Bitcoin plunged more than $4,700 this week, China's economic stimulus policy flashed, Japan's new Prime Minister Shigeru Ishiba stated that the central bank was not ready to raise interest rates, and Iran's 200 missile attack on Israel caused hot money to flow out of the cryptocurrency market and into traditional safe-haven assets such as Chinese stocks, yen carry trades and gold. Multiple ancient whale wallets woke up and dumped goods, and the wallet of Satoshi Nakamoto's "comrade-in-arms" Hal Finney also transferred 10 bitcoins.

This week, the Bitcoin market experienced several important events. Federal Reserve Chairman Powell said on Monday that if the economy meets expectations, interest rates will be cut by 50 basis points in the remaining time of the year, which was in line with market expectations. However, the radical dovish pricing of a 50 basis point interest rate cut in November suffered a blow, suppressing buying of precious metals and cryptocurrencies.

On Friday (October 4), the US dollar index remained strong at 101.91. The new Japanese prime minister said he was not ready to raise interest rates, and initial jobless claims in the United States exceeded expectations. Gold was supported by Middle East safe-haven assets at $2,660, while Bitcoin held on to the $61,000 mark. Israel attacked Hezbollah in Beirut, and US President Biden said he was discussing retaliatory actions against Iran.

Israel raids Beirut Hezbollah Biden: We are discussing retaliation against Iran's actions
Bloomberg reported that Israel attacked Hezbollah in Beirut, the Group of Seven (G7) called for restraint, and the United States said it was discussing retaliatory actions against Iran with Israel. The situation in the Middle East escalated and oil prices soared.

Recent market trends
1/ Recently, Bitcoin seems to be trapped in a small range, and has been fluctuating between 50,000 and 60,000. The sentiment of the entire market is very depressed, just like dark clouds covering the sky.
The daily trading volume hit a new low, the fee rate continued to be negative, and the Ethereum exchange rate once again fell below a new low. This market is like entering an ice cellar, it is extremely cold.
As for altcoins, they rebounded a little after the Federal Open Market Committee (FOMC) broke the cold sentiment, but this was only driven by the chip vacuum, and the market trading volume was still sickly and lacked vitality.

Many people don’t understand why Sui not only did not fall with the market, but rose against the trend! What is the reason?

SUI is a Layer 1 blockchain token that has seen a surge in market valuations recently. Despite the overall sluggish market, SUI's price has soared over the past week. As sentiment in the altcoin industry has gradually improved, SUI holders have also benefited from it, which seems to have laid a good foundation for a strong rebound in October.

Why does the price of SUI continue to reach new highs?
As soon as the Sui mainnet was launched, the Sui Foundation launched Sui Bridge. This new feature makes asset transfers between Ethereum and Sui networks safer and more convenient, greatly enhancing the connectivity between the two networks. This move can attract new users, improve liquidity, and take Sui's development to a higher level.

FTX Exchange is going to sell coins to pay off debts again. This time it is reported that it is expected to auction 22.3 million Worldcoin (WLD), which is currently worth about US$36.35 million. The discount may be as high as 75%.
The liquidation team of the bankrupt FTX exchange was revealed by foreign media yesterday (2) that it is preparing to auction 22.3 million Worldcoin (WLD) from FTX's bankruptcy assets on October 3, currently worth approximately US$36.35 million. The proceeds from the auction will be used to repay creditors and customers.
According to reports from The Block and Cointelegraph, insiders revealed that the discount range of the Worldcoin auction may be 40% to 75% lower than the current spot market price of WLD. At that time, WLD was worth about $1.69. Interested bidders must bid before 8 pm EST on October 3 (8 am Beijing time on October 4), and the minimum bid threshold is $2.5 million.

1/ Recently, Bitcoin has been fluctuating between 50,000 and 60,000, and market sentiment is low. Trading volume hit a new low in a single day, the fee rate continued to be negative, and the Ethereum exchange rate fell below a new low again. The market has reached a freezing point. The altcoin rebounded after the FOMC broke the emotional freezing point, but it was still driven by a chip vacuum, and the market trading volume remained sluggish.
2/ Continuing the analysis from last month, altcoins are generally in a consolidation phase after the pullback from the March/April highs. However, the accumulation of time is crucial in the chip law, and we have not yet observed signs that altcoins are ready in batches. It is worth noting that many of the target chips failed to form an effective distribution and passively pulled back to the low point, which means that market makers still have the motivation to maintain prices or drive a rebound in the short window after the sentiment freeze. This may be a positive signal.

Today is October 3, 2024, Thursday.
The sharp drop in Bitcoin prices in the past two days seems to be due to the escalation of tensions in the Middle East. Specifically, Iran launched missiles at Israel. This incident immediately triggered a rapid rise in oil prices, especially a significant increase in a short period of time. Despite this, the general market view is that the current conflict is not enough to evolve into a full-scale war. However, the development of the situation in the future will largely depend on how Israel responds, especially whether Israel will retaliate against Iran.

Crypto market changes suddenly: Iran's attack on Israel triggers huge market shock

introduction:
October should be a season full of joy and harvest. However, the cryptocurrency market was suddenly hit by a storm.
Iran's military action against Israel was like a bombshell, which not only severely shook the international political landscape, but also stirred up huge waves in the cryptocurrency market. The scene was like a tsunami.
Next, this article will deeply analyze the impact of this incident on the crypto market and the direction the market may develop in the future.

Over the past period of time, as the cryptocurrency market has gradually integrated into the global economic system, the linkage between Bitcoin and traditional financial markets has continued to strengthen. From geopolitical events to the Federal Reserve’s monetary policy decisions and the US election, the volatility of cryptocurrencies is increasingly affected by these major global economic events.
Do you feel it? Over the past period of time, Bitcoin has increasingly shown its linkage with global economic turmoil and traditional financial markets. For example, yesterday's price fluctuations were affected by the geopolitical conflict in Israel and the US port strike.

At the beginning of October, several whales recently sold a large amount of nearly 71,000 ETH, probably due to concerns about the lack of hope for a rebound in the ETH market in the short term and overall economic uncertainty.
The market was hit hard at the beginning of October, with bull whales continuing to sell large amounts of ETH overnight. According to on-chain data analyst Ember Monitoring, a whale participating in the Ethereum ICO once again transferred 6,000 ETH to Kraken this morning, with a total value of approximately $14.71 million.
The whale has sold 30,000 ETH in the past week, and has sold 45,000 ETH (about $113 million) out of the 150,000 ETH he received in the ICO.

Shiba Inu
Shiba Inu is a meme-related crypto project whose ecosystem includes ShibaSwap and Shibarium. Shibarium is a second-layer blockchain solution focused on DeFi applications. In addition, the project has enabled NFT and staking options, hoping to increase real-world uses and attract a large number of users.
Ripple (XRP)
XRP has long been considered one of the best cryptocurrencies in the world. In addition, the XRP project runs on a decentralized platform called RippleNet. It aims to enable global real-time payments and provide a seamless experience for individual users and financial institutions.

Entering the fourth quarter, many investors are optimistic that the cryptocurrency market will return to strength and expect Bitcoin's "Uptober effect" to reappear, but the recent surge in the number of Bitcoins transferred to over-the-counter (OTC) platforms may bring headwinds to the cryptocurrency market. The escalating conflict in the Middle East has also put great pressure on the market.

The total amount of bitcoins on major OTC platforms currently exceeds 410,000, the highest level since May 2022, and more than double the 185,000 bitcoins seen in March.

Recently, court documents disclosed by FTX indicated that the $230 million in proceeds from the government's seizure actions may be distributed first to preferred shareholders, a move that has caused strong dissatisfaction among creditors. In response, FTX's official Twitter account posted today that the U.S. Department of Justice will be responsible for mediating the claims of both parties and indicated that preferred shareholders are also considered victims of FTX's fraudulent activities and have the same status as creditors.
A repayment plan for bankrupt cryptocurrency exchange FTX is expected to hold a court confirmation hearing on October 7. If the plan is approved, creditors could begin receiving compensation as early as the end of 2024.

Bitcoin ended up 7.29% in September this year, breaking the September curse that almost always fell in September, and Bitcoin usually performs well in October. Spot On Chain predicts that there is a 69% chance that Bitcoin will hit a record high this month, but ByteTree and Wintermute also warned against the bullish expectations in October.
According to Coinglass data, Bitcoin has been cursed with a September fall in the past. From 2013 to mid-2023, Bitcoin fell eight times in September. However, it finally closed up 7.29% in September this year, marking its best September performance since 2013.
It is worth noting that Bitcoin usually rises in October, and an Uptober market will appear. From 2013 to mid-2023, Bitcoin only closed down twice in October, with the largest increase reaching 60.79% and an average increase of 22%. It closed up in September this year, which is expected to lay a strong foundation for an increase in October.

On Tuesday (October 1), the US dollar index was supported by the Chicago Purchasing Managers Index at 100.70, which was higher than expected. The price of gold fell back to $2,635, down $29 from its high at the beginning of the week, and Bitcoin fell below $63,500. Federal Reserve Chairman Powell released a hawkish tone, saying that he was not in a hurry and would gradually cut interest rates, reiterating that interest rate policy does not follow a preset path. Israel is preparing to launch a ground war in Lebanon, but the United States warns Iran of the risk of direct conflict, and the US military has sent additional troops to the Middle East to prevent Iran from responding.

Israel prepares to launch a "ground war" and the US military sends more soldiers to the Middle East

Binance and EURUSD launch EIGEN (EigenLayer)
Binance will launch EigenLayer (EIGEN)! Big news is coming! The official announcement has been released that Binance, the cryptocurrency giant, will launch EigenLayer (EIGEN) at 13:00 (UTC + 8) on October 1, 2024. In addition, the seed tag will be applied and spot trading pairs will be opened. This is like dropping a heavy bomb on the calm cryptocurrency lake. What kind of waves will the EIGEN project create with the help of Binance?
OKX will launch EIGEN (Eigen) spot trading. OKX will launch EIGEN (Eigen) spot trading. Here comes the point. The opening time of EIGEN token spot trading is 2 pm on October 1st.

The highly anticipated EigenLayer launched its native token EIGEN, which not only attracted widespread attention in the market, but also brought about significant price fluctuations. As a pioneering re-mortgage protocol based on Ethereum, the launch of EigenLayer's token has undoubtedly set off new waves in the cryptocurrency market.

The launch of EigenLayer comes at a time when the cryptocurrency market is seeking new opportunities. With mainstream exchanges such as Binance and Coinbase announcing the launch of EIGEN, the market prospects of this token are generally optimistic. After its official debut, the price of EIGEN quickly rose by nearly 15%, reaching a peak of $4.53, which fully demonstrated the market's expectations and recognition of this innovative token.

1. Definition and Function
Primary Market:
It is the place where new Bitcoin assets are issued to investors for the first time, mainly in the form of mining and private placement.
For example, mining involves investing computing resources to obtain newly generated bitcoins; private placement involves obtaining bitcoins from specific channels in the early stages of a project.
Secondary Market:
It is a place where investors can freely trade Bitcoin, and it serves as an information platform, exchange, wallet, and cryptocurrency trading platform.
Investors can buy and sell Bitcoin on exchanges, use information platforms to obtain market information, and manage their assets through wallets.

Tomorrow is the National Day. Please be prepared for risks. There may be fluctuations. Stop losses in time! Since the high point last Friday, the daily trend has stagnated again. A cross star and a small negative line appeared over the weekend, accompanied by shrinking volume and weakening bullish momentum.

Although it is normal for the market to stagnate on weekends, the risk of weakness still needs to be treated with caution. In the medium-term trend, around the bearish AB=CD pattern, the price is trading sideways around 65835. Although there is no clear reversal signal and structural characteristics, the stagflation of the bearish harmonic pattern still needs to be vigilant. If the price continues to fall below the low point, the possibility of turning to bearish will increase.

Bitcoin, which broke through the $66,000 mark last week, fell at the start of the new week and once fell to the $64,000 mark.
As BTC and cryptocurrencies continue to fall, investors are focused on two major macroeconomic events this week: Federal Reserve Chairman Jerome Powell’s speech to the National Association for Business Economics later today (8:55 PM) and the release of U.S. non-farm payrolls data on Friday.
At this time, experts expect Powell to give a speech on the outlook for the U.S. economy and the Fed's monetary policy. Experts say the possibility of another sharp interest rate cut by the Fed in November is expected to become clear after Powell's speech and the release of new employment data.