit points depending on individual strategies. Traders are encouraged to monitor these levels closely and "play them as you see fit," adjusting their positions accordingly based on their market outlook and risk tolerance.

Market Sentiment

Today’s Crypto Fear & Greed Index stands at 26 (Fear), unchanged from yesterday. This steady sentiment reflects ongoing apprehension among market participants, likely driven by recent downturns in Bitcoin and Ethereum prices. The market remains cautious, with investors becoming more risk-averse amid economic uncertainty and increased volatility. The current fear level suggests that while some are hesitant to re-enter the market, others might see this as an opportunity to accumulate, anticipating a potential rebound once macroeconomic pressures ease.

That’s it for today’s edition of Crypto Daily Alpha. Keep an eye out for the next update tomorrow. As always, do your own research, and invest wisely.