Crypto Daily Alpha - Sept 9, 2024 "Bitcoin Undervalued Amid CPI Anticipation: Top Insights in Today’s Crypto Market"
Doc here. Sunday saw Bitcoin closing the week at $54,841.57, marking another key point in a market brimming with uncertainty as we await the CPI report. I'm bringing you the latest crypto news, updates, and analysis to help you stay informed. Let’s dive into what’s happening today.
Project Updates
Japanese Power Firm Explores Bitcoin Mining with Solar Waste Energy
A Japanese power company is experimenting with using solar waste energy to mine Bitcoin, an initiative that could potentially revolutionise the sustainability of Bitcoin mining. This forward-thinking approach aims to tackle concerns about the environmental impact of mining and could draw the attention of other nations seeking greener energy solutions for blockchain activities. The experiment highlights Japan's role in pushing for more eco-friendly blockchain innovations. According to Crypto Briefing, this move could position Japan as a significant player in the global crypto-mining space.
Jupiter (JUP) on Solana
Jupiter launched its token on the Solana blockchain earlier this year and is quickly emerging as one of the most efficient decentralised exchange (DEX) aggregators. Known for its limit order feature and Dollar Cost Averaging (DCA) options, Jupiter gives Solana traders more control and flexibility. These features have helped Jupiter rise in prominence within the DeFi ecosystem, making it a project worth watching closely.
Crypto Market Dynamics
Bitcoin ETFs See $37 Million in Outflows
U.S. spot Bitcoin ETFs have experienced $37 million in outflows, reflecting a shift in investor sentiment as traders prepare for major economic data releases, including the upcoming CPI report. Once seen as a cornerstone for institutional involvement in crypto, these recent outflows point to a cautious market amidst global uncertainties. While some analysts predict short-term pressure on Bitcoin, others see these outflows as an opportunity for longer-term gains. The Block reports that the decrease in ETF holdings is an indicator of growing market apprehension.
News
Regulation Updates
Nigeria's SEC Tightens Crypto Regulations
Nigeria's Securities and Exchange Commission (SEC) has introduced stricter regulations targeting unregulated transactions in the crypto sector. These new rules are aimed at increasing transparency and safeguarding investors from risky and illicit platforms. The stricter oversight is part of Nigeria's plan to establish itself as a secure, regulated crypto market leader within Africa. According to CoinTelegraph, Nigeria’s regulatory framework could set a precedent for other countries looking to tighten crypto governance.
United Texas Bank Faces Cease-and-Desist Order
The United States Federal Reserve issued a cease-and-desist order to United Texas Bank on September 4, 2024, citing deficiencies in risk management related to its crypto dealings. The bank is required to implement an action plan addressing these concerns, particularly around anti-money laundering (AML) compliance. This development underscores the continued regulatory scrutiny of financial institutions engaged in crypto activities.
Uniswap Legal Issues Intensify
Uniswap is facing increased regulatory pressure, as several of its key investors have been subpoenaed by U.S. authorities. This signals mounting challenges for DeFi platforms, as regulators aim to impose stricter oversight on decentralised exchanges. Uniswap's legal troubles highlight the regulatory headwinds facing the entire DeFi space.
Political and Crypto Convergence
Bitcoin Undervalued Ahead of CPI Report and Debate Week
According to CoinDesk, Bitcoin is being viewed by traders as undervalued, especially with the U.S. gearing up for the CPI data release and a political debate between Trump and Harris this week. The CPI report is expected to drive market sentiment, potentially creating price volatility. Some experts believe that Bitcoin could see a significant recovery, citing political and economic shifts as catalysts for future price rallies.
Macro News
FOMC Meeting Expectations and Crypto Impact
As we approach the FOMC meeting scheduled for September 17-18, 2024, there is growing speculation that the Federal Reserve may cut interest rates due to cooling economic indicators. A rate cut is seen as a potential catalyst for increased investment in risk assets like Bitcoin and Ethereum, as lower interest rates tend to push investors towards higher-yield options. Current market positioning reflects this optimism, with traders expecting crypto prices to rise in response to a dovish stance from the Fed.
The crypto markets, particularly Bitcoin, have historically shown volatility leading up to significant Federal Reserve announcements. Analysts predict that a rate cut would weaken the dollar, making cryptocurrencies more attractive. The broader implications could see Bitcoin prices pushing higher, depending on the Fed's signals regarding future rate cuts. Investors are closely monitoring the Fed's statements, as any unexpected hawkish moves could temper the optimism currently driving market sentiment.
Security and Scams
$11M in Stolen Ether Moved Through Tornado Cash
Reports from CoinDesk indicate that $11 million worth of stolen Ether, originating from the WazirX hack, has been moved through Tornado Cash. This use of a privacy protocol makes tracking the stolen funds more difficult, raising concerns about security vulnerabilities in the ecosystem. Such incidents highlight the ongoing challenges the crypto sector faces in combating illicit activity, particularly as hackers increasingly use these methods to launder stolen assets.
Revelo Intel CEO Resigns After Armed Robbery
In a shocking development, the CEO of Revelo Intel has stepped down following an armed robbery incident. The resignation reflects the personal risks that high-profile figures in the crypto space face, as they become targets for criminals. According to CoinTelegraph, the growing visibility of crypto executives is leading to increased concerns about personal security in the sector.
Malware Targeting Private Keys
A new malware threat specifically designed to steal private keys from crypto wallets has surfaced, amplifying concerns over security vulnerabilities in crypto storage solutions. This highlights the ongoing need for improved security measures as the malware targets unsuspecting users, making it critical for everyone in the crypto space to be vigilant about their wallet protection.
Airdrop Opportunities
Starknet Surge
Starknet's token experienced an 11% surge, largely driven by growing community engagement and anticipation of future developments. With increased attention on the platform, Starknet is emerging as a significant player in the Layer 2 scaling solutions landscape, presenting opportunities for early participants to benefit from its growth.
Token Unlocks
Here are today's token unlocks, which may lead to price fluctuations due to the increased supply and potential selling pressure:
- XAI ($XAI): $6.61M worth of tokens unlocking today, representing 12.9% of the market cap. Significant volatility is expected.
- Worldcoin ($WLD): $7.09M worth of tokens unlocking today, accounting for 1.18% of the market cap. Monitor for potential price fluctuations.
- Conflux ($CFX): $11.65M worth of tokens unlocking today, representing 2.01% of the market cap. Some price fluctuations anticipated.
- Pendle ($PENDLE): $642.97k worth of tokens unlocking, representing 0.14% of the market cap. Likely minimal price impact.
- Moonbeam ($GLMR): $473.49k worth of tokens unlocking today, making up 0.34% of the market cap. Monitor for slight price movements.
- Aptos ($APT): $69.67M worth of tokens unlocking tomorrow, representing 2.32% of the market cap. Watch for potential volatility.
Bitcoin and Crypto Market Update
Bitcoin Faces a Significant Moment
According to Oz, Bitcoin is entering a pivotal phase as this week marks the start of the 0.618 Fibonacci time extension. Historically, this time extension has been associated with major market movements, and charts show Bitcoin's price consolidating around critical resistance levels. Traders are being advised to stay vigilant as the market could be primed for an upward breakout.
This week marks the beginning of 0.618 fib time, and time to get going for $btc...#crypto #btc pic.twitter.com/mcSPLG1G7R
— 𝐂𝐫𝐲𝐩𝐭𝐨 𝐖𝐞𝐚𝐥𝐭𝐡 (@AskCryptoWealth) September 9, 2024
Bernstein Predicts Bitcoin Could Hit $90K by Year-End
A report from Bernstein suggests that Bitcoin could reach $90,000 by the end of 2024, particularly if Donald Trump returns to the U.S. presidency. The analysis points to political shifts and economic stimulus measures as potential drivers of demand for Bitcoin, especially in uncertain economic times.
On-Chain Metrics
Bitcoin On-Chain Metrics
On-chain data for Bitcoin shows steady network activity. Daily transactions, active addresses, and miner revenue remain stable, reflecting healthy network participation. The rise in mining difficulty points to increased competition, while miner outflows to Over-The-Counter (OTC) desks suggest profit-taking as Bitcoin consolidates near key levels.
Ethereum On-Chain Metrics
Ethereum's network activity remains robust, with active addresses and transaction volume holding steady. Gas fees have risen slightly due to sustained demand, while staking metrics continue to show strong interest in securing the network. Ethereum’s overall network health remains resilient, underscoring its solid position within the broader crypto ecosystem.
Market Sentiment
Fear and Greed Index
Today’s Crypto Fear & Greed Index stands at 26 (Fear), reflecting cautious sentiment in the market. This level of fear indicates that traders remain risk-averse, driven by the upcoming CPI report and broader economic uncertainties. Despite the stable index from yesterday, the market continues to experience trepidation as participants wait for clarity on key macroeconomic and political events that could influence prices.
Bitcoin Fear and Greed Index is 26 - Fear
Current price: $55,351 pic.twitter.com/KTuRdoHHGS— Bitcoin Fear and Greed Index (@BitcoinFear) September 9, 2024
That’s it for today’s edition of Crypto Daily Alpha. Keep an eye out for the next update tomorrow. Do your own research and invest wisely!
Support Our Work
If you value the content we provide and would like to see us continue delivering high-quality crypto insights, you can show your support by contributing here. Your generosity helps keep our community informed and engaged.
Doc here. Sunday saw Bitcoin closing the week at $54,841.57, marking another key point in a market brimming with uncertainty as we await the CPI report. I'm bringing you the latest crypto news, updates, and analysis to help you stay informed. Let’s dive into what’s happening today.
Project Updates
Japanese Power Firm Explores Bitcoin Mining with Solar Waste Energy
A Japanese power company is experimenting with using solar waste energy to mine Bitcoin, an initiative that could potentially revolutionise the sustainability of Bitcoin mining. This forward-thinking approach aims to tackle concerns about the environmental impact of mining and could draw the attention of other nations seeking greener energy solutions for blockchain activities. The experiment highlights Japan's role in pushing for more eco-friendly blockchain innovations. According to Crypto Briefing, this move could position Japan as a significant player in the global crypto-mining space.
Jupiter (JUP) on Solana
Jupiter launched its token on the Solana blockchain earlier this year and is quickly emerging as one of the most efficient decentralised exchange (DEX) aggregators. Known for its limit order feature and Dollar Cost Averaging (DCA) options, Jupiter gives Solana traders more control and flexibility. These features have helped Jupiter rise in prominence within the DeFi ecosystem, making it a project worth watching closely.
Crypto Market Dynamics
Bitcoin ETFs See $37 Million in Outflows
U.S. spot Bitcoin ETFs have experienced $37 million in outflows, reflecting a shift in investor sentiment as traders prepare for major economic data releases, including the upcoming CPI report. Once seen as a cornerstone for institutional involvement in crypto, these recent outflows point to a cautious market amidst global uncertainties. While some analysts predict short-term pressure on Bitcoin, others see these outflows as an opportunity for longer-term gains. The Block reports that the decrease in ETF holdings is an indicator of growing market apprehension.
News
Regulation Updates
Nigeria's SEC Tightens Crypto Regulations
Nigeria's Securities and Exchange Commission (SEC) has introduced stricter regulations targeting unregulated transactions in the crypto sector. These new rules are aimed at increasing transparency and safeguarding investors from risky and illicit platforms. The stricter oversight is part of Nigeria's plan to establish itself as a secure, regulated crypto market leader within Africa. According to CoinTelegraph, Nigeria’s regulatory framework could set a precedent for other countries looking to tighten crypto governance.
United Texas Bank Faces Cease-and-Desist Order
The United States Federal Reserve issued a cease-and-desist order to United Texas Bank on September 4, 2024, citing deficiencies in risk management related to its crypto dealings. The bank is required to implement an action plan addressing these concerns, particularly around anti-money laundering (AML) compliance. This development underscores the continued regulatory scrutiny of financial institutions engaged in crypto activities.
Uniswap Legal Issues Intensify
Uniswap is facing increased regulatory pressure, as several of its key investors have been subpoenaed by U.S. authorities. This signals mounting challenges for DeFi platforms, as regulators aim to impose stricter oversight on decentralised exchanges. Uniswap's legal troubles highlight the regulatory headwinds facing the entire DeFi space.
Political and Crypto Convergence
Bitcoin Undervalued Ahead of CPI Report and Debate Week
According to CoinDesk, Bitcoin is being viewed by traders as undervalued, especially with the U.S. gearing up for the CPI data release and a political debate between Trump and Harris this week. The CPI report is expected to drive market sentiment, potentially creating price volatility. Some experts believe that Bitcoin could see a significant recovery, citing political and economic shifts as catalysts for future price rallies.
Macro News
FOMC Meeting Expectations and Crypto Impact
As we approach the FOMC meeting scheduled for September 17-18, 2024, there is growing speculation that the Federal Reserve may cut interest rates due to cooling economic indicators. A rate cut is seen as a potential catalyst for increased investment in risk assets like Bitcoin and Ethereum, as lower interest rates tend to push investors towards higher-yield options. Current market positioning reflects this optimism, with traders expecting crypto prices to rise in response to a dovish stance from the Fed.
The crypto markets, particularly Bitcoin, have historically shown volatility leading up to significant Federal Reserve announcements. Analysts predict that a rate cut would weaken the dollar, making cryptocurrencies more attractive. The broader implications could see Bitcoin prices pushing higher, depending on the Fed's signals regarding future rate cuts. Investors are closely monitoring the Fed's statements, as any unexpected hawkish moves could temper the optimism currently driving market sentiment.
Security and Scams
$11M in Stolen Ether Moved Through Tornado Cash
Reports from CoinDesk indicate that $11 million worth of stolen Ether, originating from the WazirX hack, has been moved through Tornado Cash. This use of a privacy protocol makes tracking the stolen funds more difficult, raising concerns about security vulnerabilities in the ecosystem. Such incidents highlight the ongoing challenges the crypto sector faces in combating illicit activity, particularly as hackers increasingly use these methods to launder stolen assets.
Revelo Intel CEO Resigns After Armed Robbery
In a shocking development, the CEO of Revelo Intel has stepped down following an armed robbery incident. The resignation reflects the personal risks that high-profile figures in the crypto space face, as they become targets for criminals. According to CoinTelegraph, the growing visibility of crypto executives is leading to increased concerns about personal security in the sector.
Malware Targeting Private Keys
A new malware threat specifically designed to steal private keys from crypto wallets has surfaced, amplifying concerns over security vulnerabilities in crypto storage solutions. This highlights the ongoing need for improved security measures as the malware targets unsuspecting users, making it critical for everyone in the crypto space to be vigilant about their wallet protection.
Airdrop Opportunities
Starknet Surge
Starknet's token experienced an 11% surge, largely driven by growing community engagement and anticipation of future developments. With increased attention on the platform, Starknet is emerging as a significant player in the Layer 2 scaling solutions landscape, presenting opportunities for early participants to benefit from its growth.
Token Unlocks
Here are today's token unlocks, which may lead to price fluctuations due to the increased supply and potential selling pressure:
- XAI ($XAI): $6.61M worth of tokens unlocking today, representing 12.9% of the market cap. Significant volatility is expected.
- Worldcoin ($WLD): $7.09M worth of tokens unlocking today, accounting for 1.18% of the market cap. Monitor for potential price fluctuations.
- Conflux ($CFX): $11.65M worth of tokens unlocking today, representing 2.01% of the market cap. Some price fluctuations anticipated.
- Pendle ($PENDLE): $642.97k worth of tokens unlocking, representing 0.14% of the market cap. Likely minimal price impact.
- Moonbeam ($GLMR): $473.49k worth of tokens unlocking today, making up 0.34% of the market cap. Monitor for slight price movements.
- Aptos ($APT): $69.67M worth of tokens unlocking tomorrow, representing 2.32% of the market cap. Watch for potential volatility.
Bitcoin and Crypto Market Update
Bitcoin Faces a Significant Moment
According to Oz, Bitcoin is entering a pivotal phase as this week marks the start of the 0.618 Fibonacci time extension. Historically, this time extension has been associated with major market movements, and charts show Bitcoin's price consolidating around critical resistance levels. Traders are being advised to stay vigilant as the market could be primed for an upward breakout.
This week marks the beginning of 0.618 fib time, and time to get going for $btc...#crypto #btc pic.twitter.com/mcSPLG1G7R
— 𝐂𝐫𝐲𝐩𝐭𝐨 𝐖𝐞𝐚𝐥𝐭𝐡 (@AskCryptoWealth) September 9, 2024
Bernstein Predicts Bitcoin Could Hit $90K by Year-End
A report from Bernstein suggests that Bitcoin could reach $90,000 by the end of 2024, particularly if Donald Trump returns to the U.S. presidency. The analysis points to political shifts and economic stimulus measures as potential drivers of demand for Bitcoin, especially in uncertain economic times.
On-Chain Metrics
Bitcoin On-Chain Metrics
On-chain data for Bitcoin shows steady network activity. Daily transactions, active addresses, and miner revenue remain stable, reflecting healthy network participation. The rise in mining difficulty points to increased competition, while miner outflows to Over-The-Counter (OTC) desks suggest profit-taking as Bitcoin consolidates near key levels.
Ethereum On-Chain Metrics
Ethereum's network activity remains robust, with active addresses and transaction volume holding steady. Gas fees have risen slightly due to sustained demand, while staking metrics continue to show strong interest in securing the network. Ethereum’s overall network health remains resilient, underscoring its solid position within the broader crypto ecosystem.
Market Sentiment
Fear and Greed Index
Today’s Crypto Fear & Greed Index stands at 26 (Fear), reflecting cautious sentiment in the market. This level of fear indicates that traders remain risk-averse, driven by the upcoming CPI report and broader economic uncertainties. Despite the stable index from yesterday, the market continues to experience trepidation as participants wait for clarity on key macroeconomic and political events that could influence prices.
Bitcoin Fear and Greed Index is 26 - Fear
Current price: $55,351 pic.twitter.com/KTuRdoHHGS— Bitcoin Fear and Greed Index (@BitcoinFear) September 9, 2024
That’s it for today’s edition of Crypto Daily Alpha. Keep an eye out for the next update tomorrow. Do your own research and invest wisely!
Support Our Work
If you value the content we provide and would like to see us continue delivering high-quality crypto insights, you can show your support by clicking on the support link at the bottom of the page . Your generosity helps keep our community informed and engaged.
Doc here. Sunday saw Bitcoin closing the week at $54,841.57, marking another key point in a market brimming with uncertainty as we await the CPI report. I'm bringing you the latest crypto news, updates, and analysis to help you stay informed. Let’s dive into what’s happening today.
Project Updates
Japanese Power Firm Explores Bitcoin Mining with Solar Waste Energy
A Japanese power company is experimenting with using solar waste energy to mine Bitcoin, an initiative that could potentially revolutionise the sustainability of Bitcoin mining. This forward-thinking approach aims to tackle concerns about the environmental impact of mining and could draw the attention of other nations seeking greener energy solutions for blockchain activities. The experiment highlights Japan's role in pushing for more eco-friendly blockchain innovations. According to Crypto Briefing, this move could position Japan as a significant player in the global crypto-mining space.
Jupiter (JUP) on Solana
Jupiter launched its token on the Solana blockchain earlier this year and is quickly emerging as one of the most efficient decentralised exchange (DEX) aggregators. Known for its limit order feature and Dollar Cost Averaging (DCA) options, Jupiter gives Solana traders more control and flexibility. These features have helped Jupiter rise in prominence within the DeFi ecosystem, making it a project worth watching closely.
Crypto Market Dynamics
Bitcoin ETFs See $37 Million in Outflows
U.S. spot Bitcoin ETFs have experienced $37 million in outflows, reflecting a shift in investor sentiment as traders prepare for major economic data releases, including the upcoming CPI report. Once seen as a cornerstone for institutional involvement in crypto, these recent outflows point to a cautious market amidst global uncertainties. While some analysts predict short-term pressure on Bitcoin, others see these outflows as an opportunity for longer-term gains. The Block reports that the decrease in ETF holdings is an indicator of growing market apprehension.
News
Regulation Updates
Nigeria's SEC Tightens Crypto Regulations
Nigeria's Securities and Exchange Commission (SEC) has introduced stricter regulations targeting unregulated transactions in the crypto sector. These new rules are aimed at increasing transparency and safeguarding investors from risky and illicit platforms. The stricter oversight is part of Nigeria's plan to establish itself as a secure, regulated crypto market leader within Africa. According to CoinTelegraph, Nigeria’s regulatory framework could set a precedent for other countries looking to tighten crypto governance.
United Texas Bank Faces Cease-and-Desist Order
The United States Federal Reserve issued a cease-and-desist order to United Texas Bank on September 4, 2024, citing deficiencies in risk management related to its crypto dealings. The bank is required to implement an action plan addressing these concerns, particularly around anti-money laundering (AML) compliance. This development underscores the continued regulatory scrutiny of financial institutions engaged in crypto activities.
Uniswap Legal Issues Intensify
Uniswap is facing increased regulatory pressure, as several of its key investors have been subpoenaed by U.S. authorities. This signals mounting challenges for DeFi platforms, as regulators aim to impose stricter oversight on decentralised exchanges. Uniswap's legal troubles highlight the regulatory headwinds facing the entire DeFi space.
Political and Crypto Convergence
Bitcoin Undervalued Ahead of CPI Report and Debate Week
According to CoinDesk, Bitcoin is being viewed by traders as undervalued, especially with the U.S. gearing up for the CPI data release and a political debate between Trump and Harris this week. The CPI report is expected to drive market sentiment, potentially creating price volatility. Some experts believe that Bitcoin could see a significant recovery, citing political and economic shifts as catalysts for future price rallies.
Macro News
FOMC Meeting Expectations and Crypto Impact
As we approach the FOMC meeting scheduled for September 17-18, 2024, there is growing speculation that the Federal Reserve may cut interest rates due to cooling economic indicators. A rate cut is seen as a potential catalyst for increased investment in risk assets like Bitcoin and Ethereum, as lower interest rates tend to push investors towards higher-yield options. Current market positioning reflects this optimism, with traders expecting crypto prices to rise in response to a dovish stance from the Fed.
The crypto markets, particularly Bitcoin, have historically shown volatility leading up to significant Federal Reserve announcements. Analysts predict that a rate cut would weaken the dollar, making cryptocurrencies more attractive. The broader implications could see Bitcoin prices pushing higher, depending on the Fed's signals regarding future rate cuts. Investors are closely monitoring the Fed's statements, as any unexpected hawkish moves could temper the optimism currently driving market sentiment.
Security and Scams
$11M in Stolen Ether Moved Through Tornado Cash
Reports from CoinDesk indicate that $11 million worth of stolen Ether, originating from the WazirX hack, has been moved through Tornado Cash. This use of a privacy protocol makes tracking the stolen funds more difficult, raising concerns about security vulnerabilities in the ecosystem. Such incidents highlight the ongoing challenges the crypto sector faces in combating illicit activity, particularly as hackers increasingly use these methods to launder stolen assets.
Revelo Intel CEO Resigns After Armed Robbery
In a shocking development, the CEO of Revelo Intel has stepped down following an armed robbery incident. The resignation reflects the personal risks that high-profile figures in the crypto space face, as they become targets for criminals. According to CoinTelegraph, the growing visibility of crypto executives is leading to increased concerns about personal security in the sector.
Malware Targeting Private Keys
A new malware threat specifically designed to steal private keys from crypto wallets has surfaced, amplifying concerns over security vulnerabilities in crypto storage solutions. This highlights the ongoing need for improved security measures as the malware targets unsuspecting users, making it critical for everyone in the crypto space to be vigilant about their wallet protection.
Airdrop Opportunities
Starknet Surge
Starknet's token experienced an 11% surge, largely driven by growing community engagement and anticipation of future developments. With increased attention on the platform, Starknet is emerging as a significant player in the Layer 2 scaling solutions landscape, presenting opportunities for early participants to benefit from its growth.
Token Unlocks
Here are today's token unlocks, which may lead to price fluctuations due to the increased supply and potential selling pressure:
- XAI ($XAI): $6.61M worth of tokens unlocking today, representing 12.9% of the market cap. Significant volatility is expected.
- Worldcoin ($WLD): $7.09M worth of tokens unlocking today, accounting for 1.18% of the market cap. Monitor for potential price fluctuations.
- Conflux ($CFX): $11.65M worth of tokens unlocking today, representing 2.01% of the market cap. Some price fluctuations anticipated.
- Pendle ($PENDLE): $642.97k worth of tokens unlocking, representing 0.14% of the market cap. Likely minimal price impact.
- Moonbeam ($GLMR): $473.49k worth of tokens unlocking today, making up 0.34% of the market cap. Monitor for slight price movements.
- Aptos ($APT): $69.67M worth of tokens unlocking tomorrow, representing 2.32% of the market cap. Watch for potential volatility.
Bitcoin and Crypto Market Update
Bitcoin Faces a Significant Moment
According to Oz, Bitcoin is entering a pivotal phase as this week marks the start of the 0.618 Fibonacci time extension. Historically, this time extension has been associated with major market movements, and charts show Bitcoin's price consolidating around critical resistance levels. Traders are being advised to stay vigilant as the market could be primed for an upward breakout.
This week marks the beginning of 0.618 fib time, and time to get going for $btc...#crypto #btc pic.twitter.com/mcSPLG1G7R
— 𝐂𝐫𝐲𝐩𝐭𝐨 𝐖𝐞𝐚𝐥𝐭𝐡 (@AskCryptoWealth) September 9, 2024
Bernstein Predicts Bitcoin Could Hit $90K by Year-End
A report from Bernstein suggests that Bitcoin could reach $90,000 by the end of 2024, particularly if Donald Trump returns to the U.S. presidency. The analysis points to political shifts and economic stimulus measures as potential drivers of demand for Bitcoin, especially in uncertain economic times.
On-Chain Metrics
Bitcoin On-Chain Metrics
On-chain data for Bitcoin shows steady network activity. Daily transactions, active addresses, and miner revenue remain stable, reflecting healthy network participation. The rise in mining difficulty points to increased competition, while miner outflows to Over-The-Counter (OTC) desks suggest profit-taking as Bitcoin consolidates near key levels.
Ethereum On-Chain Metrics
Ethereum's network activity remains robust, with active addresses and transaction volume holding steady. Gas fees have risen slightly due to sustained demand, while staking metrics continue to show strong interest in securing the network. Ethereum’s overall network health remains resilient, underscoring its solid position within the broader crypto ecosystem.
Market Sentiment
Fear and Greed Index
Today’s Crypto Fear & Greed Index stands at 26 (Fear), reflecting cautious sentiment in the market. This level of fear indicates that traders remain risk-averse, driven by the upcoming CPI report and broader economic uncertainties. Despite the stable index from yesterday, the market continues to experience trepidation as participants wait for clarity on key macroeconomic and political events that could influence prices.
Bitcoin Fear and Greed Index is 26 - Fear
Current price: $55,351 pic.twitter.com/KTuRdoHHGS— Bitcoin Fear and Greed Index (@BitcoinFear) September 9, 2024
That’s it for today’s edition of Crypto Daily Alpha. Keep an eye out for the next update tomorrow. Do your own research and invest wisely!
Support Our Work
If you value the content we provide and would like to see us continue delivering high-quality crypto insights, you can show your support by contributing here. Your generosity helps keep our community informed and engaged.